Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-01-01falsefalseNo description of principal activity202187falsefalse 03561973 2023-01-01 2023-12-31 03561973 2022-01-01 2022-12-31 03561973 2023-12-31 03561973 2022-12-31 03561973 2022-01-01 03561973 1 2023-01-01 2023-12-31 03561973 1 2022-01-01 2022-12-31 03561973 5 2023-01-01 2023-12-31 03561973 5 2022-01-01 2022-12-31 03561973 1 2023-01-01 2023-12-31 03561973 e:Director1 2023-01-01 2023-12-31 03561973 e:Director2 2023-01-01 2023-12-31 03561973 e:Director3 2023-01-01 2023-12-31 03561973 e:RegisteredOffice 2023-01-01 2023-12-31 03561973 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 03561973 d:Buildings d:ShortLeaseholdAssets 2023-12-31 03561973 d:Buildings d:ShortLeaseholdAssets 2022-12-31 03561973 d:LandBuildings 2023-12-31 03561973 d:LandBuildings 2022-12-31 03561973 d:PlantMachinery 2023-01-01 2023-12-31 03561973 d:PlantMachinery 2023-12-31 03561973 d:PlantMachinery 2022-12-31 03561973 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03561973 d:MotorVehicles 2023-01-01 2023-12-31 03561973 d:MotorVehicles 2023-12-31 03561973 d:MotorVehicles 2022-12-31 03561973 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03561973 d:ComputerEquipment 2023-01-01 2023-12-31 03561973 d:ComputerEquipment 2023-12-31 03561973 d:ComputerEquipment 2022-12-31 03561973 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03561973 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 03561973 d:CurrentFinancialInstruments 2023-12-31 03561973 d:CurrentFinancialInstruments 2022-12-31 03561973 d:Non-currentFinancialInstruments 2023-12-31 03561973 d:Non-currentFinancialInstruments 2022-12-31 03561973 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03561973 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 03561973 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03561973 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 03561973 d:UKTax 2023-01-01 2023-12-31 03561973 d:UKTax 2022-01-01 2022-12-31 03561973 d:ShareCapital 2023-01-01 2023-12-31 03561973 d:ShareCapital 2023-12-31 03561973 d:ShareCapital 2022-12-31 03561973 d:ShareCapital 2022-01-01 03561973 d:SharePremium 2023-01-01 2023-12-31 03561973 d:SharePremium 2023-12-31 03561973 d:SharePremium 2022-12-31 03561973 d:SharePremium 2022-01-01 03561973 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 03561973 d:CapitalRedemptionReserve 2023-12-31 03561973 d:CapitalRedemptionReserve 2022-12-31 03561973 d:CapitalRedemptionReserve 2022-01-01 03561973 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03561973 d:RetainedEarningsAccumulatedLosses 2023-12-31 03561973 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 03561973 d:RetainedEarningsAccumulatedLosses 2022-12-31 03561973 d:RetainedEarningsAccumulatedLosses 2022-01-01 03561973 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03561973 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 03561973 d:RetirementBenefitObligationsDeferredTax 2023-12-31 03561973 d:RetirementBenefitObligationsDeferredTax 2022-12-31 03561973 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 03561973 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 03561973 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 03561973 e:OrdinaryShareClass1 2023-01-01 2023-12-31 03561973 e:OrdinaryShareClass1 2023-12-31 03561973 e:OrdinaryShareClass1 2022-12-31 03561973 e:OrdinaryShareClass2 2023-01-01 2023-12-31 03561973 e:OrdinaryShareClass2 2023-12-31 03561973 e:OrdinaryShareClass2 2022-12-31 03561973 e:FRS102 2023-01-01 2023-12-31 03561973 e:Audited 2023-01-01 2023-12-31 03561973 e:FullAccounts 2023-01-01 2023-12-31 03561973 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03561973 d:WithinOneYear 2023-12-31 03561973 d:WithinOneYear 2022-12-31 03561973 d:BetweenOneFiveYears 2023-12-31 03561973 d:BetweenOneFiveYears 2022-12-31 03561973 d:MoreThanFiveYears 2023-12-31 03561973 d:MoreThanFiveYears 2022-12-31 03561973 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 03561973 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 03561973 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 03561973 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 03561973 2 2023-01-01 2023-12-31 03561973 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 03561973 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 03561973 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 03561973 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 03561973 d:LeasedAssetsHeldAsLessee 2023-12-31 03561973 d:LeasedAssetsHeldAsLessee 2022-12-31 03561973 f:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 03561973







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


CLF DISTRIBUTION LIMITED






































img0e4d.png                        

 


CLF DISTRIBUTION LIMITED
 


 
COMPANY INFORMATION


Directors
L Holiday 
R G Holiday 
P R Tate 




Registered number
03561973



Registered office
210 Mauretania Road
Nursling Industrial Estate

Southampton

Hampshire

SO16 0YS




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


CLF DISTRIBUTION LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 28

 


CLF DISTRIBUTION LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their Strategic Report for the year ended 31 December 2023.
Principal activity
The principal activity of the Company throughout the year was that of selling health food, supplements, and associated health products.

Business review
 
The end of 2023 marks the completion of our second year operating as an Employee-Owned Trust (EOT). Back in December 2021 we made the transition from being a family owned and run business to being employee owned. We are incredibly proud to report another  very successful year as an EOT, not only have we achieved further business growth but also again delivered improved measurable efficiencies in several key business processes.
During the year, our management structure and our overall mission remained unchanged, that is, to build upon CLF’s position as the wholesaler of choice to independent retailers by continuing to reinvest financial gains in our people, our industry, and our planet.
Our People
The team at CLF underpin our success. Longevity of service by our staff ensures continuity and a quality service for our customers and our suppliers alike. CLF value its employees by investing in them via an ethos of fair pay and a company profit share scheme. The CLF minimum wage is set above the national living wage for all employees irrespective of age. Our commitment to fair pay for all remains unchanged, as demonstrated by our continued accreditation with the Living Wage Foundation, we are proud to be a “Living Wage Employer”.
Our Industry
CLF fill the logistical gap between our customers and our suppliers by delivering products accurately and ‘Just in Time’ supported by weekend and evening deliveries. Continued investment into our state-of-the-art IT systems and facilities (£289,222 in 2023) has again helped to reduce costs throughout the supply chain by driving efficiencies. This year we have also continued to invest in innovative marketing initiatives and weekly promotions designed to drive consumers into stores whilst building a stronger relationship between CLF, our retailers, and our suppliers. Our focus, devotion and support given to independent high street retailer has not changed throughout the year. They remain a central core to our strategic plans and our business purpose.
Our Planet
Environmentally friendly initiatives are at the heart of what we do. Our reusable tote box system was launched in 2009 and is still running today. We have continued to invest in new totes which are now lighter, so reduce our carbon footprint even further, and new delivery vehicles meeting the latest emissions criteria. We have also started to trial EV delivery vehicles with the aim to further reduce our carbon footprint. Our chilled and frozen insulated box system allows temperature-controlled deliveries without the additional energy required to run temperature-controlled vehicles often operated with partial loads. Our customers have responded by consolidating orders through CLF as their primary wholesaler which, in itself, reduces their carbon footprint via food miles. We all care about our planet.
Community
Our community continues to be a priority in many of the things that we do. We continue to ensure that the interests of our staff, their families and the wider community are always considered at the forefront of any business decisions. The continuation of employee support initiatives (for example our cycle to work scheme) helps to promote our business in the community and at the same time support local people or environments.

Page 1

 


CLF DISTRIBUTION LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
Financial risk management
The Company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The Company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs. The Company does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.
Price risk
The Company is exposed to price risk due to normal inflationary increases in the purchase price of the goods and services in the UK.
Credit risk
The Company has implemented policies that require appropriate credit checks on potential customers before sales are made.
Liquidity risk
The Company actively maintains a combination of short-term and long-term finance that is designed to ensure that the Company has sufficient available funds for operations and planned expansions.

Financial key performance indicators
 
In addition to increasing Sales in the year (£58,345,276 compared to £45,344,353 in the previous year), the directors are further encouraged by the overall improvements seen in efficiency and productivity. An improvement in Gross Profit % has been achieved in the year 22.27% compared to 21.62% in the previous year.
The efficiency and productivity improvements plus focus and control of administrative expenses has led to a much-improved return on sales at 5.51% compared to 3.22% in the previous year.


This report was approved by the board and signed on its behalf.



................................................
P R Tate
Director

Date: 2 September 2024
Page 2

 


CLF DISTRIBUTION LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,453,475 (2022 - £1,231,805).

During the year, a distribution of £3,550,177 (2022 - £1,238,209) was paid to The CLF Distribution Employee Ownership Trust.

Directors

The directors who served during the year were:

L Holiday 
R G Holiday 
P R Tate 

Future developments

The directors will continue to look to grow the business focused on new and innovative products.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 3

 


CLF DISTRIBUTION LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Post balance sheet events

The following non-adjusting events have occurred since 31 December 2023:
 
Since the year end, a new term loan was negotiated with HSBC for £5.5m, by The CLF Distribution Employee Ownership Trust, of which the company acts as a guarantor,  repayable over 3.5 years, in replacement of the previous loan. The new loan was secured in March 2024.
 
Since the year end, 5,706 Enterprise Management Incentive shares of £0.01 each were exercised.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
P R Tate
Director

Date: 2 September 2024
Page 4

 


CLF DISTRIBUTION LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLF DISTRIBUTION LIMITED

Opinion


We have audited the financial statements of CLF Distribution Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 5

 


CLF DISTRIBUTION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLF DISTRIBUTION LIMITED (CONTINUED)

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


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 Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


CLF DISTRIBUTION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLF DISTRIBUTION LIMITED (CONTINUED)

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 an Auditors' 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.


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:

The Company is subject to laws and regulations that directly affect the financial statements including financial
reporting legislation, and general regulations such as health and safety. There are no industry specific laws and
regulations which would be deemed to have a significant impact on the financial statements. We assessed the extent
of compliance with the appropriate laws and regulations as part of our procedures on the related financial statement
items.
 
We understood how the Company is complying with the legal and regulatory frameworks by, making inquiries to
management, those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any
issues in this area.
 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
 
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
°Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgments made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
°Posting of unusual journals and complex transactions.
°Misappropriation of funds through fraudulent purchase ledger and payroll activity.
°Manipulation of amounts subject to significant judgment or estimate.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 7

 


CLF DISTRIBUTION LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CLF DISTRIBUTION LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





Andrew Galliers FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

2 September 2024
Page 8

 


CLF DISTRIBUTION LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
58,345,276
45,344,353

Cost of sales
  
(45,352,763)
(35,539,153)

Gross profit
  
12,992,513
9,805,200

Administrative expenses
  
(9,936,021)
(8,469,736)

Other operating income
 5 
206,067
180,705

Operating profit
 6 
3,262,559
1,516,169

Interest receivable and similar income
 10 
2,882
2,381

Interest payable and similar expenses
 11 
(51,701)
(59,444)

Profit before tax
  
3,213,740
1,459,106

Tax on profit
 12 
(760,265)
(227,301)

Profit for the financial year
  
2,453,475
1,231,805

Other comprehensive income for the year
  

Total comprehensive income for the year
  
2,453,475
1,231,805

The notes on pages 14 to 28 form part of these financial statements.
Page 9

 


CLF DISTRIBUTION LIMITED
REGISTERED NUMBER:03561973



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,658,518
1,973,993

  
1,658,518
1,973,993

Current assets
  

Stocks
  
4,795,288
4,571,212

Debtors: amounts falling due within one year
 16 
4,114,339
3,658,128

Cash at bank and in hand
  
382,860
524,583

  
9,292,487
8,753,923

Creditors: amounts falling due within one year
 17 
(9,771,278)
(8,321,422)

Net current (liabilities)/assets
  
 
 
(478,791)
 
 
432,501

Total assets less current liabilities
  
1,179,727
2,406,494

Creditors: amounts falling due after more than one year
  
(146,932)
(223,958)

Provisions for liabilities
  

Deferred tax
  
(282,941)
(355,218)

Other provisions
  
(163,900)
(144,700)

  
 
 
(446,841)
 
 
(499,918)

Net assets
  
585,954
1,682,618


Capital and reserves
  

Called up share capital 
  
144
106

Share premium account
 23 
30,734
30,734

Capital redemption reserve
 23 
7
7

Profit and loss account
 23 
555,069
1,651,771

  
585,954
1,682,618


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P R Tate
Director

Date: 2 September 2024

The notes on pages 14 to 28 form part of these financial statements.
Page 10


 
CLF DISTRIBUTION LIMITED

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity


£
£
£
£
£



At 1 January 2022
106
30,734
7
1,658,175
1,689,022



Comprehensive income for the year


Profit for the year
-
-
-
1,231,805
1,231,805



Contributions by and distributions to owners


Distribution to the CLF Distribution Employee Ownership Trust
-
-
-
(1,238,209)
(1,238,209)





At 1 January 2023
106
30,734
7
1,651,771
1,682,618



Comprehensive income for the year


Profit for the year
-
-
-
2,453,475
2,453,475



Contributions by and distributions to owners


Distribution to The CLF Distribution Employee Ownership Trust
-
-
-
(3,550,177)
(3,550,177)


Shares issued during the year
38
-
-
-
38



At 31 December 2023
144
30,734
7
555,069
585,954



The notes on pages 14 to 28 form part of these financial statements.
Page 11

 


CLF DISTRIBUTION LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,453,475
1,231,805

Adjustments for:

Depreciation of tangible assets
591,351
619,087

(Profit)/Loss on disposal of tangible assets
(201)
12,150

Interest paid
12,393
59,444

Interest received
(2,882)
(2,381)

Taxation charge
760,265
227,301

(Increase) in stocks
(224,076)
(351,062)

(Increase)/decrease in debtors
(456,211)
694,607

Increase in creditors
1,031,819
1,304,449

Increase in provisions
19,200
-

Corporation tax (paid)
(337,302)
(269,801)

Net cash generated from operating activities

3,847,831
3,525,599


Cash flows from investing activities

Purchase of tangible fixed assets
(289,222)
(429,034)

Sale of tangible fixed assets
13,547
37,540

Interest received
2,882
2,381

HP interest paid
(12,393)
-

Net cash from investing activities

(285,186)
(389,113)

Cash flows from financing activities

Issue of ordinary shares
38
-

Repayment of/new finance leases
(114,921)
(255,808)

Distribution to The CLF Distribution Employee Ownership Trust
(3,550,177)
(1,238,209)

Interest paid
(39,308)
(59,444)

Net cash used in financing activities
(3,704,368)
(1,553,461)

Net (decrease)/increase in cash and cash equivalents
(141,723)
1,583,025

Cash and cash equivalents at beginning of year
524,583
(1,058,442)

Cash and cash equivalents at the end of year
382,860
524,583


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
382,860
524,583

382,860
524,583


The notes on pages 14 to 28 form part of these financial statements.

Page 12

 


CLF DISTRIBUTION LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

524,583

(141,723)

-

382,860

Finance leases

(400,761)

179,221

(76,693)

(298,233)


123,822
37,498
(76,693)
84,627

The notes on pages 14 to 28 form part of these financial statements.
Page 13

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

CLF Distribution Limited is a private company limited by shares, registered in England and Wales. The
address of its registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 14

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the life of the lease
Plant and machinery
-
1-10 years
Motor vehicles
-
3-5 years
Computer equipment
-
3-5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 16

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 17

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.  
The judgements, estimates and assumptions are evaluated at each reporting date and based on historical experience as adjusted for current market conditions and other factors. Management makes estimates and assumptions concerning the future in preparing the financial statements and the actual results will not always reflect the accounting estimates made. The estimates and assumptions that had a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities of the Company are outlined below: 
Stock provision
In assessing the magnitude of the stock provision required at the year end, the directors have reviewed the products with regard to their current condition, their remaining life, along with the recent and expected future sales patterns. At the year end, the carrying value of stock totalled £4,795,288 (2022: £4,571,212).
Debtors provision
At each reporting date, the Company's trade debtor balance is reviewed to identify balances against which specific provisions are required. At the year end, the carrying value of trade debtors totalled £3,843,645 (2022: £3,334,639).

Page 18

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

In the opinion of the directors, disclosure of separate segmental information would be seriously prejudicial to the interests of the Company. 


5.


Other operating income

2023
2022
£
£

Other operating income
204,591
177,942

Fridge rentals
1,476
2,763

206,067
180,705



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

(Profit)/Loss on disposal of fixed assets
(201)
12,150

Exchange differences
2,120
16,986

Other operating lease rentals
370,483
364,433


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
29,390
21,215

Page 19

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
5,493,903
4,746,083

Social security costs
518,180
462,447

Cost of defined contribution scheme
450,005
162,879

6,462,088
5,371,409


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administrative & Sales
36
38



Warehouse & Transport
166
149

202
187


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
217,647
393,897

Company contributions to defined contribution pension schemes
167,903
20,438

385,550
414,335


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £123,980 (2022 - £126,361).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £7,529 (2022 - £4,900).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
2,882
2,381

2,882
2,381

Page 20

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
39,278
41,392

Other loan interest payable
12,423
18,052

51,701
59,444


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
832,542
256,665

Adjustments in respect of previous periods
-
(29,128)


832,542
227,537


Total current tax
832,542
227,537

Deferred tax


Origination and reversal of timing differences
(69,777)
(917)

Adjustment in respect of prior periods
(2,500)
681

Total deferred tax
(72,277)
(236)


Tax on profit
760,265
227,301
Page 21

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,213,740
1,459,106


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
755,872
277,230

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
1,914

Capital allowances for year in excess of depreciation
-
(22,089)

Adjustments to tax charge in respect of prior periods
-
(29,128)

Adjustments to tax charge in respect of previous periods- deferred tax
(2,500)
681

Income not taxable for tax purposes
-
(1,087)

Remeasurement of deferred tax for changes in tax rates
(4,131)
(220)

Permanent timing differences
11,024
-

Total tax charge for the year
760,265
227,301


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Distributions from reserves

2023
2022
£
£


Distribution to The CLF Distribution Employee Ownership Trust
3,550,177
1,238,209

3,550,177
1,238,209

Page 22

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
903,492
2,311,164
679,631
2,265,401
6,159,688


Additions
22,677
53,654
25,667
187,224
289,222


Disposals
(69,378)
(259,053)
(30,124)
(739,887)
(1,098,442)



At 31 December 2023

856,791
2,105,765
675,174
1,712,738
5,350,468



Depreciation


At 1 January 2023
350,057
1,505,045
384,910
1,945,683
4,185,695


Charge for the year on owned assets
61,402
183,876
190,688
155,385
591,351


Disposals
(69,378)
(250,275)
(29,689)
(735,754)
(1,085,096)



At 31 December 2023

342,081
1,438,646
545,909
1,365,314
3,691,950



Net book value



At 31 December 2023
514,710
667,119
129,265
347,424
1,658,518



At 31 December 2022
553,435
806,119
294,721
319,718
1,973,993




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
514,710
553,435

514,710
553,435


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
218,492
166,739

Motor vehicles
104,648
292,703

323,140
459,442

Page 23

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Stocks

2023
2022
£
£

Finished goods and goods for resale
4,699,576
4,571,212

Work in progress (goods to be sold)
95,712
-

4,795,288
4,571,212



16.


Debtors

2023
2022
£
£


Trade debtors
3,843,645
3,334,639

Other debtors
16,949
78,168

Prepayments and accrued income
253,745
245,321

4,114,339
3,658,128



17.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,040,893
5,747,518

Corporation tax
687,553
244,014

Other taxation and social security
195,084
119,061

Obligations under finance lease and hire purchase contracts
151,301
176,803

Other creditors
102,434
80,664

Accruals and deferred income
1,594,013
1,953,362

9,771,278
8,321,422



18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
146,932
223,958

146,932
223,958


Page 24

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
151,300
176,803

Between 1-5 years
146,932
223,958

298,232
400,761


20.


Deferred taxation




2023
2022


£

£






At beginning of year
(355,218)
(355,454)


Charged to profit or loss
72,277
236



At end of year
(282,941)
(355,218)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(297,824)
(361,461)

Other short term timing differences
14,883
6,243

(282,941)
(355,218)


Accelerated capital allowances are expected to reverse in line with each corresponding fixed asset class and the classes depreciation rates as noted in the accounting policies. 
Losses and other deductions will continue to be utilised as future profits arise from the Company's ordinary course of business. 


21.


Provisions




Dilapidations

£





At 1 January 2023
144,700


Charged to profit or loss
19,200



At 31 December 2023
163,900

Page 25

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



13,706 (2022 - 9,900) Ordinary A shares of £0.01 each
137
99
7 (2022 - 7) Ordinary B shares of £1.00 each
7
7

144

106

The shares rank equally other than that the 'B' shareholders have no right to receive notice of, attend or vote at general meetings of the company and will have no right to the return of any capital upon dissolution of the company.
EMI Share Options
 During the year, the company granted 5,706 share options as part of a Enterprise Management Incentive Scheme, at the year end, none of these had been excercised.
In the view of the directors, the value of the options is not material to the accounts, and as such no impact to the financial statements has been recorded for these.


Shares issued in the period
During the period, the company issued 3,806 Ordinary A shares at nominal value.


23.


Reserves

Share premium account

The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at an amount in excess of nominal value. 

Capital redemption reserve

This reserve relates to the nominal value of shares that the Company has brought back.

Profit and loss account

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.


24.


Contingencies

The Company has guaranteed the bank loan of CLF Distribution & Partners Limited, the nominee company for the CLF Distribution Employee Ownership Trust. As at 31 December 2023 the balance of the loan was £2,250,000 (2022: £3,250,000). The debt is secured by a charge over the assets of the Company. . 

Page 26

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
177,582
59,257

177,582
59,257


26.


Pension commitments

The company operates a defined contirbution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contribution payable by the company to the fund and amounted to £450,005 (2022 - £170,824). Contributions totalling £39,531 (2022 - £25,231) were payable to the fund at the reporting date. 


27.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
390,281
388,004

Later than 1 year and not later than 5 years
1,538,518
1,535,200

Later than 5 years
1,247,422
1,633,084

3,176,221
3,556,288

The total lease payments recognised as an expense in the financial year amounted to £370,483 (2022: £364,433). 

Page 27

 


CLF DISTRIBUTION LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

28.


Related party transactions

During the year the Company purchased services for £482,272 (2022: £480,771) and made sales of £10,894 (2022 £31,517) to companies under common control. At the year end an amount of £Nil (2022: £611) was included in debtors and an amount of £134,072 (2022: £96,820) was included in creditors in relation to these transactions. 
During the year, the Company employed close family members of the directors with a total expense to the Company of £141,124 (2022: £94,565). 
During the year, services valued at £1,797 (2022: £1,550)  were purchased from close family members of a director of which £Nil (2022: £Nil) was outstanding in relation to these purchases. 
During the year the Company sold goods with a value of £821 (2022: £31,006) to directors. At the year end, a balance of £Nil (2022: £Nil) was outstanding from directors in respect of these transactions. 
Key management personnel 
Key management personnel are those persons having authority and responsibility for planning controlling and directing the activities of the Company. In the opinion of the directors, the Company's key management are the directors and the heads of their department. 
Remuneration paid to key management personnel totalled £1,036,371 (2022: £806,425). 


29.


Post balance sheet events

The following non-adjusting events have occurred since 31 December 2023:
- Since the year end, a new term loan was negotiated with HSBC for £5.5m, by The CLF Distribution Employee Ownership Trust, of which the company acts as a guarantor,  repayable over 3.5 years, in replacement of the previous loan. The new loan was secured in March 2024.
- Since the year end, 5,706  Enterprise Management Incentive shares of £0.01 each were exercised.


30.


Controlling party

The company is owned by The CLF Distribution Employee Ownership Trust. Through CLF Distribution & Partners Limited, a company registered in England and Wales, which is a nominee of the CLF Distribution Employee Ownership Trust. 
The directors do not consider there to be an ultimate controlling party.

 
Page 28