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REGISTERED NUMBER: 01684198 (England and Wales)














Ravendale Foods Limited

Strategic Report, Directors' Report and

Audited Financial Statements

for the Year Ended 31 December 2023






Ravendale Foods Limited (Registered number: 01684198)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company information 1

Strategic report 2

Directors' report 3

Report of the independent auditors 5

Income statement 9

Other comprehensive income 10

Statement of financial position 11

Statement of changes in equity 12

Notes to the financial statements 13


Ravendale Foods Limited

Company Information
for the Year Ended 31 December 2023







Directors: R A Gray
B Gray
V L Cleeve
J G Young





Registered office: Unit 2
Leadgate Industrial Estate
Consett
Co. Durham
DH8 7RN





Registered number: 01684198 (England and Wales)





Auditors: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Ravendale Foods Limited (Registered number: 01684198)

Strategic Report
for the Year Ended 31 December 2023


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

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Review of business
The company's activities are organised in the following divisions:-
Processed pork
Dicing

As usual the price of meat fluctuated throughout the financial year due to market conditions including the change in farming costs and other demand for meat from the market. Unfortunately, this has affected our gross profit margin in the period but we have since reacted to this in the current period and due to efficient buying and stockholding, the margin has returned to normal levels. We have also continued to explore the development of other value added products.

Principal risks and uncertainties
As for many businesses of our size, the economic climate in which we are operating will have some effect on the company's operations for the forthcoming period. However we are closely monitoring purchasing and selling prices because we operate in a small margin business and this control remains key to the management of our overhead costs and the overall success of the business.

The uncertainties over energy prices and raw material price fluctuations are risks to the company and are outside of our control. However the company has introduced measures and policies to mitigate these risks as much as it can.

Development and performance
The company ended the financial year in a profitable position and was in line with expectations.

The company is looking to continue excellent service to existing customers and also increase its customer base by supplying further added value products and by carrying out Research and Development projects and expanding into niche markets.

Financial key performance indicators
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and return on capital employed.

Overall, turnover increased by a total of 14.2% (2022: 8.8%) when compared to the previous year.

The gross profit margin for the year was 4.4% (2022: 9.2%) and return on capital employed was 22.5% (2022: 71.3%). return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes fixed assets, less investments, plus working capital.

On behalf of the board:





R A Gray - Director


19 March 2024

Ravendale Foods Limited (Registered number: 01684198)

Directors' Report
for the Year Ended 31 December 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

Dividends
Particulars of recommended dividends are detailed in note 6 to the financial statements.

Future developments
The company is continuing to focus on the pork processing and dicing trade to maintain the excellent service provided to customers and assist in supplying further added value products and expansion into niche markets.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

R A Gray
B Gray
V L Cleeve
J G Young

Disclosure of information in the strategic report
The directors, in accordance with section 414C(11) of the Companies Act 2006 Regulations 2013, have prepared the company's strategic report as required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 as per page 2.

Statement of directors' responsibilities
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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

Ravendale Foods Limited (Registered number: 01684198)

Directors' Report
for the Year Ended 31 December 2023


Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:





R A Gray - Director


19 March 2024

Report of the Independent Auditors to the Members of
Ravendale Foods Limited


Opinion
We have audited the financial statements of Ravendale Foods Limited (the 'company') for the year ended 31 December 2023 which comprise the Income statement, Other comprehensive income, Statement of financial position, Statement of changes in equity and Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 directors are responsible for the other information. The other information comprises the information in the Strategic report and the Directors' report, but does not include the financial statements and our Report of the auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the 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.

Report of the Independent Auditors to the Members of
Ravendale Foods Limited


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 where 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 Statement of directors' responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
Ravendale Foods Limited


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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;


Report of the Independent Auditors to the Members of
Ravendale Foods Limited

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

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

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Matt Storey FCCA ACA BFP (Senior Statutory Auditor)
for and on behalf of Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

19 March 2024

Ravendale Foods Limited (Registered number: 01684198)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

Turnover 4 66,703,056 58,383,159

Cost of sales 63,797,650 53,052,445
Gross profit 2,905,406 5,330,714

Administrative expenses 1,887,200 2,177,345
1,018,206 3,153,369

Other operating income 14,174 3,002
Operating profit 6 1,032,380 3,156,371

Interest receivable and similar income 31,281 2,772
Profit before taxation 1,063,661 3,159,143

Tax on profit 7 249,469 622,989
Profit for the financial year 814,192 2,536,154

Ravendale Foods Limited (Registered number: 01684198)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

Profit for the year 814,192 2,536,154


Other comprehensive income - -
Total comprehensive income for the
year

814,192

2,536,154

Ravendale Foods Limited (Registered number: 01684198)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Intangible assets 9 - -
Tangible assets 10 494,000 585,638
494,000 585,638

Current assets
Stocks 11 804,738 697,419
Debtors 12 3,853,177 4,332,519
Cash at bank and in hand 4,245,005 3,708,213
8,902,920 8,738,151
Creditors
Amounts falling due within one year 13 4,801,325 4,895,541
Net current assets 4,101,595 3,842,610
Total assets less current liabilities 4,595,595 4,428,248

Provisions for liabilities 16 122,493 145,338
Net assets 4,473,102 4,282,910

Capital and reserves
Called up share capital 17 5,200 5,200
Retained earnings 18 4,467,902 4,277,710
Shareholders' funds 4,473,102 4,282,910

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2024 and were signed on its behalf by:





R A Gray - Director


Ravendale Foods Limited (Registered number: 01684198)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 5,200 4,126,386 4,131,586

Changes in equity
Dividends - (2,384,830 ) (2,384,830 )
Total comprehensive income - 2,536,154 2,536,154
Balance at 31 December 2022 5,200 4,277,710 4,282,910

Changes in equity
Dividends - (624,000 ) (624,000 )
Total comprehensive income - 814,192 814,192
Balance at 31 December 2023 5,200 4,467,902 4,473,102

Ravendale Foods Limited (Registered number: 01684198)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

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

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


2. Statement of compliance

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

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Estimation of useful life

The useful economic life used to depreciate tangible fixed assets relates to the expected future performance of the assets acquired and management's estimate of the period over which economic benefit will be derived from the asset.

Estimation of residual value

The residual value of an asset is the estimated fair value of that asset at the end of its useful economic life and therefore is also dependent upon the estimation of that life span.

Historically, changes to the useful economic life and residual values have not had a material impact on the depreciation amount charged to the profit and loss.

Ravendale Foods Limited (Registered number: 01684198)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

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

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property-5% straight line
Plant and machinery-20% reducing balance
Fixtures and fixtures-20% reducing balance
Motor vehicles-25% reducing balance
Improvements to property-5% reducing balance

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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

Current or deferred taxation assets and liabilities are not discounted.

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


Ravendale Foods Limited (Registered number: 01684198)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

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

4. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

5. Employees and directors
2023 2022
£    £   
Wages and salaries 2,032,358 2,368,363
Social security costs 181,573 210,340
Other pension costs 56,768 100,011
2,270,699 2,678,714

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

Production staff 77 96
Administrative staff 7 7
Directors 4 4
88 107

Ravendale Foods Limited (Registered number: 01684198)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. Employees and directors - continued

Employee Benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £101,764 (2022: £140,011).

2023 2022
£    £   
Directors' remuneration 72,600 72,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. Operating profit

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Operating leases 71,169 58,293
Depreciation - owned assets 124,720 114,301
Profit on disposal of fixed assets - (113 )
Auditors' remuneration 16,400 15,750

7. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 272,314 559,180

Deferred tax (22,845 ) 63,809
Tax on profit 249,469 622,989

Ravendale Foods Limited (Registered number: 01684198)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. Taxation - continued

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

2023 2022
£    £   
Profit before tax 1,063,661 3,159,143
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

265,915

600,237

Effects of:
Expenses not deductible for tax purposes 1,239 1,994
Capital allowances in excess of depreciation - (42,628 )
Depreciation in excess of capital allowances 22,845 -
Amortisation of capital grant (556 ) (423 )
Deferred tax movement (22,845 ) 63,809
Change in UK tax rate (17,129 ) -
Total tax charge 249,469 622,989

Deferred tax has been provided at a rate of 25% as this is the rate of tax that is applicable when the timing differences are expected to reverse.

The amount of unused capital losses at 31 December 2023 is £132,187 (2022: £132,187). There is no expiry date on the timing differences or unused losses.

8. Dividends
2023 2022
£    £   
Ordinary shares of £1 each
Interim 500,000 2,280,830
Ordinary A shares of £1 each
Interim 50,000 40,000
Ordinary B shares of £1 each
Interim 74,000 64,000
624,000 2,384,830

Ravendale Foods Limited (Registered number: 01684198)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


9. Intangible fixed assets
Patents
and
Goodwill licences Totals
£    £    £   
Cost
At 1 January 2023
and 31 December 2023 5,000 17,000 22,000
Amortisation
At 1 January 2023
and 31 December 2023 5,000 17,000 22,000
Net book value
At 31 December 2023 - - -
At 31 December 2022 - - -

10. Tangible fixed assets
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
Cost
At 1 January 2023 1,674,927 29,631 123,333 1,827,891
Additions 33,082 - - 33,082
At 31 December 2023 1,708,009 29,631 123,333 1,860,973
Depreciation
At 1 January 2023 1,195,062 13,761 33,430 1,242,253
Charge for year 99,070 3,174 22,476 124,720
At 31 December 2023 1,294,132 16,935 55,906 1,366,973
Net book value
At 31 December 2023 413,877 12,696 67,427 494,000
At 31 December 2022 479,865 15,870 89,903 585,638

11. Stocks
2023 2022
£    £   
Raw materials 22,092 26,428
Finished goods 782,646 670,991
804,738 697,419

Ravendale Foods Limited (Registered number: 01684198)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


12. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 3,331,983 3,359,372
Amounts owed by group undertakings 437,587 947,849
Tax 25,605 -
VAT 44,097 16,290
Prepayments and accrued income 13,905 9,008
3,853,177 4,332,519

13. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 4,260,014 4,118,012
Amounts owed to group undertakings 114,433 102,648
Tax - 240,019
Social security and other taxes 53,650 62,993
Other creditors 117,399 122,613
Directors' current accounts 109,790 35,519
Accruals and deferred income 146,039 211,512
Deferred government grants - 2,225
4,801,325 4,895,541

14. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 25,181 16,952
Between one and five years 83,037 43,680
108,218 60,632

15. Secured debts

Lloyds Bank Plc hold an omnibus guarantee and set off agreement dated 4 January 2018 on Dipwood Holdings Limited and its subsidiary undertakings, which includes Ravendale Foods Limited.

Lloyds Bank Plc also holds a Debenture dated June 2015 which contains a fixed charge and floating charges over all property and undertakings of the company.

16. Provisions for liabilities
2023 2022
£    £   
Deferred tax 122,493 145,338

Ravendale Foods Limited (Registered number: 01684198)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


16. Provisions for liabilities - continued

Deferred
tax
£   
Balance at 1 January 2023 145,338
Provided during year (22,845 )
Balance at 31 December 2023 122,493

17. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 Ordinary £1 5,000 5,000
100 Ordinary A £1 100 100
100 Ordinary B £1 100 100
5,200 5,200

18. Reserves
Retained
earnings
£   

At 1 January 2023 4,277,710
Profit for the year 814,192
Dividends (624,000 )
At 31 December 2023 4,467,902

The profit and loss account represents cumulative profits and losses net of dividends.

19. Ultimate controlling party

The parent undertaking is Dipwood Holdings Limited, and its registered office is Unit 2, Leadgate Industrial Estate, Lope Hill Road, Consett, DH8 7RN.

The group accounts which consolidate the subsidiary are available at Companies House, Crown Way, Cardiff, CF14 3UZ.