I Fruit Ltd - Period Ending 2023-03-31

I Fruit Ltd

Contents

Company Information	1
Directors' Report	2 to 3
Balance Sheet	4 to 5
Notes to the Unaudited Financial Statements	6 to 9

I Fruit Ltd

Company Information

Directors

A Papadopoulos D J Crooks

Registered office

Barham Court Teston Maidstone Kent ME18 5BZ

Accountants

Chisnall Comer Ismail & Co Chartered Accountants Maria House 35 Millers Road Brighton BN1 5NP

I Fruit Ltd

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

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

A Papadopoulos

D J Crooks

Azconti Management Ltd (ceased 2 August 2022)

Principal activity

The principal activity of the company is fruit import, export, retail, kitchen retail and wholesale

Company Review

The year has been one of significant disruption in major supply chains globally. Pandemic driven,
iFruit has managed in a positive manor with the business able to capitalise by quickly adapting to fast
moving market conditions. We have remained operational at all times; this has only been possible
with the dedication of our team, suppliers and supply chain partners.

The significant investment by the board has allowed the business to diversify its asset base and make
use of diversification loans to accommodate our sustainable business practices and explore
alternative ways to achieve our goals. The loans taken are well within the capabilities of the business
and are set with favourable lending rates.

We have “Our i on Fruit” but at the core of what we do is to also be fair to the environment we take
from. This has been a point of difference to iFruit since its inception in 2013.
 

I Fruit Ltd

Directors' Report for the Year Ended 31 March 2023

Carbon Reporting
We are extremely proud to now account fully in carbon, the board can report that the operational
activities in the UK are now carbon negative which allows the business a sustainable business growth
ability over the coming years and one that our clients and staff can rely on in the future. To reach this
position has taken iFruit 8 years of foresight and planning. We are confident that iFruit is now one of
very few fresh produce companies in the UK with a negative carbon footprint. This achievement is
well ahead of any government or international standard set - we would like to thank the dedicated
iFruit team and its supply base in helping us to achieve this fantastic result. Our tCO2e is reporting
just under -78 tonnes for the year. Our engineering assessment company is working to ISO 14001 &
ISO 14064 standards.

iFruit Ltd has continued with its sustainable and ethical support with organisations such as Trees for
the Future, Iracambi, Eye camp India, in conjunction with Mahindra Agri (Rise Programme) we are
extremely pleased our continued support is appreciated by our partners and look for further
opportunities to expand the ecosystem protecting Carbon and Ethics.

Financial Summary
Turnover for the year has increased 23%, Gross profit is up 5.5%, administration costs have
decreased by 5% allowing a 33% increase in operating profit Yr/Yr. Net profit is up 29%, taxation has
also increased by 32%

Our liquid assets have been diversified into highly liquid assets which can generate alternative
incomes for the business but still be used immediately to help support the principle business activities.
Assets are held in commodities, crypto assets, stocks, investment funds and foreign exchange. The
value of these holdings changes through out the year and monitored daily to achieve contribution to
the bottom line. We are able to offset some administration expenses by utilising the assets in this way.

Overseas operations
Our production partners units in Northern Greece have now been fully carbon assessed and are
following practices to net carbon zero. The offset of carbon emissions to date is 21% of total carbon
burn - this is through solar energy production on the x2 packhouse roofs and recycling of waste
materials during production. This equates to some 591 tCO2e
Marketing activities in Munich are being assessed and will report carbon progress in the 2021/22
statements.
 

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 26 March 2024 and signed on its behalf by:


 

.........................................
D J Crooks
Director

I Fruit Ltd

(Registration number: 08380940)
Balance Sheet as at 31 March 2023

	Note	2023 £	2022 £
Fixed assets
Tangible assets	4	5,054	6,739
Current assets
Debtors	5	182,332	304,902
Cash at bank and in hand		440,392	659,353
		622,724	964,255
Creditors: Amounts falling due within one year	6	(450,713)	(731,081)
Net current assets		172,011	233,174
Total assets less current liabilities		177,065	239,913
Creditors: Amounts falling due after more than one year	6	(93,333)	(133,333)
Net assets		83,732	106,580
Capital and reserves
Called up share capital	9	106,557	106,557
Retained earnings		(22,825)	23
Shareholders' funds		83,732	106,580

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

I Fruit Ltd

(Registration number: 08380940)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:



 

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

D J Crooks

Director

I Fruit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1	General information

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

The address of its registered office is:
Barham Court
Teston
Maidstone
Kent
ME18 5BZ

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company 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 company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

I Fruit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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
Motor vehicles	25% Reducing Balance
Office equipment	33% Straight Line
Fixtures and fittings	25% Reducing Balance

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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

I Fruit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2022	11,075	18,665	29,740
At 31 March 2023	11,075	18,665	29,740
Depreciation
At 1 April 2022	10,255	12,746	23,001
Charge for the year	205	1,480	1,685
At 31 March 2023	10,460	14,226	24,686
Carrying amount
At 31 March 2023	615	4,439	5,054
At 31 March 2022	820	5,919	6,739

5

Debtors

Current	2023 £	2022 £
Trade debtors	166,114	282,748
Prepayments	-	625
Other debtors	16,218	21,529
	182,332	304,902

6

Creditors

Creditors: amounts falling due within one year

	Note	2023 £	2022 £
Due within one year
Loans and borrowings	7	40,000	40,000
Trade creditors		294,335	265,870
Taxation and social security		-	3,249
Accruals and deferred income		53,234	418,234
Other creditors		63,144	3,728
		450,713	731,081

Creditors: amounts falling due after more than one year

I Fruit Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

	Note	2023 £	2022 £
Due after one year
Loans and borrowings	7	93,333	133,333

7	Loans and borrowings

	2023 £	2022 £
Non-current loans and borrowings
Bank borrowings	93,333	133,333

	2023 £	2022 £
Current loans and borrowings
Bank borrowings	40,000	40,000

8

Dividends

		2023		2022
		£		£
Interim dividend of £Nil (2022 - £0.618) per ordinary share		-		65,810

9	Share capital

Allotted, called up and fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary of £1 each	100,000	100,000	100,000	100,000

Allotted, called up and not fully paid shares

	2023		2022
	No.	£	No.	£
Ordinary of £1 each	6,557	6,557	6,557	6,557