Company registration number 02011961 (England and Wales)
SCHEFF FOODS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SCHEFF FOODS LIMITED
COMPANY INFORMATION
DIRECTORS
Mr M K Chauhan
Mr R Chauhan
SECRETARY
Mr M K Chauhan
COMPANY NUMBER
02011961
REGISTERED OFFICE
Halfords Park
Halfords Lane
Smethwick
West Midlands
B66 1EL
AUDITOR
JW Hinks LLP
Chartered Accountants
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
SCHEFF FOODS LIMITED
CONTENTS
PAGE
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
SCHEFF FOODS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for the year ended 31 December 2023.
REVIEW OF THE BUSINESS
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and of its position at the year end. The review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties the company faces.
PRINCIPALS RISKS AND UNCERTAINTIES
The management of the business and the execution of the directors' strategy are subject to a number of risks and uncertainties.
The key business risks and uncertainties affecting the company are set out below.
Risks are reviewed by the directors and appropriate processes have been put in place to monitor and mitigate them.
Future outlook
During the year ended 31 December 2023 the company has continued to invest in equipment and staff in order to help increase growth.
Competition
Corporate risk and exposure to competition is mitigated through factors such as complying with high quality manufacturing processes and systems.
Human resources
The company's ability to recruit and retain staff is key to the future growth of the business. The directors place a significant emphasis upon the recruitment, retention and performance of the company's staff.
Quality standards
It is of utmost importance to the company that the company's manufacturing processes and systems are at a standard expected from the company and by its customers.
IT and finance systems
It is important that reliable and robust IT and financial systems and processes are in place that enable the company to operate effectively and efficiently.
An infrastructure investment programme is in place to ensure that IT hardware and software are upgraded and replaced on an ongoing basis.
PRINCIPAL RISKS AND UNCERTAINTIES
Finance systems, processes and controls are managed by an experienced and qualified finance team to support business needs and to pay suppliers and employees accurately and on a timely basis.
ANALYSIS OF DEVELOPMENT AND PERFORMANCE
Trading performance in 2023
As reported in 2022 we did maintain our turnover but the profits were down due to increased costs of labour, materials and energy. During the second half of the year we saw the impact of the increase of interest rates in a slowing down of the sales.
Business environment in 2024
The continuing impact of increased interest rates has had an impact on peoples spending habits and the hospitality sector has been hit hard. Consequently our sales growth has suffered. Coupled with continuing staff shortages and continuing price increases means 2024 is not looking very promising.
We continue to invest in digitalising our operations and hopefully will see some dividends in 2025.
SCHEFF FOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
ANALYSIS BASED ON KEY PEFORMANCE INDICATORS
We consider that our key financial performance indicators are turnover and net assets and that these indicators best communicate the performance and strength of the company as a whole.
Annual turnover and net assets for the period covering the years ended 31 December 2023 and 31 December 2022 are as follows.
Mr M K Chauhan
DIRECTOR
6 September 2024
SCHEFF FOODS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 December 2023.
PRINCIPAL ACTIVITIES
The principal activity of the company continued to be that of the manufacture of frozen ready meals and pastry buffet products.
RESULTS AND DIVIDENDS
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £108,000. The directors do not recommend payment of a further dividend.
DIRECTORS
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M K Chauhan
Mr R Chauhan
FINANCIAL INSTRUMENTS
Financial risk management objectives and policies
The company's principal financial instruments comprise cash, bank loans and other loans. The main purpose of these financial instruments is to raise finance for the company's operations and expansion plans. The company has various other financial instruments such as trade debtors and trade creditors which arise directly from its operations. The company does not enter into derivative transactions.
It is, and has been throughout the period under review, the company's policy that no trading in financial instruments shall be undertaken. The main risks arising from the company's financial instruments are liquidity risk, interest rate risk and credit risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.
Liquidity risk
The company's objective is to maintain a balance between continuity of funding and flexibility through the use of cash and its invoice finance facility.
Interest rate risk
The company's exposure to market risk for changes in interest rates is limited to the company's bank loans and its invoice finance facility. The additional requirement for medium to long term debt finance will be reviewed by the directors based on the company's forecast working capital requirements.
Credit risk
The company trades only with recognised, credit worthy third parties. It is the company's policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis with the result that the company's exposure to bad debts is minimal.
AUDITOR
The auditors, JW Hinks LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.
STATEMENT OF DISCLOSURE TO AUDITOR
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
MEDIUM-SIZED COMPANIES EXEMPTION
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
SCHEFF FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
Mr M K Chauhan
DIRECTOR
6 September 2024
SCHEFF FOODS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the 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.
SCHEFF FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SCHEFF FOODS LIMITED
- 6 -
OPINION
We have audited the financial statements of Scheff Foods Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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 Auditor's 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 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 section of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT
In our opinion, based on the work undertaken in the course of our 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
SCHEFF FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCHEFF FOODS LIMITED
- 7 -
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the 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.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance.
Specific areas considered were as follows:
Enquiring with management and others to gain an understanding of the organisation itself including operations, financial reporting and known fraud or error.
Evaluating and understanding the internal control system.
Performing analytical procedures as expected or unexpected variances in account balances or classes of transactions appear.
Testing documentation supporting account balances or classes of transactions.
Observing the physical stock count.
Confirming accounts receivable and other accounts with a third party.
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.
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
SCHEFF FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SCHEFF FOODS LIMITED
- 8 -
USE OF OUR REPORT
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
JAMES CRUSE ACA, FCCA, BSC (ECON) HONS (SENIOR STATUTORY AUDITOR)
CHARTERED ACCOUNTANTS
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
6 September 2024
SCHEFF FOODS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
TURNOVER
3
12,988,555
12,903,499
Cost of sales
(9,212,811)
(9,404,332)
GROSS PROFIT
3,775,744
3,499,167
Distribution costs
(814,598)
(564,299)
Administrative expenses
(2,518,654)
(2,382,195)
OPERATING PROFIT
4
442,492
552,673
Interest receivable and similar income
7
1,496
744
Interest payable and similar expenses
8
(108,383)
(62,055)
PROFIT BEFORE TAXATION
335,605
491,362
Tax on profit
9
(49,711)
(91,634)
PROFIT FOR THE FINANCIAL YEAR
285,894
399,728
The profit and loss account has been prepared on the basis that all operations are continuing operations.
SCHEFF FOODS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
FIXED ASSETS
Intangible assets
11
126,877
Tangible assets
12
3,117,485
3,266,104
3,244,362
3,266,104
CURRENT ASSETS
Stocks
13
1,173,753
1,274,226
Debtors
14
2,019,083
2,179,623
Cash at bank and in hand
182,663
181,111
3,375,499
3,634,960
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
15
(2,510,888)
(2,827,190)
NET CURRENT ASSETS
864,611
807,770
TOTAL ASSETS LESS CURRENT LIABILITIES
4,108,973
4,073,874
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
16
(1,075,504)
(1,191,084)
PROVISIONS FOR LIABILITIES
Deferred tax liability
19
232,552
259,767
(232,552)
(259,767)
NET ASSETS
2,800,917
2,623,023
CAPITAL AND RESERVES
Called up share capital
21
20,100
20,100
Capital redemption reserve
20,000
20,000
Profit and loss reserves
2,760,817
2,582,923
TOTAL EQUITY
2,800,917
2,623,023
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Mr M K Chauhan
DIRECTOR
Company registration number 02011961 (England and Wales)
SCHEFF FOODS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
BALANCE AT 1 JANUARY 2022
20,100
20,000
2,188,195
2,228,295
YEAR ENDED 31 DECEMBER 2022:
Profit and total comprehensive income
-
-
399,728
399,728
Dividends
10
-
-
(5,000)
(5,000)
BALANCE AT 31 DECEMBER 2022
20,100
20,000
2,582,923
2,623,023
YEAR ENDED 31 DECEMBER 2023:
Profit and total comprehensive income
-
-
285,894
285,894
Dividends
10
-
-
(108,000)
(108,000)
BALANCE AT 31 DECEMBER 2023
20,100
20,000
2,760,817
2,800,917
SCHEFF FOODS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations
26
535,952
238,117
Interest paid
(108,383)
(62,055)
Income taxes paid
(1,867)
NET CASH INFLOW FROM OPERATING ACTIVITIES
425,702
176,062
INVESTING ACTIVITIES
Purchase of intangible assets
(26,425)
Purchase of tangible fixed assets
(32,874)
(111,006)
Proceeds from disposal of tangible fixed assets
-
9,462
Interest received
1,496
744
NET CASH USED IN INVESTING ACTIVITIES
(57,803)
(100,800)
FINANCING ACTIVITIES
Repayment of bank loans
(130,176)
(177,521)
Payment of finance leases obligations
(53,115)
(15,852)
Dividends paid
(108,000)
(5,000)
NET CASH USED IN FINANCING ACTIVITIES
(291,291)
(198,373)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
76,608
(123,111)
Cash and cash equivalents at beginning of year
90,554
213,665
CASH AND CASH EQUIVALENTS AT END OF YEAR
167,162
90,554
RELATING TO:
Cash at bank and in hand
182,663
181,111
Bank overdrafts included in creditors payable within one year
(15,501)
(90,557)
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION
Scheff Foods Limited is a private company limited by shares and is incorporated in England and Wales. The company's registered office and principal place of business is located at Halfords Park, Halfords Lane, Smethwick, West Midlands, B66 1EL.
1.1
ACCOUNTING CONVENTION
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
GOING CONCERN
These financial statements have been prepared on a going concern basistrue.
The directors have considered the position of the company both at present and for the next 12 months.
The directors have considered the various income streams of the company, anticipated costs, future cash flows and the various options available to them.
Based on the above the directors believe that it remains appropriate for the financial statements to be prepared on a going concern basis.
The financial statements do not include any adjustments which would result from the basis of preparation being inappropriate.
1.3
TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10% on cost
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 14 -
1.5
TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and property
Not depreciated
Plant and machinery
33.33% on cost and 10% on cost
Fixtures, fittings & equipment
33.33% on cost and 10% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
IMPAIRMENT OF FIXED ASSETS
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
CASH AND CASH EQUIVALENTS
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 15 -
1.9
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 16 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
EQUITY INSTRUMENTS
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
DERIVATIVES
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.12
TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
EMPLOYEE BENEFITS
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 17 -
1.14
RETIREMENT BENEFITS
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
LEASES
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
FOREIGN EXCHANGE
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
JUDGEMENTS 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
TURNOVER AND OTHER REVENUE
An analysis of the company's turnover is as follows:
2023
2022
£
£
TURNOVER ANALYSED BY CLASS OF BUSINESS
Manufacture of frozen ready meals and pastry buffet products
12,988,555
12,903,499
2023
2022
£
£
TURNOVER ANALYSED BY GEOGRAPHICAL MARKET
United Kingdom
12,988,555
12,862,720
Europe
-
40,779
12,988,555
12,903,499
2023
2022
£
£
OTHER REVENUE
Interest income
1,496
744
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
4
OPERATING PROFIT
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(134)
1,520
Fees payable to the company's auditor for the audit of the company's financial statements
7,326
6,700
Depreciation of owned tangible fixed assets
93,938
100,263
Depreciation of tangible fixed assets held under finance leases
58,082
27,468
Profit on disposal of tangible fixed assets
-
(9,462)
Amortisation of intangible assets
2,521
-
Operating lease charges
92,569
107,588
5
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
2
2
Administration
9
9
Management, logistics, maintenance and production
101
112
Total
112
123
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
2,848,874
2,925,995
Social security costs
212,374
222,536
Pension costs
31,075
38,407
3,092,323
3,186,938
6
DIRECTORS' REMUNERATION
2023
2022
£
£
Remuneration for qualifying services
128,147
114,912
Company pension contributions to defined contribution schemes
3,600
2,700
131,747
117,612
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022 - 1).
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
7
INTEREST RECEIVABLE AND SIMILAR INCOME
2023
2022
£
£
INTEREST INCOME
Interest on bank deposits
1,496
744
2023
2022
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,496
744
8
INTEREST PAYABLE AND SIMILAR EXPENSES
2023
2022
£
£
INTEREST ON FINANCIAL LIABILITIES MEASURED AT AMORTISED COST:
Interest on bank overdrafts and loans
100,687
56,721
OTHER FINANCE COSTS:
Interest on finance leases and hire purchase contracts
7,696
5,334
108,383
62,055
9
TAXATION
2023
2022
£
£
CURRENT TAX
UK corporation tax on profits for the current period
76,926
1,867
DEFERRED TAX
Origination and reversal of timing differences
(27,215)
89,767
Total tax charge
49,711
91,634
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
TAXATION
(Continued)
- 20 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
335,605
491,362
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
78,934
93,359
Tax effect of utilisation of tax losses not previously recognised
(73,946)
Capital allowances less than depreciation
4,412
(16,685)
Permanent differences
(1,798)
Other adjustments
(6,420)
937
Deferred tax movement
(27,215)
89,767
Taxation charge for the year
49,711
91,634
10
DIVIDENDS
2023
2022
£
£
Final paid
108,000
5,000
11
INTANGIBLE FIXED ASSETS
Software
£
COST
At 1 January 2023
Additions
26,425
Transfer between classes
118,661
At 31 December 2023
145,086
AMORTISATION AND IMPAIRMENT
At 1 January 2023
Amortisation charged for the year
2,521
Transfer between classes
15,688
At 31 December 2023
18,209
CARRYING AMOUNT
At 31 December 2023
126,877
At 31 December 2022
During the year, assets totalling £118,661 and associated depreciation of £15,688 were reclassified from tangible fixed assets to intangible fixed assets. The assets related to software development costs of a new stock system and the transfer between asset classes has not had an impact on the profit for the year.
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
12
TANGIBLE FIXED ASSETS
Freehold land
Plant and
Fixtures and
Motor
and property
machinery
fittings
vehicles
Total
£
£
£
£
£
COST
At 1 January 2023
3,826,500
1,289,327
481,256
159,476
5,756,559
Additions
6,608
11,266
88,500
106,374
Transfer between classes
(118,661)
(118,661)
At 31 December 2023
3,826,500
1,295,935
373,861
247,976
5,744,272
DEPRECIATION AND IMPAIRMENT
At 1 January 2023
921,866
1,210,389
316,311
41,889
2,490,455
Depreciation charged in the year
66,940
18,475
15,467
51,138
152,020
Transfer between classes
(15,688)
(15,688)
At 31 December 2023
988,806
1,228,864
316,090
93,027
2,626,787
CARRYING AMOUNT
At 31 December 2023
2,837,694
67,071
57,771
154,949
3,117,485
At 31 December 2022
2,904,634
78,938
164,945
117,587
3,266,104
The carrying value of freehold land and property comprises:
2023
2022
£
£
Freehold land
479,495
479,495
Freehold property
2,358,199
2,425,139
2,837,694
2,904,634
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
17,530
19,913
Fixtures, fittings & equipment
23,815
28,077
Motor vehicles
154,950
117,588
Freehold land & property
14,353
14,652
210,648
180,230
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
13
STOCKS
2023
2022
£
£
Raw materials and consumables
639,842
730,820
Finished goods and goods for resale
533,911
543,406
1,173,753
1,274,226
14
DEBTORS
2023
2022
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
Trade debtors
1,663,642
1,825,143
Other debtors
210,136
217,645
Prepayments and accrued income
145,305
136,835
2,019,083
2,179,623
15
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
2022
Notes
£
£
Bank loans and overdrafts
17
202,265
277,321
Obligations under finance leases
18
45,371
39,582
Trade creditors
846,224
1,011,208
Corporation tax
76,926
1,867
Other taxation and social security
55,187
52,477
Other creditors
997,354
1,103,086
Accruals and deferred income
287,561
341,649
2,510,888
2,827,190
Included within other creditors above is an amount of £794,561 (2022: £898,949) in respect of an invoice discounting facility secured against the trade debtors on the company.
16
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023
2022
Notes
£
£
Bank loans and overdrafts
17
977,655
1,107,831
Obligations under finance leases
18
97,849
83,253
1,075,504
1,191,084
Amounts included above which fall due after five years are as follows:
Payable by instalments
495,481
515,941
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
17
LOANS AND OVERDRAFTS
2023
2022
£
£
Bank loans
1,164,419
1,294,595
Bank overdrafts
15,501
90,557
1,179,920
1,385,152
Payable within one year
202,265
277,321
Payable after one year
977,655
1,107,831
Bank loans are secured by a debenture and legal charges over the company's assets.
18
FINANCE LEASE OBLIGATIONS
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
45,371
39,582
In two to five years
97,849
83,253
143,220
122,835
Finance lease payments represent rentals payable by the company for certain items of tangible fixed assets. Leases include purchase options at the end of the lease period and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
19
DEFERRED TAXATION
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
BALANCES:
£
£
Accelerated capital allowances
232,552
259,767
2023
MOVEMENTS IN THE YEAR:
£
Liability at 1 January 2023
259,767
Credit to profit or loss
(27,215)
Liability at 31 December 2023
232,552
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
20
RETIREMENT BENEFIT SCHEMES
2023
2022
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit or loss in respect of defined contribution schemes
31,075
38,407
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
21
SHARE CAPITAL
2023
2022
£
£
ORDINARY SHARE CAPITAL
AUTHORISED
20,100 Ordinary of £1 each
20,100
20,100
ISSUED AND FULLY PAID
20,100 Ordinary of £1 each
20,100
20,100
22
OPERATING LEASE COMMITMENTS
LESSEE
Operating lease payments represent rentals payable by the company for the hire of certain items of equipment.
Leases are negotiated for a period of either 3 or 4 years depending upon the item of equipment rented by the company.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:
2023
2022
£
£
Within one year
56,084
92,569
Between two and five years
56,084
56,084
148,653
23
DIRECTORS' TRANSACTIONS
DIVIDENDS PAID TO DIRECTORS AND SPOUSES
Dividends totalling £108,000 (2022: £5,000) were paid in the year in respect of shares held by the company's directors and their spouses.
24
ULTIMATE CONTROLLING PARTY
The company is controlled by Mr M K Chauhan, a director and majority shareholder of the company.
SCHEFF FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
25
RELATED PARTY TRANSACTIONS
REMUNERATION OF KEY MANAGEMENT PERSONNEL
The remuneration of key management personnel is as follows.
2023
2022
£
£
Aggregate compensation
306,537
288,270
26
CASH GENERATED FROM OPERATIONS
2023
2022
£
£
Profit for the year after tax
285,894
399,728
ADJUSTMENTS FOR:
Taxation charged
49,711
91,634
Finance costs
108,383
62,055
Investment income
(1,496)
(744)
Gain on disposal of tangible fixed assets
-
(9,462)
Amortisation and impairment of intangible assets
2,521
Depreciation and impairment of tangible fixed assets
152,020
127,731
MOVEMENTS IN WORKING CAPITAL:
Decrease/(increase) in stocks
100,473
(471,035)
Decrease/(increase) in debtors
139,086
(339,187)
(Decrease)/increase in creditors
(300,640)
377,397
CASH GENERATED FROM OPERATIONS
535,952
238,117
27
ANALYSIS OF CHANGES IN NET DEBT
1 January
Cash
New finance leases
31 December
2023
flows
2023
£
£
£
£
Cash at bank and in hand
181,111
1,552
-
182,663
Bank overdrafts
(90,557)
75,056
-
(15,501)
90,554
76,608
-
167,162
Borrowings excluding overdrafts
(1,294,595)
130,176
-
(1,164,419)
Obligations under finance leases
(122,835)
53,115
(73,500)
(143,220)
(1,326,876)
259,899
(73,500)
(1,140,477)
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