IRIS Accounts Production v24.1.9.2 12927412 Board of Directors 1.1.23 31.12.23 31.12.23 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh129274122022-12-31129274122023-12-31129274122023-01-012023-12-31129274122021-12-31129274122022-01-012022-12-31129274122022-12-3112927412ns15:EnglandWales2023-01-012023-12-3112927412ns14:PoundSterling2023-01-012023-12-3112927412ns10:Director12023-01-012023-12-3112927412ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3112927412ns10:FRS1022023-01-012023-12-3112927412ns10:Audited2023-01-012023-12-3112927412ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-01-012023-12-3112927412ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-01-012023-12-3112927412ns10:FullAccounts2023-01-012023-12-3112927412ns10:OrdinaryShareClass12023-01-012023-12-3112927412ns10:Director22023-01-012023-12-3112927412ns10:RegisteredOffice2023-01-012023-12-3112927412ns5:CurrentFinancialInstruments2023-12-3112927412ns5:CurrentFinancialInstruments2022-12-3112927412ns5:Non-currentFinancialInstruments2023-12-3112927412ns5:Non-currentFinancialInstruments2022-12-3112927412ns5:ShareCapital2023-12-3112927412ns5:ShareCapital2022-12-3112927412ns5:RetainedEarningsAccumulatedLosses2023-12-3112927412ns5:RetainedEarningsAccumulatedLosses2022-12-3112927412ns5:ShareCapital2021-12-3112927412ns5:RetainedEarningsAccumulatedLosses2021-12-3112927412ns5:RetainedEarningsAccumulatedLosses2022-01-012022-12-3112927412ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-3112927412ns5:OwnedAssets2023-01-012023-12-3112927412ns5:OwnedAssets2022-01-012022-12-3112927412ns5:ComputerEquipment2022-12-3112927412ns5:ComputerEquipment2023-01-012023-12-3112927412ns5:ComputerEquipment2023-12-3112927412ns5:ComputerEquipment2022-12-3112927412ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3112927412ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3112927412ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3112927412ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3112927412ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3112927412ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-12-3112927412ns5:HirePurchaseContracts2023-12-3112927412ns5:HirePurchaseContracts2022-12-3112927412ns10:OrdinaryShareClass12023-12-3112927412ns5:RetainedEarningsAccumulatedLosses2022-12-31
REGISTERED NUMBER: 12927412 (England and Wales)










Strategic Report, Report of the Directors and

Financial Statements

For The Year Ended 31 December 2023

for

Farm Frites UK International Ltd

Farm Frites UK International Ltd (Registered number: 12927412)






Contents of the Financial Statements
For The Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Farm Frites UK International Ltd

Company Information
For The Year Ended 31 December 2023







DIRECTORS: G Muilenburg
M Velt





REGISTERED OFFICE: Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN





REGISTERED NUMBER: 12927412 (England and Wales)





AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

Farm Frites UK International Ltd (Registered number: 12927412)

Strategic Report
For The Year Ended 31 December 2023

Principal activity
The principal activity of the company is the import and sale of potato products.

Fair review of the business
The directors are pleased with the results for the period and the financial position of the company at the end of that period.

The results for the period, which are set out in the Income Statement, show a pre-tax profit of £1,770,518 (2022: £244,839).

Key performance indicators
Given the nature of the business, the company's directors are of the opinion that key performance indicators are important. The company uses a number of indicators to monitor and improve the development, performance and position of the business. These are largely centered around the levels of external turnover and debtor collection period. Indicators are reviewed and altered to meet changes in the internal and external environments.

2023 2022

Turnover £77,864,881 £67,269,306

Gross Profit £2,741,386 £259,936
Gross Profit Margin 3.52% 0.39%

Trade Debtors £9,402,884 £10,038,391
Debtor Days 44 55

In the 2023 financial year, the company has reported positive financial performance in relation to their KPIs.

Principal risks and uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the state of the market for food products in which the company operates. In addition, the sale of food products presents a business risk although this is mitigated through compliance with the relevant legislation surrounding this activity. The company is also exposed to financial risk from its debtors book but it manages this risk through effective credit control procedures.

Future developments
The external commercial environment is expected to remain competitive in 2024, however the directors remain confident that they will maintain their current level of performance in the future.

ON BEHALF OF THE BOARD:





G Muilenburg - Director


7 August 2024

Farm Frites UK International Ltd (Registered number: 12927412)

Report of the Directors
For The Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the import and sale of potato products.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

G Muilenburg
M Velt

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Farm Frites UK International Ltd (Registered number: 12927412)

Report of the Directors
For The Year Ended 31 December 2023


AUDITORS
The auditors, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




G Muilenburg - Director


7 August 2024

Report of the Independent Auditors to the Members of
Farm Frites UK International Ltd

Opinion
We have audited the financial statements of Farm Frites UK International Ltd (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Farm Frites UK International Ltd


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 Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Report of the Independent Auditors to the Members of
Farm Frites UK International Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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:

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

The company is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, food hygiene and storage regulations, GDPR and environmental laws and regulations recognising the nature of the company's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

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 auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

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

Report of the Independent Auditors to the Members of
Farm Frites UK International Ltd


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 a Report of the Auditors 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.




Mr Peter Morgan (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

19 August 2024

Farm Frites UK International Ltd (Registered number: 12927412)

Income Statement
For The Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 77,864,881 67,269,306

Cost of sales 75,123,495 67,009,370
GROSS PROFIT 2,741,386 259,936

Administrative expenses 970,868 15,097
OPERATING PROFIT and
PROFIT BEFORE TAXATION 1,770,518 244,839

Tax on profit 5 415,965 46,538
PROFIT FOR THE FINANCIAL YEAR 1,354,553 198,301

Farm Frites UK International Ltd (Registered number: 12927412)

Other Comprehensive Income
For The Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 1,354,553 198,301


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,354,553

198,301

Farm Frites UK International Ltd (Registered number: 12927412)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 5,122 807

CURRENT ASSETS
Debtors 7 9,417,135 10,051,814
Cash in hand 1 1
9,417,136 10,051,815
CREDITORS
Amounts falling due within one year 8 7,652,690 9,638,856
NET CURRENT ASSETS 1,764,446 412,959
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,769,568

413,766

CREDITORS
Amounts falling due after more than one
year

9

1,249

-
NET ASSETS 1,768,319 413,766

CAPITAL AND RESERVES
Called up share capital 11 1,000 1,000
Retained earnings 12 1,767,319 412,766
SHAREHOLDERS' FUNDS 1,768,319 413,766

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:





G Muilenburg - Director


Farm Frites UK International Ltd (Registered number: 12927412)

Statement of Changes in Equity
For The Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 214,465 215,465

Changes in equity
Total comprehensive income - 198,301 198,301
Balance at 31 December 2022 1,000 412,766 413,766

Changes in equity
Total comprehensive income - 1,354,553 1,354,553
Balance at 31 December 2023 1,000 1,767,319 1,768,319

Farm Frites UK International Ltd (Registered number: 12927412)

Cash Flow Statement
For The Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 406,641 51,113
Tax paid (404,736 ) (50,306 )
Net cash from operating activities 1,905 807

Cash flows from investing activities
Purchase of tangible fixed assets (4,819 ) (807 )
Net cash from investing activities (4,819 ) (807 )

Cash flows from financing activities
Capital repayments in year 2,914 -
Net cash from financing activities 2,914 -

Increase in cash and cash equivalents - -
Cash and cash equivalents at
beginning of year

2

1

1

Cash and cash equivalents at end of
year

2

1

1

Farm Frites UK International Ltd (Registered number: 12927412)

Notes to the Cash Flow Statement
For The Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
31.12.23 31.12.22
£    £   
Profit before taxation 1,770,518 244,839
Depreciation charges 504 -
Cash flow through group undertaking (1,999,042 ) (259,838 )
- 182,081
(228,020 ) 167,082
Decrease/(increase) in trade and other debtors 634,679 (347,704 )
(Decrease)/increase in trade and other creditors (18 ) 231,735
Cash generated from operations 406,641 51,113

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1 1
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1 1


3. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1 - 1
1 - 1
Debt
Finance leases - (2,914 ) (2,914 )
- (2,914 ) (2,914 )
Total 1 (2,914 ) (2,913 )

Farm Frites UK International Ltd (Registered number: 12927412)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Farm Frites UK International Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Revenue from commission charges to group undertakings is recognised within turnover on a straight-line accruals basis and represents a fixed level charge based on turnover with external customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Farm Frites UK International Ltd (Registered number: 12927412)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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 trade and other debtors and cash and bank balances, are measured at transaction price including transaction costs.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.

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. The impairment loss 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 when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

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 trade and other creditors, bank loans, loans from fellow group companies, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year.

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.

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Equity instruments

Farm Frites UK International Ltd (Registered number: 12927412)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits
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.

3. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 762,064 -
Other pension costs 65,637 -
827,701 -

The average number of employees during the year was as follows:
31.12.23 31.12.22

Sales & Distribution 7 -

31.12.23 31.12.22
£    £   
Directors' remuneration - -

Farm Frites UK International Ltd (Registered number: 12927412)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 504 -
Auditors' remuneration 5,800 5,500

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 415,965 46,538
Tax on profit 415,965 46,538

6. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023 807
Additions 4,819
At 31 December 2023 5,626
DEPRECIATION
Charge for year 504
At 31 December 2023 504
NET BOOK VALUE
At 31 December 2023 5,122
At 31 December 2022 807

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 9,402,884 10,038,391
Value Added Tax 3,812 2,505
Prepayments and accrued income 10,439 10,918
9,417,135 10,051,814

Farm Frites UK International Ltd (Registered number: 12927412)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 10) 1,665 -
Amounts owed to group undertakings 7,170,459 9,169,501
Tax 239,849 228,620
Social security and other taxes 31,025 29,111
Other creditors 9,191 6,379
Pension 7,119 -
Accrued expenses 193,382 205,245
7,652,690 9,638,856

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts (see note 10) 1,249 -

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 1,665 -
Between one and five years 1,249 -
2,914 -

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary 1 1,000 1,000

12. RESERVES
Retained
earnings
£   

At 1 January 2023 412,766
Profit for the year 1,354,553
At 31 December 2023 1,767,319

Farm Frites UK International Ltd (Registered number: 12927412)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023

13. ULTIMATE CONTROLLING PARTY & ULTIMATE PARENT COMPANY

The ultimate parent company of the Holding Farm Frites Group is Holding Farm Frites B.V..
PeHa Beheer B.V., a company registered in the Netherlands, wholly owns Holding Farm Frites B.V..
The ultimate controlling party is P.H de Bruijne.

14. CONSOLIDATED GROUP ACCOUNTS

Information regarding the consolidated accounts of Holding Farm Frites B.V. can be obtained from its registered office, Molendijk 108, 3227 CD Oudenhoorn, Netherlands.