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Company registration number: 02191902







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


DIBS DISTRIBUTION LIMITED






































img4b32.png                        

 


DIBS DISTRIBUTION LIMITED
 


 
COMPANY INFORMATION


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




Company secretary
G. J. Payne



Registered number
02191902



Registered office
1432B Clock Tower Road

Isleworth

Middlesex

TW7 6DT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY




Bankers
National Westminster Bank Plc
Great West Road

Isleworth

Middlesex

TW7 5NR





 


DIBS DISTRIBUTION LIMITED
 



CONTENTS



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


 


DIBS DISTRIBUTION LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Principal activities and business review
 
The principal activity of the company during the year was that of supply of prepared poultry to quick service restaurants.
The profit for the financial year on ordinary activities before taxation was £446,492 (2023: £503,994).
Turnover increased by 2% during the year, mainly due to new customers and increased activity with existing customers. Margins were maintained and profits further increased which were somewhat offset by increased operating costs. At the year end the company had net assets of £2.4m and cash of £2.3m.

Risks and uncertainties
 
The company’s principal commercial risk is the pressure on maintaining margins caused by competition and increased inflationary costs.
The company's activities expose the company to several risks including liquidity risk, price risk and credit risk.
The company manages these risks as follows:
Liquidity risk

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

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

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

Future developments

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

Page 1

 


DIBS DISTRIBUTION LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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

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

Turnover at £36.7m was better than the previous year of £35.9m due to increased customer activity.

Actual gross margins of 23.1% was better than the previous year 22.8%. We are currently achieving increased turnover compared to the 2024/25 Budget, whilst maintaining similar margins during the first half of the coming year.


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



R.E. Payne
Director

Date: 1 August 2024

Page 2

 


DIBS DISTRIBUTION LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors' responsibilities statement

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

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


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

make judgements and accounting estimates that are reasonable and prudent;

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

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

Directors

The directors who served during the year were:

G. J. Payne 
J. B. Payne 
K. J. Payne (resigned 29 May 2024)
R. E. Payne 
T. Payne 
D. J. Payne 


Matters covered in the strategic report

The company has chosen in accordance with Section 414c(11) of the Companies Act 2006 (Strategic Report and Director's
Report) Regulation 2013 to set out within the company's Strategic Report the Company's Report Information Required by
Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulations 2008. This
included information that would have been included in the business review and details of principal risk and uncertainties.

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.

Page 3

 


DIBS DISTRIBUTION LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Auditors

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

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





R.E. Payne
Director

Date: 1 August 2024

1432B Clock Tower Road
Isleworth
Middlesex
TW7 6DT

Page 4

 


DIBS DISTRIBUTION LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DIBS DISTRIBUTION LIMITED

Opinion


We have audited the financial statements of Dibs Distribution Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 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 ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


DIBS DISTRIBUTION LIMITED


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

Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


DIBS DISTRIBUTION LIMITED


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

Auditors' responsibilities for the audit of the financial statements
 

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


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

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
 
The Companies Act 2006;
Financial Reporting Standard 102;
UK tax legislation;
UK employment legislation;
UK food safety legislation;
UK health and safety legislation; and
General Data Protection Regulations.

We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by making enquires to management and those responsible for legal and compliance procedures.

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

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

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

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

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


 
Page 7

 


DIBS DISTRIBUTION LIMITED


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

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

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


Use of our report
 

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





Anna Johnston ACA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
statutory auditor
  
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

1 August 2024
Page 8

 


DIBS DISTRIBUTION LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
36,680,560
35,904,377

Cost of sales
  
(28,210,298)
(27,731,261)

Gross profit
  
8,470,262
8,173,116

Administrative expenses
  
(8,222,262)
(7,617,846)

Gain/(loss) on investments
  
158,782
(63,832)

Operating profit
 5 
406,782
491,438

Income from fixed assets investments
  
14,171
19,906

Interest receivable and similar income
 10 
44,270
7,550

Interest payable and similar expenses
 11 
(18,731)
(14,900)

Profit before tax
  
446,492
503,994

Tax on profit
 12 
(102,728)
(107,276)

Profit after tax
  
343,764
396,718

  

  

Retained earnings at the beginning of the year
  
2,058,839
1,662,121

  
2,058,839
1,662,121

Profit for the year
  
343,764
396,718

Retained earnings at the end of the year
  
2,402,603
2,058,839
The notes on pages 13 to 24 form part of these financial statements.

Page 9

 


DIBS DISTRIBUTION LIMITED
REGISTERED NUMBER:02191902



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
122,411
154,546

  
122,411
154,546

Current assets
  

Stocks
 14 
840,819
1,017,527

Debtors: amounts falling due within one year
 15 
750,061
671,310

Current asset investments
 16 
1,512,347
1,339,394

Cash at bank and in hand
  
2,354,831
1,899,209

  
5,458,058
4,927,440

Creditors: amounts falling due within one year
 17 
(3,010,573)
(2,755,364)

Net current assets
  
 
 
2,447,485
 
 
2,172,076

Total assets less current liabilities
  
2,569,896
2,326,622

Creditors: amounts falling due after more than one year
 18 
(116,667)
(208,333)

Provisions for liabilities
  

Deferred tax
 20 
(36,626)
(45,450)

  
 
 
(36,626)
 
 
(45,450)

Net assets
  
2,416,603
2,072,839


Capital and reserves
  

Called up share capital 
 21 
800
800

Share premium account
 22 
12,935
12,935

Capital redemption reserve
 22 
265
265

Profit and loss account
 22 
2,402,603
2,058,839

  
2,416,603
2,072,839


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




R.E. Payne
Director

Date: 1 August 2024

The notes on pages 13 to 24 form part of these financial statements.

Page 10

 


DIBS DISTRIBUTION LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
343,764
396,718

Adjustments for:

Depreciation of tangible assets
49,591
61,575

Interest received
(44,270)
(7,550)

Taxation charge
102,728
107,276

Decrease/(increase) in stocks
176,708
(229,794)

(Increase) in debtors
(78,751)
(19,912)

Increase in creditors
261,662
157,189

Net fair value (gains)/losses recognised in P&L
(49,627)
57,039

Corporation tax (paid)
(118,005)
(106,845)

Net cash generated from operating activities

643,800
415,696


Cash flows from investing activities

Purchase of tangible fixed assets
(17,456)
(34,440)

Purchase of unlisted and other investments
(613,266)
(1,270,528)

Sale of listed and other investments
489,940
857,414

Interest received
44,270
7,550

Net cash from investing activities

(96,512)
(440,004)

Cash flows from financing activities

Repayment of loans
(91,666)
(100,000)

Net cash used in financing activities
(91,666)
(100,000)

Net increase/(decrease) in cash and cash equivalents
455,622
(124,308)

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

Cash and cash equivalents at the end of year
2,354,831
1,899,209


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,354,831
1,899,209

2,354,831
1,899,209


The notes on pages 13 to 24 form part of these financial statements.

Page 11

 


DIBS DISTRIBUTION LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,899,209

455,622

2,354,831

Debt due after 1 year

(208,333)

91,666

(116,667)

Debt due within 1 year

(100,000)

-

(100,000)

Liquid investments

1,339,394

172,953

1,512,347


2,930,270
720,241
3,650,511

The notes on pages 13 to 24 form part of these financial statements.

Page 12

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

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

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

  
2.2

Revenue recognition

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

 
2.3

Operating leases: the Company as lessee

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

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

 
2.4

Borrowing costs

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

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DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

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

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

 
2.6

Taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

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

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

Page 14

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Tangible assets

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

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

Depreciation is provided on the following basis:

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

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

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

  
2.8

Impairment of fixed assets

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

  
2.9

Stocks

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

 
2.10

Valuation of investments

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

 
2.11

Financial instruments

The Company 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.
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 if found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

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DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
Key source of estimation uncertainty - Directors remuneration trust 
The main area of judgement is in relation to payments made to a remuneration trust. Management have considered the current circumstances, expectation of future events and taken advice and do not believe that they require a provision in respect of the payments made to the remuneration trust which is currently under a HMRC enquiry. 
Key source of estimation uncertainty - Stock valuation
Stock values can decrease due to going out of date. A provision is therefore determined based on each product's movement history with the directors exercising judgement over stock lines and making a provision where deemed appropriate.


4.


Turnover

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


2024
2023
£
£

Fresh
23,898,537
23,210,345

Frozen and dry
12,782,023
12,694,032

36,680,560
35,904,377


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation charge
49,591
61,575

Other operating lease rentals
366,501
351,809

Page 16

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
19,100
23,235


7.


Employees

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


2024
2023
£
£


Wages and salaries
4,255,691
4,095,337

Social security costs
445,012
469,750

Cost of defined contribution scheme
279,091
107,300

4,979,794
4,672,387



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


        2024
        2023
            No.
            No.







Production
28
27



Distribution
47
45



Sales order processing
4
4



Warehouse
7
7



Finance
1
1



Maintenance
3
3



Directors
6
6

96
93

Page 17

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,119,897
1,173,694

Company contributions to defined contribution pension schemes
205,925
37,925

1,325,822
1,211,619


During the year retirement benefits were accruing to 6 directors (2023 - 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £99,515 (2023 - £233,584).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £169,321 (2023 - £1,321).


9.


Income from investments

2024
2023
£
£



Income from current asset investments
14,171
19,906

14,171
19,906





10.


Interest receivable

2024
2023
£
£


Other interest receivable
44,270
7,550

44,270
7,550


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
18,731
14,900

18,731
14,900

Page 18

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
111,552
118,005


111,552
118,005


Total current tax
111,552
118,005

Deferred tax


Origination and reversal of timing differences
(8,824)
(10,729)

Total deferred tax
(8,824)
(10,729)


Taxation on profit on ordinary activities
102,728
107,276

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
446,492
503,994


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
111,623
95,759

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
25,248
30,239

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

Chargeable gains/losses
8,196
1,223

Income not taxable for tax purposes
(38,675)
(11,780)

Additional deduction for land remediation expenditure
-
(170)

Exempt ABGH distributions
(3,664)
(3,782)

Deferred taxation
-
(2,575)

Total tax charge for the year
102,728
107,276

Page 19

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets





Leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
96,182
305,710
32,944
79,781
514,617


Additions
-
11,346
582
5,528
17,456



At 31 March 2024

96,182
317,056
33,526
85,309
532,073



Depreciation


At 1 April 2023
96,182
177,091
21,414
65,384
360,071


Charge for the year
-
36,708
3,153
9,730
49,591



At 31 March 2024

96,182
213,799
24,567
75,114
409,662



Net book value



At 31 March 2024
-
103,257
8,959
10,195
122,411



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


14.


Stocks

2024
2023
£
£

Raw materials and consumables
840,819
1,017,527

840,819
1,017,527



15.


Debtors

2024
2023
£
£


Trade debtors
372,889
215,556

Other debtors
144,057
126,896

Prepayments and accrued income
233,115
328,858

750,061
671,310


Page 20

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Current asset investments

2024
2023
£
£

Listed investments
1,512,347
1,339,394

1,512,347
1,339,394


2024
2023
£
£


Opening fair value
1,339,394
983,320

Purchases
613,266
1,270,528

Sales
(489,940)
(857,415)

(Losses)/Gains on remeasurement to fair value
49,627
(57,039)

Market value
1,512,347
1,339,394





17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
100,000
100,000

Trade creditors
2,222,209
2,087,188

Corporation tax
111,552
118,005

Other taxation and social security
301,013
345,146

Other creditors
275,799
105,025

3,010,573
2,755,364



18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
116,667
208,333

116,667
208,333


Page 21

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
100,000
100,000


100,000
100,000


Amounts falling due 2-5 years

Bank loans
116,667
208,333


116,667
208,333


216,667
308,333


Mortgages and charges
The Company has a security interest in favour of National Westminster Bank PLC dated 9 July 1997. This includes a specific equitable charge over all freehold and leasehold properties and/or the proceeds of their sale, fixed and floating charges over the undertaking and all property and assets, present and future, including goodwill, book debts, and the benefits of any licenses.


20.


Deferred taxation




2024


£






At beginning of year
(45,450)


Charged to profit or loss
8,824



At end of year
(36,626)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(23,173)
(31,461)

Short term timing differences
4,087
1,690

Capital gains/(losses)
(17,540)
(15,679)

(36,626)
(45,450)

Page 22

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



800 (2023 - 800) Ordinary shares of £1.00 each
800
800


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


22.


Reserves

Share premium account

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

Capital redemption reserve

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

Profit and loss account

The reserves record retained earnings and accumulated losses.


23.


Contingent liabilities

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


24.


Pension commitments

The pension cost charge represents contributions payable by the Company to the fund and amounted to £279,091 (2023 - £107,300). Contributions totalling £16,349 (2023 - £15,768) were payable to the fund at the reporting date and are included in creditors. 

Page 23

 


DIBS DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
362,892
362,892

Later than 1 year and not later than 5 years
710,721
1,073,614

1,073,613
1,436,506


26.


Ultimate controlling party

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