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REGISTERED NUMBER: 09856326 (England and Wales)













GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

VIANDE GROUP LIMITED

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


VIANDE GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: G J Thatcher





REGISTERED OFFICE: Basepoint Business Centre
Little High Street
Shoreham-By-Sea
West Sussex
BN43 5EG





REGISTERED NUMBER: 09856326 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

The director presents his strategic report of the company and the group for the year ended 28 February 2023.

REVIEW OF BUSINESS
The statement of comprehensive income is set out on page 9 and shows a profit before tax of £178,388 for the period. Turnover for the period amounted to £19,552,420.

Year on year, the group continues to increase its sales & profitability, with another strong performance this year. Margins improved in all areas despite the well documented increases in meat costs. The margin improvement came from a number of areas but a large part was as a result of focusing on increasing the number of local customers and computerised route planning hence reducing delivery costs.

Another area that the business turned its attention to during the year was Covid proofing income streams. This is in turn helped the business minimise its historic seasonality of income. Both of these goals were achieved by focusing on gaining customers in new business sectors.

The business has made significant investment in the premises during the year, taking on additional units to accommodate the companies growth, installing the newest chillers and freezers and updating all the office areas to ensure employees love where they work.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and execution of the company's strategy are subject to a number of risks. The principal risks and uncertainties affecting the company are considered to relate to customer and employee retention and product cost inflation.

Employee retention is a key focus of the company at all times and a number of initiatives have been put in place in the year to assist this. Discussion with employees at all levels occurs frequently, from one to ones through to whole group meetings. In fact, the group had its first 'Company Kick Off' in the year which was a huge success and will become an annual event. The company has also taken on a number of apprentices at the start of the new financial year and expects to be able continue to do this in future years.

During the year, focus was placed on setting out the company's core values, one of which is exceptional customer service. By putting emphasis on this area, customer retention has remained strong.

The business is minimising the impact of meat price inflation by seeking out new suppliers and bulk purchasing. This is now possible with the increased chiller and freezer space that the business has.

KEY PERFORMANCE INDICATORS
The company manages the business by reference to key performance indicators. Competent management reporting tools are in place to provide essential current, timely reporting in a clear and precise manner.

Principal indicators used by the company include, but are not limited to;
(1) Revenue recognized as per the financial statements
(2) Gross margin = gross profit/gross sales
(3) Wages sales percentage = staff costs/gross sales
(4) Debtor days

2023 2022
Revenue 19,552,420 16,914,473
Revenue growth % 15.6%
Gross margin 19.5% 18.5%
Wages sales percentage 9.3% 9.2%
Debtor days 33 33


VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2023

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company's operations expose it to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk and interest rate cash flow risk. The company has in place policies and procedures that seek to limit the potentially adverse effects on the financial performance of the company of such risks. These policies are set by the directors.

The company does not use derivative financial instruments to manage interest rate risks.

Price risk
Due to the market the company operates in, the company is exposed to price risk from its suppliers and competitors. However, given the size of the company's operations and in addition to the actions identified above, the company is able to manage the potential exposure through supplier agreements, rebate mechanisms and bulk purchasing.

Liquidity risk
Liquidity risk is the risk that the company will encounter difficulty in meeting obligations associated with its financial liabilities. The risk is mitigated as the company has sufficient cash resources available to it through either its own funds or access to further bank facilities.

FUTURE DEVELOPMENTS
Over the next few years, the business will be continuing its growth strategy and will work hard to maintain its five core values; efficiency, advancement, teamwork, exceptional customer service and achievement. The business plans to expand its geographical reach and customer base whilst maintaining its reputation as the leading meat wholesaler in the South of England.

ON BEHALF OF THE BOARD:





G J Thatcher - Director


29 November 2023

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 28 FEBRUARY 2023

The director presents his report with the financial statements of the company and the group for the year ended 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the sale of meat and meat products.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2023 will be £152,470.

DIRECTOR
G J Thatcher held office during the whole of the period from 1 March 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G J Thatcher - Director


29 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VIANDE GROUP LIMITED

Opinion
We have audited the financial statements of Viande Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 February 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 of the parent company affairs as at 28 February 2023 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 Auditors' 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
In auditing the financial statements, we have concluded that the director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors 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 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.

Opinions on other matters 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VIANDE GROUP LIMITED


Matters on which we are required to report by exception
In the light of the 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 Group Strategic Report or the Report of the Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VIANDE GROUP LIMITED


Auditors' 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 a Report of the Auditors 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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and we considered the extent to which non-compliance might have a material effect on the financial statements.

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determine that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates.

Audit procedures performed by the engagement team included:
- enquiries with management, including consideration of known or suspected instances of fraud and
non-compliance with laws and regulations and examining supporting calculations where a provision has been
made in respect of these;
- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws;
- understanding and evaluating the design and implementation of management’s controls designed to prevent
and detect irregularities;
- challenging assumptions and judgements made by management in their significant accounting estimates, in
particular in relation to valuation of investment property, impairment of investments in subsidiaries and the
measurement and classification of exceptional items;
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations
and postings by unusual users.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
VIANDE GROUP LIMITED


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 a Report of the Auditors 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.




John Charles Males (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

29 November 2023

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023 2022
Notes £    £   

TURNOVER 19,552,420 16,914,473

Cost of sales (15,765,266 ) (13,790,800 )
GROSS PROFIT 3,787,154 3,123,673

Distribution costs (40,262 ) (32,777 )
Administrative expenses (3,563,184 ) (2,955,475 )
183,708 135,421

Other operating income 5,144 6,900
OPERATING PROFIT 4 188,852 142,321

Income from shares in group
undertakings

8,251

-
Interest receivable and similar income 580 27
197,683 142,348

Interest payable and similar expenses 5 (41,798 ) (13,572 )
PROFIT BEFORE TAXATION 155,885 128,776

Tax on profit 6 (112,554 ) (74,605 )
PROFIT FOR THE FINANCIAL YEAR 43,331 54,171

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

43,331

54,171

Profit attributable to:
Owners of the parent 43,331 54,171

Total comprehensive income attributable to:
Owners of the parent 43,331 54,171

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

CONSOLIDATED BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 9 516,341 678,679
Tangible assets 10 451,328 266,304
Investments 11 - -
967,669 944,983

CURRENT ASSETS
Stocks 12 622,808 604,752
Debtors 13 2,043,249 1,772,322
Cash at bank and in hand 454,325 2,722
3,120,382 2,379,796
CREDITORS
Amounts falling due within one year 14 (3,167,084 ) (2,401,293 )
NET CURRENT LIABILITIES (46,702 ) (21,497 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

920,967

923,486

CREDITORS
Amounts falling due after more than one
year

15

(1,205,871

)

(1,196,945

)

PROVISIONS FOR LIABILITIES 19 (97,144 ) -
NET LIABILITIES (382,048 ) (273,459 )

CAPITAL AND RESERVES
Called up share capital 20 650 100
Share premium 21 182,400 182,400
Capital redemption reserve 21 50 50
Retained earnings 21 (565,148 ) (456,009 )
SHAREHOLDERS' FUNDS (382,048 ) (273,459 )

The financial statements were approved by the director and authorised for issue on 29 November 2023 and were signed by:





G J Thatcher - Director


VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

COMPANY BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 3,118,918 3,118,918
3,118,918 3,118,918

CURRENT ASSETS
Debtors 13 575 50

CREDITORS
Amounts falling due within one year 14 (2,750,926 ) (1,014,423 )
NET CURRENT LIABILITIES (2,750,351 ) (1,014,373 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

368,567

2,104,545

CREDITORS
Amounts falling due after more than one
year

15

(364,049

)

(2,096,975

)
NET ASSETS 4,518 7,570

CAPITAL AND RESERVES
Called up share capital 20 650 100
Capital redemption reserve 21 50 50
Retained earnings 21 3,818 7,420
SHAREHOLDERS' FUNDS 4,518 7,570

Company's profit for the financial year 148,868 156,932

The financial statements were approved by the director and authorised for issue on 29 November 2023 and were signed by:





G J Thatcher - Director


VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 March 2021 100 (366,720 ) 182,400 50 (184,170 )

Changes in equity
Dividends - (143,460 ) - - (143,460 )
Total comprehensive income - 54,171 - - 54,171
Balance at 28 February 2022 100 (456,009 ) 182,400 50 (273,459 )

Changes in equity
Issue of share capital 550 - - - 550
Dividends - (152,470 ) - - (152,470 )
Total comprehensive income - 43,331 - - 43,331
Balance at 28 February 2023 650 (565,148 ) 182,400 50 (382,048 )

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 March 2021 100 2,948 50 3,098

Changes in equity
Dividends - (152,460 ) - (152,460 )
Total comprehensive income - 156,932 - 156,932
Balance at 28 February 2022 100 7,420 50 7,570

Changes in equity
Issue of share capital 550 - - 550
Dividends - (152,470 ) - (152,470 )
Total comprehensive income - 148,868 - 148,868
Balance at 28 February 2023 650 3,818 50 4,518

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 967,223 (846,987 )
Interest paid (31,426 ) (10,410 )
Interest element of hire purchase
payments paid

(10,372

)

(3,162

)
Tax paid (128,170 ) (308,942 )
Net cash from operating activities 797,255 (1,169,501 )

Cash flows from investing activities
Purchase of tangible fixed assets (307,276 ) (64,372 )
Sale of tangible fixed assets 2 -
Interest received 580 27
Dividends received 8,251 -
Net cash from investing activities (298,443 ) (64,345 )

Cash flows from financing activities
New loans in year 350,000 250,000
Loan repayments in year (171,048 ) (410,091 )
New other loan 214,148 500,000
Other loan repayments (82,419 ) (3,410 )
Capital repayments in year (84,578 ) 38,007
Amount withdrawn by directors (16,820 ) -
Share issue 550 -
Government grants - 6,900
Equity dividends paid (152,470 ) (143,460 )
Net cash from financing activities 57,363 237,946

Increase/(decrease) in cash and cash equivalents 556,175 (995,900 )
Cash and cash equivalents at
beginning of year

2

(939,043

)

56,857

Cash and cash equivalents at end of
year

2

(382,868

)

(939,043

)

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 155,885 128,776
Depreciation charges 260,659 248,524
Loss on disposal of fixed assets 23,931 -
Government grants - (6,900 )
Finance costs 41,798 13,572
Finance income (8,831 ) (27 )
473,442 383,945
Increase in stocks (18,056 ) (183,540 )
Increase in trade and other debtors (223,682 ) (376,993 )
Increase/(decrease) in trade and other creditors 735,519 (670,399 )
Cash generated from operations 967,223 (846,987 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 454,325 2,722
Bank overdrafts (837,193 ) (941,765 )
(382,868 ) (939,043 )
Year ended 28 February 2022
28.2.22 1.3.21
£    £   
Cash and cash equivalents 2,722 56,857
Bank overdrafts (941,765 ) -
(939,043 ) 56,857


VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.3.22 Cash flow At 28.2.23
£    £    £   
Net cash
Cash at bank and in hand 2,722 451,603 454,325
Bank overdrafts (941,765 ) 104,572 (837,193 )
(939,043 ) 556,175 (382,868 )
Debt
Finance leases (111,896 ) (129,570 ) (241,466 )
Debts falling due within 1 year (43,647 ) (204,670 ) (248,317 )
Debts falling due after 1 year (1,140,468 ) 108,163 (1,032,305 )
(1,296,011 ) (226,077 ) (1,522,088 )
Total (2,235,054 ) 330,098 (1,904,956 )

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Viande Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
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.

Goodwill
Any excess of the costs of the acquisition over the group's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination, the excess is recognised as negative goodwill.

Goodwill is being amortised evenly over its useful economic life of 10 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold - 33.33% straight line
Leasehold - over the life of the lease
Plant & Machinery - 20% on cost and 10% reducing balance
Motor Vehicles - 20% on reducing balance
Fixtures & Fittings - 20% straight line
Computer Equipment - 25% straight line

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Stocks
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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,624,878 1,420,608
Social security costs 167,154 126,967
Other pension costs 28,730 23,317
1,820,762 1,570,892

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

R.P. Meats Limited 28 29
Blakes Meats Limited 24 25
52 54

2023 2022
£    £   
Director's remuneration 9,078 8,836

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 40,262 32,777
Other operating leases 83,000 78,514
Depreciation - owned assets 51,220 57,031
Depreciation - assets on hire purchase contracts 47,099 33,717
Loss on disposal of fixed assets 23,931 -
Goodwill amortisation 162,338 157,776

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 19,573 5,882
Other loan interest 11,853 4,528
Hire purchase 10,372 3,162
41,798 13,572

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 12,068 74,605

Deferred tax 100,486 -
Tax on profit 112,554 74,605

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 155,885 128,776
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

29,618

24,467

Effects of:
Expenses not deductible for tax purposes (451 ) 1,020
Income not taxable for tax purposes (1,567 ) 11,522
Capital allowances in excess of depreciation (20,079 ) -
Depreciation in excess of capital allowances - 37,081
Adjustments to tax charge in respect of previous periods - 28,589
Profit/loss on disposal 4,547 -


Deferred tax 100,486 -
R&D Enhanced expenditure - (28,074 )
Total tax charge 112,554 74,605

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£    £   
Ordinary A Shares shares of £1 each
Interim 152,470 143,460

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 1,809,882
AMORTISATION
At 1 March 2022 1,131,203
Amortisation for year 162,338
At 28 February 2023 1,293,541
NET BOOK VALUE
At 28 February 2023 516,341
At 28 February 2022 678,679

10. TANGIBLE FIXED ASSETS

Group
Long Plant and Motor Computer
leasehold machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 127,531 429,176 275,910 88,183 920,800
Additions - 238,366 64,455 4,455 307,276
Disposals - (601 ) (95,840 ) (9,962 ) (106,403 )
At 28 February 2023 127,531 666,941 244,525 82,676 1,121,673
DEPRECIATION
At 1 March 2022 105,889 303,667 183,961 60,979 654,496
Charge for year 4,478 55,843 30,552 7,446 98,319
Eliminated on disposal - (315 ) (75,172 ) (6,983 ) (82,470 )
At 28 February 2023 110,367 359,195 139,341 61,442 670,345
NET BOOK VALUE
At 28 February 2023 17,164 307,746 105,184 21,234 451,328
At 28 February 2022 21,642 125,509 91,949 27,204 266,304

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2022 84,255 123,316 207,571
Additions 127,871 64,239 192,110
Disposals - (23,439 ) (23,439 )
At 28 February 2023 212,126 164,116 376,242
DEPRECIATION
At 1 March 2022 30,999 73,310 104,309
Charge for year 23,970 23,129 47,099
Eliminated on disposal - (15,235 ) (15,235 )
At 28 February 2023 54,969 81,204 136,173
NET BOOK VALUE
At 28 February 2023 157,157 82,912 240,069
At 28 February 2022 53,256 50,006 103,262

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 March 2022
and 28 February 2023 3,118,918
NET BOOK VALUE
At 28 February 2023 3,118,918
At 28 February 2022 3,118,918

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

R.P. Meats Wholesale Limited
Registered office: Basepoint Business Centre, Little High Street, Shoreham-By-Sea, West Sussex, BN43 5EG
Nature of business: Wholesale of meat and meat products
%
Class of shares: holding
£1 Ordinary, B, C, D and E 100.00

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

11. FIXED ASSET INVESTMENTS - continued

Blakes Meats Limited
Registered office: Basepoint Business Centre, Little High Street, Shoreham-By-Sea, West Sussex, BN43 5EG
Nature of business: Wholesale of meat and meat products
%
Class of shares: holding
Ordinary £1 A Shares 100.00


12. STOCKS

Group
2023 2022
£    £   
Stocks 622,808 604,752

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,767,425 1,520,441 - -
Other debtors 575 16,136 575 50
Directors' current accounts 11,050 - - -
Tax 162,955 123,418 - -
VAT 79,058 83,599 - -
Deferred tax asset - 3,342 - -
Prepayments 22,186 25,386 - -
2,043,249 1,772,322 575 50

Deferred tax asset
Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax - 3,342 - -

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 1,085,510 985,412 50,122 43,647
Hire purchase contracts (see note 17) 67,900 55,419 - -
Trade creditors 1,625,651 1,217,574 - -
Amounts owed to group undertakings - - 2,695,854 965,826
Tax (63,820 ) 12,745 - -
Social security and other taxes 47,862 38,530 - -
Other creditors 6,083 18,462 - -
Factoring creditor 260,807 - - -
Directors' current accounts - 5,770 4,950 4,950
Accruals and deferred income 137,091 67,381 - -
3,167,084 2,401,293 2,750,926 1,014,423

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 16) 1,032,305 1,140,468 364,049 452,968
Hire purchase contracts (see note 17) 173,566 56,477 - -
Amounts owed to group undertakings - - - 1,644,007
1,205,871 1,196,945 364,049 2,096,975

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 837,193 941,765 - -
Bank loans 248,317 43,647 50,122 43,647
1,085,510 985,412 50,122 43,647
Amounts falling due between one and two years:
Bank loans - 1-2 years 401,935 1,140,468 199,209 452,968
Amounts falling due between two and five years:
Bank loans - 2-5 years 557,207 - 122,150 -
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 73,163 - 42,690 -

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 67,900 55,419
Between one and five years 173,566 56,477
241,466 111,896

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank overdrafts 837,193 941,765 - -
Bank loans 1,280,622 1,184,115 414,171 496,615
2,117,815 2,125,880 414,171 496,615

An unlimited debenture incorporating fixed and floating charges over all the property or undertaking of RP Meats Wholesale Ltd dated 25 September 2020.

Fixed and floating charges over all the property or undertaking of RP Meats Wholesale Ltd dated 5 January 2016.

An unlimited debenture incorporating fixed and floating charges over all the property or undertaking of Blakes Meats Ltd dated 10 June 2020.

Fixed and floating charges over all the property or undertaking of Blakes Meats Ltd dated 9 January 2017.

An unlimited debenture incorporating fixed and floating charges over all the property or undertaking of Viande Group Ltd dated 24 February 2020.

19. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 97,144 -

Group
Deferred
tax
£   
Balance at 1 March 2022 (3,342 )
Provided during year 100,486
Balance at 28 February 2023 97,144

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
550 Ordinary A Shares £1 550 100
50 Ordinary C Shares £1 50 -
50 Ordinary D Shares £1 50 -
650 100

VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

21. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 March 2022 (456,009 ) 182,400 50 (273,559 )
Profit for the year 43,331 43,331
Dividends (152,470 ) (152,470 )
At 28 February 2023 (565,148 ) 182,400 50 (382,698 )

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 March 2022 7,420 50 7,470
Profit for the year 148,868 148,868
Dividends (152,470 ) (152,470 )
At 28 February 2023 3,818 50 3,868