REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
Pacific West Foods (UK) Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 June 2024 |
for |
Pacific West Foods (UK) Ltd |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Statement of Financial Position | 11 |
Statement of Changes in Equity | 12 |
Statement of Cash Flows | 13 |
Notes to the Statement of Cash Flows | 14 |
Notes to the Financial Statements | 15 |
Pacific West Foods (UK) Ltd |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
Venture House |
Calne Road |
Lyneham |
Chippenham |
SN15 4PP |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
In some respects, another challenging year, with the global recession impacting all areas of the business and indeed within the UK hospitality industry, the directors amended its strategy throughout the year to protect sales and profit margin. |
Our companies branded value added products again performed well in a competitive marketplace, while supplementing sales with a range of quality fish and seafood products. Our long-term plan remains on track in targeting new sectors with innovative product development and reacting to the needs of our customer base. During the past 12 months we have developed sales within UK retail and anticipate further expansion in the coming year. |
Global sourcing continues to be an integral part of our medium- and long-term strategy, with a focus on sustainability and ethically sourced products to support and complement our product range. |
KEY PERFORMANCE INDICATORS |
The company uses Key Performance Indicators (KPI's) and variance analysis to monitor the business performance against strategic goals, financial and operational targets. This timely data enables the management to evaluate business risk and assess overall performance of the business. We also have a strict schedule of regular internal audits across all aspects of our technical standards, including product quality, product specification, traceability, and health & safety. These KPI's also help to identify inefficiencies within the business and provide a point of reference to support our overall strategy. |
The company's Key Performance Indicators are: |
Y/E 30th June 2024 | Y/E 30th June 2023 |
Turnover | £26,535,894 | £26,588,848 |
Gross Profit | £5,652,323 | £5,309,566 |
Profit before Taxation | £2,914,220 , | £2,489,907 |
Sales decreased by 0.19% year on year, with Gross Profits increasing by 6.46% |
The overall net profit margin has improved from previous years 9.36% to 10.98% |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company recognises the potential business risks which might affect the company's plan: |
- Raw material availability and supply chain issues, these remain under constant review. |
- Stock shortages and production disruption - monitoring ongoing usages to calculate forecasts required. |
- Costs from 3rd parties, freight cost, storage and transport / distribution |
- Volatility of pricing on fish and seafood - management look at all options to mitigate increases that may impact the business. |
The company exposure to a variety of financial risk remains, from foreign currency exchange, credit risks and liquidity. A significant amount of working capital is invested in stock, albeit closely monitored to ensure minimum working stock levels are achieved. |
The ongoing global political outlook will continue to place pressure on pricing and sourcing, but management do have contingency plans in place should the situation change. The company along with its customer base will continue to face economic challenges, as the signs of improvement from the recent recession period are slow, with many parts of the industry consolidating procurement to drive efficiencies. The management continue to invest in innovation to allow progression in new sectors / markets providing improved sales and general market share. |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Strategic Report |
for the Year Ended 30 June 2024 |
CORPORATE SOCIAL RESPONSIBILITY |
The company takes pride on the quality of products its supplies. We are BRCGS accredited (British Retail Consortium Global Standard for Agents and Brokers), and we have rigorous policies in place to ensure we consistently meet the criteria of food safety, compliance, and traceability. |
We remain committed to sourcing sustainable and ethical products. We work closely with key suppliers and pay regular visits to review the process of cultivating and manufacturing for quality assurance, ensuring our fish and seafood are sourced from sustainable and well managed fisheries. |
A key focus area has been reducing the number of Allergens and May Contain across our value-added range to meet the demands of our customer base. Although these have reduced considerably in the past 12 months, this is an ongoing project where we expect to further reduce these over the next 12 months. |
Due to the impact and destruction plastics are having on our oceans and environment, the company remains committed to reducing the use of plastic in all our product packaging. Since 2018 we have been reducing our plastic usage with redesigned packaging and are currently moving towards a 100% fully recyclable options across our value-added range. This is an ongoing transition with targets set for annual reduction where feasible. |
The company understands the value of its people and will continue to invest, support, nurture and develop talent to ensure retention and to provide a platform for all employees to succeed with their careers with the company. |
ON BEHALF OF THE BOARD: |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of wholesale seafood supply of raw and value added seafood. |
DIVIDENDS |
A final dividend for the year ended 30th June 2023 of £1.36 per share was paid in December 2023. Total dividends of £700,000 were paid during the year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
There were no political donations during the year. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has opted to disclose some items in the Strategic Report rather than the Directors Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Report of the Directors |
for the Year Ended 30 June 2024 |
AUDITORS |
The auditors, Venture House Business Service Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Pacific West Foods (UK) Ltd |
Opinion |
We have audited the financial statements of Pacific West Foods (UK) Ltd (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Pacific West Foods (UK) Ltd |
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 Report of the Directors. |
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 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation. |
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud. |
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Pacific West Foods (UK) Ltd |
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 a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditors |
Venture House |
Calne Road |
Lyneham |
Chippenham |
SN15 4PP |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Income Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
REVENUE | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,779,370 | 2,810,317 |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
2,914,220 | 2,499,249 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Other Comprehensive Income |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Statement of Financial Position |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 9 |
Investments | 10 |
CURRENT ASSETS |
Inventories | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 16 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2024 |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Statement of Cash Flows |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) |
Interest received |
Net cash from investing activities |
Cash flows from financing activities |
Loans introduced/(paid) in the year | ( |
) |
Net movement in inter group debt | 424,076 | (606,494 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
240,431 |
Cash and cash equivalents at end of year |
2 |
3,815,342 |
1,141,638 |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Notes to the Statement of Cash Flows |
for the Year Ended 30 June 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.24 | 30.6.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance costs | - | 9,342 |
Finance income | (41,267 | ) | - |
2,876,233 | 2,502,285 |
Decrease/(increase) in inventories | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 3,815,342 | 1,141,638 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 1,141,638 | 240,431 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,141,638 | 2,673,704 | 3,815,342 |
1,141,638 | 3,815,342 |
Total | 1,141,638 | 2,673,704 | 3,815,342 |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Pacific West Foods (UK) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The £ is the functional and presentational currency. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. |
Revenue is recognised when stock leaves the warehouse. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Investments in subsidiaries |
investments in subsidiary undertakings are recognised at cost less impairment. |
Inventories |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Inventories are valued using a first in first out cost model. |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. |
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | REVENUE |
The revenue and profit before taxation are attributable to the one principal activity of the company. |
An analysis of revenue by class of business is given below: |
30.6.24 | 30.6.23 |
£ | £ |
An analysis of revenue by geographical market is given below: |
30.6.24 | 30.6.23 |
£ | £ |
United Kingdom |
Europe |
4. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Sales, management and administration | 7 | 7 |
Management | 3 | 3 |
Administration | 6 | 6 |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
30.6.24 | 30.6.23 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.24 | 30.6.23 |
£ | £ |
Bank loan interest |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.24 | 30.6.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Adjustments to tax charge in respect of previous periods | ( |
) |
Increase in taxation % | - | 28,445 |
Total tax charge | 739,095 | 482,073 |
8. | DIVIDENDS |
30.6.24 | 30.6.23 |
£ | £ |
Ordinary shares of £1 each |
Final |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
Disposals | ( |
) |
At 30 June 2024 |
PROVISIONS |
At 1 July 2023 |
and 30 June 2024 | 1,173,111 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Registered office: 3 Willowside Park, Canal Road, Trowbridge, Wiltshire, BA14 8RH |
Nature of business: |
% |
Class of shares: | holding |
This subsidiary was struck off 16 January 2024 and dissolved 23 January 2024. |
The balance due of £1,339 has been written off this year. |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Registered office: 3 Willowside Park, Canal Road, Trowbridge, Wiltshire, BA14 8RH |
Nature of business: |
% |
Class of shares: | holding |
This dormant company was reclassified from current investments during a prior year and the value written down following a dividend distribution of the reserves. Consolidated accounts are no longer required. |
11. | INVENTORIES |
30.6.24 | 30.6.23 |
£ | £ |
Goods for resale |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Within one year |
Between one and five years |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
15. | SECURED DEBTS |
There is an invoice finance facility with HSBC Invoice Finance (UK) Ltd. This is secured by two fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery. |
There is a HSBC Bank Plc debenture including a fixed charge over all present freehold and leasehold property and first fixed and floating charges over all assets and undertakings. There is a cross guarantee between the company and Aqua Blue Seafoods Limited. |
16. | PROVISIONS FOR LIABILITIES |
30.6.24 | 30.6.23 |
£ | £ |
Deferred tax | 1,706 | 132 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Accelerated capital allowances | 1,574 |
Balance at 30 June 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 514,000 | 514,000 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2024 |
19. | ULTIMATE PARENT COMPANY |
Butterworth Iceworks Sdn Bhd (incorporated in Malaysia ) is regarded by the directors as being the company's ultimate parent company. |
The immediate parent company is Golden Fresh Sdn. Bhd. |
There is no ultimate controlling party. The parent undertaking of the largest group that the company belongs and for which group accounts are prepared is Butterworth Iceworks Sdn Bhd. the registered address from which copies of the group accounts are available is 4572, Jalan Chain Ferry, 12100 Butterworth, Pulau Pinang, Malaysia. |
The parent undertaking of the smallest group that the company belongs and for which group accounts are prepared is Pacific West Foods (UK) Limited. the registered address from which copies of the group accounts are available is 3 Willowside Park, Canal Road, Trowbridge, Wiltshire, BA14 8RH. |
Pacific West Foods (UK) Ltd (Registered number: 04497738) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
20. | RELATED PARTY DISCLOSURES |
Company | Nature of transaction | Amount £ |
Golden Fresh Sdn Bhd | Creditor | 1,567,106 |
Purchases | 7,502,456 |
The amount due to Golden Fresh Sdn Bhd are creditors on trade terms. |