Company registration number 02240422 (England and Wales)
THE AUTHENTIC FOOD GROUP LIMITED
GROUP ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
THE AUTHENTIC FOOD GROUP LIMITED
COMPANY INFORMATION
Directors
N Basran
K K Basran
Company number
02240422
Registered office
4-5 Robeson Way
Sharston Green Business Park
Manchester
M22 4SW
Auditor
Alexander & Co LLP
Centurion House
129 Deansgate
Manchester
M3 3WR
THE AUTHENTIC FOOD GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group profit and loss account
9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 31
THE AUTHENTIC FOOD GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The Directors present the strategic report for the year ended 30 November 2023.

Fair review of the business

The results of the Company for the year, as set out on page 9, show turnover of £45.5m (2022 - £50.6m) and a profit on ordinary activities before taxation of £2.0m (2022 – £1.2m).

 

As reported in the previous 12 month financial period the rate of cost inflation was a significant challenge. Efforts were concentrated on how to mitigate or avoid its impact as best as possible. During this 12 month period the efforts

and steps taken to manage the inflation challenge started to be seen.

 

Energy costs specifically gas and electricity costs where the time and focus invested to mitigate saw a significant reduction in the level of cost in this financial period to those in the prior 12 month financial period. The investment in the area continues with a more robust understanding of current and future exposures, more transparency of the drivers of consumption which will lead to opportunities to adopt more control and ultimately reduce energy usage.

 

The business has also worked hard and put added focus in the period to challenge inefficiency, manage waste and control overhead costs. It has been identified in the period that there are further opportunities to come. With that

said further investment in resource is being made to supplement present efforts and drive this area of work forward.

 

Strategy
The business has a clear strategic focus this is to remain a leader in the provision of frozen world foods, which is delivered through innovation and the desire to deliver benefit to all its stakeholders.

Principal risks and uncertainties

The principal risks and uncertainties of the Company are in line with other food manufacturing businesses that operate within similar categories, as ever these are pricing pressure from customers and the competitive nature of the markets it operates in. The Company manages margin pressure as a result of raw material cost inflation, exchange rate volatility and the constant increases in employee costs.

 

The Directors and senior leadership team closely monitor the business through key performance indicators. A number of which are detailed below to assist mitigate the principal risks and uncertainties faced.

 

Key performance indicators

KPIs are operated at all levels to measure performance enabling the Company to control its business on a daily, weekly and monthly basis.

 

The Directors monitor the progress of the Group by reference to the following KPIs:

 

· Turnover £45.5m (2022 - £50.6m) – Goods supplied during the year exclusive of Value Added Tax and

trade discounts

· Gross Margin 24.9% (2022 – 23.9%) - Gross Profit as a percentage of Turnover

 

THE AUTHENTIC FOOD GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

Going concern
In preparing these financial statements the Directors are required to make the necessary assessments to ensure that the going concern basis is appropriate.

The business has worked hard to mitigate the impact of the inflation seen during the financial period. This has been hugely challenging as the increased costs have been seen impacting throughout the business’s cost structure. In addition to this due to the nature of the business the cost of energy has also been a factor as has the availability of certain raw materials. The business has engaged with its customer and supplier base to find the optimum solution. That said this has been challenging as we all face the same pressures. It is predicted these forces will continue throughout 2024.

The Directors have produced detailed forecasts to understand its resilience to the continued impact of the aforementioned drivers, and modelled scenarios to assess potential actions required to remain financially viable.

The Directors are therefore confident they have the appropriate operational and tactical plans ready in order to react when needed.

Promoting the success of the company

Stakeholder Group

Why we engage

How we engage

Employees

The continued success of the company is heavily reliant upon our employees working towards our shared goals.

Employees are briefed regularly to provide a business update and progress towards factory targets. The senior management team are continually working on finding new and improved methods of engagement.

Customers

Our customer satisfaction is imperative to the long term success of the business.

Our commercial and new product development teams work together with our customers to ensure their needs are surpassed and that we are able to offer innovative products in line with emerging trends.

Suppliers

The food sector is a heavily regulated industry; we retain a trusted supplier base to maintain the highest quality standards.

Our purchasing, technical and supply chain teams are in regular contact with suppliers to ensure quality standards are maintained and to ensure the supply chain remains uninterrupted.

Community

TAFG cares about its local community and the people within it.

TAFG donates food to trusted charity partners in order to help people in need and also to minimise food waste. We are continually looking at further methods to engage with the community.

Environment

The company acknowledges the impact its activity has on the environment. It has a responsibility to try and minimise the impact on the environment.

We maximise recycling and have started to migrate to recyclable food trays. The factory also looks at optimising energy usage. We work closely with energy specialists to assist us with ensuring we are progressively moving the environment agenda forward.

 

THE AUTHENTIC FOOD GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -

On behalf of the board

N Basran
Director
22 August 2024
THE AUTHENTIC FOOD GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -

The Directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the Group continued to be the production and sale of frozen world foods into foodservice and retail customers.

 

The company's principal activity is that of a holding company.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The Directors do not recommend payment of a dividend.

Directors

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

N Basran
K K Basran

Streamlined Energy and Carbon Reporting (SECR)
The Companies Act 2006 (Strategic report and Directors’ Report) Regulations 2018 require the disclosure of annual UK energy consumption and greenhouse gas emissions from SECR regulated sourced.

Energy consumption (kWh)
7,116,674
Emissions from purchased electricity (kgCO2e)
776,560
Emissions from gas combustion (kgCO2e)
717,130
Emissions from transport (kgCO2e)
91,254
Total Gross Emissions (kgCO2e)
1,584,945
Intensity ratio (kgCO2 per tonne of product)
216
Methodology
Consumption data for both Electricity and Gas has been obtained from utility invoices. Transport emissions are calculated by converting mileage covered in the period converted to kWh and then to kgCO2e using 2022 conversion rates provided by DEFRA.
Energy efficiency initiatives
The business continues to work closely with an energy consultancy business to assist in identifying and prioritising energy efficiency initiatives.  This work continues and is expected to support the business in the near future.
THE AUTHENTIC FOOD GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
Statement of directors' responsibilities

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 group and company 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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 auditor of the company 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 auditor of the company is aware of that information.

On behalf of the board
N Basran
Director
22 August 2024
THE AUTHENTIC FOOD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE AUTHENTIC FOOD GROUP LIMITED
- 6 -
Opinion

We have audited the financial statements of The Authentic Food Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group and parent 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 group's and parent 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:

THE AUTHENTIC FOOD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE AUTHENTIC FOOD GROUP LIMITED
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 group's and parent 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 group or parent 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.

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

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.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of the legal and regulatory framework that the company operates in. We considered the extent to which non-compliance might have a material effect on the financial statements. The key laws and regulations we considered in this context included UK Companies Act 2006, employment law, health and safety and tax legislation.

We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the posting of inappropriate journal entries to manipulate financial results and potential management bias in accounting estimates.

As a result of the above, our audit procedures performed included:

THE AUTHENTIC FOOD GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE AUTHENTIC FOOD GROUP LIMITED
- 8 -

 

 

There are inherent limitations in the audit procedures described above. The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK).

We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the Directors of The Authentic Food Group Limited.

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.

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.

Stephen Jolley (Senior Statutory Auditor)
For and on behalf of Alexander & Co LLP
22 August 2024
Chartered Accountants
Statutory Auditor
Centurion House
129 Deansgate
Manchester
M3 3WR
THE AUTHENTIC FOOD GROUP LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
45,467,528
50,586,287
Cost of sales
(34,145,542)
(38,498,520)
Gross profit
11,321,986
12,087,767
Distribution costs
(672,670)
(725,190)
Administrative expenses
(8,480,722)
(10,068,321)
Operating profit
5
2,168,594
1,294,256
Interest payable and similar expenses
9
(171,343)
(92,777)
Profit before taxation
1,997,251
1,201,479
Tax on profit
10
(475,357)
(233,021)
Profit for the financial year
1,521,894
968,458
Profit for the financial year is all attributable to the owners of the parent company.

 

THE AUTHENTIC FOOD GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
2023
2022
£
£
Profit for the year
1,521,894
968,458
Other comprehensive income
-
-
Total comprehensive income for the year
1,521,894
968,458
Total comprehensive income for the year is all attributable to the owners of the parent company.

 

THE AUTHENTIC FOOD GROUP LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
525,324
712,003
Current assets
Stocks
14
4,899,686
3,422,494
Debtors falling due after more than one year
15
11,031,039
10,918,533
Debtors falling due within one year
15
5,323,363
5,432,220
Cash at bank and in hand
1,687,996
2,094,198
22,942,084
21,867,445
Creditors: amounts falling due within one year
16
(9,614,091)
(9,695,671)
Net current assets
13,327,993
12,171,774
Total assets less current liabilities
13,853,317
12,883,777
Creditors: amounts falling due after more than one year
17
-
(54,423)
Provisions for liabilities
Provisions
19
800,000
1,300,000
Deferred tax liability
20
2,069
-
0
(802,069)
(1,300,000)
Net assets
13,051,248
11,529,354
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
13,051,148
11,529,254
Total equity
13,051,248
11,529,354

 

The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
22 August 2024
N  Basran
Director
Company registration number 02240422 (England and Wales)
THE AUTHENTIC FOOD GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
12
200
200
Current assets
Debtors falling due after more than one year
15
11,031,039
10,918,533
Debtors falling due within one year
15
206,563
186,192
Cash at bank and in hand
3,774
4,407
11,241,376
11,109,132
Creditors: amounts falling due within one year
16
(1,053,956)
(854,966)
Net current assets
10,187,420
10,254,166
Total assets less current liabilities
10,187,620
10,254,366
Creditors: amounts falling due after more than one year
17
(16,023,572)
(15,868,925)
Net liabilities
(5,835,952)
(5,614,559)
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
(5,836,052)
(5,614,659)
Total equity
(5,835,952)
(5,614,559)

 

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £221,393 (2022 - £135 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 August 2024 and are signed on its behalf by:
22 August 2024
N  Basran
Director
Company registration number 02240422 (England and Wales)
THE AUTHENTIC FOOD GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
100
10,560,796
10,560,896
Year ended 30 November 2022:
Profit and total comprehensive income
-
968,458
968,458
Balance at 30 November 2022
100
11,529,254
11,529,354
Year ended 30 November 2023:
Profit and total comprehensive income
-
1,521,894
1,521,894
Balance at 30 November 2023
100
13,051,148
13,051,248

 

THE AUTHENTIC FOOD GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 December 2021
100
(5,614,794)
(5,614,694)
Year ended 30 November 2022:
Profit and total comprehensive income for the year
-
135
135
Balance at 30 November 2022
100
(5,614,659)
(5,614,559)
Year ended 30 November 2023:
Profit and total comprehensive income
-
(221,393)
(221,393)
Balance at 30 November 2023
100
(5,836,052)
(5,835,952)

 

THE AUTHENTIC FOOD GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 15 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
422,100
(162,431)
Interest paid
(171,343)
(92,777)
Income taxes paid
(538,513)
(616,095)
Net cash outflow from operating activities
(287,756)
(871,303)
Investing activities
Purchase of tangible fixed assets
(43,080)
-
Net cash used in investing activities
(43,080)
-
Financing activities
Payment of finance leases obligations
(75,366)
(20,942)
Net cash used in financing activities
(75,366)
(20,942)
Net decrease in cash and cash equivalents
(406,202)
(892,245)
Cash and cash equivalents at beginning of year
2,094,198
2,986,443
Cash and cash equivalents at end of year
1,687,996
2,094,198

 

THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 16 -
1
Accounting policies
Company information

The Authentic Food Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4-5 Robeson Way, Sharston Green Business Park, Manchester, M22 4SW.

 

The group consists of The Authentic Food Group Limited and all of its subsidiaries.

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.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated Group financial statements consist of the financial statements of the parent company The Authentic Food Group Limited together with all entities controlled by the parent company (its subsidiaries).

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

At the time of approving the financial statements, the Directors have a reasonable expectation that the Group 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.

 

The Directors have assessed the recoverability of the amounts due from Group undertakings and assess the balance to be recoverable based on future trading projections (Note 3).

THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

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:

Long term leasehold property
10% straight line
Fixtures, fittings & equipment
25% straight line
Plant and machinery
10% straight line

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 recognised in the profit and loss account.

1.8
Fixed asset investments

In the parent company financial statements, investments in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 18 -

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.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group 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.

 

The group and company only enter into basic financial instrument transactions. Financial instruments are recognised in the balance sheet when the group or company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 19 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and 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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the Group 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 Group.

1.14
Taxation

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

THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 20 -
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 group’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 if, and only if, there is 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.

1.15
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group 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.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 21 -
1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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 leased asset are consumed.

1.19

Parent Company disclosure exemptions

In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:

 

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

 

In preparing these financial statements, the Directors have had to make the following judgements:

 

 

 

 

 

 

 

 

 

 

 

THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 22 -
3
Turnover
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
44,497,012
48,935,422
Rest of Europe
183,968
138,694
Rest of the world
786,548
1,512,171
45,467,528
50,586,287
4
Exceptional item
2023
2022
£
£
Expenditure
Redundancy costs
-
47,215
5
Operating profit
2023
2022
£
£
Exchange losses
71,957
129,124
Depreciation of owned tangible fixed assets
229,759
407,865
Defined contribution pension cost
186,049
186,705
Operating lease charges
261,708
206,776

 

6
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
17,000
17,000
Audit of the financial statements of the company's subsidiaries
27,000
27,000
44,000
44,000
THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 23 -
7
Employees

The average monthly number of persons (including Directors) employed by the group and company during the year was:

Group
2023
2022
Number
Number
Office and management
37
41
Production
91
112
Total
128
153
The average number of employees employed by the parent Company in the year, including Directors, was 41 (2022 - 41).

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
5,248,053
5,206,123
3,306,450
2,828,496
Social security costs
555,137
581,444
403,575
396,313
Pension costs
186,049
186,705
44,862
133,851
5,989,239
5,974,272
3,754,887
3,358,660
8
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
1,596,821
1,210,683
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
1,596,821
1,210,683
THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 24 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
4,218
Other interest payable
49,857
88,559
49,857
92,777
Other finance costs:
Other interest
121,486
-
Total finance costs
171,343
92,777
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
435,479
299,360
Adjustments in respect of prior periods
(10,124)
(3,079)
Total current tax
425,355
296,281
Deferred tax
Other adjustments
50,002
(63,260)
Total tax charge
475,357
233,021

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

2023
2022
£
£
Profit before taxation
1,997,251
1,201,479
Expected tax charge based on the standard rate of corporation tax in the UK of 23.01% (2022: 19.00%)
459,567
228,281
Tax effect of expenses that are not deductible in determining taxable profit
53,216
19,980
Adjustments in respect of prior years
(10,122)
-
0
Depreciation on assets not qualifying for tax allowances
2,787
-
0
Deferred tax adjustments in respect of prior years
4,400
-
0
Tax at marginal rate
(422)
-
0
Remeasurement of deferred tax for changes in tax rates
-
0
(15,240)
Other movements
(166)
-
0
Provision disallowed
(33,903)
-
Taxation charge
475,357
233,021
THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
10
Taxation
(Continued)
- 25 -

An increase in the future main corporation tax rate to 25% from 1 April 2023, from the previously enacted 19%, was announced in the budget on 3 March 2021 and substantively enacted on 24 May 2021. Deferred tax balances at 30 November 2022 have been calculated based on the rates enacted or substantively enacted at that date.

11
Tangible fixed assets
Group
Long term leasehold property
Plant and machinery
Fixtures, fitting & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
386,740
13,744,553
1,606,501
105,413
15,843,207
Additions
-
0
40,105
2,975
-
0
43,080
At 30 November 2023
386,740
13,784,658
1,609,476
105,413
15,886,287
Depreciation and impairment
At 1 December 2022
386,740
13,106,339
1,606,501
31,624
15,131,204
Depreciation charged in the year
-
0
213,823
124
15,812
229,759
At 30 November 2023
386,740
13,320,162
1,606,625
47,436
15,360,963
Carrying amount
At 30 November 2023
-
0
464,496
2,851
57,977
525,324
At 30 November 2022
-
0
638,214
-
0
73,789
712,003
The company had no tangible fixed assets at 30 November 2023 or 30 November 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Motor vehicles
-
0
73,789
-
0
-
0
12
Fixed asset investments
Group
Company
2023
2022
2023
2022
£
£
£
£
Unlisted investments
-
0
-
0
200
200
THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
12
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Company
Investments in subsidiary companies
£
Cost or valuation
At 1 December 2022 and 30 November 2023
200
Carrying amount
At 30 November 2023
200
At 30 November 2022
200
13
Subsidiaries

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Authentic Food Company Limited
4-5 Robeson Way, Sharston Green Business Park, Manchester, M22 4SW
Ordinary
100.00
The Authentic Food Company GmbH
Marie-Curie-Str.1, 26129 Oldenburg, Germany
Ordinary
100.00
14
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Raw materials and consumables
875,800
832,458
-
-
Work in progress
16,267
22,396
-
-
Finished goods and goods for resale
4,007,619
2,567,640
-
0
-
0
4,899,686
3,422,494
-
-
THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,477,708
4,719,512
-
0
-
0
Corporation tax recoverable
4,281
-
0
4,281
-
0
Other debtors
493,138
473,978
158,474
148,348
Prepayments and accrued income
348,236
190,797
37,407
36,743
5,323,363
5,384,287
200,162
185,091
Deferred tax asset (note 20)
-
0
47,933
6,401
1,101
5,323,363
5,432,220
206,563
186,192
Amounts falling due after more than one year:
Corporation tax recoverable
501,842
462,898
501,842
462,898
Amounts owed by group undertakings
10,529,197
10,455,635
10,529,197
10,455,635
11,031,039
10,918,533
11,031,039
10,918,533
Total debtors
16,354,402
16,350,753
11,237,602
11,104,725
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
18
-
0
20,943
-
0
-
0
Trade creditors
7,084,562
6,887,363
111,848
91,914
Corporation tax payable
365,743
435,676
50,519
102,211
Other taxation and social security
374,895
309,993
341,141
281,763
Other creditors
160,817
159,203
429
1,005
Accruals and deferred income
1,628,074
1,882,493
550,019
378,073
9,614,091
9,695,671
1,053,956
854,966
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
18
-
0
54,423
-
0
-
0
Other creditors
-
0
-
0
16,023,572
15,868,925
-
54,423
16,023,572
15,868,925
THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 28 -
18
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
20,943
-
0
-
0
In two to five years
-
54,423
-
0
-
0
-
75,366
-
-
19
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
800,000
1,300,000
-
-
Movements on provisions:
Group
£
At 1 December 2022
1,300,000
Reversal of provision
(500,000)
At 30 November 2023
800,000

The provision in respect of dilapidations relating to a former leased property and has been settled post year end.

 

 

20
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Fixed asset timing differences
7,567
-
-
(24,642)
Short term timing differences
(5,498)
-
-
72,575
2,069
-
-
47,933
THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
20
Deferred taxation
(Continued)
- 29 -
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Fixed asset timing differences
-
-
903
1,101
Short term timing differences
-
-
5,498
-
-
-
6,401
1,101
Group
Company
2023
2023
Movements in the year:
£
£
Asset at 1 December 2022
(47,933)
(1,101)
Charge/(credit) to profit or loss
50,002
(5,300)
Liability/(Asset) at 30 November 2023
2,069
(6,401)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.

21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
141,187
133,851

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100

Each Ordinary share entitles the shareholder to one vote in any circumstances.

THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 30 -
23
Operating lease commitments
Lessee

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

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
463,394
443,624
274,000
251,750
Between two and five years
1,311,123
1,327,311
1,096,000
1,007,000
In over five years
730,667
940,254
730,667
923,083
2,505,184
2,711,189
2,100,667
2,181,833
24
Financial commitments, guarantees and contingent liabilities

The company has provided cross guarantees over the liabilities of The Authentic Food Company Limited as part of the security provided to the group's bankers.

25
Cash generated from/(absorbed by) group operations
2023
2022
£
£
Profit for the year after tax
1,521,894
968,458
Adjustments for:
Taxation charged
475,357
233,021
Finance costs
171,343
92,777
Depreciation and impairment of tangible fixed assets
229,759
407,865
Equity settled share based payment expense
-
74,000
Decrease in provisions
(500,000)
-
Movements in working capital:
Increase in stocks
(1,477,192)
(109,085)
Increase in debtors
(8,357)
(1,512,754)
Increase/(decrease) in creditors
9,296
(342,713)
Cash generated from/(absorbed by) operations
422,100
(188,431)
THE AUTHENTIC FOOD GROUP LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
(Continued)
- 31 -
26
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption conferred by section 33.1A of FRS102 not to disclose transactions with its wholly owned subsidiaries.

 

Amounts due after more than one year from Blueprint Limited, the ultimate parent undertaking, total £10,529,197 (2022 : £10,455,635).

 

The group's immediate and ultimate parent undertakings respectively Puri Investments Limited and Blueprint Limited, together with Nedgroup Trust (Jersey) Limited in its capacity as trustee of the Kamal Basran 2008 Life Interest (the ultimate controlling party) have entered into a composite guarantee and granted a debenture over the assets of the group as security for an asset based lending agreement.

 

Key management personnel includes Directors only.

27
Controlling party

The ultimate parent undertaking is Blueprint Limited, a company registered in Jersey.

 

In the opinion of the Directors, the ultimate controlling party is Kamal Basran 2008 Life Interest Trust.

2023-11-302022-12-01falseCCH SoftwareCCH Accounts Production 2024.200N BasranK K Basranfalsefalse02240422bus:Consolidated2022-12-012023-11-30022404222022-12-012023-11-3002240422bus:Director12022-12-012023-11-3002240422bus:Director22022-12-012023-11-3002240422bus:RegisteredOffice2022-12-012023-11-3002240422bus:Consolidated2023-11-30022404222023-11-3002240422bus:Consolidated2021-12-012022-11-30022404222021-12-012022-11-3002240422bus:Consolidated2022-11-3002240422core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2023-11-3002240422core:PlantMachinerybus:Consolidated2023-11-3002240422core:FurnitureFittingsbus:Consolidated2023-11-3002240422core:MotorVehiclesbus:Consolidated2023-11-3002240422core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-11-3002240422core:PlantMachinerybus:Consolidated2022-11-3002240422core:FurnitureFittingsbus:Consolidated2022-11-3002240422core:MotorVehiclesbus:Consolidated2022-11-30022404222022-11-3002240422core:ShareCapitalbus:Consolidated2023-11-3002240422core:ShareCapitalbus:Consolidated2022-11-3002240422core:ShareCapital2023-11-3002240422core:ShareCapital2022-11-3002240422core:RetainedEarningsAccumulatedLosses2023-11-3002240422core:ShareCapitalbus:Consolidated2021-11-30022404222021-11-3002240422core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-11-3002240422core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-11-3002240422core:ShareCapital2021-11-3002240422core:RetainedEarningsAccumulatedLosses2021-11-3002240422core:RetainedEarningsAccumulatedLosses2022-11-3002240422bus:Consolidated2021-11-3002240422core:LandBuildingscore:LongLeaseholdAssets2022-12-012023-11-3002240422core:LeaseholdImprovements2022-12-012023-11-3002240422core:PlantMachinery2022-12-012023-11-3002240422core:UKTaxbus:Consolidated2022-12-012023-11-3002240422core:UKTaxbus:Consolidated2021-12-012022-11-3002240422bus:Consolidated12022-12-012023-11-3002240422bus:Consolidated12021-12-012022-11-3002240422bus:Consolidated22022-12-012023-11-3002240422bus:Consolidated22021-12-012022-11-3002240422bus:Consolidated32022-12-012023-11-3002240422bus:Consolidated32021-12-012022-11-3002240422core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-11-3002240422core:PlantMachinerybus:Consolidated2022-11-3002240422core:FurnitureFittingsbus:Consolidated2022-11-3002240422core:MotorVehiclesbus:Consolidated2022-11-3002240422bus:Consolidated2022-11-3002240422core:LandBuildingscore:LeasedAssetsHeldAsLesseebus:Consolidated2022-12-012023-11-3002240422core:PlantMachinerybus:Consolidated2022-12-012023-11-3002240422core:FurnitureFittingsbus:Consolidated2022-12-012023-11-3002240422core:MotorVehiclesbus:Consolidated2022-12-012023-11-3002240422core:PlantMachinery2023-11-3002240422core:PlantMachinery2022-11-3002240422core:UnlistedNon-exchangeTradedbus:Consolidated2023-11-3002240422core:UnlistedNon-exchangeTradedbus:Consolidated2022-11-3002240422core:UnlistedNon-exchangeTraded2023-11-3002240422core:UnlistedNon-exchangeTraded2022-11-3002240422core:Subsidiary22022-12-012023-11-300224042212022-12-012023-11-300224042222022-12-012023-11-3002240422core:Non-currentFinancialInstrumentsbus:Consolidated2023-11-3002240422core:Non-currentFinancialInstrumentsbus:Consolidated2022-11-3002240422core:Non-currentFinancialInstruments2023-11-3002240422core:Non-currentFinancialInstruments2022-11-3002240422core:CurrentFinancialInstruments2023-11-3002240422core:CurrentFinancialInstruments2022-11-3002240422core:CurrentFinancialInstrumentsbus:Consolidated2023-11-3002240422core:CurrentFinancialInstrumentsbus:Consolidated2022-11-3002240422core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-11-3002240422core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-11-3002240422core:CurrentFinancialInstrumentscore:WithinOneYear2023-11-3002240422core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3002240422core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12023-11-3002240422core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated12022-11-3002240422core:Non-currentFinancialInstrumentscore:AfterOneYear22023-11-3002240422core:Non-currentFinancialInstrumentscore:AfterOneYear22022-11-3002240422core:WithinOneYearbus:Consolidated2022-11-3002240422core:WithinOneYear2023-11-3002240422core:WithinOneYear2022-11-3002240422core:BetweenTwoFiveYearsbus:Consolidated2022-11-3002240422core:BetweenTwoFiveYears2023-11-3002240422core:BetweenTwoFiveYears2022-11-3002240422bus:PrivateLimitedCompanyLtd2022-12-012023-11-3002240422bus:FRS1022022-12-012023-11-3002240422bus:Audited2022-12-012023-11-3002240422bus:ConsolidatedGroupCompanyAccounts2022-12-012023-11-3002240422bus:FullAccounts2022-12-012023-11-30xbrli:purexbrli:sharesiso4217:GBP