Company No:
Contents
DIRECTORS | Dimitri Pierre Humbert |
Jason Daniel Stephens |
REGISTERED OFFICE | Schreiber Foods Uk Limited Brunel Way |
Stroudwater Business Park | |
Stonehouse | |
GL10 3SX | |
England | |
United Kingdom |
COMPANY NUMBER | 13522416 (England and Wales) |
AUDITOR | Gravita II LLP |
Aldgate Tower | |
2 Leman Street | |
London | |
E1 8FA | |
United Kingdom |
The directors present their annual report and the audited financial statements of the Company for the financial year ended 31 December 2023.
PRINCIPAL ACTIVITIES
The Company was incorporated on 21 July 2021, consequently the prior period is from 21 July 2021 to 31 December 2022 and as a result is not directly comparable with the current year.
GOING CONCERN
DIRECTORS
The directors, who served during the financial year and to the date of this report, were as follows:
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DIRECTORS' INDEMNITIES
AUDITOR
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Approved by the Board of Directors and signed on its behalf by:
Dimitri Pierre Humbert
Director |
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), including FRS 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 financial 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; and
* 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. The directors 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.
Report on the audit of the financial statements
Opinion
In our opinion the financial statements of Schreiber Foods UK Limited (the ‘Company’):
* Give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and of its loss for the financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
* The Profit and Loss Account;
* The Balance Sheet;
* The Statement of Changes in Equity;
* The related notes 1 to 14.
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).
Basis for opinion
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 Financial Reporting Council’s (the “FRC’s”) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
However, because not all future events or conditions can be predicted this statement is not a guarantee as to the Company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors' with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 respect of these matters.
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
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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:
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
We considered the nature of the Company’s business and its control environment. We also enquired of management about their identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework in which the Company operates and identified key laws and regulations that:
• Had a direct effect on the determination of material amounts and disclosures in the financial statements, which included the Companies Act 2006, tax legislation and payroll legislation; and
• Did not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate.
We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how / where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of accounting adjustments and journal entries, assessed whether accounting estimates were reasonable and accurate and reviewed the accounting records for any significant and unusual transactions.
In addition, our procedures to respond to the risks identified included:
• Reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
• Performing analytical procedures to identify any unusual or unexpected variances that may indicate risks of material misstatement due to fraud;
• Enquiring of management about any instances of non-compliance with laws and regulations and any instances of known or suspected fraud.
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 FRC’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
* reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
* performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
* enquiring of management and legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
* reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the Director' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Director' Report has been prepared in accordance with applicable legal requirements.
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 any material misstatements in the Director' Report.
Matters on which we are required to report by exception
* 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; or
* The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ Report and from the requirement to prepare a Strategic Report.
We have nothing to report in respect of these matters.
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.
For and on behalf of
Statutory Auditor
2 Leman Street
London
E1 8FA
United Kingdom
Note | Year ended 31.12.2023 |
Period from 21.07.2021 to 31.12.2022 |
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Turnover |
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Cost of sales | (
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Gross loss | (
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Administrative expenses | (
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Operating loss | (
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Interest receivable and similar income |
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Interest payable and similar expenses | (
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Loss before taxation | 4 | (
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Tax on loss |
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Loss for the financial year/period | (
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Note | 31.12.2023 | 31.12.2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 5 |
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Tangible assets | 6 |
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21,746,606 | 5,798,896 | |||
Current assets | ||||
Stocks | 7 |
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Debtors | 8 |
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11,067,332 | 8,876,989 | |||
Creditors: amounts falling due within one year | 9 | (
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Net current assets | 1,410,453 | 5,177,747 | ||
Total assets less current liabilities | 23,157,059 | 10,976,643 | ||
Creditors: amounts falling due after more than one year | 10 | (
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Provision for liabilities | 11 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholder's funds |
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The financial statements of Schreiber Foods UK Limited (registered number:
Dimitri Pierre Humbert
Director |
Called-up share capital | Profit and loss account | Total | |||
£ | £ | £ | |||
At 21 July 2021 |
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Loss for the financial period |
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Total comprehensive loss |
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Issue of share capital |
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At 31 December 2022 |
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At 01 January 2023 |
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Loss for the financial year |
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Total comprehensive loss |
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Issue of share capital |
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At 31 December 2023 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
Schreiber Foods UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Brunel Way, Stroudwater Business Park, Stonehouse, Gloucestershire, GL10 3SX, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note the Company has made a loss, reflecting the Company being in the early growth stages.
During the year, the Company finished development and begin production and the Company is forecasting to be profitable from 2025 onwards. The Company is supported by loans and equity funding from the parent company. This support has continued with additional loans being provided post year end, and the directors have confirmed that the parent company will continue to support the Company until they are able to financially support themselves. Given this, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The Company was incorporated on 21 July 2021, consequently the prior period is from 21 July 2021 to 31 December 2022 and as a result is not directly comparable with the current year.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the goods have been dispatched to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.
Other intangible assets |
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Leasehold improvements |
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Assets under construction | not depreciated |
Plant and machinery |
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Fixtures and fittings |
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Office equipment |
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Computer equipment |
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Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.
Financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
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.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In preparing these financial statements, the directors have made the following judgements:
In determining the valuation of stock and the corresponding provision of stock required, stock is reviewed on a monthly basis for obsolescence, expiration and net realisable value. In line with the stock accounting policy, a provision is raised to ensure that stocks are recognised at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.
In determining the provision for dilapidations, the directors have estimated the cost of the reinstatement work expected at the time the leasehold improvements were made and have discounted this over the term of the lease period to obtain the present value of the provision. The directors have applied their current best estimates to arrive at this provision however, future costs are uncertain by nature and may be affected by factors such as building and material cost and changes in circumstances which could affect any amount payable in the future.
Year ended 31.12.2023 |
Period from 21.07.2021 to 31.12.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Loss before taxation is stated after charging/(crediting):
Year ended 31.12.2023 |
Period from 21.07.2021 to 31.12.2022 |
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£ | £ | ||
Fees payable to the Company's auditor for the audit of the Company's annual financial statements | 33,000 | 16,500 |
Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2023 |
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Additions |
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At 31 December 2023 |
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Accumulated amortisation | |||
At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||
At 31 December 2023 |
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At 31 December 2022 |
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Other intangibles relates to computer software.
Leasehold improve- ments |
Assets under construc- tion |
Plant and machinery | Fixtures and fittings | Office equipment | Computer equipment | Total | |||||||
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Cost | |||||||||||||
At 01 January 2023 |
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Additions |
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Transfers |
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At 31 December 2023 |
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At 01 January 2023 |
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Charge for the financial year |
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At 31 December 2023 |
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Net book value | |||||||||||||
At 31 December 2023 |
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At 31 December 2022 |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Raw materials |
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Work in progress |
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Finished goods |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments |
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VAT recoverable |
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Other debtors |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to Parent undertakings |
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Other creditors |
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Amounts owed to Parent undertakings incur interest at a market rate.
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Amounts owed to Parent undertakings |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Amounts owed to Parent undertakings |
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31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Other provisions |
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Other | Total | ||
£ | £ | ||
At 01 January 2023 |
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0 | |
Charged to the Profit and Loss Account |
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5,917 | |
Dilapidation provision |
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236,692 | |
At 31 December 2023 |
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242,609 | |
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
within one year |
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between one and five years |
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after five years |
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Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
31.12.2023 | 31.12.2022 | ||
£ | £ | ||
Unpaid contributions due to the fund (inc. in other creditors) |
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No remuneration was paid to the directors during the current year or prior period. The directors are the only key management personnel of this Company.
The Company has taken advantage of the exemption under FRS 102 Section 33 not to disclose details of transactions with other wholly owned companies within the Group.
The immediate parent company is Schreiber International Inc, a Company incorporated in the USA and registered at P.O. Box 19010 Green Bay WI USA.
The smallest and largest group in which the results of the Company are consolidated is that headed by Schreiber Foods Inc (registered office address: 400 N. Washington St. Green Bay WI 54301 USA), which is also the ultimate parent company.
The ultimate parent company is Schreiber Foods Inc, a Company incorporated in the USA and registered at 400 N. Washington St. Green Bay WI 54301 USA.