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REGISTERED NUMBER: 07374852 (England and Wales)






















Saxon Quality Foods Limited

Unaudited Financial Statements for the Year Ended 31st March 2024






Saxon Quality Foods Limited (Registered number: 07374852)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Saxon Quality Foods Limited

Company Information
for the year ended 31st March 2024







DIRECTORS: S Humphrey
Mrs R Humphrey





REGISTERED OFFICE: 5a Atkinsons Way
Foxhils Industrial Estate
Scunthorpe
DN15 8QJ





REGISTERED NUMBER: 07374852 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Saxon Quality Foods Limited (Registered number: 07374852)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 1,105,520 1,144,236
1,105,520 1,144,236

CURRENT ASSETS
Stocks 226,827 338,789
Debtors 7 2,267,179 1,375,565
Cash at bank 42,377 4,974
2,536,383 1,719,328
CREDITORS
Amounts falling due within one year 8 2,558,590 2,110,882
NET CURRENT LIABILITIES (22,207 ) (391,554 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,083,313

752,682

CREDITORS
Amounts falling due after more than one
year

9

(517,039

)

(515,254

)

PROVISIONS FOR LIABILITIES (45,263 ) (168 )
NET ASSETS 521,011 237,260

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 521,010 237,259
SHAREHOLDERS' FUNDS 521,011 237,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Saxon Quality Foods Limited (Registered number: 07374852)

Balance Sheet - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th August 2024 and were signed on its behalf by:





S Humphrey - Director


Saxon Quality Foods Limited (Registered number: 07374852)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

Saxon Quality Foods Limited 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. STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in £ sterling which is the functional currency of the company and have been rounded to the nearest pound.

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

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that the future economic benefits will flow to the entity.

Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed 10 years if a reliable estimate of useful life cannot be made.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Saxon Quality Foods Limited (Registered number: 07374852)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

3. ACCOUNTING POLICIES - continued

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2023 - 68 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2023
and 31st March 2024 17,500
AMORTISATION
At 1st April 2023
and 31st March 2024 17,500
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 -

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st April 2023 388,500 2,873,662 3,262,162
Additions 87,759 6,422 94,181
At 31st March 2024 476,259 2,880,084 3,356,343
DEPRECIATION
At 1st April 2023 3,600 2,114,326 2,117,926
Charge for year 3,770 129,127 132,897
At 31st March 2024 7,370 2,243,453 2,250,823
NET BOOK VALUE
At 31st March 2024 468,889 636,631 1,105,520
At 31st March 2023 384,900 759,336 1,144,236

Saxon Quality Foods Limited (Registered number: 07374852)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,160,023 1,047,755
Amounts owed by group undertakings 889,943 160,765
Other debtors 217,213 167,045
2,267,179 1,375,565

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 1,043,562 837,369
Hire purchase contracts (see note 11) 173,103 173,540
Trade creditors 963,934 932,846
Amounts owed to group undertakings 147,391 -
Taxation and social security 111,685 27,728
Other creditors 118,915 139,399
2,558,590 2,110,882

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 10) 313,988 129,818
Hire purchase contracts (see note 11) 203,051 385,436
517,039 515,254

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 188,500 -

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 959,737 788,021
Bank loans 83,825 49,348
1,043,562 837,369

Amounts falling due between one and two years:
Bank loans - 1-2 years 98,287 50,430

Amounts falling due between two and five years:
Bank loans - 2-5 years 27,201 79,388

Saxon Quality Foods Limited (Registered number: 07374852)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

10. LOANS - continued
2024 2023
£    £   
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 188,500 -

11. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 173,103 173,540
Between one and five years 203,051 385,436
376,154 558,976

12. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 959,737 788,021
Bank loans 397,813 179,166
Hire purchase contracts 376,154 558,976
1,733,704 1,526,163

13. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £7,736.52 (2023 £6,081.25).

14. RELATED PARTY DISCLOSURES

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.

15. ULTIMATE CONTROLLING PARTY

The Company's immediate parent company is Tuber Group Limited, who is also the ultimate controlling party.