Registered number:
FOR THE PERIOD ENDED 2 MAY 2020
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J.R. HOLLAND (FOOD SERVICES) LIMITED
COMPANY INFORMATION
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J.R. HOLLAND (FOOD SERVICES) LIMITED
CONTENTS
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J.R. HOLLAND (FOOD SERVICES) LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 2 MAY 2020
The directors are satisfied with the results for the period. The Company's financial and other performance indicators during the period were as follows:
The current period to date is in line with expectations. The directors have continued to focus their attention on winning more consistent rather than seasonal business and trying to stabilise rising costs. This has resulted in a satisfactory financial performance in the period to date.
It is the directors' intention to further develop the Company's customer base and to offer a wider product range whilst further improving the quality of service for which the Company has already become well known. Principal risks and uncertainties The main risks associated with the Company's financial assets and liabilities are set out below. The Company does not undertake any hedging activity. Significant financial risks from a Company perspective are addressed on a case by case basis. Competitive risk Distribution in the UK is extremely challenging, with a constant pressure to move to a low cost environment. To that end it has, and will, continue to be very difficult to win new business costed for distribution in the UK. However, the Company continues to implement cost cutting measures whilst maintaining high standards in the market. Credit risk The Company's policy is aimed at minimising such losses, and requires that deferred terms are granted only to customers who demonstrate an appropriate payment history and satisfy creditworthiness procedures. Individual exposures and overdue debts are monitored with customers subject to credit limits to ensure that the Company's exposure to bad debts is not significant. Foreign currency risk The Company does not undertake transactions in foreign currencies and therefore the directors do not consider there to be any exposure as a result of the fluctuations in foreign exchange rates. COVID-19 risk The COVID-19 pandemic has had a significant impact on the Company post year end. Continued worldwide restrictions are expected to have an adverse impact on turnover and margins in the short term. The Company has looked to mitigate this by working closely with customers and suppliers throughout the post-year end lockdown periods to ensure that the Company can continue to meet the demand for its products and minimise the risk of bad debts and potential impairment. The Company has also utilised UK government support schemes where relevant. Due to a number of factors the Company continues to face a challenging trading environment at the year end, but it believes it has sufficient resources to meet these challenges.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 2 MAY 2020
This report was approved by the board on 23 April 2021
and signed on its behalf.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 2 MAY 2020
The directors present their report and the financial statements for the period ended 2 May 2020.
The directors who served during the period were:
The profit for the period, after taxation, amounted to £
91,747
(2019 -
£
297,849
)
.
The directors recommended and paid a dividend during the period of £NIL (2019 - £NIL).
The auditors, Ryecroft Glenton, Auditors will be proposed for appointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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J.R. HOLLAND (FOOD SERVICES) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 2 MAY 2020
The directors are responsible for preparing the Strategic Report, the Directors' Report and the
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙
make judgments and accounting estimates that are reasonable and prudent;
∙
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.R. HOLLAND (FOOD SERVICES) LIMITED
We have audited the financial statements of J.R. Holland (Food Services) Limited (the 'Company') for the period ended 2 May 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.R. HOLLAND (FOOD SERVICES) LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.R. HOLLAND (FOOD SERVICES) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
Newcastle upon Tyne
Statutory Auditors
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J.R. HOLLAND (FOOD SERVICES) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 2 MAY 2020
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J.R. HOLLAND (FOOD SERVICES) LIMITED
REGISTERED NUMBER:
03031294
BALANCE SHEET
AS AT
2 MAY 2020
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J.R. HOLLAND (FOOD SERVICES) LIMITED
REGISTERED NUMBER:
03031294
BALANCE SHEET
(CONTINUED)
AS AT
2 MAY 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 28 form part of these financial statements.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
2 MAY 2020
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J.R. HOLLAND (FOOD SERVICES) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 2 MAY 2020
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J.R. HOLLAND (FOOD SERVICES) LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 2 MAY 2020
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
J.R. Holland (Food Services) Limited is a private limited company, limited by shares, incorporated in England and Wales (no. 03031294). The Registered Office is 245 Dukesway, Team Valley Trading Estate, Gateshead, Tyne and Wear, NE11 0PZ. The principal activity of the Company is the temperature controlled distribution of fresh fruit, vegetables and dairy products.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The financial statements have been prepared in accordance with applicable accounting standards. The financial statements are drawn up to the nearest Saturday to 30 April each year.
The financial statements are prepared in GBP sterling, rounded to the nearest £, which is the functional currency of the Company.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors have considered the Company's current and future prospects and its availability of financing, and are satisfied that the Company can continue to pay its liabilities as they fall due for a period of at least 12 months from the date of approval of these financial statements. For this reason the directors continue to adopt the going concern basis of preparation for these financial statements.
The Company meets its working capital requirements through its bank facilities. The directors perform regular reviews to ensure that these facilities remain sufficient for the business. At the balance sheet date, the Company had net assets of £2,645,533, net current assets of £2,200,612 and cash resources of £593,944. At the date of approval of these financial statements, the COVID-19 pandemic has had a significant impact on the business but the directors are confident that cash resources remain strong. Whilst the directors recognise that significant uncertainties remain, there are a number of mitigating actions that could be taken to realise additional cost savings and preserve cash. The directors have been in contact with its bank and have taken appropriate steps to utilise the various support mechanisms instigated by the UK government. Accordingly, the Company continues to adopt the going concern basis in preparing these financial statements.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
2.
Accounting policies (continued)
Cost is based on the cost of purchase on a first in, first outbasis. Net realisable value is based on estimated selling price less any further costs expected to be incurred to disposal. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
2.
Accounting policies (continued)
The following judgements and estimates can have a significant effect on the financial statements: Stock Valuation and Provisioning The Company sells fruit and vegetables which is provided against should there be any doubt about the recoverability of cost value. Provisions for Bad Debts Provision for bad debt is made through the Statement of Comprehensive Income when there is objective evidence that the Company will not be able to recover balances in full. Balances are written off when the probability of recovery is assessed as remote. Provision is also in place for discounts given to customers.
Turnover is attribuitable to one continuing activity, the temperature controlled distribution of fresh fruit, vegetables and dairy products.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
10.
Taxation (continued)
A planned reduction in the corporation tax rate from 19% to 17% from 1 April 2020 has been reversed. The current corporation tax rate of 19% has therefore been applied to the Company's deferred tax liability at the balance sheet date.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
11.
Tangible fixed assets (continued)
The 2020 valuations were made by the directors, on an open market value for existing use basis.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £30,890 (2019 - £26,811). Contributions totalling £6,556 (2019 - £5,298) were payable to the fund at the balance sheet date and are included in other creditors.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 MAY 2020
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