Company registration number 02582604 (England and Wales)
LAMB-WESTON/MEIJER (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
LAMB-WESTON/MEIJER (UK) LIMITED
COMPANY INFORMATION
Directors
M Schroeder
(Appointed 31 January 2023)
G Jansen
(Appointed 31 January 2023)
Secretary
Mr G Jansen
Company number
02582604
Registered office
Wesenham Lane
Wisbech
Cambridgeshire
PE13 2RN
Auditor
Rayner Essex LLP
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
LAMB-WESTON/MEIJER (UK) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 28
LAMB-WESTON/MEIJER (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 1 -

The directors present the strategic report for the year ended 31 May 2023.

Fair review of the business

The principal activity of Lamb-Weston/Meijer UK Limited (‘LWM UK’) is the processing of potatoes at Weasenham Lane, Wisbech on a contract manufacturing basis for the parent undertaking Lamb-Weston/Meijer v.o.f (‘LWM v.o.f’). There have not been any significant changes in LWM UK’s principal activities in the period under review. The directors are not aware, at the date of this report, of any likely major changes in LWM UK’s activities in the next period.

 

The directors recommend that no final dividend will be paid (2022: £nil).

 

The Board monitors the Company’s performance in a number of ways including key performance indicators. The key financial performance indicators together with the information for 2023 and 2022 are as follows:

 

 

2023

2022

 

£’000

£’000

 

 

 

Gross profit

26,452

23,161

% Gross profit margin

25.8%

26.1%

Operating profit

3,576

2,660

% Operating profit margin

3.5%

3.0%

Employees (average number)

156

156

 

The balance sheet on page 12 of the financial statements shows that LWM UK’s financial position at the period end has ameliorated in both net assets and cash terms, compared to the prior period. The Company is financed by its equity share capital.

Principal risks and uncertainties

Since LWM UK is working on a contract manufacturing basis for LWM v.o.f the major principal risks and uncertainties for the coming year are operational and mechanical efficiency of the processing plant. The Company addresses these risks by having an intra-group manufacturing agreement in place whereby they are allowed to invoice all costs incurred to their parent undertaking, Lamb-Weston/Meijer v.o.f, so any additional costs arising out of inefficiencies will be recharged.

Financial risk management objectives and policies

The major financial risks of the Company are borne by LWM v.o.f, the Company does not use derivative instruments.

 

Analysis of development and performance

The company has a stable performance and financial position and expects this to continue for the next year.

 

Key performance indicators

The board monitors the Company's performance in a number of ways, including gross profit, gross profit margin, operating profit and operating profit margin.

On behalf of the board

M Schroeder
Director
1 March 2024
LAMB-WESTON/MEIJER (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 2 -

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

Principal activities

The principal activity of the company continued to be that of the processing of potatoes.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £13,000,000. The directors do not recommend payment of a final dividend for the year ended 31 May 2023.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J Wiskerke
(Resigned 31 January 2023)
P van Wouwe
(Resigned 31 January 2023)
M Schroeder
(Appointed 31 January 2023)
G Jansen
(Appointed 31 January 2023)
Research and development

Research and development activities are performed by the parent company, Lamb-Weston/Meijer v.o.f.

Auditor

The auditor, Rayner Essex LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The Company recognises the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements policies to reduce any damage that might be caused by the Company’s activities.

 

The Company operates in accordance with group policies. The group's business stategy is shaped to respond to the risks and opportunities faced and climate change related risks and opportunities are built into this strategy. The group focuses on reducing impact on the planet. This has been broken down into three sub-challenges:

 

1. Sustainable Operations

2. Sustainable Agriculture

3. Sustainable Supply Chain

 

 

LAMB-WESTON/MEIJER (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
Energy consumption
kWh
Aggregate of energy consumption in the year
128,122,901
Emissions of CO2 equivalent
Metric tonnes
Scope 1 - direct emissions
- Gas combustion
22,030.00
- Fuel consumed for owned transport
-
22,030.00
Scope 2 - indirect emissions
- Electricity purchased
4,661.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
42,152.00
Total gross emissions
68,843.00
Intensity ratio
energy used in kWh/mton product
0.605
Quantification and reporting methodology

 

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per metric tonne of product, the recommended ratio for the sector.

Measures taken to improve energy efficiency

At present, around 60% of the company's carbon footprint is attributed to the raw materials used; with nearly 50% coming from potatoes and 10% coming from the sunflower oil used to par-fry our products. To reduce our product carbon footprint in a meaningful way, we need to concentrate even more on helping our growers to advance sustainable agriculture. The group is continuing to expand the Sustainable Agriculture Plan, as initiated in 2017 in a bid to improve this area.

 

At the same time, the company will stay focused on reducing water usage. Water remains an undervalued resource, and 90% of our total product water footprint comes from growing potatoes and oil seed crops. The group knows we can make more progress saving water within our agriculture supply chain than across the group plants, and we therefore aim to invest more in enabling the reuse of our effluent for irrigation by local farmers in the proximity of our processing facility.

 

These ambitions have been turned into a series of KPIs outlined below:

 

By 2030 we aim to:

 

1. Reduce our carbon footprint by using 25% less carbon dioxide emissions per ton finished product

2. Use 40% renewable energy sources in the plant

3. Halve our water use in operations

4. Double our water reuse (for processing agricultural purposes)

5. Have 100% company growers active in our Sustainable Agriculture programme

6. Have 100% key impact suppliers active in Sustainable Supply Chain programme.

LAMB-WESTON/MEIJER (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Other information

An indication of likely future developments in the business, particulars of significant events which have occurred since the end of the financial year and political contributions have been included in the Strategic Report on page 1.

On behalf of the board
M Schroeder
Director
1 March 2024
LAMB-WESTON/MEIJER (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAMB-WESTON/MEIJER (UK) LIMITED
- 5 -
Opinion

We have audited the financial statements of Lamb-Weston/Meijer (UK) Limited (the 'company') for the year ended 31 May 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.

 

The Impact of uncertainties due to Britain exiting the European Union on our audit

Uncertainties related to the effects of Brexit are relevant to understanding our audit of the financial statements. All audits assess and challenge the reasonableness of estimates made by the directors, such as impairment of fixed assets, recoverability of debtors, intangibles assets and related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the company's future prospects and performance.

 

Brexit is one of the most significant economic events for the UK, and at the date of this report its effects are subject to unprecedented levels of uncertainty of outcomes, with the full range of possible effects unknown. No audit should be expected to predict the unknowable factors or all possible future implications for a company and this is particularly the case in relation to Brexit.

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.

LAMB-WESTON/MEIJER (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAMB-WESTON/MEIJER (UK) LIMITED
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's responsibilities for the audit of the financial statements

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

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.

LAMB-WESTON/MEIJER (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAMB-WESTON/MEIJER (UK) LIMITED
- 7 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

 

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

LAMB-WESTON/MEIJER (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LAMB-WESTON/MEIJER (UK) LIMITED
- 8 -
Neil Heyes FCA
Senior Statutory Auditor
For and on behalf of Rayner Essex LLP
1 March 2024
Chartered Accountants
Statutory Auditor
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
LAMB-WESTON/MEIJER (UK) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
102,377,748
88,736,923
Cost of sales
(75,925,849)
(65,575,916)
Gross profit
26,451,899
23,161,007
Administrative expenses
(22,907,620)
(19,752,555)
Other operating income
-
0
1,291
Exceptional item
4
-
0
(748,822)
Operating profit
5
3,544,279
2,660,921
Interest receivable and similar income
8
81,000
55,607
Interest payable and similar expenses
9
(77,360)
(60,006)
Profit before taxation
3,547,919
2,656,522
Tax on profit
10
(1,008,458)
(612,227)
Profit for the financial year
2,539,461
2,044,295

The profit and loss account has been prepared on the basis that all operations are continuing operations.

LAMB-WESTON/MEIJER (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023
- 10 -
2023
2022
£
£
Profit for the year
2,539,461
2,044,295
Other comprehensive income
Actuarial gain on defined benefit pension schemes
3,000
300,000
Tax relating to other comprehensive income
22,450
118,554
Other comprehensive income for the year
25,450
418,554
Total comprehensive income for the year
2,564,911
2,462,849
LAMB-WESTON/MEIJER (UK) LIMITED
BALANCE SHEET
AS AT
31 MAY 2023
31 May 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
15,557,615
13,547,588
Current assets
Stocks
13
10,589,183
10,524,139
Debtors
14
7,581,300
16,146,435
Cash at bank and in hand
55,023
15,680
18,225,506
26,686,254
Creditors: amounts falling due within one year
15
(11,430,941)
(8,253,581)
Net current assets
6,794,565
18,432,673
Total assets less current liabilities
22,352,180
31,980,261
Provisions for liabilities
Deferred tax liability
16
1,414,779
428,771
(1,414,779)
(428,771)
Net assets excluding pension surplus
20,937,401
31,551,490
Defined benefit pension surplus
17
314,000
135,000
Net assets
21,251,401
31,686,490
Capital and reserves
Called up share capital
18
100
100
Profit and loss reserves
21,251,301
31,686,390
Total equity
21,251,401
31,686,490
The financial statements were approved by the board of directors and authorised for issue on 1 March 2024 and are signed on its behalf by:
M Schroeder
Director
Company Registration No. 02582604
LAMB-WESTON/MEIJER (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2021
100
29,223,541
29,223,641
Year ended 31 May 2022:
Profit for the year
-
2,044,295
2,044,295
Other comprehensive income:
Actuarial gains on defined benefit plans
-
300,000
300,000
Tax relating to other comprehensive income
-
118,554
118,554
Total comprehensive income for the year
-
2,462,849
2,462,849
Balance at 31 May 2022
100
31,686,390
31,686,490
Year ended 31 May 2023:
Profit for the year
-
2,539,461
2,539,461
Other comprehensive income:
Actuarial gains on defined benefit plans
-
3,000
3,000
Tax relating to other comprehensive income
-
22,450
22,450
Total comprehensive income for the year
-
2,564,911
2,564,911
Dividends
11
-
(13,000,000)
(13,000,000)
Balance at 31 May 2023
100
21,251,301
21,251,401
LAMB-WESTON/MEIJER (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
18,402,543
3,168,565
Interest paid
(3,360)
(6)
Income taxes paid
(570,000)
(615,606)
Net cash inflow from operating activities
17,829,183
2,552,953
Investing activities
Purchase of tangible fixed assets
(4,789,840)
(2,695,361)
Interest received
-
0
607
Net cash used in investing activities
(4,789,840)
(2,694,754)
Financing activities
Dividends paid
(13,000,000)
-
0
Net cash used in financing activities
(13,000,000)
-
Net increase/(decrease) in cash and cash equivalents
39,343
(141,801)
Cash and cash equivalents at beginning of year
15,680
157,481
Cash and cash equivalents at end of year
55,023
15,680
LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 14 -
1
Accounting policies
Company information

Lamb-Weston/Meijer (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Faulkner House, Victoria Street, St Albans, Hertfordshire, AL1 3SE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Lamb-Weston/Meijer v.o.f. These consolidated financial statements are available from its registered office, PO Box 17, 4416 ZG Kruiningen, The Netherlands.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised on delivery to the customer..

LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 15 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
5% straight line
Plant and equipment
5% - 33% reducing balance
Office equipment
5% - 33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 16 -

Biological assets

All expenses incurred in land preparation, planting and development of crops up to maturity are capitalised as biological assets; all expenses subsequent to maturity are recognised directly in the profit and loss account. The cost model of accounting has been applied to biological assets in accordance with Section 34 of FRS 102. They are made up of potatoes growing in the ground, due to be harvested within 6 months of the year end. They are presented as current assets on the balance sheet as they are expected to be harvested within one year. As such, no depreciation is applied and all amounts are reclassified to inventory upon harvest.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 18 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

 

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

 

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 19 -

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Defined benefit pension

Management have made estimates and assumptions which are used in the actuarial valuation of the defined benefit scheme. Further details can be found in note 17.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
102,377,748
88,736,923
LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
3
Turnover and other revenue
(Continued)
- 20 -
2023
2022
£
£
Other revenue
Interest income
81,000
55,607
Grants received
-
1,291
4
Exceptional item
2023
2022
£
£
Expenditure
Exceptional item
-
748,822

In 2022 there was a write off of £748,822 in respect of an inter-company balance due from a fellow subsidiary, Garden Isle Frozen Foods Ltd. This write off was the result of the company being dissolved.

5
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
89,569
(30,767)
Government grants
-
(1,291)
Depreciation of owned tangible fixed assets
2,779,813
2,786,147
Profit on disposal of tangible fixed assets
-
(157,344)
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Production
132
131
Administration
24
25
Total
156
156

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
6,788,621
6,304,434
Social security costs
617,955
549,614
Pension costs
289,834
234,185
7,696,410
7,088,233
LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
6
Employees
(Continued)
- 21 -

The directors did not receive any emoluments during the period of the preceding period from this entity or for their performance as directors for this entity. Although the directors did receive remuneration from a fellow group company for services to various companies within the group, it is not practicable to allocate their remuneration to individual companies in the group and any allocation for services to this company are considered to be £nil (2022: £nil).

7
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
34,000
34,000
For other services
All other non-audit services
52,416
48,415
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on the net defined benefit asset
81,000
55,000
Other interest income
-
0
607
Total income
81,000
55,607
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
3,360
6
Net interest on the net defined benefit liability
74,000
60,000
77,360
60,006
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
309,068
Adjustments in respect of prior periods
-
0
(25,093)
Total current tax
-
0
283,975
LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
10
Taxation
2023
2022
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
1,008,458
328,252
Total tax charge
1,008,458
612,227

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
3,547,919
2,656,522
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
674,105
504,739
Tax effect of expenses that are not deductible in determining taxable profit
-
0
162,189
Unutilised tax losses carried forward
(45,954)
-
0
Adjustments in respect of prior years
-
0
(25,093)
Effect of change in corporation tax rate
43,053
-
0
Depreciation
528,164
529,368
Capital allowances
(1,199,368)
(857,333)
Deferred tax
1,008,458
328,252
Disposal of fixed asset
-
0
(29,895)
Taxation charge for the year
1,008,458
612,227

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2023
2022
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(22,450)
(118,554)
11
Dividends
2023
2022
£
£
Interim paid
13,000,000
-
0
LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 23 -
12
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and equipment
Office equipment
Total
£
£
£
£
£
Cost
At 1 June 2022
5,703,362
-
0
46,091,266
192,260
51,986,888
Additions
496,048
10,303
4,256,269
27,220
4,789,840
Disposals
-
0
-
0
(1,436,299)
(18,964)
(1,455,263)
At 31 May 2023
6,199,410
10,303
48,911,236
200,516
55,321,465
Depreciation and impairment
At 1 June 2022
2,162,769
-
0
36,203,976
72,555
38,439,300
Depreciation charged in the year
618,192
-
0
2,106,447
55,174
2,779,813
Eliminated in respect of disposals
-
0
-
0
(1,436,299)
(18,964)
(1,455,263)
At 31 May 2023
2,780,961
-
0
36,874,124
108,765
39,763,850
Carrying amount
At 31 May 2023
3,418,449
10,303
12,037,112
91,751
15,557,615
At 31 May 2022
3,540,593
-
0
9,887,290
119,705
13,547,588
13
Stocks
2023
2022
£
£
Raw materials and consumables
8,166,720
7,599,477
Biological assets - work in progress
2,422,463
2,924,662
10,589,183
10,524,139

There is no material difference between the balance sheet value of stocks and their replacement cost.

No impairment losses were recognised in the period (2022: £nil).

14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
865,911
554,045
Corporation tax recoverable
814,931
244,931
Amounts owed by group undertakings
4,145,992
13,616,475
Other debtors
1,415,991
1,473,441
Prepayments and accrued income
338,475
257,543
7,581,300
16,146,435
LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 24 -
15
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
5,205,875
4,146,068
Accruals and deferred income
6,225,066
4,107,513
11,430,941
8,253,581
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
1,493,279
484,821
Retirement benefit obligations
(78,500)
(56,050)
1,414,779
428,771
2023
Movements in the year:
£
Liability at 1 June 2022
428,771
Charge to profit or loss
986,008
Liability at 31 May 2023
1,414,779
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
289,834
234,185

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
17
Retirement benefit schemes
(Continued)
- 25 -
Defined benefit schemes

The company operates a defined benefit scheme, the Smith and Holbourne (Holdings) Limited Retirement Benefit Plan. The scheme funds are administered by trustees and are independent of the company's finances. Contributions are paid to the scheme in accordance with the recommendations of an independent actuarial advisor.

 

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 1 July 2019 by Mr B Hieatt-Smith, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.

2023
2022
Key assumptions
%
%
Discount rate
4.7
3.2
Expected rate of increase of pensions in payment
2.15
2.3
RPI
3.05
3.60
CPI
2.05
2.60
Mortality assumptions
2023
2022

Assumed life expectations on retirement at age 65:

Years
Years
Retiring today
- Males
22.8
22.7
- Females
25.0
25.0
Retiring in 20 years
- Males
24.0
24.0
- Females
26.5
26.4
2023
2022

Amounts recognised in the profit and loss account

£
£
Net interest on net defined benefit liability/(asset)
(7,000)
5,000
2023
2022

Amounts taken to other comprehensive income

£
£
Actual return on scheme assets
306,000
(42,000)
Less: calculated interest element
81,000
55,000
Return on scheme assets excluding interest income
387,000
13,000
Actuarial changes related to obligations
(390,000)
(313,000)
Total costs/(income)
(3,000)
(300,000)
LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
17
Retirement benefit schemes
(Continued)
- 26 -

The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:

2023
2022
£
£
Present value of defined benefit obligations
2,015,000
2,317,000
Fair value of plan assets
(2,329,000)
(2,452,000)
Surplus in scheme
(314,000)
(135,000)
2023

Movements in the present value of defined benefit obligations

£
Liabilities at 1 June 2022
2,317,000
Actuarial gains and losses
(390,000)
Interest cost
74,000
Other
14,000
At 31 May 2023
2,015,000

The defined benefit obligations arise from plans which are wholly or partly funded.

2023

Movements in the fair value of plan assets

£
Fair value of assets at 1 June 2022
2,452,000
Interest income
81,000
Return on plan assets (excluding amounts included in net interest)
(387,000)
Benefits paid
14,000
Contributions by the employer
169,000
At 31 May 2023
2,329,000

The actual return on plan assets was £306,000 (2022 - £42,000).

2023
2022

Fair value of plan assets at the reporting period end

£
£
Equity instruments
2,329,000
2,452,000
18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 27 -
19
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
192,869
218,656
Between two and five years
73,801
223,015
266,670
441,671
20
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

During the year the company recognised sales with Lamb-Weston/Meijer V.O.F, the parent company, amounting to £92,855,919 (2022: £88,736,923). At the year end the balance in respect of the above company was £3,597,003 (2021: £13,343,354) owed to the company.

 

At the year end date, a balance of £548,989 (2022: £273,121) was owed to the company by Lamb Weston/Meijer International UK Ltd, a fellow subsidiary company.

21
Ultimate controlling party

Lamb-Weston/Meijer v.o.f, is the immediate and ultimate parent undertaking of the Company. Its registered office is Lamb-Weston/Meijer v.o.f, Stationsweg 18A, Kruiningen.

 

Lamb-Weston/Meijer v.o.f, was a partnership jointly controlled by Lamb Weston Holland BV and Meijer Frozen Foods BV until 28 February 2023 when Lamb Weston Holland BV purchased the the remaining 50% of the issued share capital of Lamb-Weston/Meijer v.o.f,

 

The ultimate controlling party subsequent to 28 February 2023 is Lamb Weston Holdings, Inc. by virtue of it's 100% shareholding in Lamb-Weston/Meijer v.o.f,

LAMB-WESTON/MEIJER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 28 -
22
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
2,539,461
2,044,295
Adjustments for:
Taxation charged
1,008,458
612,227
Finance costs
77,360
60,006
Investment income
(81,000)
(55,607)
Gain on disposal of tangible fixed assets
-
(157,344)
Depreciation and impairment of tangible fixed assets
2,779,813
2,786,147
Pension scheme non-cash movement
(169,000)
(169,000)
Movements in working capital:
Increase in stocks
(65,044)
(1,611,073)
Decrease in debtors
9,135,135
224,273
Increase/(decrease) in creditors
3,177,360
(565,359)
Cash generated from operations
18,402,543
3,168,565
23
Analysis of changes in net funds
1 June 2022
Cash flows
31 May 2023
£
£
£
Cash at bank and in hand
15,680
39,343
55,023
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