Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-31so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.2023-03-312022-04-01falseNo description of principal activity9382falsefalse 02191902 2022-04-01 2023-03-31 02191902 2021-04-01 2022-03-31 02191902 2023-03-31 02191902 2022-03-31 02191902 2021-04-01 02191902 1 2022-04-01 2023-03-31 02191902 1 2021-04-01 2022-03-31 02191902 2 2022-04-01 2023-03-31 02191902 2 2021-04-01 2022-03-31 02191902 5 2022-04-01 2023-03-31 02191902 5 2021-04-01 2022-03-31 02191902 d:CompanySecretary1 2022-04-01 2023-03-31 02191902 d:Director1 2022-04-01 2023-03-31 02191902 d:Director2 2022-04-01 2023-03-31 02191902 d:Director3 2022-04-01 2023-03-31 02191902 d:Director4 2022-04-01 2023-03-31 02191902 d:Director5 2022-04-01 2023-03-31 02191902 d:Director6 2022-04-01 2023-03-31 02191902 d:RegisteredOffice 2022-04-01 2023-03-31 02191902 d:Agent1 2022-04-01 2023-03-31 02191902 e:Buildings e:LongLeaseholdAssets 2022-04-01 2023-03-31 02191902 e:Buildings e:LongLeaseholdAssets 2023-03-31 02191902 e:Buildings e:LongLeaseholdAssets 2022-03-31 02191902 e:PlantMachinery 2022-04-01 2023-03-31 02191902 e:PlantMachinery 2023-03-31 02191902 e:PlantMachinery 2022-03-31 02191902 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02191902 e:FurnitureFittings 2022-04-01 2023-03-31 02191902 e:FurnitureFittings 2023-03-31 02191902 e:FurnitureFittings 2022-03-31 02191902 e:FurnitureFittings e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02191902 e:ComputerEquipment 2022-04-01 2023-03-31 02191902 e:ComputerEquipment 2023-03-31 02191902 e:ComputerEquipment 2022-03-31 02191902 e:ComputerEquipment e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02191902 e:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 02191902 e:CurrentFinancialInstruments 2023-03-31 02191902 e:CurrentFinancialInstruments 2022-03-31 02191902 e:Non-currentFinancialInstruments 2023-03-31 02191902 e:Non-currentFinancialInstruments 2022-03-31 02191902 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 02191902 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 02191902 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 02191902 e:Non-currentFinancialInstruments e:AfterOneYear 2022-03-31 02191902 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 02191902 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-03-31 02191902 e:ReportableOperatingSegment1 2022-04-01 2023-03-31 02191902 e:ReportableOperatingSegment1 2021-04-01 2022-03-31 02191902 e:ReportableOperatingSegment2 2022-04-01 2023-03-31 02191902 e:ReportableOperatingSegment2 2021-04-01 2022-03-31 02191902 e:UKTax 2022-04-01 2023-03-31 02191902 e:UKTax 2021-04-01 2022-03-31 02191902 e:ShareCapital 2022-04-01 2023-03-31 02191902 e:ShareCapital 2023-03-31 02191902 e:ShareCapital 2021-04-01 2022-03-31 02191902 e:ShareCapital 2022-03-31 02191902 e:ShareCapital 2021-04-01 02191902 e:SharePremium 2022-04-01 2023-03-31 02191902 e:SharePremium 2023-03-31 02191902 e:SharePremium 2021-04-01 2022-03-31 02191902 e:SharePremium 2022-03-31 02191902 e:SharePremium 2021-04-01 02191902 e:CapitalRedemptionReserve 2022-04-01 2023-03-31 02191902 e:CapitalRedemptionReserve 2023-03-31 02191902 e:CapitalRedemptionReserve 2021-04-01 2022-03-31 02191902 e:CapitalRedemptionReserve 2022-03-31 02191902 e:CapitalRedemptionReserve 2021-04-01 02191902 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 02191902 e:RetainedEarningsAccumulatedLosses 2023-03-31 02191902 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 02191902 e:RetainedEarningsAccumulatedLosses 2022-03-31 02191902 e:RetainedEarningsAccumulatedLosses 2021-04-01 02191902 d:OrdinaryShareClass1 2022-04-01 2023-03-31 02191902 d:OrdinaryShareClass1 2023-03-31 02191902 d:OrdinaryShareClass1 2022-03-31 02191902 d:FRS102 2022-04-01 2023-03-31 02191902 d:Audited 2022-04-01 2023-03-31 02191902 d:FullAccounts 2022-04-01 2023-03-31 02191902 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02191902 e:WithinOneYear 2023-03-31 02191902 e:WithinOneYear 2022-03-31 02191902 e:BetweenOneFiveYears 2023-03-31 02191902 e:BetweenOneFiveYears 2022-03-31 02191902 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02191902 e:AcceleratedTaxDepreciationDeferredTax 2022-03-31 02191902 e:TaxLossesCarry-forwardsDeferredTax 2023-03-31 02191902 e:TaxLossesCarry-forwardsDeferredTax 2022-03-31 02191902 e:RetirementBenefitObligationsDeferredTax 2023-03-31 02191902 e:RetirementBenefitObligationsDeferredTax 2022-03-31 02191902 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 02191902







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023


DIBS DISTRIBUTION LIMITED






































img665f.png                        

 


DIBS DISTRIBUTION LIMITED
 


 
COMPANY INFORMATION


Directors
G. J. Payne 
J. B. Payne 
K. J. Payne 
R. E. Payne 
T. Payne 
D. J. Payne 




Company secretary
G. J. Payne



Registered number
02191902



Registered office
1432B Clock Tower Road

Isleworth

Middlesex

TW7 6DT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY




Bankers
National Westminster Bank Plc
Great West Road

Isleworth

Middlesex

TW7 5NR





 


DIBS DISTRIBUTION LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Income and Retained Earnings
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 24


 


DIBS DISTRIBUTION LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Principal activities and business review
 
The principal activity of the Company during the year was that of supply of prepared poultry to quick service restaurants
The profit for the financial year on ordinary activities before taxation was £503,994 (2022: £539,657).
Turnover increased by 13% during the year, mainly due to new customers and increased activity with existing customers. Margins improved and profits further increased which were somewhat offset by increased labour costs. At the year end the Company had net assets of £2.1m and cash of £1.9m. 

Risks and uncertainties
 
The Company’s principal commercial risk is the pressure on maintaining margins caused by competition and increased inflationary costs.

The Company's activities expose the company to several risks including liquidity risk, price risk and credit risk.

The Company manages these risks as follows:

Liquidity risk
Cash flow is monitored daily, a positive position has been achieved throughout the year. Therefore, due to a further significant increase in cash reserves, demonstrating that there is minimal current liquidity risk within the Company.

Price Risk
The Company seeks to limit its exposure to raw material and transport cost fluctuations by negotiating contracts over longer fixed periods.

Credit Risk
The Company operates effective credit control procedures, and the level of trade receivables has been controlled in recent years. A strict limit is now imposed on any new credit accounts. The Company is not exposed to a small number of clients.

Furture developments

The Company's objective is to continue developing systems and procedures to improve customer relations. This is with a view to give customers the best possible experience and help promote additional sales. Together with ongoing logistical development and expansion of the product portfolio, it is anticipated there will be continued growth with existing and new customers.

Page 1

 


DIBS DISTRIBUTION LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Key performance indicators
 
The Company uses a series of key performance indicators to monitor the performance of the business. They include, but are not limited to, the following;

a) the weekly turnover achieved compared with the Company's forecasts
b) the gross profit margin

Turnover at £35.9m was better than the previous year of £31.6m due to increased customer activity.
 
Actual gross margins of 22.8% was better than the previous year 22.4%. The Company is currently seeing increased turnover compared to the 2023/24 Budget, whilst maintaining similar margins during the first half of the coming year.


This report was approved by the board and signed on its behalf.



R.E. Payne
Director

Date: 21 November 2023

Page 2

 


DIBS DISTRIBUTION LIMITED
 


 
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' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under Company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year were:

G. J. Payne 
J. B. Payne 
K. J. Payne 
R. E. Payne 
T. Payne 
D. J. Payne 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 3

 


DIBS DISTRIBUTION LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





R.E. Payne
Director

Date: 21 November 2023

1432B Clock Tower Road
Isleworth
Middlesex
TW7 6DT

Page 4

 


DIBS DISTRIBUTION LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIBS DISTRIBUTION LIMITED

Opinion


We have audited the financial statements of Dibs Distribution Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 March 2023 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


DIBS DISTRIBUTION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIBS DISTRIBUTION LIMITED (CONTINUED)

Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' Responsibilities Statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


DIBS DISTRIBUTION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIBS DISTRIBUTION LIMITED (CONTINUED)

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 an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:

The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
UK health and safety legislation;
UK food safety legislation; and
General Data Protection Regulations.
 
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures and the company secretary. We corroborated our inquiries through our review of board minutes.

The engagement partner assessed whether the engagement team collectively had the appropriate competenece and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entires posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

The application of inappropriate judgements of estimation to manipulate the Company's financial position;
Posting of unusual journals and complex transactions; and
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests.


 
Page 7

 


DIBS DISTRIBUTION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIBS DISTRIBUTION LIMITED (CONTINUED)



Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


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 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Hookway FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

21 November 2023
Page 8

 


DIBS DISTRIBUTION LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
35,904,377
31,670,599

Cost of sales
  
(27,731,261)
(24,574,697)

Gross profit
  
8,173,116
7,095,902

Administrative expenses
  
(7,617,846)
(6,595,890)

Gain from changes in fair value of investments
  
(63,832)
32,500

Operating profit
 5 
491,438
532,512

Income from current asset investments
  
19,906
13,476

Interest receivable and similar income
 10 
7,550
2,468

Interest payable and similar expenses
 11 
(14,900)
(8,799)

Profit before tax
  
503,994
539,657

Tax on profit
 12 
(107,276)
(128,668)

Profit after tax
  
396,718
410,989

  

  

Retained earnings at the beginning of the year
  
1,662,121
1,251,132

  
1,662,121
1,251,132

Profit for the year
  
396,718
410,989

Retained earnings at the end of the year
  
2,058,839
1,662,121
The notes on pages 14 to 24 form part of these financial statements.

Page 9

 


DIBS DISTRIBUTION LIMITED
REGISTERED NUMBER:02191902



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
154,546
181,681

  
154,546
181,681

Current assets
  

Stocks
 14 
1,017,527
787,733

Debtors: amounts falling due within one year
 15 
671,310
651,398

Current asset investments
 16 
1,339,394
983,319

Cash at bank and in hand
  
1,899,209
2,023,517

  
4,927,440
4,445,967

Creditors: amounts falling due within one year
 17 
(2,755,364)
(2,587,015)

Net current assets
  
 
 
2,172,076
 
 
1,858,952

Total assets less current liabilities
  
2,326,622
2,040,633

Creditors: amounts falling due after more than one year
 18 
(208,333)
(308,333)

Provisions for liabilities
  

Deferred tax
 20 
(45,450)
(56,179)

  
 
 
(45,450)
 
 
(56,179)

Net assets
  
2,072,839
1,676,121


Capital and reserves
  

Called up share capital 
 21 
800
800

Share premium account
 22 
12,935
12,935

Capital redemption reserve
 22 
265
265

Profit and loss account
 22 
2,058,839
1,662,121

  
2,072,839
1,676,121


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R.E. Payne
Director

Date: 21 November 2023

The notes on pages 14 to 24 form part of these financial statements.

Page 10

 


DIBS DISTRIBUTION LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2021
800
12,935
265
1,251,132
1,265,132


Comprehensive income for the year

Profit for the year
-
-
-
410,989
410,989
Total comprehensive income for the year
-
-
-
410,989
410,989


Total transactions with owners
-
-
-
-
-



At 1 April 2022
800
12,935
265
1,662,121
1,676,121


Comprehensive income for the year

Profit for the year
-
-
-
396,718
396,718
Total comprehensive income for the year
-
-
-
396,718
396,718


Total transactions with owners
-
-
-
-
-


At 31 March 2023
800
12,935
265
2,058,839
2,072,839


The notes on pages 14 to 24 form part of these financial statements.

Page 11

 


DIBS DISTRIBUTION LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
396,718
410,989

Adjustments for:

Depreciation of tangible assets
61,575
100,927

Interest received
(7,550)
(2,468)

Taxation charge
107,276
123,197

(Increase) in stocks
(229,794)
(180,186)

(Increase) in debtors
(19,912)
(97,591)

Increase in creditors
157,189
395,381

Corporation tax (paid)
(106,845)
(121,655)

Net cash generated from operating activities

358,657
628,594


Cash flows from investing activities

Purchase of tangible fixed assets
(34,440)
(25,749)

Purchase of unlisted and other investments
-
(200,000)

Sale of unlisted and other investments
(356,075)
(48,272)

Interest received
7,550
2,468

Net cash from investing activities

(382,965)
(271,553)

Cash flows from financing activities

Repayment of loans
(100,000)
(91,667)

Net cash used in financing activities
(100,000)
(91,667)

Net (decrease)/increase in cash and cash equivalents
(124,308)
265,374

Cash and cash equivalents at beginning of year
2,023,517
1,758,143

Cash and cash equivalents at the end of year
1,899,209
2,023,517


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,899,209
2,023,517

1,899,209
2,023,517


The notes on pages 14 to 24 form part of these financial statements.

Page 12

 


DIBS DISTRIBUTION LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2023




At 1 April 2022
Cash flows
At 31 March 2023
£

£

£

Cash at bank and in hand

2,023,517

(124,308)

1,899,209

Debt due after 1 year

(308,333)

100,000

(208,333)

Debt due within 1 year

(100,000)

-

(100,000)

Liquid investments

983,319

356,075

1,339,394


2,598,503
331,767
2,930,270

The notes on pages 14 to 24 form part of these financial statements.

Page 13

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Dibs Distribution Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office, which is also its principal place of business, is given on the company information page of these financial statements.
 
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for the supply of prepared poultry to fast food outlets, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on delivery of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 14

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 15

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Tangible assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
5%
straight line
Plant and machinery
-
10%
straight line
Fixtures and fittings
-
20%
reducing balance
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.8

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying, value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

  
2.9

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

 
2.10

Valuation of investments

Investments in listed company stocks and shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the year.

 
2.11

Financial instruments

The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Page 16

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
Key source of estimation uncertainty - Directors remuneration trust 
The main area of judgement is in relation to payments made to a remuneration trust. Management have considered the current circumstances, expectation of future events and taken advice and do not believe that they require a provision in respect of the payments made to the remuneration trust which is currently under a HMRC enquiry. 
Key source of estimation uncertainty - Dilapidation provision
Another key area of judgement is in relation to provisions for dilapidations. Management have considered the potential costs of refurbishment and its likelihood and do not believe a provision is required in respect of dilapidations for the leasehold property. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Fresh
23,210,345
20,821,708

Frozen and dry
12,694,032
10,848,891

35,904,377
31,670,599


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation charge
61,575
101,546

Other operating lease rentals
340,647
306,909

Page 17

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements

23,235
20,415
Fees payable to the Company's auditor and its assocates in respect of:
Taxation compliance services

2,750

1,595

All other services

2,155

1,870

4,905

3,465



7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£




Wages and salaries
4,086,772
3,717,264

Social security costs
469,750
407,366

Cost of defined contribution scheme
107,300
85,706

4,663,822
4,210,336


The average monthly number of employees, including directors, during the year was 93 (2022 - 82).


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,165,129
1,076,335

Company contributions to defined contribution pension schemes
37,925
29,920

1,203,054
1,106,255


During the year retirement benefits were accruing to 6 directors (2022 - 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £234,905 (2022 - £211,165).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2022 - £1,321).

Page 18

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Income from investments

2023
2022
£
£



Income from current asset investments
19,906
13,476

19,906
13,476





10.


Interest receivable

2023
2022
£
£


Other interest receivable
7,550
2,468

7,550
2,468


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
14,900
8,799

14,900
8,799

Page 19

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
118,005
106,845

Adjustments in respect of previous periods
-
5,471


118,005
112,316


Total current tax
118,005
112,316

Deferred tax


Origination and reversal of timing differences
(10,729)
16,352

Total deferred tax
(10,729)
16,352


Taxation on profit on ordinary activities
107,276
128,668

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
503,994
539,657


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
95,759
102,518

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
30,239
1,298

Capital allowances for year in excess of depreciation
(1,638)
11,720

Chargeable gains/losses
1,223
(6,131)

Adjustments to tax charge in respect of previous periods
-
5,471

Income not taxable for tax purposes
(11,780)
(2,560)

Additional deduction for land remediation expenditure
(170)
-

Exempt ABGH distributions
(3,782)
-

Deferred taxation
(2,575)
16,352

Total tax charge for the year
107,276
128,668

Page 20

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Tangible fixed assets





Leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
96,182
321,879
143,897
75,609
637,567


Additions
-
29,895
373
4,172
34,440


Disposals
-
(46,064)
(111,326)
-
(157,390)



At 31 March 2023

96,182
305,710
32,944
79,781
514,617



Depreciation


At 1 April 2022
92,834
187,857
120,843
54,352
455,886


Charge for the year on owned assets
3,348
35,298
11,897
11,032
61,575


Disposals
-
(46,064)
(111,326)
-
(157,390)



At 31 March 2023

96,182
177,091
21,414
65,384
360,071



Net book value



At 31 March 2023
-
128,619
11,530
14,397
154,546



At 31 March 2022
3,348
134,022
23,054
21,257
181,681


14.


Stocks

2023
2022
£
£

Raw materials and consumables
1,017,527
787,733

1,017,527
787,733



15.


Debtors

2023
2022
£
£


Trade debtors
215,556
273,763

Other debtors
126,896
96,674

Prepayments and accrued income
328,858
280,961

671,310
651,398


Page 21

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.


Current asset investments

2023
2022
£
£

Listed investments
1,339,394
983,319

1,339,394
983,319



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
100,000
100,000

Trade creditors
2,087,188
1,967,173

Corporation tax
118,005
106,845

Other taxation and social security
345,146
257,201

Other creditors
105,025
155,796

2,755,364
2,587,015



18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
208,333
308,333

208,333
308,333


Page 22

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
100,000
100,000


100,000
100,000


Amounts falling due 2-5 years

Bank loans
208,333
308,333


208,333
308,333


308,333
408,333



20.


Deferred taxation




2023


£






At beginning of year
(56,179)


Charged to profit or loss
10,729



At end of year
(45,450)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(31,461)
(36,169)

Short term timing differences
1,690
1,493

Capital gains/(losses)
(15,679)
(21,503)

(45,450)
(56,179)

Page 23

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



800 (2022 - 800) Ordinary shares of £1.00 each
800
800


Each ordinary share carries voting rights and there are no restrictions on the distribution of dividends.


22.


Reserves

Share premium account

This reserve records the excess of consideration received for the Company's share capital over its nominal value. 

Capital redemption reserve

This reserve records the nominal value of the shares redeemed by the Company. 

Profit and loss account

The reserves record retained earnings and accumulated losses.


23.


Contingent liabilities

During previous accounting periods the company have made contributions to a Remuneration Trust. The Trust is a discretionary trust controlled and administered by independent trustees. H.M. Revenue & Customs are of the opinion that the company is liable to various employment taxes on these payments. The company's professional advice on this matter is that these payments do not fall within the scope of the legislation suggested and as such no provision for taxes is made within these financial statements.
At the date of signing of the financial statements, it is uncertain as to whether any liability is payable by the company as the appeal is ongoing and the overall principals of such trusts are the subject of an ongoing Judicial review. 


24.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
362,892
256,285

Later than 1 year and not later than 5 years
1,073,614
939,660

1,436,506
1,195,945


25.


Ultimate controlling party

The directors are of the opinion that there is no controlling party.
 
Page 24