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Registered number: 02979293
European Freeze Dry Limited
Financial Statements
For The Year Ended 31 December 2023
MJH Accountants Limited
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF
Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—8
Page 1
Balance Sheet
Registered number: 02979293
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 180 1,108
Tangible Assets 5 642,071 724,084
642,251 725,192
CURRENT ASSETS
Stocks 1,284,824 2,468,659
Debtors 7 1,094,042 1,500,677
Cash at bank and in hand 64,612 149,313
2,443,478 4,118,649
Creditors: Amounts Falling Due Within One Year 8 (372,398 ) (2,168,694 )
NET CURRENT ASSETS (LIABILITIES) 2,071,080 1,949,955
TOTAL ASSETS LESS CURRENT LIABILITIES 2,713,331 2,675,147
PROVISIONS FOR LIABILITIES
Deferred Taxation (104,000 ) (123,749 )
NET ASSETS 2,609,331 2,551,398
CAPITAL AND RESERVES
Called up share capital 9 1,600,000 1,600,000
Profit and Loss Account 1,009,331 951,398
SHAREHOLDERS' FUNDS 2,609,331 2,551,398
Page 1
Page 2
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Jette Ramgaard
Director
23 February 2024
The notes on pages 4 to 8 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 1,600,000 1,345,656 2,945,656
Profit for the year and total comprehensive income - 355,743 355,743
Dividends paid - (750,001) (750,001)
As at 31 December 2022 and 1 January 2023 1,600,000 951,398 2,551,398
Profit for the year and total comprehensive income - 57,933 57,933
As at 31 December 2023 1,600,000 1,009,331 2,609,331
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Notes to the Financial Statements
1. General Information
European Freeze Dry Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02979293 . The registered office is 45 Roman Way, Longridge Road, Ribbleton, Preston, PR2 5BD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The company in the absence of other funding is reliant on group support. As with any company placing reliance on other group entities for financial support, the director acknowledges that there can be no certainty that this support will continue although at the date of approval of these financial statements, they have no reason to believe that it will not do so.
Consequently, the directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation the company remains to have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore has prepared the financial statements on a going concern basis.
2.3. Significant judgements and estimations
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances. There are
not considered to be any critical judgements in applying the company's accounting policies. The company
makes estimates and assumptions concerning the future. The resulting accounting estimates will by definition,
seldom equal the actual results.The company applies an overhead absorption rate to finished goods and provides for obsolete and slow moving inventory.
Other than those discussed above there are no estimates or assumptions which give a significant risk of causing a material adjustment to the carrying amounts of assets or liabilities within the next financial year.
2.4. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover in respect of goods supplied is recognised on the despatch of goods to customers.
Turnover in respect of contract drying services is recognised when the service has been performed.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided at 33% in order to write off each asset over its estimated useful life. 
2.6. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold - between 6% and 10% on cost
Plant & Machinery - between 5% and 50% on cost
Motor Vehicles - 20% straight line
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and applicable variable selling expenses.
2.7. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease.
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2.8. Stocks and Work in Progress
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the
first-in, first-out principle (FIFO method). Cost of raw material and consumables consists of purchase price plus direct costs. Cost of manufactured goods and work in progress consists of raw materials, consumables, direct labour and other direct costs. Net realisable value is the estimated selling price in the ordinary course of
business, less completion costs and applicable variable selling expenses.
2.9. Financial Instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets
Basic financial assets, including trade, intercompany debtors, other debtors and cash and bank balances, are
initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective
evidence of impairment. 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 the profit or loss.
There are no assets which are initially measured at fair value.
Financial liabilities
Basic financial liabilities, including trade and other creditors and intercompany creditors, 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 receipts discounted at a market rate of interest. 
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
2.10. Foreign Currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
2.11. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,
except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
substantively enacted by the balance sheet date.
Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different
from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and
laws that have been enacted or substantively enacted by the year end and that are expected to apply to the
reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
2.12. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's
pension scheme are charged to profit or loss in the period to which they relate.
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2.13. Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdafts. Bank overdrafts are shown within borrowings in current liabilities.
2.14. Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.15. Dividends
Dividends and other distributions to the company's shareholder are recognised as a liability in the financial statements in the period in which the dividends and the other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 30 (2022: 37)
30 37
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 158,668
Disposals (96,206 )
Transfers (15,224 )
As at 31 December 2023 47,238
Amortisation
As at 1 January 2023 157,560
Provided during the period 928
Disposals (96,206 )
Transfers (15,224 )
As at 31 December 2023 47,058
Net Book Value
As at 31 December 2023 180
As at 1 January 2023 1,108
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 January 2023 176,349 3,784,927 - 3,961,276
Additions 4,053 81,464 - 85,517
Disposals - (16,606 ) - (16,606 )
Transfers - 1,724 13,500 15,224
As at 31 December 2023 180,402 3,851,509 13,500 4,045,411
Depreciation
As at 1 January 2023 134,450 3,102,742 - 3,237,192
Provided during the period 9,354 158,251 - 167,605
Disposals (84 ) (16,597 ) - (16,681 )
Transfers - 1,724 13,500 15,224
As at 31 December 2023 143,720 3,246,120 13,500 3,403,340
Net Book Value
As at 31 December 2023 36,682 605,389 - 642,071
As at 1 January 2023 41,899 682,185 - 724,084
6. Investments
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 902,987 1,396,872
Amounts owed by group undertakings 81,380 -
Other debtors 109,675 103,805
1,094,042 1,500,677
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 250,321 1,067,291
Amounts owed to group undertakings - 491,858
Other creditors 136,501 298,007
Taxation and social security (14,424 ) 311,538
372,398 2,168,694
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,600,000 1,600,000
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10. Other Commitments
Minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 133,732 60,130
Later than one year and not later than five years 284,140 180,390
Later than five years - 35,075
417,872 275,595
11. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid - 750,001
- 750,001
12. Related Party Transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
13. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent undertaking and the smallest group of undertakings to consolidate these financial statements is European Freeze Dry ApS , a company incorporated in Denmark. The company's ultimate parent and controlling party is EFD Investment A/S  which is incorporated in Denmark.
EFD Investment A/S, is the parent undertaking of the largest group of undertakings to consolidate these
financial statements at 31 December 2021. The consolidated financial statements of European Freeze Dry ApS
and EFD Investment A/S are available from Erhvervsinvest Management A/S, Jaegersborg Alle 4, 5. sal,
DK-2920 Charlottenlund.
14. Audit Information
The auditors report on the account of European Freeze Dry Limited for the year ended 31 December 2023 was unqualified
The auditor's report was signed by Mark James Hall (Senior Statutory Auditor) for and on behalf of MJH Accountants Limited , Statutory Auditor
MJH Accountants Limited
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF
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