Registered number:
FOR THE PERIOD ENDED 1 MAY 2021
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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 1 MAY 2021
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 given the significant impact that the COVID-19 pandemic has had on the business.
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. COVID-19 risk The COVID-19 pandemic has had a significant impact on the Company. Continued worldwide restrictions have had an adverse impact on turnover and margins in the short term. The Company mitigated this by working closely with customers and suppliers throughout the period 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 period end, but it believes it has sufficient resources to meet these challenges.
This report was approved by the board on 6 May 2022
and signed on its behalf.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 1 MAY 2021
The directors present their report and the financial statements for the period ended 1 May 2021.
The directors who served during the period were:
The loss for the period, after taxation, amounted to £
22,761
(2020 -
profit
£
91,747
)
.
The directors recommended and paid a dividend during the period of £NIL (2020 - £NIL).
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 judgements and accounting estimates that are reasonable and prudent;
∙
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.
Since the period end the Company has continued to find the trading environment challenging as a result of the COVID-19 pandemic.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2021
There have been no significant events affecting the Company since the period end.
The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on 6 May 2022 and signed on its behalf.
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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 1 May 2021, 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this 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)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the Company operates; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006 and taxation legislation; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and • we ensured that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF J.R. HOLLAND (FOOD SERVICES) LIMITED (CONTINUED)
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships; • tested journal entries to identify unusual transactions; and • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disclosures to underlying supporting documentation; • enquiring of management as to actual and potential litigation and claims; and • reviewing correspondence with HMRC and the Company’s legal advisers where appropriate. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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
Chartered Accountants
Statutory Auditors
32 Portland Terrace
NE2 1QP
6 May 2022
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J.R. HOLLAND (FOOD SERVICES) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 1 MAY 2021
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J.R. HOLLAND (FOOD SERVICES) LIMITED
REGISTERED NUMBER:
03031294
BALANCE SHEET
AS AT
1 MAY 2021
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J.R. HOLLAND (FOOD SERVICES) LIMITED
REGISTERED NUMBER:
03031294
BALANCE SHEET
(CONTINUED)
AS AT
1 MAY 2021
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 May 2022
.
The notes on pages 15 to 30 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
1 MAY 2021
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J.R. HOLLAND (FOOD SERVICES) LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 1 MAY 2021
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J.R. HOLLAND (FOOD SERVICES) LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 1 MAY 2021
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J.R. HOLLAND (FOOD SERVICES) LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 1 MAY 2021
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2021
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 & 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
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 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 £2,618,206, net current assets of £2,091,668 and cash resources of £503,745. 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 1 MAY 2021
2.
Accounting policies (continued)
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2021
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 1 MAY 2021
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 1 MAY 2021
The following judgements and estimates can have a significant effect on the financial statements: Discounts payable to customers Provision for discounts payable to customers is made through the Statement of Comprehensive Income in the period that the associated sale occurs. Provisions are made in line with agreed discount rates.
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 1 MAY 2021
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2021
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2021
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2021
11.
Taxation (continued)
There were no factors that may affect future tax charges.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2021
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2021
The 2021 valuations were made by the directors, on a fair value basis.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2021
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2021
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
The Company's bank facilities are secured by a fixed and floating charge over the Company's assets.
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J.R. HOLLAND (FOOD SERVICES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 MAY 2021
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 1 MAY 2021
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 £28,032 (2020 - £30,890). Contributions totalling £8,502 (2020 - £6,556) 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 1 MAY 2021
For the whole of the period the Company was under the control of J Holland, a director, due to his interest in 100% of the issued share capital of the Company.
Purchases, net of rebates and value added tax, were made from a limited liability partnership, controlled by a director, with a total value of £1,819,400 (2020 - £2,509,002). The balance owing by the Company at the period end, included within trade creditors was £153,987 (2020 - £130,853), inclusive of value added tax, and £29,006 (2020 - £39,237) is included within accruals and other creditors. An amount of £90,970 (2020 - £125,450), exclusive of value added tax, has been included in the financial statements in respect of a volume rebate. Unpaid rebates and charges totalling £897,204 (2020 - £806,234) are included within trade debtors, inclusive of value added tax. In addition, sales net of value added tax were made to the same limited liability partnership with a total value of £49,080 (2020 - £57,826). The balance owed to the Company at the period end, included within trade debtors, was £1,697 (2020 - £3,519). Rent on land and buildings totalling £81,300 (2020 - £81,300) was paid to a director's SIPP. Included within other debtors is an amount of £100,000 (2020 - £100,000) due from a director. The loan is interest free and repayable on demand. Included within other debtors due within one year is an amount of £Nil (2020 - £200,000) due from a company under common control. The loan bears interest at 5% over LIBOR and is repayable within five years. During the period this amount was transferred in full to a third party. Sales, net of value added tax, with a total value of £21,389 (2020 - £45,327) were made to this same entity under common control in the period. The balance owed to the Company at the period end, included within trade debtors, was £6,000 (2020 - £22,000). Purchases, net of value added tax, were made from this entity with a total value of £106,666 (2020 - £132,119). The balance owed by the Company at the period end was (£456) (2020 - (£8,283)).
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