Registered number:
For the Year Ended
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Norwest Foods International Limited
Company Information
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Norwest Foods International Limited
Contents
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Norwest Foods International Limited
Strategic Report
For the Year Ended 31 October 2023
The principal activity of the Company during the year was the sourcing, supply and sale of meat products both in the UK and globally.
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.
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.
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Norwest Foods International Limited
Strategic Report (continued)
For the Year Ended 31 October 2023
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:
The Directors consider that items like employment longevity, staff turnover, and stock turnover are important indicators.
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.
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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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 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.
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.
The directors who served during the year were:
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Norwest Foods International Limited
Directors' Report (continued)
For the Year Ended 31 October 2023
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 is covered in the Strategic Report.
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%).
There have been no significant events affecting the Company since the year end.
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Norwest Foods International Limited
Directors' Report (continued)
For the Year Ended 31 October 2023
The auditors, Hurst Accountants Limited, will 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.
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Norwest Foods International Limited
Independent Auditors' Report to the Members of Norwest Foods International Limited
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 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).
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.
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.
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.
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Norwest Foods International Limited
Independent Auditors' Report to the Members of Norwest Foods International Limited (continued)
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.
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.
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:
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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.
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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.
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 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
Lancashire Gate
21 Tiviot Dale
SK1 1TD
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Norwest Foods International Limited
Statement of Comprehensive Income
For the Year Ended 31 October 2023
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Norwest Foods International Limited
Registered number: 03583944
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 25 form part of these financial statements.
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Norwest Foods International Limited
Statement of Changes in Equity
For the Year Ended 31 October 2023
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
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
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:
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.
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.
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
2.Accounting policies (continued)
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
2.Accounting policies (continued)
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:
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.
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
2.Accounting policies (continued)
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.
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
2.Accounting policies (continued)
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.
Analysis of turnover by country of destination:
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
Other reserves
Profit and loss account
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Norwest Foods International Limited
Notes to the Financial Statements
For the Year Ended 31 October 2023
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.
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.
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