142
31/12/2023
2023-12-31
false
false
false
false
true
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
false
false
2023-01-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
01174084
2023-01-01
2023-12-31
01174084
2023-12-31
01174084
2022-12-31
01174084
2022-01-01
2022-12-31
01174084
2022-12-31
01174084
bus:RegisteredOffice
2023-01-01
2023-12-31
01174084
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
01174084
bus:Director3
2023-01-01
2023-12-31
01174084
bus:Director4
2023-01-01
2023-12-31
01174084
bus:Director5
2023-01-01
2023-12-31
01174084
bus:Director6
2023-01-01
2023-12-31
01174084
bus:Director1
2023-01-01
2023-12-31
01174084
core:WithinOneYear
2023-12-31
01174084
core:WithinOneYear
2022-12-31
01174084
core:AfterOneYear
2023-12-31
01174084
core:AfterOneYear
2022-12-31
01174084
core:PatentsTrademarksLicencesConcessionsSimilar
2023-12-31
01174084
core:LandBuildings
core:ShortLeaseholdAssets
2022-12-31
01174084
core:PlantMachinery
2022-12-31
01174084
core:FurnitureFittingsToolsEquipment
2022-12-31
01174084
core:MotorVehicles
2022-12-31
01174084
core:LandBuildings
core:ShortLeaseholdAssets
2023-12-31
01174084
core:PlantMachinery
2023-12-31
01174084
core:FurnitureFittingsToolsEquipment
2023-12-31
01174084
core:MotorVehicles
2023-12-31
01174084
core:LandBuildings
core:ShortLeaseholdAssets
2023-01-01
2023-12-31
01174084
core:PlantMachinery
2023-01-01
2023-12-31
01174084
core:FurnitureFittingsToolsEquipment
2023-01-01
2023-12-31
01174084
core:MotorVehicles
2023-01-01
2023-12-31
01174084
core:RetainedEarningsAccumulatedLosses
2022-12-31
01174084
core:RetainedEarningsAccumulatedLosses
2021-12-31
01174084
core:RetainedEarningsAccumulatedLosses
2023-12-31
01174084
core:RetainedEarningsAccumulatedLosses
2022-12-31
01174084
core:ShareCapital
2023-12-31
01174084
core:ShareCapital
2022-12-31
01174084
bus:OrdinaryShareClass1
core:ShareCapital
2023-12-31
01174084
bus:OrdinaryShareClass1
core:ShareCapital
2022-12-31
01174084
core:BetweenOneFiveYears
2023-12-31
01174084
core:BetweenOneFiveYears
2022-12-31
01174084
core:UKTax
2023-01-01
2023-12-31
01174084
core:UKTax
2022-01-01
2022-12-31
01174084
core:DeferredTaxation
2023-01-01
2023-12-31
01174084
core:AcceleratedTaxDepreciationDeferredTax
2022-12-31
01174084
core:PlantMachinery
2022-12-31
01174084
core:FurnitureFittingsToolsEquipment
2022-12-31
01174084
core:MotorVehicles
2022-12-31
01174084
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2023-12-31
01174084
core:FurnitureFittingsToolsEquipment
core:LeasedAssetsHeldAsLessee
2023-12-31
01174084
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2022-12-31
01174084
core:FurnitureFittingsToolsEquipment
core:LeasedAssetsHeldAsLessee
2022-12-31
01174084
core:DeferredTaxation
2022-12-31
01174084
core:DeferredTaxation
2023-12-31
01174084
bus:LeadAgentIfApplicable
2023-01-01
2023-12-31
01174084
bus:LeadAgentIfApplicable
2022-01-01
2022-12-31
01174084
bus:HighestPaidDirector
2023-01-01
2023-12-31
01174084
bus:HighestPaidDirector
2022-01-01
2022-12-31
01174084
bus:FRS102
2023-01-01
2023-12-31
01174084
bus:Audited
2023-01-01
2023-12-31
01174084
bus:FullAccounts
2023-01-01
2023-12-31
01174084
bus:LargeMedium-sizedCompaniesRegimeForAccounts
2023-01-01
2023-12-31
01174084
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
01174084
core:OtherDeferredTax
2023-12-31
01174084
core:OtherDeferredTax
2022-12-31
01174084
core:ComputerEquipment
2022-12-31
01174084
core:ComputerEquipment
2023-12-31
01174084
core:ComputerEquipment
2023-01-01
2023-12-31
01174084
core:WithinOneYear
2023-01-01
2023-12-31
01174084
1
2023-01-01
2023-12-31
01174084
core:AllSubsidiaries
2023-01-01
2023-12-31
Company registration number:
01174084
Kershaws Frozen Foods Limited
Financial statements
31 December 2023
Kershaws Frozen Foods Limited
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
Kershaws Frozen Foods Limited
Directors and other information
|
|
|
|
|
Directors |
Ms Kayleigh Kershaw |
(Resigned 9 October 2023) |
|
|
Mr Paul Sidebotham |
|
|
|
Mr David Wright |
|
|
|
Mr Michael Nickson |
|
|
|
Mr Ian Baxendale |
(Appointed 12 February 2024) |
|
|
|
|
|
|
|
|
|
Company number |
01174084 |
|
|
|
|
|
|
|
|
|
|
Registered office |
Pool Hey Lane |
|
|
|
Scarisbrick |
|
|
|
Southport |
|
|
|
Merseyside |
|
|
|
PR8 5LD |
|
|
|
|
|
|
|
|
|
|
Business address |
Pool Hey Lane |
|
|
|
Scarisbrick |
|
|
|
Southport |
|
|
|
Merseyside |
|
|
|
PR8 5LD |
|
|
|
|
|
|
|
|
|
|
Auditor |
Forshaws Accountants Limited |
|
|
|
Chartered Accountants and Statutory Auditor |
|
|
|
Crossens Way |
|
|
|
Southport |
|
|
|
PR9 9LY |
|
|
|
|
|
Kershaws Frozen Foods Limited
Strategic report
Year ended 31 December 2023
Business review
The Directors are pleased with the year’s results despite making a loss in the period. The Company continues to recover well from the financial impact of the COVID-19 pandemic and lockdowns with turnover having increased by 12.4%, from £15.9 million in 2022 to £17.9 million in 2023. The pre-tax loss has decreased as a result but the Company had not yet returned to profitability due to a significant increase in costs, particularly due to price rises across raw materials and unprecedented increases in energy costs. The Directors expect energy costs to decrease from November 2024 due to a new contract.
The Company’s earnings before tax, interest and depreciation amounted to £16,429, compared to a loss of £137,953 in 2022. It is pleasing to note a return to profitability at this level.
During the year, the Company continued to invest in the production site, with capital expenditure of £119,457 (2022: £117,937), allowing the Company to retain its position in a highly competitive market. The Directors are pleased to note that the company had no net debt as at 31st December 2023.
The Directors and senior management, benefiting from their many years of experience, have once again operated a cautious approach which has served the Company well through the recent years. They continue with this approach, which is in the best interest of the Company, to mitigate the ever growing pressure on raw material, energy and transport pricing; this remains a real concern for the sector. The sector in which they operate is ever changing with the increase of budget supermarkets which could still put pressure on Kershaws sale prices. The prospects of the Company remain good with their firm customer base.
The Company remains focused on looking for value enhancing opportunities across the frozen food market and remains focused on delivering good business performance generating value, to the benefit of the customers and other stakeholders.
Financial risk management objectives and policies
The operations of the Company expose it to a variety of risks that include interest rate risk, exchange rate risk, credit risk and liquidity risk. The Company's overall risk management strategy remains unchanged in that it seeks to minimise potential adverse effects on the Company's financial performance.
The policies are implemented by the Directors and Company's accounts department on a day-to-day basis to meet the treasury objectives. These objectives include ensuring that the Company has sufficient liquidity to meet its day-to-day needs and working capital requirements, any surplus then deploying in a prudent and profitable manner, managing interest rate, exchange rate and credit exposures, and managing the Company's relationship with its bankers.
Employment policy
Kershaws Frozen Foods Limited
continues to support the principle of equal opportunities in employment and opposes all forms of unlawful or unfair discrimination on the grounds of race, age, nationality, religion, ethnic or national origin, sexual orientation, gender or gender reassignment, marital status or disability. It is also the policy of the Company, where possible, to give sympathetic consideration to disabled persons in their application for employment with the Company and to protect the interests of existing members of staff who are disabled.
The Company has employee consultation processes throughout the business. In addition, we update all our employees on a regular basis with company developments and progress through senior management notes and face-to-face meetings.
This report was approved by the board of directors on 19 September 2024 and signed on behalf of the board by:
Mr Ian Baxendale
Director
Kershaws Frozen Foods Limited
Directors report
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended 31 December 2023.
Directors
The directors who served the company during the year were as follows:
|
|
|
|
|
Ms Kayleigh Kershaw |
|
|
|
(Resigned 9 October 2023) |
Mr Paul Sidebotham |
|
|
|
|
Mr David Wright |
|
|
|
|
Mr Michael Nickson |
|
|
|
|
|
|
|
|
|
Dividends
The directors do not recommend the payment of a dividend.
Future developments
Future developments of the company can be found on the strategic report on page 1.
Financial instruments
Financial risk management objectives and policies can be found on the strategic report on page 1.
Events after the end of the reporting period
Particulars of events after the reporting period are detailed in note 30 to the financial statements.
Disclosure of information in the strategic report.
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company's strategic report includes information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and the principal risks and uncertainties.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 judgments 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. 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on
19 September 2024
and signed on behalf of the board by:
Mr Ian Baxendale
Director
Kershaws Frozen Foods Limited
Independent auditor's report to the members of
Kershaws Frozen Foods Limited
Year ended 31 December 2023
Opinion
We have audited the financial statements of Kershaws Frozen Foods Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 loss 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 have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 this regard.
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 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 has 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 where 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
-
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
-
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge.
-
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
-
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
-
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
To address the risk of fraud through management bias and override of controls, we:
-
performed analytical procedures to identify any unusual or unexpected relationships;
-
tested journal entries to identify unusual transactions;
-
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
-
investigated the rationale behind significant or unusual transactions; and
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-
agreeing financial statement disclosures to underlying supporting documentation;
-
reading the minutes of meetings of those charged with governance;
-
enquiring of management as to actual and potential litigation and claims;
-
reviewing correspondence with HMRC and the company's legal advisors;
There are inherent limitations in our audit procedures described above. The more removed that laws and egulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
-
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
-
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Goddard
(Senior Statutory Auditor)
For and on behalf of
Forshaws Accountants Limited
Chartered Accountants and Statutory Auditor
Crossens Way
Southport
PR9 9LY
19 September 2024
Kershaws Frozen Foods Limited
Statement of income and retained earnings
Year ended 31 December 2023
|
|
|
|
2023 |
|
2022 |
|
|
|
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover |
|
4 |
|
17,899,308 |
|
15,923,704 |
|
|
Cost of sales |
|
|
|
(
15,130,764) |
|
(
13,369,603) |
|
|
|
|
|
|
__________ |
|
__________ |
|
|
Gross profit |
|
|
|
2,768,544 |
|
2,554,101 |
|
|
|
|
|
|
|
|
|
|
|
Distribution costs |
|
|
|
(
1,592,846) |
|
(
1,576,415) |
|
|
Administrative expenses |
|
|
|
(
1,330,504) |
|
(
1,327,110) |
|
|
Other operating income |
|
|
|
73,207 |
|
109,263 |
|
|
|
|
|
|
__________ |
|
__________ |
|
|
Operating loss |
|
5 |
|
(
81,599) |
|
(
240,161) |
|
|
|
|
|
|
|
|
|
|
|
Other interest receivable and similar income |
|
9 |
|
1,956 |
|
1,219 |
|
|
Interest payable and similar expenses |
|
10 |
|
(
39,343) |
|
(
26,267) |
|
|
|
|
|
|
__________ |
|
__________ |
|
|
Loss before taxation |
|
|
|
(
118,986) |
|
(
265,209) |
|
|
|
|
|
|
|
|
|
|
|
Tax on loss |
|
11 |
|
(
37,463) |
|
138,162 |
|
|
|
|
|
|
__________ |
|
__________ |
|
|
Loss for the financial year and total comprehensive income |
|
|
|
(
156,449) |
|
(
127,047) |
|
|
|
|
|
|
__________ |
|
__________ |
|
|
|
|
|
|
|
|
|
|
|
Retained earnings at the start of the year |
|
|
|
4,533,947 |
|
4,660,994 |
|
|
|
|
|
|
__________ |
|
__________ |
|
|
Retained earnings at the end of the year |
|
|
|
4,377,498 |
|
4,533,947 |
|
|
|
|
|
|
__________ |
|
__________ |
|
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
Kershaws Frozen Foods Limited
Statement of financial position
31 December 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
12 |
- |
|
|
|
- |
|
|
Tangible assets |
|
13 |
871,689 |
|
|
|
850,261 |
|
|
|
|
|
__________ |
|
|
|
__________ |
|
|
|
|
|
|
|
871,689 |
|
|
|
850,261 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
14 |
2,916,427 |
|
|
|
2,209,417 |
|
|
Debtors |
|
15 |
2,994,470 |
|
|
|
2,928,008 |
|
|
Cash at bank and in hand |
|
|
711,378 |
|
|
|
1,353,299 |
|
|
|
|
|
__________ |
|
|
|
__________ |
|
|
|
|
|
6,622,275 |
|
|
|
6,490,724 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
17 |
(
3,007,991) |
|
|
|
(
2,685,303) |
|
|
|
|
|
__________ |
|
|
|
__________ |
|
|
Net current assets |
|
|
|
|
3,614,284 |
|
|
|
3,805,421 |
|
|
|
|
|
__________ |
|
|
|
__________ |
Total assets less current liabilities |
|
|
|
|
4,485,973 |
|
|
|
4,655,682 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
18 |
|
|
(
26,481) |
|
|
|
(
8,101) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
20 |
|
|
(
81,894) |
|
|
|
(
113,534) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
__________ |
|
|
|
__________ |
Net assets |
|
|
|
|
4,377,598 |
|
|
|
4,534,047 |
|
|
|
|
|
__________ |
|
|
|
__________ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
25 |
|
|
100 |
|
|
|
100 |
Profit and loss account |
|
26 |
|
|
4,377,498 |
|
|
|
4,533,947 |
|
|
|
|
|
__________ |
|
|
|
__________ |
Shareholders funds |
|
|
|
|
4,377,598 |
|
|
|
4,534,047 |
|
|
|
|
|
__________ |
|
|
|
__________ |
|
|
|
|
|
|
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
19 September 2024
, and are signed on behalf of the board by:
Mr Ian Baxendale
Director
Company registration number:
01174084
Kershaws Frozen Foods Limited
Statement of cash flows
Year ended 31 December 2023
|
|
|
2023 |
|
2022 |
|
Note |
|
£ |
|
£ |
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
|
Loss for the financial year |
|
|
(
156,449) |
|
(
127,047) |
|
|
|
|
|
|
Adjustments for: |
|
|
|
|
|
Depreciation of tangible assets |
|
|
98,029 |
|
102,208 |
Other interest receivable and similar income |
|
|
(
1,956) |
|
(
1,219) |
Interest payable and similar expenses |
|
|
39,343 |
|
26,267 |
Tax on loss |
|
|
37,946 |
|
(
138,162) |
Accrued expenses/(income) |
|
|
(
167,953) |
|
151,898 |
|
|
|
|
|
|
Changes in: |
|
|
|
|
|
Stocks |
|
|
(
707,010) |
|
(
586,632) |
Trade and other debtors |
|
|
(
170,840) |
|
(
498,082) |
Trade and other creditors |
|
|
422,710 |
|
584,710 |
|
|
|
__________ |
|
__________ |
Cash generated from operations |
|
|
(
606,180) |
|
(
486,059) |
|
|
|
|
|
|
Interest paid |
|
|
(
39,343) |
|
(
26,267) |
Interest received |
|
|
1,956 |
|
1,219 |
Tax paid |
|
|
104,378 |
|
20,198 |
|
|
|
__________ |
|
__________ |
Net cash used in operating activities |
|
|
(
539,189) |
|
(
490,909) |
|
|
|
__________ |
|
__________ |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
Purchase of tangible assets |
|
|
(
119,457) |
|
(
117,937) |
|
|
|
__________ |
|
__________ |
Net cash used in investing activities |
|
|
(
119,457) |
|
(
117,937) |
|
|
|
__________ |
|
__________ |
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
Repayment of capital element of hire purchase contracts |
|
|
(35,776) |
|
(
33,152) |
Proceeds from new hire purchase contracts |
|
|
52,501 |
|
|
|
|
|
__________ |
|
__________ |
Net cash from/(used in) financing activities |
|
|
16,725 |
|
(
33,152) |
|
|
|
__________ |
|
__________ |
|
|
|
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
|
(
641,921) |
|
(
641,998) |
Cash and cash equivalents at beginning of year |
16 |
|
1,353,299 |
|
1,995,297 |
|
|
|
__________ |
|
__________ |
Cash and cash equivalents at end of year |
16 |
|
711,378 |
|
1,353,299 |
|
|
|
__________ |
|
__________ |
|
|
|
|
|
|
Kershaws Frozen Foods Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Kershaws Frozen Foods Limited, Pool Hey Lane, Scarisbrick, Southport, Merseyside, PR8 5LD.
The principal activity of the company is that of production and sale of frozen convenience meals.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in pounds sterling, which is the functional currency of the entity.
Going concern
The Directors have satisfied themselves that the company is a going concern, having adequate resources to continue in operational existence for the foreseeable future. Due to the uncertainty of the current economic climate in the UK, additional stressed scenarios, reflecting different levels and timing of the potential economic impact, have been considered. In forming this view, the Directors made enquiries into the financial position and resources available to the company including those available from the parent company and a review of the budget prepared for at least 12 months from the date of approval of the financial statements. Having regard for the above, the Directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
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 which affect reported income, expenses, assets and liabilities. 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 effects only that period, or in the period of the revision and future periods, where the revision affects both current and future periods.The Directors consider that the following judgements (apart from those involving estimates) had the most significant effect on amounts recognised in the financial statements:
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Short leasehold property |
- |
Straight line over the term of the lease |
|
|
Plant and machinery |
- |
5-20% Straight line / 15% Reducing balance |
|
|
Fittings fixtures and equipment |
- |
15% Reducing balance |
|
|
Motor vehicles |
- |
25% Straight line |
|
|
Computer equipment |
- |
25% Straight line |
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Where short leasehold property has been fully depreciated over the term of the original lease, but the property continues to be used by the Company under a renewed lease or licence, the cost and accumulated depreciation of that asset continue to be shown as the cost and accumulated depreciation of fixed assets of the Company.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.Cost includes all costs of purchase, costs of conversion and a proportion of overheads incurred in bringing the stocks to their present location and condition.Overheads included in the value of stocks include factory wages, storage and power and light.
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum repayments, which is determined at the inception of the contract term. Any initial direct costs of the contract are added to the amount recognised as an asset.
Hire purchase payments are apportioned between the interest charges and reduction of the outstanding liability using the effective interest rate method. Interest charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Financial assets and financial liabilities are recognised in the Statement of Financial Position when the company becomes a party to the contractual provisions of the instrument.Trade and other debtors and creditors (excluding prepayments and deferred income) are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.
4.
Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Operating loss
Operating loss is stated after charging/(crediting):
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
98,028 |
102,208 |
|
Auditors remuneration |
|
|
9,750 |
9,100 |
|
Operating rental payments in respect of land and buildings |
|
|
116,000 |
116,000 |
|
Government grants released to profit or loss |
|
|
(579) |
(579) |
|
|
|
|
__________ |
__________ |
|
|
|
|
|
|
6.
Auditors remuneration
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Fees payable to Forshaws Accountants Limited |
|
|
|
|
Fees payable for the audit of the financial statements |
|
9,750 |
9,100 |
|
|
|
__________ |
__________ |
|
|
|
|
|
7.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
|
|
2023 |
2022 |
|
Directors |
|
4 |
4 |
|
Office and management |
|
8
|
8
|
|
Production and sales |
|
130
|
126
|
|
|
|
__________ |
__________ |
|
|
|
142 |
138 |
|
|
|
__________ |
__________ |
|
|
|
|
|
The aggregate payroll costs incurred during the year were:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Wages and salaries |
|
3,404,434 |
3,186,408 |
|
Social security costs |
|
310,446 |
301,133 |
|
Pension costs |
|
61,583 |
58,214 |
|
|
|
__________ |
__________ |
|
|
|
3,776,463 |
3,545,755 |
|
|
|
__________ |
__________ |
|
|
|
|
|
8.
Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Remuneration |
|
278,750 |
273,329 |
|
Company contributions to pension schemes in respect of qualifying services |
|
3,964 |
3,956 |
|
|
|
__________ |
__________ |
|
|
|
282,714 |
277,285 |
|
|
|
__________ |
__________ |
|
|
|
|
|
The number of directors who accrued benefits under company pension plans was as follows:
|
|
|
2023 |
2022 |
|
|
|
|
|
|
Defined contribution plans |
|
3 |
3 |
|
|
|
__________ |
__________ |
|
|
|
|
|
Remuneration of the highest paid directors in respect of qualifying services:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Aggregate remuneration |
|
74,445 |
68,332 |
|
Company contributions to pension plans in respect of qualifying services |
|
1,321 |
1,319 |
|
|
|
__________ |
__________ |
|
|
|
75,766 |
69,651 |
|
|
|
__________ |
__________ |
|
|
|
|
|
9.
Other interest receivable and similar income
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Interest on bank deposits |
|
1,956 |
1,219 |
|
|
|
__________ |
__________ |
|
|
|
|
|
10.
Interest payable and similar expenses
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Other loans made to the company: |
|
|
|
|
|
|
Interest on hire purchase contracts |
|
3,496 |
3,067 |
|
Interest payable on bills of exchange |
|
|
35,847 |
23,200 |
|
|
|
|
__________ |
__________ |
|
|
|
|
39,343 |
26,267 |
|
|
|
|
__________ |
__________ |
|
|
|
|
|
|
11.
Tax on loss
Major components of tax expense/income
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Current tax: |
|
|
|
|
Adjustment in respect of Research and Development relief claims |
|
69,103 |
(
104,378) |
|
|
|
__________ |
__________ |
|
Total current tax |
|
69,103 |
(
104,378) |
|
|
|
|
|
|
Deferred tax: |
|
|
|
|
Origination and reversal of timing differences |
|
(
31,640) |
(
33,784) |
|
|
|
__________ |
__________ |
|
Tax on loss |
|
37,463 |
(
138,162) |
|
|
|
__________ |
__________ |
|
|
|
|
|
Reconciliation of tax expense/income
The tax assessed on the loss for the year is higher than (2022: lower than) the
standard rate of corporation tax in the UK
of
23.50
% (2022: 19.00%).
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Loss before taxation |
|
(
118,986) |
(
265,209) |
|
|
|
__________ |
__________ |
|
|
|
|
|
|
Loss multiplied by rate of tax |
|
(
27,962) |
(
50,390) |
|
Adjustment in respect of Research and Development relief claims |
|
69,103 |
(
104,378) |
|
Effect of Depreciation and Capital Allowances |
|
(
1,893) |
(
14,308) |
|
Effect of Change in Tax Rate |
|
(1,785) |
30,914
|
|
|
|
__________ |
__________ |
|
Tax on loss |
|
37,463 |
(
138,162) |
|
|
|
__________ |
__________ |
|
|
|
|
|
|
Factors affecting future tax expense |
|
|
|
|
Deferred tax is provided at 25% which is the expected future rate of Corporation Tax based on legislation enacted at the balance sheet date. |
|
|
|
|
|
|
|
|
12.
Intangible assets
|
|
Patents, trademarks and licences |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
6,000 |
6,000 |
|
|
|
|
|
|
__________ |
__________ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 January 2023 and 31 December 2023 |
6,000 |
6,000 |
|
|
|
|
|
|
__________ |
__________ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2023 |
- |
- |
|
|
|
|
|
|
__________ |
__________ |
|
|
|
|
|
At 31 December 2022 |
- |
- |
|
|
|
|
|
|
__________ |
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
13.
Tangible assets
|
|
Short leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Computer equipment |
Total |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 |
432,322 |
3,754,529 |
268,452 |
62,858 |
38,675 |
4,556,836 |
|
|
Additions |
- |
119,457 |
- |
- |
- |
119,457 |
|
|
|
__________ |
__________ |
__________ |
__________ |
__________ |
__________ |
|
|
At 31 December 2023 |
432,322 |
3,873,986 |
268,452 |
62,858 |
38,675 |
4,676,293 |
|
|
|
__________ |
__________ |
__________ |
__________ |
__________ |
__________ |
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2023 |
432,322 |
2,999,606 |
204,695 |
33,873 |
36,079 |
3,706,575 |
|
|
Charge for the year |
- |
75,861 |
9,564 |
11,493 |
1,111 |
98,029 |
|
|
|
__________ |
__________ |
__________ |
__________ |
__________ |
__________ |
|
|
At 31 December 2023 |
432,322 |
3,075,467 |
214,259 |
45,366 |
37,190 |
3,804,604 |
|
|
|
__________ |
__________ |
__________ |
__________ |
__________ |
__________ |
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2023 |
- |
798,519 |
54,193 |
17,492 |
1,485 |
871,689 |
|
|
|
__________ |
__________ |
__________ |
__________ |
__________ |
__________ |
|
|
At 31 December 2022 |
- |
754,923 |
63,757 |
28,985 |
2,596 |
850,261 |
|
|
|
__________ |
__________ |
__________ |
__________ |
__________ |
__________ |
|
|
|
|
|
|
|
|
|
|
Carrying value of assets held hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under hire purchase contracts:
|
|
|
|
|
|
|
|
|
|
|
Plant and machinery |
Fixtures, fittings and equipment |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
At 31 December 2023 |
113,100 |
18,002 |
|
|
|
|
|
|
|
__________ |
__________ |
|
|
|
|
|
|
At 31 December 2022 |
124,613 |
21,179 |
|
|
|
|
|
|
|
__________ |
__________ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14.
Stocks
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Raw materials |
|
1,192,154 |
941,400 |
|
Finished goods |
|
1,724,273 |
1,268,017 |
|
|
|
__________ |
__________ |
|
|
|
2,916,427 |
2,209,417 |
|
|
|
__________ |
__________ |
|
|
|
|
|
15.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
2,686,763 |
2,530,854 |
|
Prepayments and accrued income |
|
187,394 |
194,133 |
|
Other debtors |
|
120,313 |
203,021 |
|
|
|
__________ |
__________ |
|
|
|
2,994,470 |
2,928,008 |
|
|
|
__________ |
__________ |
|
|
|
|
|
As at the balance sheet date, other debtors included £14,774 (2022 : £13,746) due from a company which, as of 12 December 2023, was also a wholly owned subsidiary of Onchan Trading Company Limited. This balance is unsecured, repayable on demand and bears interest at 10% per annum.
16.
Cash and cash equivalents
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Cash at bank and in hand |
|
711,378 |
1,353,299 |
|
|
|
__________ |
__________ |
|
|
|
|
|
17.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
1,722,481 |
1,732,881 |
|
Bills of exchange payable |
|
295,800 |
295,800 |
|
Accruals and deferred income |
|
160,019 |
327,393 |
|
Corporation tax |
|
69,586 |
- |
|
Social security and other taxes |
|
89,613 |
97,877 |
|
Obligations under hire purchase contracts |
|
17,250 |
19,484 |
|
Other creditors |
|
653,242 |
211,868 |
|
|
|
__________ |
__________ |
|
|
|
3,007,991 |
2,685,303 |
|
|
|
__________ |
__________ |
|
|
|
|
|
|
The bills of exchange were unsecured and payable on 31st March 2024 to a company that is considered to exert a significant influence over the Company. They were subject to a premium of 2% for the quarter. As at the balance sheet date, other creditors included £579,990 (2022 : £150,819) due to the same company. £497,230 of this balance was unsecured, interest free and repayable on demand. The remaining £94,480 was unsecured, repayable on demand and bears interest at 8% per annum. |
|
|
|
18.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accruals and deferred income |
|
7,522 |
8,101 |
|
Obligations under hire purchase contracts |
|
18,959 |
- |
|
|
|
__________ |
__________ |
|
|
|
26,481 |
8,101 |
|
|
|
__________ |
__________ |
|
|
|
|
|
19.
Obligations under hire purchase contracts
Company lessee
The total future minimum lease payments under hire purchase contracts are as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Not later than 1 year |
|
17,250 |
21,656 |
|
Later than 1 year and not later than 5 years |
|
18,959 |
- |
|
|
|
__________ |
__________ |
|
|
|
36,209 |
21,656 |
|
|
|
__________ |
__________ |
|
Present value of minimum contract payments |
|
36,209 |
21,656 |
|
|
|
__________ |
__________ |
|
|
|
|
|
20.
Provisions
|
|
Deferred tax (note 21) |
Total |
|
|
|
|
|
£ |
£ |
|
|
|
|
At 1 January 2023 |
113,534 |
113,534 |
|
|
|
|
Charges against provisions |
(
31,640) |
(
31,640) |
|
|
|
|
|
__________ |
__________ |
|
|
|
|
At 31 December 2023 |
81,894 |
81,894 |
|
|
|
|
|
__________ |
__________ |
|
|
|
|
|
|
|
|
|
|
21.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Included in provisions (note 20) |
|
81,894 |
113,534 |
|
|
|
__________ |
__________ |
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Accelerated capital allowances |
|
203,418 |
195,587 |
|
Unused losses |
|
(
121,524) |
(
82,053) |
|
|
|
__________ |
__________ |
|
|
|
81,894 |
113,534 |
|
|
|
__________ |
__________ |
|
|
|
|
|
22.
Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £
61,583
(2022: £
58,214
).
23.
Government grants
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Recognised in creditors: |
|
|
|
|
Deferred government grants due within one year |
|
579 |
579 |
|
Deferred government grants due after more than one year |
|
7,522 |
8,101 |
|
|
|
__________ |
__________ |
|
|
|
8,101 |
8,680 |
|
|
|
__________ |
__________ |
|
Recognised in other operating income: |
|
|
|
|
Government grants released to profit or loss |
|
579 |
579 |
|
|
|
__________ |
__________ |
|
|
|
|
|
24.
Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties. Further details are shown in note 3.
25.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
100 |
|
100 |
|
100 |
|
100 |
|
|
|
__________ |
|
__________ |
|
__________ |
|
__________ |
|
|
|
|
|
|
|
|
|
|
26.
Reserves
Profit and loss account: This reserve records retained earnings less accumulated losses.
27.
Analysis of changes in net debt
|
|
At 1 January 2023 |
Cash flows |
At 31 December 2023 |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Cash and cash equivalents |
1,353,299 |
(641,921) |
711,378 |
|
|
|
|
Debt due within one year |
(19,484) |
2,234 |
(17,250) |
|
|
|
|
Debt due after one year |
- |
(18,959) |
(18,959) |
|
|
|
|
|
__________ |
__________ |
__________ |
|
|
|
|
|
1,333,815 |
(
658,646) |
675,169 |
|
|
|
|
|
__________ |
__________ |
__________ |
|
|
|
|
|
|
|
|
|
|
|
28.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
116,416 |
127,481 |
Later than 1 year and not later than 5 years |
- |
416 |
|
__________ |
__________ |
|
116,416 |
127,897 |
|
__________ |
__________ |
|
|
|
The operating lease committments stated above included £116,000 relating to a rolling lease on the Company's premises and the remaining £416 relating to the hire of plant and machinery.
29.
Contingent assets and liabilities
The company has an intercompany guarantee with Coral Island Seafoods Limited. As at 31st December 2023, Coral Island Seafoods did not owe any liabilities to the bank.
30.
Events after the end of the reporting period
On 12th February 2024, Ian Baxendale was appointed as a Director.
31.
Related party transactions
The Company made purchases or incurred expenses of £96,635 (2022: £108,864) for a company which, as of 12th December 2023, was also a wholly owned subsidiary of Onchan Trading Company Limited. At the balance sheet date, £14,774 (2022: £13,746) remained outstanding and is presented within other debtors. This balance was unsecured, repayable on demand and bears interest at 10% per annum. The Company made purchases or incurred expenses of £1,532,343 (2022: £1,935,527) for a company that is considered to exert a significant influence over the Company. At the balance sheet date, £887,600 (2022: £446,619) remained outstanding and is presented within bills of exchange and other creditors. This balance was unsecured, £295,800 was payable on 31st March 2024 and subject to interest at 2% for the quarter. £247,320 was interest free and repayable on demand. The remaining £344,480 is an interest bearing loan. Five close family members of the Directors were remunerated for their services to the Company, with remuneration totalling £228,710 (2022: £219,619). At the balance sheet date, £NIL (2022: £NIL) remained outstanding.
32.
Controlling party
There is no single ultimate controlling party. The ultimate parent company is Onchan Trading Company Limited, a company registered in the Isle of Man.