Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-31Holding company2023-01-01false22falsefalsefalse NI682631 2023-01-01 2023-12-31 NI682631 2022-01-01 2022-12-31 NI682631 2023-12-31 NI682631 2022-12-31 NI682631 c:Director1 2023-01-01 2023-12-31 NI682631 c:Director2 2023-01-01 2023-12-31 NI682631 c:RegisteredOffice 2023-01-01 2023-12-31 NI682631 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 NI682631 d:PlantMachinery 2023-01-01 2023-12-31 NI682631 d:MotorVehicles 2023-01-01 2023-12-31 NI682631 d:Goodwill 2023-01-01 2023-12-31 NI682631 d:CurrentFinancialInstruments 2023-12-31 NI682631 d:CurrentFinancialInstruments 2022-12-31 NI682631 d:Non-currentFinancialInstruments 2023-12-31 NI682631 d:Non-currentFinancialInstruments 2022-12-31 NI682631 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 NI682631 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 NI682631 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 NI682631 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 NI682631 d:ShareCapital 2023-12-31 NI682631 d:ShareCapital 2022-12-31 NI682631 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI682631 d:RetainedEarningsAccumulatedLosses 2023-12-31 NI682631 d:RetainedEarningsAccumulatedLosses 2022-12-31 NI682631 d:RetainedEarningsAccumulatedLosses 2022-01-01 NI682631 c:OrdinaryShareClass1 2023-01-01 2023-12-31 NI682631 c:OrdinaryShareClass1 2023-12-31 NI682631 c:OrdinaryShareClass1 2022-12-31 NI682631 c:FRS102 2023-01-01 2023-12-31 NI682631 c:Audited 2023-01-01 2023-12-31 NI682631 c:FullAccounts 2023-01-01 2023-12-31 NI682631 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI682631 d:Subsidiary1 2023-01-01 2023-12-31 NI682631 d:Subsidiary1 1 2023-01-01 2023-12-31 NI682631 c:Consolidated 2023-12-31 NI682631 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 NI682631 6 2023-01-01 2023-12-31 NI682631 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: NI682631









O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
COMPANY INFORMATION


Directors
J O'Brien 
W O'Brien 




Registered number
NI682631



Registered office
C/O Tughans Llp, The Ewart
3 Bedford Suqare

Belfast

Northern Ireland

BT2 7EP




Independent auditors
Barnes Roffe LLP
Chartered Accountants 
Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA





 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of income and retained earnings
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of cash flows
 
12
Consolidated analysis of net debt
 
13
Notes to the financial statements
 
14 - 32


 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report in respect of the financial statements for the period ended 31 December 2023.
The company’s principal activity is that of a holding company. 
Along with its subsidiary, Bearfields of London Limited, the Group specialises in meat processing.  

Business review
 
The Group’s financial performance in 2023 reflects the significant ongoing challenges being faced by the UK food industry. While revenue grew by 10% over 2022,  this was primarily attributable to inflationary price increases and we saw volume decline by 5% year on year.
In the first half of 2023, consumer demand reacted strongly to food price inflation levels reaching a high of over 19%. While food inflation has eased over the course of 2023, prices remain high and demand is recovering, but at a slow pace.
As a result, profitability has been impacted, in the main by commodity price inflation and increased costs of doing business. In 2023, we have experienced an average pork price increase of 20% while labour and packaging costs have also increased in line with inflation. In the face of an extremely volatile supply chain landscape, we continue to work with our customers to achieve price recovery while at the same time providing quality products which are competitively priced.
The Group’s 2023 interest charge, while 12% ahead of the that incurred in 2022, was mitigated somewhat by the execution of an interest rate hedge commencing on 31 December 2022.
The Company delivered an EBITDA of £1.6m for the year, which the directors consider to be a good performance in the context of the economic environment which prevailed throughout the year. 

Principal risks and uncertainties
 
The Directors take considerable effort to assess the critical risks and uncertainties that face the business and are continually seeking ways of mitigating those risks. 
Assessing and managing risk is a fundamental part of the day-to-day business management of the Group.
Our principal risks and uncertainties are summarised below under the headings of Commercial, Financial and Operational, together with a brief summary of how we manage those risks.
Commercial Risk
Commodity Availability / Price : The Group is exposed to issues associated with raw material availability, particularly pork.  An increase in price, or a lack of availability, could adversely impact the Group’s operations and ability to supply key customers.
The Group has long-standing relationships with its pork suppliers, which helps to mitigate the risks associated with pork price volatility and availability of supply.  
In the current environment, where generally only short-term pricing is available from suppliers, we have adopted a ‘buy-sell’ matching process with customers, by which we are constantly reviewing selling prices with customers in line with commodity price movements.
 
Page 1

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties (continued)
Financial Risk
Cashflow / Liquidity Risk : The Group requires continued access to funding for current requirements and future growth.
The Group is a member of a larger international Group which maintains adequate medium-term committed facilities, ensuring that the Group has sufficient funds available for operations and planned expansion.  
Credit Risk : The Group is exposed to credit risk in the normal course of business.  This risk is managed through credit control policies and the placing of Credit Insurance with a leading, independent insurer.
Operational Risk
Product Contamination Risk : The Group is subject to the risks of product and / or raw material contamination and potential health-related industry-wide food scares.  Such incidents could lead to product recall costs, reputational damage and regulatory penalties.  
The Group is subject to stringent food safety audits including Red Tractor, BRC, FSA and RSPCA.
Health and Safety : A significant breach of Health and Safety legislation could lead to reputational damage, and regulatory penalties, including restrictions on operations, damages or fines. 
The Group has Health and Safety processes and procedures in place, and conforms to all standards and regulations, as well as pursuing industry best practice across its sites.
The main risk and uncertainty within the Company is the carrying value of its investment. 

Financial key performance indicators
 
The Group regard revenue, gross profit and EBITDA as the key performance indicators. These are measured monthly against budget and variances investigated. 

Other key performance indicators
 
The Group has a comprehensive environmental and health and safety policy, including a dedicated personnel department. The policies are subject to independent audit and separate from the audit of the financial statements.


This report was approved by the board on 9 July 2024 and signed on its behalf.



J O'Brien
Director

Page 2

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The loss for the year, after taxation, amounted to £228,539 (2022 - profit £98,520).

EBITDA for the year was £1,573,824 (2022 - £2,119,167).
The directors do not recommend a final dividend.

Directors

The directors who served during the year were:

J O'Brien 
W O'Brien 

Future developments

The Group plans to consolidate its position in the market by continuing to supply quality products to its customers, while focusing on operational and overhead efficiencies. 

Page 3

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 9 July 2024 and signed on its behalf.
 





J O'Brien
Director

Page 4

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 

Opinion


We have audited the financial statements of O’Brien Fine Foods Holdings (UK) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of income and retained earnings, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group 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 Group strategic report and the Directors' report have 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' responsibilities statement set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.

Page 6

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED (CONTINUED)



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 an Auditors' 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 Group 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:

In identifying and assessing risks of material misstatement in respect of irregularities we considered the following:
Obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks that the Group and parent Company operates in and how the Group and parent Company are complying with the legal and regulatory frameworks;
Enquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud; and
Discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

All relevant laws and regulations identified at a Group level and areas susceptible to fraud that could have a material effect on the financial statements were communicated. Any instances of non compliance with laws and regulations identified were considered in our audit approach.

The most significant laws and regulations were determined as follows:
UK GAAP FRS 102 and Companies Act;
Tax compliance regulations; and
Food and hygiene standards including BRC, Red Tactor, BMPA, RSCPA and HSE.

Additional audit procedures performed by the audit engagement team included:
Review of the financial statement disclosures and testing to supporting documentation;
Completion of disclosure checklists to identify areas of non-compliance; and
Inspection of audit report reports and certification received from external foods standards advisors.

The areas that we identified as being susceptible to material misstatement due to fraud were:
Revenue recognition;
Management override; and
Compliance with food and hygiene standards.
Page 7

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED (CONTINUED)


Audit procedures in response to the identified areas above:
Obtaining an understanding of the processes and controls around revenue recognition;
Substantively testing revenue via various methods including transactional, cut off and sequencing;
Evaluation of the appropriateness of the accounting policies;
Testing the appropriateness of journal entries and other adjustments;
Assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
Inspection of all recent reports and certification from the relevant bodies and general inspection around the factory.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


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 Auditors' report.


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 2006Our 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.





Stuart Moon (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Statutory Auditor
Leytonstone House
Leytonstone
London
E11 1GA

 
Date: 
9 July 2024
Page 8

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
28,874,268
26,154,077

Cost of sales
  
(21,972,491)
(18,814,887)

Gross profit
  
6,901,777
7,339,190

Distribution costs
  
(737,741)
(776,501)

Administrative expenses
  
(5,596,286)
(5,446,063)

Operating profit
 5 
567,750
1,116,626

Interest payable and similar expenses
 9 
(801,461)
(682,942)

(Loss)/profit before tax
  
(233,711)
433,684

Tax on (loss)/profit
 10 
5,172
(335,164)

(Loss)/profit after tax
  
(228,539)
98,520

  

  

Retained earnings at the beginning of the year
  
425,479
326,959

(Loss)/profit for the year attributable to the owners of the parent
  
(228,539)
98,520

Retained earnings at the end of the year
  
196,940
425,479

  

The notes on pages 14 to 32 form part of these financial statements.

Page 9

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
REGISTERED NUMBER: NI682631

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
14,835,171
15,582,918

Tangible assets
 12 
584,299
696,725

  
15,419,470
16,279,643

Current assets
  

Stocks
 14 
1,088,611
991,842

Debtors: amounts falling due within one year
 15 
5,237,309
4,270,509

Cash at bank and in hand
 16 
1,410,970
1,878,578

Creditors: amounts falling due within one year
 17 
(8,819,344)
(6,030,431)

Net current (liabilities)/assets
  
 
 
(1,082,454)
 
 
1,110,498

Total assets less current liabilities
  
14,337,016
17,390,141

Creditors: amounts falling due after more than one year
 18 
(14,106,000)
(16,918,750)

Provisions for liabilities
  

Deferred tax
 21 
(34,076)
(45,912)

Net assets
  
196,940
425,479


Capital and reserves
  

Called up share capital 
 22 
-
-

Profit and loss account
 23 
196,940
425,479

  
196,940
425,479


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 July 2024.




J O'Brien
Director

The notes on pages 14 to 32 form part of these financial statements.

Page 10

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
REGISTERED NUMBER: NI682631

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
18,698,670
18,698,670

Current assets
  

Debtors: amounts falling due within one year
 15 
1,290,000
290,000

  
1,290,000
290,000

Creditors: amounts falling due within one year
 17 
(4,747,424)
(1,819,815)

Net current liabilities
  
 
 
(3,457,424)
 
 
(1,529,815)

Total assets less current liabilities
  
15,241,246
17,168,855

  

Creditors: amounts falling due after more than one year
 18 
(14,106,000)
(16,918,750)

  

Net assets
  
1,135,246
250,105


Capital and reserves
  

Called up share capital 
 22 
-
-

Profit and loss account brought forward
  
250,105
(129,592)

Profit for the year

  

885,141
379,697

Profit and loss account carried forward
  
1,135,246
250,105


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 July 2024.


J O'Brien
Director

The notes on pages 14 to 32 form part of these financial statements.

Page 11

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(228,539)
98,520

Adjustments for:

Amortisation of intangible assets
747,747
747,747

Depreciation of tangible assets
291,762
254,794

Loss on disposal of tangible assets
-
(450)

Interest paid
801,461
682,942

Taxation charge
(5,172)
335,164

(Increase)/decrease in stocks
(96,769)
22,370

(Increase) in debtors
(966,800)
(1,371,559)

Increase in creditors
152,524
1,806,697

Corporation tax (paid)
(283,025)
(257,372)

Net cash generated from operating activities

413,189
2,318,853


Cash flows from investing activities

Purchase of tangible fixed assets
(179,336)
(279,150)

Sale of tangible fixed assets
-
450

Purchase of fixed asset investments
-
(1,000,000)

Net cash from investing activities

(179,336)
(1,278,700)

Cash flows from financing activities

New secured loans
1,000,000
500,000

Repayment of loans
(900,000)
-

Interest paid
(801,461)
(682,942)

Net cash used in financing activities
(701,461)
(182,942)

Net (decrease)/increase in cash and cash equivalents
(467,608)
857,211

Cash and cash equivalents at beginning of year
1,878,578
1,021,367

Cash and cash equivalents at the end of year
1,410,970
1,878,578


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,410,970
1,878,578


The notes on pages 14 to 32 form part of these financial statements.

Page 12

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

1,878,578

(467,608)

1,410,970

Debt due after 1 year

(14,918,750)

812,750

(14,106,000)

Debt due within 1 year

(581,250)

(912,750)

(1,494,000)


(13,621,422)
(567,608)
(14,189,030)

The notes on pages 14 to 32 form part of these financial statements.

Page 13

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

O'Brien Fine Foods Holdings (UK) Limited ("the Company") is a private company limited by shares, incorporated in Northern Ireland. Its registered office is C/O Tughans Llp, The Ewart, 3 Bedford Square, Belfast, Northern Ireland, BT2 7EP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Company is a wholly owned subsidiary of a non-UK registered entity and therefore does not meet the exemption criteria from consolidation. Please see note 28 for further details.

 
2.3

Going concern

The group is in its infancy and was incorporated to facilitate the acquisition of Bearfields of London Limited. 
The group has the continued operational and financial support from the ultimate parent undertaking whilst it continues to establish itself and repayments of any debt will be made from the future trading. 
Based on this the directors have a reasonable expectation that the Group will continue in operational existence for the foreseeable future and they continue to adopt the going concern basis of accounting in preparing its annual financial statements. 

Page 14

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Sales are recognised upon delivery of goods.

Page 15

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 16

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of income and retained earnings over its useful economic life.




Page 17

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the remaining lease term
Plant and machinery
-
3 to 15 years
Motor vehicles
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Further costs are added to the stock as detailed in note 3.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Included in stock are maintenance (or equipment) spare parts not yet bought into use. These are valued at their cost price and are assessed for impairment regularly.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 18

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual
Page 19

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)

arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 20

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
Accounting judgements and estimation
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
(i) Cost of stock
The Company processes meat. The cost of stock includes an estimated conversion cost which represents labour incurred on each particular product. The estimate is based on time each product spends in the production process multiplied by a notional cost of labour. Stock is summarised in note 14.
The classification of stock between raw materials, work in progress and finished goods is a judgement by management based on the nature of stock held at the balance sheet date.


4.


Turnover

The whole of the turnover is attributable to processed meat products.

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
28,455,979
25,877,846

Rest of Europe
418,289
276,231

28,874,268
26,154,077



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
291,762
254,794

Amortisation of goodwill
747,747
747,747

Exchange differences
(18,791)
(24,822)

Operating leases: equipment
115,590
119,741

Operating leases: land and buildings
467,630
475,342

Loss on disposal of tangible fixed assets
-
(450)

Page 21

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
20,000
20,000

Non-audit services
11,663
7,000


7.


Employees

Staff costs were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Wages and salaries
4,174,264
4,299,312
-
-

Social security costs
417,919
446,394
-
-

Cost of defined contribution scheme
81,835
79,673
-
-

4,674,018
4,825,379
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Admin
9
9
-
-



Production
127
136
-
-

138
147
2
2


8.


Directors' remuneration

Directors are remunerated through another group entity of which amounts relating to this company and subsidiary cannot be reliably quantified.

Page 22

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
801,461
682,942


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
141,698
372,142

Adjustments in respect of previous periods
(135,034)
(25,650)


Total current tax
6,664
346,492

Deferred tax


Origination and reversal of timing differences
(26,352)
(19,883)

Adjustment in respect of prior years
1,273
8,555

Effects of changes in tax rates
13,243
-

Total deferred tax
(11,836)
(11,328)


Tax on (loss)/profit on ordinary activities
(5,172)
335,164
Page 23

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


(Loss)/profit on ordinary activities before tax
(233,711)
433,684


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
(54,969)
82,400

Effects of:


Non tax deductible amortisation of goodwill
175,870
276,826

Expenses not deductible
3,871
-

Income not taxable
(9,426)
(6,967)

Adjustments to tax charge in respect of prior periods
(133,761)
(17,095)

Tax rate changes
13,243
-

Total tax charge for the year
(5,172)
335,164


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Intangible assets

Group





Goodwill

£



Cost


At 1 January 2023
16,330,665



At 31 December 2023

16,330,665



Amortisation


At 1 January 2023
747,747


Charge for the year on owned assets
747,747



At 31 December 2023

1,495,494



Net book value



At 31 December 2023
14,835,171



At 31 December 2022
15,582,918



Page 25

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2023
49,274
810,947
138,384
998,605


Additions
-
179,336
-
179,336



At 31 December 2023

49,274
990,283
138,384
1,177,941



Depreciation


At 1 January 2023
10,419
263,195
28,266
301,880


Charge for the year on owned assets
8,750
236,884
46,128
291,762



At 31 December 2023

19,169
500,079
74,394
593,642



Net book value



At 31 December 2023
30,105
490,204
63,990
584,299



At 31 December 2022
38,855
547,752
110,118
696,725

Page 26

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
18,698,670



At 31 December 2023
18,698,670





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Bearfields of London Limited
Unit 1 The Sidings, Hainault Road Industrial Estate, Leytonstone, E11 1HD
Ordinary
100%


14.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
358,493
363,120
-
-

Work in progress (goods to be sold)
435,066
269,481
-
-

Finished goods and goods for resale
198,999
257,681
-
-

Maintenance (or equipment) spare parts
96,053
101,560
-
-

1,088,611
991,842
-
-


Page 27

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
3,706,704
3,555,053
-
-

Amounts owed by group undertakings
1,290,000
290,000
1,290,000
290,000

Other debtors
112,100
252,923
-
-

Prepayments and accrued income
128,505
172,533
-
-

5,237,309
4,270,509
1,290,000
290,000



16.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,410,970
1,878,578
-
-



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
1,494,000
581,250
1,494,000
581,250

Trade creditors
2,885,926
2,746,056
-
-

Amounts owed to group undertakings
958,424
941,184
958,424
941,184

Corporation tax
70,131
346,492
-
-

Other taxation and social security
124,469
117,185
-
-

Other creditors
2,319,332
329,900
2,290,000
290,000

Accruals and deferred income
967,062
968,364
5,000
7,381

8,819,344
6,030,431
4,747,424
1,819,815


Page 28

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
14,106,000
14,918,750
14,106,000
14,918,750

Other creditors
-
2,000,000
-
2,000,000

14,106,000
16,918,750
14,106,000
16,918,750


During the year the company extended the terms of the loan to be repayable to 30 November 2028. The initial £15m drawdown of the loan attracts interest at 2.165%. Subsequent drawdowns attract interest based on SONIA (Sterling Overnight Index Average) ratcheted based on Group leverage levels. 
The loan is secured over wider group assets under the control of the ultimate parent undertaking.


19.


Invoice financing facility

The Group has assigned book debts within an invoice discounting facility. At the year end the Group had no liability in respect of this. Funds of £1,023,973 (2022 - £1,052,971) were available for draw down and is included within Cash at bank. The facility is secured by a fixed and floating charge over all of the Group's assets.


20.


Loans

Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
1,494,000
581,250
1,494,000
581,250

Amounts falling due 1-2 years

Bank loans
1,494,000
1,158,625
1,494,000
1,158,625

Amounts falling due 2-5 years

Bank loans
12,612,000
13,760,125
12,612,000
13,760,125

15,600,000
15,500,000
15,600,000
15,500,000

Prior year loan maturity disclosure has been amended to reflect the true position as at 31 December 2022. This is a disclosure amendment only and has no material effect on the balance sheet.

Page 29

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Deferred taxation


Group



2023


£






At beginning of year
45,912


Charged to profit or loss
(11,836)



At end of year
34,076







Group
Group
2023
2022
£
£

Accelerated capital allowances
38,972
49,650

Other short term differences
(4,896)
(3,738)

34,076
45,912

Page 30

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £0.001 each
0.10
0.10

All shares rank equally.



23.


Reserves

Profit and loss account

The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.


24.


Capital commitments




At 31 December 2023 the Group and Company had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided in these financial statements
-
179,789

-
179,789


25.


Pension commitments

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £81,835 (2022 - £79,673). Contributions totalling £19,583 (2022 - £19,673) were payable to the fund at the balance sheet date and are included in creditors.

Page 31

 
O’BRIEN FINE FOODS HOLDINGS (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Land and buildings

Not later than 1 year
331,834
337,380

Later than 1 year and not later than 5 years
-
331,834

331,834
669,214


Group
Group
2023
2022
£
£

Plant and machinery

Not later than 1 year
108,997
64,974

Later than 1 year and not later than 5 years
126,327
19,627

235,324
84,601

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


27.


Related party transactions

Amounts of £290,000 (2022 - £290,000) due to former group companies of the subsidiary are included in other creditors. This amount is repayable on demand.
Net amounts of £331,576 (
2022 - £651,184 due to) are due from a group company at the year end.
Amounts of £304,999 (
2022 - £454,491) were paid to key management personnel during the period.


28.


Controlling party

The Company is a wholly owned subsidiary of Nickelreed Unlimited, a company based in the Isle of Man.
The largest group in which the results of the company are consolidated is headed by Nickelreed Unlimited, whose consolidated financial statements may only be obtained from its registered address.
The ultimate controlling party is the O'Brien family.

 
Page 32