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Registered number: 03583944









Norwest Foods International Limited









Annual Report and Financial Statements

For the Year Ended 31 October 2023

 
Norwest Foods International Limited
 
 
Company Information


Directors
S Rowe 
C Irvine 
D McGowan 
P Wijgergangs 




Registered number
03583944



Registered office
3 Haig Court
Haig Road

Knutsford

Cheshire

WA16 8XZ




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

Lancashire Gate

21 Tiviot Dale

Stockport

SK1 1TD





 
Norwest Foods International Limited
 

Contents



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 6
Independent Auditors' Report
 
7 - 10
Statement of Comprehensive Income
 
11
Balance Sheet
 
12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 25


 
Norwest Foods International Limited
 
 
Strategic Report
For the Year Ended 31 October 2023

Introduction
 
The principal activity of the Company during the year was the sourcing, supply and sale of meat products both in the UK and globally.

Business review
 
The financial results for the year were considered very satisfactory by the directors with strong performances in exports to Asian markets together with new additional products to our added value range. 
The Company is in a strong position and continues to manage the impact of global conflicts and inflationary pressure. The directors expect to achieve continued growth in future years. 
The Directors consider operating profit to be a key performance indicator and these results underline the continued benefit of balance within its overall business. For the financial year 2023/24, the Directors believe that the company will continue to grow its profitability through an increase in the volume of size of trades to both its existing and new customers.
The Directors have invested further in technical resources to enhance the British Retail Consortium (BRC) accreditation for Agents and Brokers, as part of the company's risk mitigation strategy. The AA grade accreditation gives additional assurances to our valued suppliers and customers.

Principal risks and uncertainties
 
The management of the day-to-day business and the nature of the Company’s strategy is subject to a number of risks. The Directors have set out below the principal risks facing the business and how these are managed or mitigated by the Company. The Directors adopt a thorough risk management process which involves reviewing the risks identified below on an ongoing basis:
Business risk
The Company actively manages its business risk through product diversity, geography and profitability. This approach gives the Company stability within the geographic areas in which it operates, the products it sells, and the currencies traded. This strategy allows the company to deliver continued growth.
     
Competition
The Company operates in a competitive market and as a result monitors pricing and margins closely to reduce the risk of not being able to meet customers’ expectations.
Risk of disease
In the past, disease outbreaks have taken place around the world and when discovered the relevant governing bodies contain and limit the spread of disease by imposing movement embargos on the relevant products. In these circumstances, buyers and consumers often turn to other sources of supply and trade continues.
The traders at Norwest Foods International Limited work very closely with suppliers and buyers around the world so if there is an event that could impact on import and export, such as disease outbreaks, the traders have been made aware long before it is made public therefore mitigating damage limitation. 
Credit Risk, Currency Risk, Interest Rate Risk & Price Risk
The Company uses financial instruments including loans, cash and assorted items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations. The existence of these financial instruments exposes the Company to a number of financial risks such as currency risk, interest rate risk and price risk. The financial risk management objectives and policies of the company are to mitigate such risks wherever possible by credit insurance, buying forward of foreign currency and prudent fiscal management.

Page 1

 
Norwest Foods International Limited
 

Strategic Report (continued)
For the Year Ended 31 October 2023

Financial key performance indicators
 
The key financial indicators of the business are considered to be Turnover, Gross Profit, Operating Profit and Cash.
Performance against these KPI's in the year is summarised below:


2023
2022
        £
        £

Turnover

208,796,516

207,041,608
 
Gross Profit

10,056,710

13,013,905
 
Operating Profit

5,061,841

7,000,374
 
Cash

14,380,519

13,428,010
 

Other key performance indicators
 
The Directors consider that items like employment longevity, staff turnover, and stock turnover are important indicators.

Directors' statement of compliance with duty to promote the success of the Company
 
Section 172 of the CA06 (a) to (e) requires the directors to promote the success of the company for the benefit of all members with regards to:
Likely consequences of any decision in the long term
The directors believe they have acted in good faith to promote the long-term success of the company.
The interests of the company’s employees
The directors consider their staff to be a key asset and their interests are considered when decision is taken. The directors take care of staff wellbeing and competency during regular consultations including constructive engagement to fairly represent employee’s views in matters affecting their interests.
The need to foster the company’s business relationships with suppliers, clients and others
The directors aim to work in partnership with suppliers and clients who reflect similar values to the company. 
The impact of the company operations on the community and environment
The directors are conscious of the communities in which the company operates. In relation to the company’s suppliers, the directors actively monitor animal welfare, employment conditions and environmental issues to ensure that the company is compliant with global standards.
The desirability of maintaining a reputation for high standards of professional business conduct
As part of the meat industry, it is vital that high standards of professional conduct are maintained. The directors aim to behave responsibly to ensure the business operates in a responsible manner adhering to the high standards of business conduct and governance. 
Modern Slavery Statement
Norwest Foods International Ltd is committed, both at a board level and throughout the business, to protecting and promoting the human rights and basic freedoms of all its employees. Further to this commitment, we refuse to collaborate with any suppliers or prospective businesses which we have reason to consider may exploit humans, in an unfair and unjust manner.
 
This Modern Slavery Statement applies to all employees working for, and behalf of, Norwest Foods in any capacity. This includes directors, managers, supervisors, administrators and assistants within the business, officers, along with sub-contractors and consultants.
 
Page 2

 
Norwest Foods International Limited
 

Strategic Report (continued)
For the Year Ended 31 October 2023

 
We are committed to implementing systems and controls aimed at ensuring that modern slavery is not taking place within our organisation or in any of our supply chains. We also expect that our suppliers will adhere to the same high standards as our business is committed to. This is verified through SAQs and supplementary declarations which are signed and dated.


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




S Rowe
Director

Date: 29 February 2024

Page 3

 
Norwest Foods International Limited
 
 
 
Directors' Report
For the Year Ended 31 October 2023

The directors present their report and the financial statements for the year ended 31 October 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 judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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.

Principal activity

The principal activity of the Company during the year was the sourcing, supply and sale of meat products both in the UK and globally.

Results and dividends

The profit for the year, after taxation, amounted to £4,006,404 (2022 - £5,503,017).

Dividends of £2,048,000 (2022: £1,828,000) were paid during the year. 

Directors

The directors who served during the year were:

S Rowe 
C Irvine 
D McGowan 
P Wijgergangs 

Page 4

 
Norwest Foods International Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 October 2023

Future developments

The Company is aiming to continue to grow its existing customer and supplier base, both in existing territories, but also
through expansion into new geographic locations, whilst maintaining the quality of business relationships, product range
and quality.

Engagement with suppliers, customers and others

Engagement with suppliers, customers and others is covered in the Strategic Report. 

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption are as follows: 


2023
2022

Emissions resulting from activities for which the Company is responsible involving the combustion of gas or consumption of fuel for the purposes of transport (in tonnes of CO2 equivalent)
37.7
28.7

Emissions resulting from the purchase of the electricity by the Company for its own use, including the purposes of transport (in tonnes of CO2 equivalent)
6.9
4.8

Energy consumed from activities for which the Company is responsible involving the combustion of gas, or the consumption of fuel for the purposes of transport, and the annual quantity of energy consumed resulting from the purchase of electricity by the Company for its own use, including for the purposes of transport, in kWh
917,465
206,012

The information above was compiled by management.

Management have chosen the metric of CO2e per turnover as the most appropriate way to track energy efficiency,
calculated as kg of CO2 generated divided by turnover. For the year ended 31 October 2023, this was 0.021% (
2022: 0.016%).

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 5

 
Norwest Foods International Limited
 
 
 
Directors' Report (continued)
For the Year Ended 31 October 2023


Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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




S Rowe
Director

Date: 29 February 2024

Page 6

 
Norwest Foods International Limited
 
 
 
Independent Auditors' Report to the Members of Norwest Foods International Limited
 

Opinion


We have audited the financial statements of Norwest Foods International Limited (the 'Company') for the year ended 31 October 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 October 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 7

 
Norwest Foods International Limited
 
 
 
Independent Auditors' Report to the Members of Norwest Foods International 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 4, 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.


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:

Page 8

 
Norwest Foods International Limited
 
 
 
Independent Auditors' Report to the Members of Norwest Foods International Limited (continued)


Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector in which the Group operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
The outcome of enquiries of local management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
Supporting documentation relating to the Group's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
The legal and regulatory framework in which the Group operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Group, including General Data Protection requirements, and Anti-bribery and Corruption.

Audit response to risks identified
 
Our procedures to respond to the risks identified included the following:
 
Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
Evaluation and testing of the operating effectiveness of management’s controls designed to prevent and detect irregularities
Enquiring of management about any actual and potential litigation and claims.
Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.

We have also considered the risk of fraud through management override of controls by:
 
Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them.  Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Page 9

 
Norwest Foods International Limited
 
 
 
Independent Auditors' Report to the Members of Norwest Foods International Limited (continued)



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.




Chris Stewardson (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
Lancashire Gate
21 Tiviot Dale
Stockport
SK1 1TD

29 February 2024
Page 10

 
Norwest Foods International Limited
 
 
Statement of Comprehensive Income
For the Year Ended 31 October 2023

2023
2022
Note
£
£

  

Turnover
 4 
208,796,516
207,041,608

Cost of sales
  
(198,739,806)
(194,027,703)

Gross profit
  
10,056,710
13,013,905

Administrative expenses
  
(4,994,869)
(6,013,531)

Operating profit
 5 
5,061,841
7,000,374

Interest receivable and similar income
 9 
134,030
4,809

Interest payable and similar expenses
 10 
(125,576)
(54,200)

Profit before tax
  
5,070,295
6,950,983

Tax on profit
 11 
(1,063,891)
(1,447,966)

Profit for the financial year
  
4,006,404
5,503,017

Other comprehensive income for the year
  

Fair value (losses) / gains  on forward currency contracts
  
263,346
(428,320)

Other comprehensive income for the year
  
263,346
(428,320)

  

Total comprehensive income for the year
  
4,269,750
5,074,697

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

The notes on pages 14 to 25 form part of these financial statements.

Page 11

 
Norwest Foods International Limited
Registered number: 03583944

Balance Sheet
As at 31 October 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 13 
445,224
254,088

Current assets
  

Stocks
 14 
1,771,841
558,433

Debtors: amounts falling due within one year
 15 
21,908,515
29,376,048

Cash at bank and in hand
 16 
14,380,519
13,428,010

  
38,060,875
43,362,491

Creditors: amounts falling due within one year
 17 
(22,785,862)
(30,165,989)

Net current assets
  
 
 
15,275,013
 
 
13,196,502

Total assets less current liabilities
  
15,720,237
13,450,590

Provisions for liabilities
  

Deferred tax
 18 
(100,048)
(52,151)

Net assets
  
15,620,189
13,398,439


Capital and reserves
  

Called up share capital 
 19 
224
224

Other reserves
 20 
(208,423)
(471,769)

Profit and loss account
 20 
15,828,388
13,869,984

  
15,620,189
13,398,439


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



S Rowe
Director

Date: 29 February 2024

The notes on pages 14 to 25 form part of these financial statements.

Page 12

 
Norwest Foods International Limited
 

Statement of Changes in Equity
For the Year Ended 31 October 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


At 1 November 2021
224
(43,449)
10,194,967
10,151,742


Comprehensive income for the year

Profit for the year
-
-
5,503,017
5,503,017

Fair value profits on forward currency contracts
-
(428,320)
-
(428,320)


Other comprehensive income for the year
-
(428,320)
-
(428,320)


Total comprehensive income for the year
-
(428,320)
5,503,017
5,074,697


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,828,000)
(1,828,000)


Total transactions with owners
-
-
(1,828,000)
(1,828,000)



At 1 November 2022
224
(471,769)
13,869,984
13,398,439


Comprehensive income for the year

Profit for the year
-
-
4,006,404
4,006,404

Fair value losses on forward currency contracts
-
263,346
-
263,346


Other comprehensive income for the year
-
263,346
-
263,346


Total comprehensive income for the year
-
263,346
4,006,404
4,269,750


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,048,000)
(2,048,000)


Total transactions with owners
-
-
(2,048,000)
(2,048,000)


At 31 October 2023
224
(208,423)
15,828,388
15,620,189


The notes on pages 14 to 25 form part of these financial statements.

Page 13

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

1.


General information

Norwest Foods International Limited is a company limited by members capital incorporated in England. The address of the registered office and principal place of business is 3 Haig Court, Haig Road, Knutsford, Cheshire, WA16 8XZ, company number 03583944.
The nature of the company's operation and its principal activity is the distribution and wholesale of meat and meat
products.

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Norwest Foods International Group Limited as at 31 October 2023 and these financial statements may be obtained from the Registrar.

 
2.3

Revenue

Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
Revenue from the sale of good is recognised when the significant risks and rewards of ownership of the goods
have passed to the buyer (usually when the goods are transferred to the ship), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the cost incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

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.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 14

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.7

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred 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 balance sheet 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 balance sheet 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 balance sheet date.

Page 15

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.9

Tangible fixed 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:

Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
10-33%
Computer equipment
-
20%

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.15

Financial instruments

The Company only 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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

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 Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

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 income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 17

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make significant judgements and estimates that
affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses
incurred during the period. Actual outcomes may differ from these judgements, estimates and assumptions.
The directors believe that judgements, estimates and assumptions do not have a significant risk of causing a material
difference to the carrying amounts of the assets and liabilities within the next financial year.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
41,759,304
31,962,898

Rest of Europe
18,791,686
19,621,921

Rest of the world
148,245,526
155,456,789

208,796,516
207,041,608



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
129,952
(1,049,722)

Other operating lease rentals
89,778
92,397

Page 18

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2023
2022
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
12,360
12,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

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


2023
2022
£
£

Wages and salaries
2,136,540
2,609,987

Social security costs
142,159
179,967

Cost of defined contribution scheme
151,993
226,407

2,430,692
3,016,361


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Sales and Marketing
8
5



Administration
16
16

24
21


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,188,299
1,627,920

Company contributions to defined contribution pension schemes
70,569
35,401

1,258,868
1,663,321


The highest paid director received remuneration of £774,121 (2022 - £949,166).

Page 19

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

9.


Interest receivable

2023
2022
£
£


Other interest receivable
134,030
4,809


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
122,503
54,200

Other interest payable
3,073
-

125,576
54,200

Page 20

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,015,994
1,450,328

Total current tax
1,015,994
1,450,328

Deferred tax


Origination and reversal of timing differences
47,897
(2,362)

Total deferred tax
47,897
(2,362)


Taxation on profit on ordinary activities
1,063,891
1,447,966

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
5,070,295
6,950,983


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
1,267,574
1,320,687

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
26,092
24,223

Other timing differences leading to an increase (decrease) in taxation
(229,775)
103,056

Total tax charge for the year
1,063,891
1,447,966


12.


Dividends

2023
2022
£
£


Dividends
2,048,000
1,828,000

Page 21

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

13.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost


At 1 November 2022
-
28,369
302,304
93,116
423,789


Additions
12,738
222,290
31,333
-
266,361


Disposals
-
(28,369)
-
-
(28,369)



At 31 October 2023

12,738
222,290
333,637
93,116
661,781



Depreciation


At 1 November 2022
-
28,369
84,586
56,746
169,701


Charge for the year
544
25,855
30,203
18,623
75,225


Disposals
-
(28,369)
-
-
(28,369)



At 31 October 2023

544
25,855
114,789
75,369
216,557



Net book value



At 31 October 2023
12,194
196,435
218,848
17,747
445,224



At 31 October 2022
-
-
217,718
36,370
254,088


14.


Stocks

2023
2022
£
£

Work in progress (goods to be sold)
1,093,752
121,624

Finished goods and goods for resale
678,089
436,809

1,771,841
558,433


Page 22

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

15.


Debtors

2023
2022
£
£

Trade debtors
18,967,621
26,067,572

Amounts owed by group undertakings
2,389,965
2,389,965

Amounts owed by joint ventures and associated undertakings
263,773
855,456

Other debtors
28,638
22,402

Prepayments and accrued income
258,518
40,653

21,908,515
29,376,048



16.


Cash

2023
2022
£
£

Cash at bank and in hand
14,380,519
13,428,010



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
800,000
3,688,677

Trade creditors
18,113,545
19,726,020

Amounts owed to other participating interests
653,082
650,928

Corporation tax
287,761
899,996

Other taxation and social security
41,813
39,740

Other creditors
64,056
688,701

Accruals and deferred income
2,617,182
4,000,158

Financial instruments
208,423
471,769

22,785,862
30,165,989


During the year Barclays provided a facility amounting to £1,600,000. The facility is repayable in quarterly installments (as such £800,000 is outstanding as of October 2023). commencing June 2022. Interest, which is repayable quarterly in arrears, is payable at 2.5% above the Bank of England Base rate. The facility is secured by way of fixed and floating charge over the assets of the Group.

Page 23

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

18.


Deferred taxation




2023


£






At beginning of year
52,151


Charged to profit or loss
47,897



At end of year
100,048

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
103,098
54,627

Other timing differences
(3,050)
(2,476)

100,048
52,151


19.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



204 (2022 - 204) Ordinary shares of £1.00 each
204
204
20 (2022 - 20) Ordinary B shares of £1.00 each
20
20

224

224

The ordinary shares carry full voting rights and full participation in any distributions declared on the ordinary
shares.
The ordinary B shares carry no voting rights, but do carry rights to full participation in any distributions declared on
the ordinary B shares.



20.


Reserves

Other reserves

Other reserves comprise the fair value movements on foreign currency contracts.

Profit and loss account

The profit and loss account contains all retained current and prior year profits and losses, net of dividends paid.

Page 24

 
Norwest Foods International Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 October 2023

21.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £151,993 (2022: £226,407). Contributions totalling £12,201  (2022:  £9,903) were payable to the fund at the balance sheet date and are included in creditors.


22.


Related party transactions

The company's ultimate parent undertaking is Norwest Foods International Group Limited. The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Transactions" not to disclose transactions with other wholly owned group companies.
The company has the following transactions with companies where common influence exists during the year:


2023
2022
£
£

Sales
133,164
58,782
Purchases
43,024
396,016
Rent Payable
89,258
95,824
Debtors
251,188
418,188
Creditors and Loans
653,082
650,928

Included within other debtors is an amount due from a director amounting to £12,585 (2022: £437,268). The balance is interest free and repayable on demand.


23.


Controlling party

The ultimate parent company is Norwest Foods International Group Limited, company number 09214358, a company incorporated in England and Wales, by virtue of its 100% stake in the voting share capital. The largest and smallest group within which the results of the company are consolidated in Norwest Foods International Group Limited, copies of which can be obtained from the registrar. 

 
Page 25