Silverfin false false true 31/12/2023 01/01/2023 31/12/2023 Dimitri Pierre Humbert 25/04/2022 Jason Daniel Stephens 21/07/2021 17 September 2024 13522416 2023-12-31 13522416 bus:Director1 2023-12-31 13522416 bus:Director2 2023-12-31 13522416 2022-12-31 13522416 core:CurrentFinancialInstruments 2023-12-31 13522416 core:CurrentFinancialInstruments 2022-12-31 13522416 core:Non-currentFinancialInstruments 2023-12-31 13522416 core:Non-currentFinancialInstruments 2022-12-31 13522416 core:ShareCapital 2023-12-31 13522416 core:ShareCapital 2022-12-31 13522416 core:RetainedEarningsAccumulatedLosses 2023-12-31 13522416 core:RetainedEarningsAccumulatedLosses 2022-12-31 13522416 core:ShareCapital 2021-07-20 13522416 core:RetainedEarningsAccumulatedLosses 2021-07-20 13522416 2021-07-20 13522416 core:OtherResidualIntangibleAssets 2022-12-31 13522416 core:OtherResidualIntangibleAssets 2023-12-31 13522416 core:LeaseholdImprovements 2022-12-31 13522416 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 13522416 core:PlantMachinery 2022-12-31 13522416 core:FurnitureFittings 2022-12-31 13522416 core:OfficeEquipment 2022-12-31 13522416 core:ComputerEquipment 2022-12-31 13522416 core:LeaseholdImprovements 2023-12-31 13522416 core:ConstructionInProgressAssetsUnderConstruction 2023-12-31 13522416 core:PlantMachinery 2023-12-31 13522416 core:FurnitureFittings 2023-12-31 13522416 core:OfficeEquipment 2023-12-31 13522416 core:ComputerEquipment 2023-12-31 13522416 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 13522416 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 13522416 core:ImmediateParent core:Non-currentFinancialInstruments 2023-12-31 13522416 core:ImmediateParent core:Non-currentFinancialInstruments 2022-12-31 13522416 core:ImmediateParent core:MoreThanFiveYears 2023-12-31 13522416 core:ImmediateParent core:MoreThanFiveYears 2022-12-31 13522416 core:OtherProvisionsContingentLiabilities 2022-12-31 13522416 core:OtherProvisionsContingentLiabilities 2023-12-31 13522416 core:WithinOneYear 2023-12-31 13522416 core:WithinOneYear 2022-12-31 13522416 core:BetweenOneFiveYears 2023-12-31 13522416 core:BetweenOneFiveYears 2022-12-31 13522416 core:MoreThanFiveYears 2023-12-31 13522416 core:MoreThanFiveYears 2022-12-31 13522416 2023-01-01 2023-12-31 13522416 bus:FullAccounts 2023-01-01 2023-12-31 13522416 bus:SmallEntities 2023-01-01 2023-12-31 13522416 bus:Audited 2023-01-01 2023-12-31 13522416 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13522416 bus:Director1 2023-01-01 2023-12-31 13522416 bus:Director2 2023-01-01 2023-12-31 13522416 2021-07-21 2022-12-31 13522416 core:ShareCapital 2021-07-21 2022-12-31 13522416 core:RetainedEarningsAccumulatedLosses 2021-07-21 2022-12-31 13522416 core:ShareCapital 2023-01-01 2023-12-31 13522416 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13522416 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 13522416 core:LeaseholdImprovements core:TopRangeValue 2023-01-01 2023-12-31 13522416 core:PlantMachinery core:BottomRangeValue 2023-01-01 2023-12-31 13522416 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 13522416 core:FurnitureFittings core:BottomRangeValue 2023-01-01 2023-12-31 13522416 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 13522416 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 13522416 core:ComputerEquipment core:BottomRangeValue 2023-01-01 2023-12-31 13522416 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 13522416 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 13522416 core:LeaseholdImprovements 2023-01-01 2023-12-31 13522416 core:ConstructionInProgressAssetsUnderConstruction 2023-01-01 2023-12-31 13522416 core:PlantMachinery 2023-01-01 2023-12-31 13522416 core:FurnitureFittings 2023-01-01 2023-12-31 13522416 core:OfficeEquipment 2023-01-01 2023-12-31 13522416 core:ComputerEquipment 2023-01-01 2023-12-31 13522416 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 13522416 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 13522416 core:OtherProvisionsContingentLiabilities 2023-01-01 2023-12-31 13522416 core:OtherProvisionsContingentLiabilities 1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 13522416 (England and Wales)

SCHREIBER FOODS UK LIMITED

Annual Report and Financial Statements
For the financial year ended 31 December 2023

SCHREIBER FOODS UK LIMITED

Annual Report and Financial Statements

For the financial year ended 31 December 2023

Contents

SCHREIBER FOODS UK LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
SCHREIBER FOODS UK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
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
SCHREIBER FOODS UK LIMITED

DIRECTORS' REPORT

For the financial year ended 31 December 2023
SCHREIBER FOODS UK LIMITED

DIRECTORS' REPORT (continued)

For the financial year ended 31 December 2023

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 principal activity of the Company during the year was the manufacturing and sale of food products (slice on slice processed cheese) to distributors in the UK.

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

The directors' have prepared the financial statements on the going concern basis. Further details are provided in the notes to the financial statements.

DIRECTORS

The directors, who served during the financial year and to the date of this report, were as follows:

Dimitri Pierre Humbert
Jason Daniel Stephens

DIRECTORS' INDEMNITIES

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the financial year and remain in force at the date of this report.

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:
* 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.

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

Dimitri Pierre Humbert
Director
Schreiber Foods Uk Limited Brunel Way
Stroudwater Business Park
Stonehouse
GL10 3SX
England
United Kingdom

17 September 2024

SCHREIBER FOODS UK LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 31 December 2023
SCHREIBER FOODS UK LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 31 December 2023

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.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SCHREIBER FOODS UK LIMITED

For the financial year ended 31 December 2023

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SCHREIBER FOODS UK LIMITED (continued)

For the financial year ended 31 December 2023

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 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 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

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.

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

Under the Companies Act 2006 we are required to report in respect of the following matters 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; 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.

Shona Munday BA FCA(Senior Statutory Auditor)
For and on behalf of Gravita II LLP
Statutory Auditor

Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom

17 September 2024

SCHREIBER FOODS UK LIMITED

PROFIT AND LOSS ACCOUNT

For the financial year ended 31 December 2023
SCHREIBER FOODS UK LIMITED

PROFIT AND LOSS ACCOUNT (continued)

For the financial year ended 31 December 2023
Note Year ended
31.12.2023
Period from
21.07.2021 to
31.12.2022
£ £
Turnover 5,320,383 0
Cost of sales ( 8,271,058) ( 110,043)
Gross loss ( 2,950,675) ( 110,043)
Administrative expenses ( 3,393,399) ( 634,911)
Operating loss ( 6,344,074) ( 744,954)
Interest receivable and similar income 280,473 40,642
Interest payable and similar expenses ( 789,069) ( 119,046)
Loss before taxation 4 ( 6,852,670) ( 823,358)
Tax on loss 0 0
Loss for the financial year/period ( 6,852,670) ( 823,358)
SCHREIBER FOODS UK LIMITED

BALANCE SHEET

As at 31 December 2023
SCHREIBER FOODS UK LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Intangible assets 5 36,046 0
Tangible assets 6 21,710,560 5,798,896
21,746,606 5,798,896
Current assets
Stocks 7 5,398,644 0
Debtors 8 5,668,688 8,876,989
11,067,332 8,876,989
Creditors: amounts falling due within one year 9 ( 9,656,879) ( 3,699,242)
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 ( 12,590,477) ( 5,800,000)
Provision for liabilities 11 ( 242,609) 0
Net assets 10,323,973 5,176,643
Capital and reserves
Called-up share capital 18,000,001 6,000,001
Profit and loss account ( 7,676,028 ) ( 823,358 )
Total shareholder's funds 10,323,973 5,176,643

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

The financial statements of Schreiber Foods UK Limited (registered number: 13522416) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

Dimitri Pierre Humbert
Director
SCHREIBER FOODS UK LIMITED

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 December 2023
SCHREIBER FOODS UK LIMITED

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 December 2023
Called-up share capital Profit and loss account Total
£ £ £
At 21 July 2021 0 0 0
Loss for the financial period 0 ( 823,358) ( 823,358)
Total comprehensive loss 0 ( 823,358) ( 823,358)
Issue of share capital 6,000,001 0 6,000,001
At 31 December 2022 6,000,001 ( 823,358) 5,176,643
At 01 January 2023 6,000,001 ( 823,358) 5,176,643
Loss for the financial year 0 ( 6,852,670) ( 6,852,670)
Total comprehensive loss 0 ( 6,852,670) ( 6,852,670)
Issue of share capital 12,000,000 0 12,000,000
At 31 December 2023 18,000,001 ( 7,676,028) 10,323,973
SCHREIBER FOODS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
SCHREIBER FOODS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Reporting period length

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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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

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.

Turnover is recognised when the goods have been dispatched to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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

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.

Taxation

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Assets under construction not depreciated
Plant and machinery 6 - 12 years straight line
Fixtures and fittings 10 - 12 years straight line
Office equipment 4 years straight line
Computer equipment 4 - 5 years straight line

Assets under construction are not currently depreciated as they are not yet ready for use.

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.

Leases

The Company as lessee
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.

Impairment of assets

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
At each balance sheet date, the company reviews 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). 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
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

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.

3. Employees

Year ended
31.12.2023
Period from
21.07.2021 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 42 3

4. Loss before taxation

Loss before taxation is stated after charging/(crediting):

Year ended
31.12.2023
Period from
21.07.2021 to
31.12.2022
£ £
Fees payable to the Company's auditor for the audit of the Company's annual financial statements 33,000 16,500

5. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 0 0
Additions 38,621 38,621
At 31 December 2023 38,621 38,621
Accumulated amortisation
At 01 January 2023 0 0
Charge for the financial year 2,575 2,575
At 31 December 2023 2,575 2,575
Net book value
At 31 December 2023 36,046 36,046
At 31 December 2022 0 0

Other intangibles relates to computer software.

6. Tangible assets

Leasehold improve-
ments
Assets under construc-
tion
Plant and machinery Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £ £
Cost
At 01 January 2023 0 5,795,382 0 0 0 3,514 5,798,896
Additions 11,372,661 0 4,690,145 195,863 93,874 269,976 16,622,519
Transfers 1,381,717 ( 5,795,382) 4,257,863 144,894 10,908 0 0
At 31 December 2023 12,754,378 0 8,948,008 340,757 104,782 273,490 22,421,415
Accumulated depreciation
At 01 January 2023 0 0 0 0 0 0 0
Charge for the financial year 421,201 0 251,031 9,864 8,732 20,027 710,855
At 31 December 2023 421,201 0 251,031 9,864 8,732 20,027 710,855
Net book value
At 31 December 2023 12,333,177 0 8,696,977 330,893 96,050 253,463 21,710,560
At 31 December 2022 0 5,795,382 0 0 0 3,514 5,798,896

7. Stocks

31.12.2023 31.12.2022
£ £
Raw materials 3,592,075 0
Work in progress 176,839 0
Finished goods 1,629,730 0
5,398,644 0

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

8. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 1,906,994 0
Amounts owed by Group undertakings 3,219,119 7,173,340
Prepayments 48,694 1,344,357
VAT recoverable 490,488 359,292
Other debtors 3,393 0
5,668,688 8,876,989

Amounts owed by Group undertakings are repayable on demand and incurs interest at a market rate.

9. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Trade creditors 3,779,323 115,849
Amounts owed to Group undertakings 4,471,133 577,567
Amounts owed to Parent undertakings 901,145 2,908,958
Other creditors 505,278 96,868
9,656,879 3,699,242

Amounts owed to Group undertakings are repayable on demand and incur interest at a market rate.

Amounts owed to Parent undertakings incur interest at a market rate.

10. Creditors: amounts falling due after more than one year

31.12.2023 31.12.2022
£ £
Amounts owed to Parent undertakings 12,590,477 5,800,000

Amounts owed to Parent undertakings are repayable in 2033 and 2034 and incur interest at a market rate.

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 12,590,477 5,800,000

11. Provision for liabilities

31.12.2023 31.12.2022
£ £
Other provisions 242,609 0
Other Total
£ £
At 01 January 2023 0 0
Charged to the Profit and Loss Account 5,917 5,917
Dilapidation provision 236,692 236,692
At 31 December 2023 242,609 242,609

12. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.12.2023 31.12.2022
£ £
within one year 227,761 210,000
between one and five years 906,604 840,000
after five years 883,750 1,093,750
2,018,115 2,143,750

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) 9,674 1,437

13. Related party transactions

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.

14. Ultimate controlling party

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.