Company Registration No. 01043591 (England and Wales)
KEFCO SALES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
KEFCO SALES LIMITED
COMPANY INFORMATION
Directors
AJR Hitch
PT Johnston
Mrs CJ Owen
Secretary
AJR Hitch
Company number
01043591
Registered office
First Floor
Kefco House, Rochford Business Park
Cherry Orchard Way
Rochford
Essex
SS4 1GP
Auditor
Rickard Luckin Limited
1st Floor
19 Clifftown Road
Southend-On-Sea
Essex
SS1 1AB
KEFCO SALES LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Notes to the financial statements
14 - 25
KEFCO SALES LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 1 -

The directors present the strategic report for the period ended 24 December 2023.

Fair review of the business

The directors considered the company results for the period to be satisfactory in the current economic climate. The company had an increase in sales and returned a profit in the financial period despite to macro-economic effects causing increased cost of sales and in other areas.

Principal risks and uncertainties

The management of the business and operation of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company is the competition for other national retailers in the locality combined with the effect of the current economic climate on its customer base.

 

The directors have continued to review the impact Brexit has on the company's activities and identified that the only potential risk is that associated with its ability to maintain an adequate workforce.

 

The war in Ukraine that commenced in March 2022 is currently having an impact on the cost of goods and energy. Energy costs have fallen towards the end of this year aiding the return to profitability. The company continues seeking to reduce risk with increased prices charged for their sales where possible to compensate for increased cost of supplied goods. Energy is currently being bought at a spot rate each month and future purchases when considered suitable risk.

 

The directors are taking appropriate measures to combat increased costs where appropriate.

Covid-19

The directors have considered the continuing impact of the coronavirus on the business and consider that no future considerations are necessary.

 

The company received rates relief under the Retail, Hospitality and Leisure Relief scheme as follows:

 

 

The company has not made use of any further government initiatives to help businesses.

Key performance indicators

The directors consider the financial key performance indicators to be turnover, gross profit margin, profit on ordinary activities before taxation and earnings before interest, tax, depreciation and amortisation (EBITDA).

 

Turnover has increased in the period to £45,413,075 (2022: £ 44,297,791)

The gross profit margin has increased to 8.6% (2022: 7.4%)

EBITDA has risen to £2,825,090 (2022: £2,162,911)

Other performance indicators

Kefco monitors a range of non financial performance indicators. These include the Guest Experience Surveys (GES), Food Hygiene Ratings and Restaurant Operations Compliance Checks (ROCC)

 

For the period ended 24th December 2023:

 

Future developments

The company is planning to continue to invest in assets to promote further sales growth by providing customers with new products and restaurants.

KEFCO SALES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 2 -
Section 172 Statement

This section describes how the directors have had regard to the matters set out in section 172(1)(a) to (f) Companies Act 2006 in exercising their duty to promote the success of the Company for the benefit of its members as a whole and in doing so have regard (amongst other matters) to

Decision making

Kefco Sales Limited which was incorporated in 1972, has been run by the same families since 1997. The company continually invests in its existing restaurants with new equipment, décor and employee training to ensure that they are welcoming for its customers for now and in the long term. We also consider carefully when and where new restaurant sites are to be located to ensure they will sustain the long-term investment we make in them.

 

Our Stakeholders

 

Employees

 

Kefco recognises that the key to a successful business is well trained, reliable, motivated and informed management team and employees. All staff are trained in accordance with KFC’s requirements and additional training where necessary to satisfy health and safety and food safety standards. Kefco also have an active apprenticeship scheme along with opportunities to obtain a recognised degree. Suitable and interested employees share equal opportunities for further training and career development. Employees are informed on a regular basis of current activities, progress and general matters of interest by various methods, including regular management meetings and operation meetings. Any employee feedback is passed to the senior management and onto the directors through this regular discussion.

 

Various employee bonus schemes within the company based on performance on a number of measures also assist with engaging the employees with the performance of the company.

Other stakeholders

Customer focus is an important side of the business. Compliance to service targets are set and measured as part of the strategic planning to ensure a high level of service to our customers is maintained. Through KFC, our customers can engage with our customer service team and we also obtain feedback from customers on the service received through an online survey offered with each purchase. Social media is also monitored and responded to.

 

As a franchisee of KFC, the company’s main suppliers are selected by KFC with who the relationship is maintained. Kefco aims to assist with all its suppliers by ensuring prompt payment of invoices in line with agreed terms and to quickly resolve any disputes that may arise. Of the suppliers not selected by KFC, the directors will usually have arranged the contracts and are the point of contact enabling the maintenance and building on of a long-term relationship and understanding of both companies’ operational needs.

 

KEFCO SALES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 3 -
Impact on the community and environment

The company is committed to reducing the environmental impact of our operation. We ensure used oil is collected, recycled and used as biofuel. Food waste is also separated, collected and used to create energy. Where available, excess cooked food is passed to local charities to distribute. The company also seeks out energy saving initiatives within its restaurants to reduce emissions as well as costs.

 

For several years, Kefco Sales Limited have partnered with local councils through the “Cleaner Essex” initiative in an effort to reduce litter and more recently with The Great British Spring Clean. This has also included employees organising and taking part in litter picks away from the areas of their regular litter picks surrounding their restaurants.

 

The desirability of the company maintaining a reputation for high standards of business conduct

 

Kefco prides itself as being a company that maintains high standards of ethical conduct.

 

The company, through its franchisors own modern slavery policy, manages to manage the risks and prevent slavery and human trafficking being part of the supply chain. Internally, we monitor the right to work of our employees and ensuring they receive their own pay through various procedures and, with our close senior management involvement at store level, are familiar with the staff who we employ.

 

The risk of bribery is considered very low within the company. Only the senior management team of the company enter into contracts with suppliers, all of whom are aware of their responsibilities in the prevention of bribery and the company has a zero tolerance towards it. The financial director has a final overview by overseeing all outward payments.

 

The need to act fairly as between members of the company

 

As a close company, all shareholders are appointed directors and aware of the day to day running of the business including the operational and financial transactions.

 

By order of the board

AJR Hitch
Secretary
29 July 2024
KEFCO SALES LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 4 -

The directors present their annual report and financial statements for the period ended 24 December 2023.

Principal activities

The principal activity of the company continued to be that of operating retail premises under the KFC (Kentucky Fried Chicken) franchise.

Results and dividends

The results for the period are set out on page 11.

The directors have not recommended a dividend for this period.

Directors

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

AJR Hitch
PT Johnston
Mrs CJ Owen
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The company is exposed to cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

Credit risk

Investments of cash surpluses and borrowings are made through our bank.

Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

Within the bounds of commercial confidentiality, information is disseminated to all members of staff about matters that affect the progress of the company and are of interest and concern to them as employees.

Members of the management team regularly visit restaurants and discuss matters of current interest and concern to the business with staff. In addition, regular staff meetings within restaurants are held where discussion is encouraged. The company encourages the development of employees through training which also opens up promotion prospects. To enable this, the company has invested in employees through the provision of training courses up to degree level to meet the interest shown.

Business relationships

Details of our engagement with customers and suppliers can be found in our S172 statement.

KEFCO SALES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 5 -
Auditor

The auditor, Rickard Luckin Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Streamlined Energy and Carbon Reporting (SECR)

The company’s operations impact mainly on the greenhouse gas emission through the use of energy to produce our products served in and from our restaurants include cooking, refrigeration and air conditioning. This includes the use of electricity and gas. The company also generates greenhouse gases through the use of travel within the business.

 

During the year the company’s CO2 emissions totalled 1,676 tonnes (2022: 1,642 tonnes), the electricity consumption amounted to 5,941 MWh (2022: 6,148 MWh), gas consumption amounted to 1,662 MWh (2022: 1,703 MWh) and travel amounted to 145 MWh (2022: 136 MWh).

 

The method used to obtain this information was from meter readings and travel data, converted into CO2 emissions via approved calculations.

 

Energy usage in the cooking process will be affected by sales whereas energy used in air conditioning of the restaurants will be affected by the outside temperature and other weather aspects. 28% of the vehicle fleet are electric vehicles.

 

The company has measured the CO2e for each customer transaction and for each £1 of sales. The results for 2023 are as follows:

 

Intensity Measure 2023 2022

CO2e per transaction    0.443    0.413    Kg of CO2e produced per sales transaction

CO2e per £1 of Turnover    0.037    0.037    Kg of CO2e produced per £1 of sales

 

Whilst the company is conscious of its effect on the environment, it has not set any targets to work towards at present but is implementing energy saving initiatives when suitable.

 

Statement of disclosure to auditor

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

By order of the board
AJR Hitch
Secretary
29 July 2024
KEFCO SALES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 6 -

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

 

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

 

 

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

KEFCO SALES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KEFCO SALES LIMITED
- 7 -
Opinion

We have audited the financial statements of Kefco Sales Limited (the 'company') for the period ended 24 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

KEFCO SALES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KEFCO SALES LIMITED
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Capability of the audit in detecting irregularity, including fraud

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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; and via inspection of the company’s regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

KEFCO SALES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KEFCO SALES LIMITED
- 9 -

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; data protection legislation; anti-bribery and corruption legislation.

International Auditing Standards (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with International Auditing Standards UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

KEFCO SALES LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KEFCO SALES LIMITED
- 10 -

Use of our report

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

Neil Brewer
Senior Statutory Auditor
For and on behalf of Rickard Luckin Limited
6 August 2024
Chartered Accountants
Statutory Auditor
1st Floor
19 Clifftown Road
Southend-On-Sea
Essex
SS1 1AB
KEFCO SALES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 11 -
Period
Period
ended
ended
24 December
25 December
2023
2022
Notes
£
£
Turnover
3
45,413,075
44,297,791
Cost of sales
(41,496,068)
(40,984,410)
Gross profit
3,917,007
3,313,381
Administrative expenses
(3,671,748)
(3,608,749)
Other operating income
761,353
527,985
Operating profit
4
1,006,612
232,617
Interest receivable and similar income
6
123,521
22,403
Interest payable and similar expenses
7
(30,527)
(4,784)
Profit before taxation
1,099,606
250,236
Tax on profit
8
(138,489)
(54,003)
Profit for the financial period
961,117
196,233
KEFCO SALES LIMITED
BALANCE SHEET
AS AT
24 DECEMBER 2023
24 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Goodwill
9
1,475,125
1,849,525
Other intangible assets
9
323,910
334,605
Total intangible assets
1,799,035
2,184,130
Tangible assets
10
4,674,539
5,143,223
6,473,574
7,327,353
Current assets
Stocks
11
268,129
296,757
Debtors
12
17,432,419
15,119,547
Cash at bank and in hand
3,537,437
4,213,251
21,237,985
19,629,555
Creditors: amounts falling due within one year
13
(5,614,852)
(5,908,206)
Net current assets
15,623,133
13,721,349
Total assets less current liabilities
22,096,707
21,048,702
Provisions for liabilities
14
(369,000)
(282,112)
Net assets
21,727,707
20,766,590
Capital and reserves
Called up share capital
17
240,904
240,904
Share premium account
127,231
127,231
Capital redemption reserve
25,000
25,000
Capital reserve
7,900
7,900
Profit and loss reserves
21,326,672
20,365,555
Total equity
21,727,707
20,766,590
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
PT Johnston
Director
Company Registration No. 01043591
KEFCO SALES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 13 -
Share capital
Share premium account
Capital redemption reserve
Capital reserve
Profit and loss reserves
Total
£
£
£
£
£
£
Balance at 26 December 2021
240,904
127,231
25,000
7,900
20,169,322
20,570,357
Period ended 25 December 2022:
Profit and total comprehensive income for the period
-
-
-
-
196,233
196,233
Balance at 25 December 2022
240,904
127,231
25,000
7,900
20,365,555
20,766,590
Period ended 24 December 2023:
Profit and total comprehensive income for the period
-
-
-
-
961,117
961,117
Balance at 24 December 2023
240,904
127,231
25,000
7,900
21,326,672
21,727,707
KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Kefco Sales Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Kefco House, Rochford Business Park, Cherry Orchard Way, Rochford, Essex, SS4 1GP.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

 

Kefco Sales Limited is a wholly owned subsidiary of Kefco Group Limited and the results of Kefco Sales Limited are included in the consolidated financial statements of Kefco Group Limited which are available from:- First Floor, Kefco House, Rochford Business Park, Cherry Orchard Way, Rochford, Essex, SS4 1GP.

1.2
Going concern

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

1.3
Reporting period

The accounting reference date is 24 December (2022 - 25 December). The company prepares its management accounts on a 4 weekly basis and these annual accounts are made up to 24 December 2023 (2022 - 25 December). Given that the previous period also consists of 13 periods of 4 weeks each, there are no issues with regard to comparability of figures.

1.4
Turnover

Turnover shown in the profit or loss represents gross receipts from restaurant activities in the United Kingdom during the period, excluding value added tax, and is recognised upon receipt of goods by the customer.

KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Licences
over the period of the underlying licence
1.7
Tangible fixed assets

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

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

Land and buildings: Short-term leasehold
over the period of the lease
Plant and machinery
over 3-10 years
Motor vehicles
over 4 years

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

1.8
Impairment of fixed assets

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

KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -

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

 

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

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

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price. Cost comprises direct materials.

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

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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

 

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

Derecognition of financial liabilities

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

KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -
1.12
Equity instruments

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

1.13
Taxation

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

Current tax

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

Deferred tax

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

 

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

1.14
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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

 

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

KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
1
Accounting policies
(Continued)
- 19 -
1.16
Retirement benefits

The company operates a defined contribution pension scheme for certain employees. The assets of the scheme are held separately from those of the company in independent and separate trustee administered funds. The annual contributions payable are charged to the profit or loss and outstanding contributions are included on the balance sheet.

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

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

Useful economic life of tangible fixed assets

Tangible fixed assets are depreciated over their expected useful economic life. There is a certain level of judgement and estimation over this life and this impacts the carrying value of these assets. The depreciation charge is recognised within administrative expenses.

Useful economic life of intangible fixed assets

Intangible fixed assets are amortised over their expected useful economic life. There is a certain level of judgement and estimation over this life and this impacts the carrying value of these assets. The amortisation charge is recognised within administrative expenses.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Sale of goods
45,413,075
44,297,791
KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 20 -
4
Operating profit
2023
2022
Operating profit for the period is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
1,414,294
1,492,538
(Profit)/loss on disposal of tangible fixed assets
(30,260)
2,019
Amortisation of intangible assets
434,444
435,737
Operating lease charges
1,894,309
2,092,804

The amortisation of intangible assets is included within administration expenses.

The auditor's remuneration and expenses are borne by the group management company, J&J Restaurants Limited, which appropriately discloses amounts paid in respect of audit and other services.

5
Employees

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

2023
2022
Number
Number
Production staff
924
993

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
10,282,490
10,159,540
Social security costs
530,035
523,040
Pension costs
118,580
117,551
10,931,105
10,800,131
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
123,521
20,445
Other interest income
-
0
1,958
Total income
123,521
22,403
7
Interest payable and similar expenses
2023
2022
£
£
Other interest
30,527
4,784
KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 21 -
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
166,609
109,106
Adjustments in respect of prior periods
-
0
54,122
Total current tax
166,609
163,228
Deferred tax
Origination and reversal of timing differences
(28,120)
(109,225)
Total tax charge
138,489
54,003

From April 2023 UK corporation tax has been increased by 6% to 25% (2022: 19%). In the previous period this impacted the unrecognised deferred tax calculation only as 25% become the enacted rate.

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

2023
2022
£
£
Profit before taxation
1,099,606
250,236
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
274,902
47,545
Tax effect of expenses that are not deductible in determining taxable profit
102,213
83,449
Change in unrecognised deferred tax assets
-
0
26,443
Group relief
(290,742)
(152,848)
Depreciation on assets not qualifying for tax allowances
63,374
48,166
Under/(over) provided in prior years
-
0
54,122
Change in tax rates
(11,258)
(32,560)
Capital allowances in excess of depreciation
-
0
(20,314)
Taxation charge for the period
138,489
54,003
KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 22 -
9
Intangible fixed assets
Goodwill
Licences
Total
£
£
£
Cost
At 26 December 2022
3,711,534
597,872
4,309,406
Additions
-
0
49,349
49,349
Disposals
-
0
(61,250)
(61,250)
At 24 December 2023
3,711,534
585,971
4,297,505
Amortisation and impairment
At 26 December 2022
1,862,009
263,267
2,125,276
Amortisation charged for the period
374,400
60,044
434,444
Disposals
-
0
(61,250)
(61,250)
At 24 December 2023
2,236,409
262,061
2,498,470
Carrying amount
At 24 December 2023
1,475,125
323,910
1,799,035
At 25 December 2022
1,849,525
334,605
2,184,130
10
Tangible fixed assets
Land and buildings: Short-term leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 26 December 2022
3,489,346
13,008,138
39,501
16,536,985
Additions
184,322
778,186
-
0
962,508
Disposals
(338,684)
(471,743)
-
0
(810,427)
At 24 December 2023
3,334,984
13,314,581
39,501
16,689,066
Depreciation and impairment
At 26 December 2022
2,774,988
8,579,273
39,501
11,393,762
Depreciation charged in the period
604,848
809,446
-
0
1,414,294
Eliminated in respect of disposals
(337,087)
(456,442)
-
0
(793,529)
At 24 December 2023
3,042,749
8,932,277
39,501
12,014,527
Carrying amount
At 24 December 2023
292,235
4,382,304
-
0
4,674,539
At 25 December 2022
714,358
4,428,865
-
0
5,143,223
KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 23 -
11
Stocks
2023
2022
£
£
Raw materials and consumables
268,129
296,757
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
16,659,955
13,766,701
Other debtors
417,564
964,506
Prepayments and accrued income
354,900
388,340
17,432,419
15,119,547
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,923,909
2,696,616
Corporation tax
66,635
61,864
Other taxation and social security
1,435,023
1,243,387
Other creditors
185,796
177,518
Accruals and deferred income
2,003,489
1,728,821
5,614,852
5,908,206
14
Provisions for liabilities
2023
2022
Notes
£
£
Onerous lease
68,706
108,198
Dilapidations
154,500
-
223,206
108,198
Deferred tax liabilities
15
145,794
173,914
369,000
282,112
KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
14
Provisions for liabilities
(Continued)
- 24 -
Movements on provisions apart from deferred tax liabilities:
Onerous lease
Dilapidations
Total
£
£
£
At 26 December 2022
108,198
-
108,198
Additional provisions in the year
-
154,500
154,500
Reversal of provision
(39,492)
-
(39,492)
At 24 December 2023
68,706
154,500
223,206
15
Deferred taxation

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

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
175,829
202,160
Retirement benefit obligations
(3,418)
(1,630)
Other timing differences
(26,617)
(26,616)
145,794
173,914
2023
Movements in the period:
£
Liability at 26 December 2022
173,914
Credit to profit or loss
(28,120)
Liability at 24 December 2023
145,794
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
118,580
117,551

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

At the balance sheet date £13,673 (2022: £15,285) was payable to the scheme and included in creditors.

KEFCO SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 DECEMBER 2023
- 25 -
17
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
240,904
240,904
240,904
240,904
18
Financial commitments, guarantees and contingent liabilities

There is a contingent liability in respect of companies within the group secured by an intercompany cross guarantee over the bank loans and a fixed and floating charge over all assets. The amount outstanding at 24 December 2023 was £8,877,144 (2022: £10,288,575).

19
Operating lease commitments
Lessee

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

2023
2022
£
£
Within one year
1,630,987
1,700,104
Between two and five years
6,046,276
6,014,098
In over five years
10,193,057
11,011,356
17,870,320
18,725,558
20
Related party transactions

In accordance with FRS102 the company has not disclosed transactions with wholly owned members of the group.

21
Parent Undertakings

The parent company of Kefco Sales Limited is J&J Restaurants Limited, a company incorporated in England and Wales and its registered office is First Floor, Kefco House, Rochford Business Park, Cherry Orchard Way, Rochford, Essex, SS4 1GP.

 

The ultimate parent company of the group is Kefco Group Limited, a company incorporated in England and Wales; the registered office of Kefco Group Limited is First Floor, Kefco House, Rochford Business Park, Cherry Orchard Way, Rochford, Essex, SS4 1GP.

The company's results are included in the consolidated financial statements of Kefco Group Limited which is both the smallest and largest group into which the entity is consolidated. The consolidated accounts of Kefco Group Limited are publically available from Companies House, Crown Way, Cardiff CF14 3UZ.

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