Mapp Holdings Limited - Period Ending 2019-03-31

Registration number: 06015572

Mapp Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2019

Mapp Holdings Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3 to 4
Statement of Directors' Responsibilities	5
Independent Auditor's Report	6 to 9
Consolidated Profit and Loss Account	10
Consolidated Balance Sheet	11
Balance Sheet	12
Consolidated Statement of Cash Flows	13
Statement of Cash Flows	14
Notes to the Financial Statements	15 to 29

Mapp Holdings Limited

Company Information

Directors

Pas Bille P Bille

Company secretary

Mrs A L Hudson

Registered office

Birmingham Road Blackminster Evesham Worcestershire WR11 7TD

Bankers

Barclays Bank Plc Evesham 50 High Street Evesham Worcestershire WR11 4XL

Auditors

Clement Rabjohns Limited Registered Auditors 111/113 High Street Evesham Worcestershire WR11 4XP

Page 1

Mapp Holdings Limited

Strategic Report for the Year Ended 31 March 2019

The directors present their strategic report for the year ended 31 March 2019.

Principal activity

The principal activity of the company is a holding company with the provision of management services and property rentals. The principle activities of it's subsidiary undertakings are the growing, importing and packaging of fruit and vegetables, the operation of a golf course with related facili

Fair review of the business

The directors remain confident that the group will maintain its current level of performance in the future.

Given the straightforward nature of the business, the company's directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business.

Principal risks and uncertainties

The management of the business and the execution of the group strategy are subject to a number of risks.

The key business risks are uncertainties affecting the group which are considered to ralate to competition from both national and independant wholesalers and retailers, employee retention and product availability.

Approved by the Board on 29 November 2019 and signed on its behalf by:

.........................................
Mrs A L Hudson
Company secretary

Page 2

Mapp Holdings Limited

Directors' Report for the Year Ended 31 March 2019

The directors present their report and the for the year ended 31 March 2019.

Directors of the group

The directors who held office during the year were as follows:

Pas Bille

P Bille

Financial instruments

Objectives and policies

Such information is deemed not material for the assessment of the assets, liabilities, financial position and profit and loss of the company and its subsidiaries.

Price risk, credit risk, liquidity risk and cash flow risk

The businesses activities expose it primarily to the financial risks of changes in foreign currency exchange rates.

The businesses principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the businesses operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the businesses cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding from both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise loans from the directors. The business manages the liquidity risk ensuring that there are sufficient funds to meet the payments.

Page 3

Mapp Holdings Limited

Directors' Report for the Year Ended 31 March 2019

Employment of disabled persons

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.

Employee involvement

Information on matters of concern to employees are dealth with via arranged meetings with supervisory staff who then pass on the relevant information or details to employees within their work team considered to be relevant.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 29 November 2019 and signed on its behalf by:

.........................................
Mrs A L Hudson
Company secretary

Page 4

Mapp Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently;

•	make judgements 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; and

•	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 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.

Page 5

Mapp Holdings Limited

Independent Auditor's Report to the Members of Mapp Holdings Limited

Opinion

We have audited the financial statements of Mapp Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2019, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

•	give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2019 and of the group's profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

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 group’s or the parent 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.

Other information

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 auditor’s 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.

Page 6

Mapp Holdings Limited

Independent Auditor's Report to the Members of Mapp Holdings Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
•	the parent company financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors’ remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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 auditor’s 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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Page 7

Mapp Holdings Limited

Independent Auditor's Report to the Members of Mapp Holdings Limited

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

•	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control.

•	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

•

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

•	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

•

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our 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 auditor’s 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.

......................................
Philip Parsons FCA (Senior Statutory Auditor)
For and on behalf of Clement Rabjohns Limited, Statutory Auditor

111/113 High Street
Evesham
Worcestershire
WR11 4XP

Page 8

Mapp Holdings Limited

Independent Auditor's Report to the Members of Mapp Holdings Limited

29 November 2019

Page 9

Mapp Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2019

	Note	2019 £	2018 £
Turnover		87,858,707	86,667,252
Cost of sales		(71,707,057)	(72,216,316)
Gross profit		16,151,650	14,450,936
Administrative expenses		(5,507,501)	(4,962,223)
Other operating income		1,072,241	1,008,790
Operating profit	3	11,716,390	10,497,503
Income from other fixed asset investments		17	14
Other interest receivable and similar income	4	164,245	30,051
Interest payable and similar expenses	5	(82,891)	(80,466)
		81,371	(50,401)
Profit before tax		11,797,761	10,447,102
Taxation	9	(2,308,197)	(2,149,558)
Profit for the financial year		9,489,564	8,297,544
Profit/(loss) attributable to:
Owners of the company		9,489,564	8,297,544

The group has no recognised gains or losses for the year other than the results above.

The notes on pages 15 to 29 form an integral part of these financial statements.

Page 10

Mapp Holdings Limited

(Registration number: 06015572)
Consolidated Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Intangible assets	10	290,780	295,380
Tangible assets	11	42,091,255	42,792,738
		42,382,035	43,088,118
Current assets
Stocks	13	2,637,702	3,553,032
Debtors	14	32,659,709	17,192,451
Cash at bank and in hand		11,758,577	12,251,440
		47,055,988	32,996,923
Creditors: Amounts falling due within one year	16	(17,031,890)	(12,889,790)
Net current assets		30,024,098	20,107,133
Total assets less current liabilities		72,406,133	63,195,251
Creditors: Amounts falling due after more than one year	16	(133,710)	(275,947)
Provisions for liabilities	17	(103,812)	(240,256)
Net assets		72,168,611	62,679,048
Capital and reserves
Called up share capital	18	3,126	3,126
Share premium reserve		10,492,362	10,492,362
Profit and loss account		61,673,123	52,183,560
Equity attributable to owners of the company		72,168,611	62,679,048
Total equity		72,168,611	62,679,048

Approved and authorised by the Board on 29 November 2019 and signed on its behalf by:
 

.........................................

P Bille
Director

The notes on pages 15 to 29 form an integral part of these financial statements.

Page 11

Mapp Holdings Limited

(Registration number: 06015572)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	11	4,494,477	4,705,776
Investments	12	2,157,113	2,157,113
		6,651,590	6,862,889
Current assets
Debtors	14	46,355,424	45,746,394
Cash at bank and in hand		7,872,409	2,582,498
		54,227,833	48,328,892
Creditors: Amounts falling due within one year	16	(998,920)	(1,357,010)
Net current assets		53,228,913	46,971,882
Net assets		59,880,503	53,834,771
Capital and reserves
Called up share capital	18	3,126	3,126
Share premium reserve		10,492,362	10,492,362
Profit and loss account		49,385,015	43,339,283
Total equity		59,880,503	53,834,771

The company made a profit after tax for the financial year of £6,045,732 (2018 - profit of £5,862,552).

Approved and authorised by the Board on 29 November 2019 and signed on its behalf by:
 

.........................................

P Bille

Director

The notes on pages 15 to 29 form an integral part of these financial statements.

Page 12

Mapp Holdings Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2019

	Note	2019  £	2018  £
Cash flows from operating activities
Profit for the year		9,489,564	8,297,544
Adjustments to cash flows from non-cash items
Depreciation and amortisation	3	4,520,184	4,235,605
Finance income	4	(164,262)	(30,065)
Finance costs	5	82,891	80,466
Income tax expense	9	2,308,197	2,149,558
		16,236,574	14,733,108
Working capital adjustments
Decrease/(increase) in stocks	13	915,330	(810,353)
Increase in trade debtors	14	(15,490,690)	(966,165)
(Decrease)/increase in trade creditors	16	(1,969,719)	1,083,426
Cash generated from operations		(308,505)	14,040,016
Income taxes paid	9	(1,963,789)	(2,433,421)
Net cash flow from operating activities		(2,272,294)	11,606,595
Cash flows from investing activities
Interest received		164,262	30,065
Acquisitions of tangible assets		(3,923,331)	(3,726,694)
Proceeds from sale of tangible assets		225,500	361,938
Net cash flows from investing activities		(3,533,569)	(3,334,691)
Cash flows from financing activities
Interest paid	5	(82,891)	(80,466)
Repayment of bank borrowing		-	(919,453)
Payments to finance lease creditors		(309,779)	(338,734)
Net cash flows from financing activities		(392,670)	(1,338,653)
Net (decrease)/increase in cash and cash equivalents		(6,198,533)	6,933,251
Cash and cash equivalents at 1 April		12,251,440	5,318,189
Cash and cash equivalents at 31 March		6,052,907	12,251,440

The notes on pages 15 to 29 form an integral part of these financial statements.

Page 13

Mapp Holdings Limited

Statement of Cash Flows for the Year Ended 31 March 2019

	Note	2019  £	2018  £
Cash flows from operating activities
Profit for the year		6,045,732	5,862,552
Adjustments to cash flows from non-cash items
Depreciation and amortisation	3	211,300	212,786
Finance income		(4,973,857)	(4,751,448)
Finance costs		640	1,841
Income tax expense	9	753,599	709,165
		2,037,414	2,034,896
Working capital adjustments
Increase in trade debtors	14	(609,030)	(4,845,051)
Decrease in trade creditors	16	(346,023)	(206,133)
Cash generated from operations		1,082,361	(3,016,288)
Income taxes paid	9	(765,666)	(682,131)
Net cash flow from operating activities		316,695	(3,698,419)
Cash flows from investing activities
Interest received		4,973,857	4,751,448
Cash flows from financing activities
Interest paid		(640)	(1,841)
Repayment of other borrowing		(1)	-
Net cash flows from financing activities		(641)	(1,841)
Net increase in cash and cash equivalents		5,289,911	1,051,188
Cash and cash equivalents at 1 April		2,582,498	1,531,310
Cash and cash equivalents at 31 March		7,872,409	2,582,498

The notes on pages 15 to 29 form an integral part of these financial statements.

Page 14

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Birmingham Road
Blackminster
Evesham
Worcestershire
WR11 7TD
United Kingdom

These financial statements were authorised for issue by the Board on 29 November 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2019.

Page 15

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Page 16

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold buildings	5% straight line
Freehold land	Nil
Plant and machinery	12.5% straight line
Motor vehicles	20% and 25% straight line
Office equipment and glasshouses	33.33% straight line
Glasshouses	5% and 12.5% straight line
Anaerobic digester	8.33% straight line
Solar farms	8.33% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Page 17

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Page 18

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 19

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

3	Operating profit

Arrived at after charging

	2019 £	2018 £
Depreciation expense	4,515,584	4,231,005
Amortisation expense	4,600	4,600
Operating lease expense - plant and machinery	126	94

4	Other interest receivable and similar income

	2019 £	2018 £
Interest income on bank deposits	101,930	27,711
Other finance income	62,315	2,340
	164,245	30,051

5	Interest payable and similar expenses

	2019 £	2018 £
Interest on bank overdrafts and borrowings	80,383	73,552
Interest on obligations under finance leases and hire purchase contracts	1,868	5,073
Interest on late payment of taxation	640	1,841
	82,891	80,466

Page 20

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

6	Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

	2019 £	2018 £
Wages and salaries	9,574,427	9,159,528
Social security costs	782,094	766,709
Other short-term employee benefits	35,037	30,414
Pension costs, defined contribution scheme	99,039	151,053
Other employee expense	100,673	100,466
	10,591,270	10,208,170

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

	2019 No.	2018 No.
Production	472	452
Administration and support	22	23
	494	475

7	Directors' remuneration

The directors' remuneration for the year was as follows:

	2019 £	2018 £
Remuneration	597,957	475,918
Contributions paid to money purchase schemes	1,274	389
	599,231	476,307

During the year the number of directors who were receiving benefits and share incentives was as follows:

	2019 No.	2018 No.
Accruing benefits under money purchase pension scheme	2	1

In respect of the highest paid director:

	2019 £	2018 £
Remuneration	271,010	277,420
Company contributions to money purchase pension schemes	804	390

Page 21

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

8	Auditors' remuneration

	2019 £	2018 £
Audit of these financial statements	29,775	29,085
Other fees to auditors
All other non-audit services	64,690	46,370

 

9

Taxation

Tax charged/(credited) in the income statement

	2019 £	2018 £
Current taxation
UK corporation tax	2,436,178	2,154,946
UK corporation tax adjustment to prior periods	(9,332)	-
	2,426,846	2,154,946
Deferred taxation
Arising from origination and reversal of timing differences	(118,649)	(5,388)
Tax expense in the income statement	2,308,197	2,149,558

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2018 - the same as the standard rate of corporation tax in the UK) of 19% (2018 - 19%).

The differences are reconciled below:

	2019 £	2018 £
Profit before tax	11,797,761	10,447,102
Corporation tax at standard rate	2,241,575	1,984,949
Effect of expense not deductible in determining taxable profit (tax loss)	5,830	5,544
Deferred tax credit from unrecognised tax loss or credit	(118,649)	(5,388)
Decrease in UK and foreign current tax from adjustment for prior periods	(9,332)	-
Tax increase from effect of capital allowances and depreciation	188,773	161,567
Tax increase from investment provisions	-	2,886
Total tax charge	2,308,197	2,149,558

Page 22

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Deferred tax

Group

Deferred tax assets and liabilities

2019	Asset £	Liability £
Accelerated capital allowances	181,115	103,812
Tax losses	-	-
	181,115	103,812

2018	Asset £	Liability £
Accelerated capital allowances	198,910	240,256
Tax losses	-	-
	198,910	240,256

10	Intangible assets

Group

	Goodwill  £	Other intangible assets  £	Total £
Cost or valuation
At 1 April 2018	281,580	23,000	304,580
At 31 March 2019	281,580	23,000	304,580
Amortisation
At 1 April 2018	-	9,200	9,200
Amortisation charge	-	4,600	4,600
At 31 March 2019	-	13,800	13,800
Carrying amount
At 31 March 2019	281,580	9,200	290,780
At 31 March 2018	281,580	13,800	295,380

Page 23

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

11	Tangible assets

Group

	Land and buildings £	Glasshouses, Anaerobic digesters and Solar parks  £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2018	17,002,559	43,300,611	620,434	5,768,878	49,908	2,756,790	69,499,180
Additions	1,035,878	1,278,329	75,511	1,193,754	105	456,021	4,039,598
Disposals	(3,838)	-	-	(382,781)	-	(318,945)	(705,564)
At 31 March 2019	18,034,599	44,578,940	695,945	6,579,851	50,013	2,893,866	72,833,214
Depreciation
At 1 April 2018	3,295,707	18,441,845	556,083	3,526,339	33,627	852,841	26,706,442
Charge for the year	429,224	3,016,645	43,655	619,571	4,200	402,286	4,515,581
Eliminated on disposal	(3,837)	-	-	(352,646)	-	(123,581)	(480,064)
At 31 March 2019	3,721,094	21,458,490	599,738	3,793,264	37,827	1,131,546	30,741,959
Carrying amount
At 31 March 2019	14,313,505	23,120,450	96,207	2,786,587	12,186	1,762,320	42,091,255
At 31 March 2018	13,706,852	24,858,766	64,351	2,242,539	16,281	1,903,949	42,792,738

Included within the net book value of land and buildings above is £14,313,505 (2018 - £13,706,851) in respect of freehold land and buildings.
 

Page 24

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Company

	Land and buildings £	Glasshouses  £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2018	6,091,922	436,887	830,537	163,420	7,522,766
At 31 March 2019	6,091,922	436,887	830,537	163,420	7,522,766
Depreciation
At 1 April 2018	1,628,417	391,989	715,077	81,507	2,816,990
Charge for the year	134,008	14,120	30,487	32,684	211,299
At 31 March 2019	1,762,425	406,109	745,564	114,191	3,028,289
Carrying amount
At 31 March 2019	4,329,497	30,778	84,973	49,229	4,494,477
At 31 March 2018	4,463,505	44,898	115,460	81,913	4,705,776

Included within the net book value of land and buildings above is £4,329,497 (2018 - £4,463,505) in respect of freehold land and buildings.
 

Page 25

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

12	Investments

Group

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held
			2019	2018

Subsidiary undertakings
Springhill Farms (Pershore) Ltd	England and Wales	Ordinary shares	100%	100%
UK Golf Ltd	England and Wales	Ordinary shares	100%	100%
EVG (Europe) Ltd	England and Wales	Ordinary Shares	100%	100%
Vale Green Energy Limited	England and Wales	Ordinary shares	100%	100%
Evesham Vale Growers Limited	England and Wales	Ordinary shares	100%	100%

Page 26

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Subsidiary undertakings

Springhill Farms (Pershore) Ltd The principal activity of Springhill Farms (Pershore) Ltd is growing and marketing and packing of fruit and vegetables.

UK Golf Ltd The principal activity of UK Golf Ltd is operation of golf courses and related facilities.

EVG (Europe) Ltd The principal activity of EVG (Europe) Ltd is dormant.

Vale Green Energy Limited The principal activity of Vale Green Energy Limited is production of gas and electricity.

Evesham Vale Growers Limited The principal activity of Evesham Vale Growers Limited is dormant.

Company

	2019 £	2018 £
Investments in subsidiaries	2,157,113	2,157,113

Subsidiaries	£
Cost or valuation
At 1 April 2018	2,159,603
Provision
At 1 April 2018	2,490
Carrying amount
At 31 March 2019	2,157,113
At 31 March 2018	2,157,113

13

Stocks

	Group		Company
	2019 £	2018 £	2019 £	2018 £
Raw materials and consumables	934,153	1,064,143	-	-
Work in progress	310,127	226,891	-	-
Finished goods and goods for resale	1,393,422	2,261,998	-	-
	2,637,702	3,553,032	-	-

Page 27

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

14

Debtors

		Group		Company
	Note	2019 £	2018 £	2019 £	2018 £
Trade debtors		14,189,155	14,120,179	8,961	9,089
Amounts owed by related parties	19	7,292,844	-	37,509,340	45,588,085
Other debtors		8,780,965	392,092	8,666,911	-
Prepayments		741,992	1,001,995	170,212	149,220
Deferred tax assets	9	181,115	198,910	-	-
Income tax asset	9	1,473,638	1,479,275	-	-
		32,659,709	17,192,451	46,355,424	45,746,394

15	Cash and cash equivalents

	Group		Company
	2019 £	2018 £	2019 £	2018 £
Cash on hand	5,328	3,529	-	-
Cash at bank	11,753,249	12,247,911	7,872,409	2,582,498
	11,758,577	12,251,440	7,872,409	2,582,498
Bank overdrafts	(5,705,670)	-	-	-
Cash and cash equivalents in statement of cash flows	6,052,907	12,251,440	7,872,409	2,582,498

16

Creditors

		Group		Company
	Note	2019 £	2018 £	2019 £	2018 £
Due within one year
Loans and borrowings		5,964,086	309,687	-	-
Trade creditors		6,535,912	7,320,072	8,550	3,225
Amounts due to related parties	19	350,000	1,761,612	482,515	894,127
Social security and other taxes		330,347	210,186	100,116	27,890
Other payables		24,509	28,118	6,107	6,107
Accruals		1,043,066	933,565	29,962	41,924
Income tax liability	9	2,783,970	2,326,550	371,670	383,737
		17,031,890	12,889,790	998,920	1,357,010

Page 28

Mapp Holdings Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

		Group		Company
	Note	2019 £	2018 £	2019 £	2018 £
Due after one year
Loans and borrowings		133,708	275,947	-	-
Other non-current financial liabilities		2	-	-	-
		133,710	275,947	-	-

17	Deferred tax and other provisions

Group

	Deferred tax £	Total £
At 1 April 2018	240,256	240,256
Additional provisions	(136,444)	(136,444)
At 31 March 2019	103,812	103,812

18	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary shares of £1 each	3,126	3,126	3,126	3,126

19	Related party transactions

Group

Transactions with directors

2019	Advances to directors £	At 31 March 2019 £
P Bille
Loan with interest charged at the ruling HMRC rate	3,829,762	3,829,762
Pas Bille
Loan with interest charged at the ruling HMRC rate	4,837,150	4,837,150

Page 29