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REGISTERED NUMBER: 03928777 (England and Wales)






















Ulrick & Short Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023






Ulrick & Short Limited (Registered number: 03928777)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Ulrick & Short Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: A Short
N P Sanderson





REGISTERED OFFICE: Walton Wood Farm
Thorpe Audlin
Pontefract
West Yorkshire
WF8 3HQ





REGISTERED NUMBER: 03928777 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Ulrick & Short Limited (Registered number: 03928777)

Strategic Report
for the year ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The business continued its strong performance in 2023 and despite the difficult market conditions, organic revenue continued to grow year on year, whilst continuing to provide customers with a creative, innovative, and safe approach to ingredient solutions.

The business continued its plan of investment for growth with several strategic investments in both people and infrastructure.

Financial Key Performance Indicators

The key performance indicators for the company are Revenue and EBITDA.

Revenue for the business grew to £12.3m, an increase of 13% on the prior year, driven through stable like for like product volumes, alongside market led price inflation in the food market. EBITDA for the business increased significantly to £2.5m (2022: £1.2m), driven by a focus on sustainable margin achievement, alongside a sensible approach to operating costs.

Sustainability

Sustainability is one of our key principles and we were proud to continue on our sustainability journey with the United Nations Global Compact, which we joined in 2022. The business is committed to building a sustainable future for all our stakeholders, and has long term initiatives and commitments in place to achieve this.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board actively monitors and manages risks and uncertainties that the Company faces and implements proportional controlling and mitigating measures. The principle risks the board has identified include:

Volatility in the supply and demand environment relating to global market conditions and other socio-political factors. These risks are mitigated through structured procurement programmes and an ability to remain flexible to market pricing conditions.

Competition - The business manages competitive threats through product development and innovation, strong brand development the adherence to high product quality and customer service standards. The business committed further costs within 2023 to support our development of the next generation of ingredients and applications.

Currency Risk - This is managed through a variety of intra-group hedging and matching methods.

Regulatory risks are actively monitored, and derive from changing food safety and other social & political factors - e.g. HFSS

Credit & Liquidity Risk - The businesses credit risk is primarily attributable to trade debtors and structured variable rate loans from the parent company. The business actively monitors credit risk relating to macro market conditions and ensures a high level of liquidity to allow us to absorb market led fluctuations.

ON BEHALF OF THE BOARD:





A Short - Director


17 April 2024

Ulrick & Short Limited (Registered number: 03928777)

Report of the Directors
for the year ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
the provision of innovative ingredient solutions to market sectors predominantly in the UK and Western Europe.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A Short
N P Sanderson

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming in accordance with Section 485 of the Companies Act 2006.

ON BEHALF OF THE BOARD:





A Short - Director


17 April 2024

Report of the Independent Auditors to the Members of
Ulrick & Short Limited

Opinion
We have audited the financial statements of Ulrick & Short Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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
Ulrick & Short Limited


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 three, 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.

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 focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Limited Company, including the Companies Act 2006, FRS 102, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

Report of the Independent Auditors to the Members of
Ulrick & Short Limited

We assessed the susceptibility of the Limited Company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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; and
- investigated the rationale behind significant or unusual transactions.

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.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.




William Cowell ACA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

17 April 2024

Ulrick & Short Limited (Registered number: 03928777)

Income Statement
for the year ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 12,273,074 10,863,848

Cost of sales 6,722,080 6,152,760
GROSS PROFIT 5,550,994 4,711,088

Administrative expenses 4,066,899 3,576,391
1,484,095 1,134,697

Other operating income 893,844 -
OPERATING PROFIT 6 2,377,939 1,134,697

Interest receivable and similar income 9,054 595
PROFIT BEFORE TAXATION 2,386,993 1,135,292

Tax on profit 7 571,129 114,000
PROFIT FOR THE FINANCIAL YEAR 1,815,864 1,021,292

Ulrick & Short Limited (Registered number: 03928777)

Other Comprehensive Income
for the year ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,815,864 1,021,292


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,815,864

1,021,292

Ulrick & Short Limited (Registered number: 03928777)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 376,447 121,510
Tangible assets 9 164,190 183,845
Investments 10 89 89
540,726 305,444

CURRENT ASSETS
Stocks 11 1,611,571 1,792,377
Debtors 12 5,398,306 2,634,462
Cash at bank and in hand 1,403,003 2,033,139
8,412,880 6,459,978
CREDITORS
Amounts falling due within one year 13 1,473,056 1,089,249
NET CURRENT ASSETS 6,939,824 5,370,729
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,480,550

5,676,173

PROVISIONS FOR LIABILITIES 15 24,305 35,792
NET ASSETS 7,456,245 5,640,381

CAPITAL AND RESERVES
Called up share capital 16 10,020 10,020
Share premium 17 23,980 23,980
Retained earnings 17 7,422,245 5,606,381
SHAREHOLDERS' FUNDS 7,456,245 5,640,381

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





A Short - Director


Ulrick & Short Limited (Registered number: 03928777)

Statement of Changes in Equity
for the year ended 31 December 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 January 2022 10,020 4,585,089 23,980 4,619,089

Changes in equity
Total comprehensive income - 1,021,292 - 1,021,292
Balance at 31 December 2022 10,020 5,606,381 23,980 5,640,381

Changes in equity
Total comprehensive income - 1,815,864 - 1,815,864
Balance at 31 December 2023 10,020 7,422,245 23,980 7,456,245

Ulrick & Short Limited (Registered number: 03928777)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Ulrick & Short Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b)
and 11.48(c);
the requirement of paragraph 33.7;
the requirements of paragraph 24(b) of IFRS 6.

Preparation of consolidated financial statements
The financial statements contain information about Ulrick & Short Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of clean food is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Interest receivable
Interest income is recognised using the effective interest method.

Intangible assets
Intangible assets represent the fair value of the trade marks and computer software acquired by the company. The value is amortised through the income statement account over its estimated useful economic life, not exceeding 10 years. The directors regard 10 years as reasonable estimate of useful economic life of trademarks.

Trade marks and computer software are tested for impairment at least annually. Any impairment is recognised immediately in the profit and loss account.

Ulrick & Short Limited (Registered number: 03928777)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Costs include costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold improvements - over term of the lease
Plant and machinery - 15% on cost
Computer - 33% on cost
Motor Vehicle - 20% on cost
Fixtures and Fittings - 20% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Cost is calculated using a weighted average cost method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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.

Ulrick & Short Limited (Registered number: 03928777)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 11,983,155 10,414,461
Europe 283,095 449,387
Rest of the world 6,824 -
12,273,074 10,863,848

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,120,354 1,740,299
Social security costs 269,247 234,487
Other pension costs 66,833 114,438
2,456,434 2,089,224

The average number of employees during the year was as follows:
2023 2022

Administration 40 33

5. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 315,204 236,346
Directors' pension contributions to money purchase schemes 22,447 23,544

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 265,204 236,346
Pension contributions to money purchase schemes 20,947 23,544

Ulrick & Short Limited (Registered number: 03928777)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 59,171 55,398
Profit on disposal of fixed assets - (1,058 )
Trade marks amortisation 211 846
Computer software amortisation 33,426 -
Auditors' remuneration 18,450 17,000
Foreign exchange differences 65,007 4,995

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 197,511 -
Group relief 385,105 112,220
Total current tax 582,616 112,220

Deferred tax (11,487 ) 1,780
Tax on profit 571,129 114,000

UK corporation tax has been charged at 25% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 2,386,993 1,135,292
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2022 - 19%)

596,748

215,705

Effects of:
Expenses not deductible for tax purposes 7,757 173
Income not taxable for tax purposes (3,625 ) -
Depreciation in excess of capital allowances 6,896 -
R&D claim - (102,303 )
Change in rate (36,647 ) 425
Total tax charge 571,129 114,000

Ulrick & Short Limited (Registered number: 03928777)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

8. INTANGIBLE FIXED ASSETS
Trade Computer
marks software Totals
£    £    £   
COST
At 1 January 2023 8,452 121,299 129,751
Additions - 288,574 288,574
At 31 December 2023 8,452 409,873 418,325
AMORTISATION
At 1 January 2023 8,241 - 8,241
Amortisation for year 211 33,426 33,637
At 31 December 2023 8,452 33,426 41,878
NET BOOK VALUE
At 31 December 2023 - 376,447 376,447
At 31 December 2022 211 121,299 121,510

9. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Plant and and
improvement machinery fittings
£    £    £   
COST
At 1 January 2023 201,935 93,996 42,298
Additions 186 492 18,346
Disposals - - -
At 31 December 2023 202,121 94,488 60,644
DEPRECIATION
At 1 January 2023 94,988 81,472 36,757
Charge for year 19,545 5,883 3,451
Eliminated on disposal - - -
At 31 December 2023 114,533 87,355 40,208
NET BOOK VALUE
At 31 December 2023 87,588 7,133 20,436
At 31 December 2022 106,947 12,524 5,541

Ulrick & Short Limited (Registered number: 03928777)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

9. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 8,450 171,684 518,363
Additions - 20,492 39,516
Disposals - (2,097 ) (2,097 )
At 31 December 2023 8,450 190,079 555,782
DEPRECIATION
At 1 January 2023 4,647 116,654 334,518
Charge for year 1,659 28,633 59,171
Eliminated on disposal - (2,097 ) (2,097 )
At 31 December 2023 6,306 143,190 391,592
NET BOOK VALUE
At 31 December 2023 2,144 46,889 164,190
At 31 December 2022 3,803 55,030 183,845

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1 January 2023
and 31 December 2023 89
NET BOOK VALUE
At 31 December 2023 89
At 31 December 2022 89

The company holds 20% or more of the share capital of the following companies




Name of Company
Country of
registration
and
operation


Nature of
Business
Proportion
of voting
rights and
shares held


Ulrick & Short B.V. Limited

Netherlands
Clean Label
Foods

100%

The investments are measured at cost less impairment on the basis it represents shares in an entity that are not publicly traded.

Ulrick & Short Limited (Registered number: 03928777)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

11. STOCKS
2023 2022
£    £   
Stocks 1,611,571 1,792,377

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,856,039 1,396,493
Amounts owed by group undertakings 3,250,269 895,774
Other debtors 10,437 11,131
VAT - 69,283
Prepayments 281,561 261,781
5,398,306 2,634,462

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 880,303 657,418
Tax 195,322 53,748
Social security and other taxes 123,527 66,782
VAT 2,955 -
Accrued expenses 270,949 311,301
1,473,056 1,089,249

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 48,196 16,170
Between one and five years 116,820 3,735
165,016 19,905

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 24,305 35,792

Deferred
tax
£   
Balance at 1 January 2023 35,792
Provided during year (11,487 )
Balance at 31 December 2023 24,305

Ulrick & Short Limited (Registered number: 03928777)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,020 Ordinary £1 10,020 10,020
NIL - -
10,020 10,020

17. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 5,606,381 23,980 5,630,361
Profit for the year 1,815,864 - 1,815,864
At 31 December 2023 7,422,245 23,980 7,446,225

18. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in a separately administered fund. The charge in the accounts in respect of pensions represents contributions payable by the company to the fund and amounted to £66,833 (2022 - £71,522). At the year end there was an amount of £10,505 (2022 - £9,114) due to the scheme.

19. CONTINGENT LIABILITIES

The company has guaranteed long term liabilities due to the shareholders of the parent company. This is supported by fixed and floating charges over the assets of the company. The maximum amounts due under these agreements are €12,500,000 and £7,800,000.

20. RELATED PARTY DISCLOSURES

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.

21. ULTIMATE CONTROLLING PARTY

The company's immediate parent undertaking is Inga Group Limited, a company registered in the United Kingdom. The consolidated financial statements of Inga Group Limited are publicly available and can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

The company's ultimate parent undertaking is Axel Johnson Holding AB, a company registered in Sweden.