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REGISTERED NUMBER: 05042969 (England and Wales)














Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 January 2024

for

County Foods Limited

County Foods Limited (Registered number: 05042969)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


County Foods Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Mr D E Krips





REGISTERED OFFICE: Unit 1 - 3 Fleets Industrial Estate
Willis Way
Poole
Dorset
BH15 3SU





REGISTERED NUMBER: 05042969 (England and Wales)





AUDITORS: Ward Goodman Audit Services Limited
Statutory Auditor
4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

County Foods Limited (Registered number: 05042969)

Strategic Report
for the Year Ended 31 January 2024

The director presents the strategic report for the year ended 31st January 2024.

FAIR REVIEW OF THE BUSINESS
The company has increased turnover and remains profitable.

The company retains a healthy cash position and has no external borrowings.

The company has continued to build relationships within its existing sales base whilst expanding geographically with the addition of new customers relationships. This has resulted in a year-on-year increase in turnover. Strong relationships with suppliers have ensured that pricing remains competitive in relation to the market.

The cost of stock has seen fluctuations during the year due to inflationary factors however these have been partially absorbed in increased sales prices. These fluctuations have now stabilised, and this has resulted in improving margins.

PRINCIPAL RISKS AND UNCERTAINTIES
Significant increases in energy costs, labour rates and inflationary pressures have caused issues within the catering industry. In particular, the pubs and restaurants sector. The result is an increased risk in customer sustainability. This risk continues to be mitigated by employing a robust credit control process.

The supply chain has also seen significant increases in costs during the year due to the same pressures. Imports from Europe continue to face erratic delays caused by increased post Brexit regulations.

KEY PERFORMANCE INDICATORS
The company's key financial performance indicators are:

2023/24 2022/23
Turnover £11,376,564 £10,374,886
Gross profit £2,193,001 £2,146,641
Gross profit margin 19.28% 20.69%

FUTURE DEVELOPMENTS
Continued investment in people and equipment ensuring that the company continues to meet customer requirements whilst increasing turnover and maintaining margins. The cash resource in the business is used to provide working capital and capital additions.

ON BEHALF OF THE BOARD:





Mr D E Krips - Director


4 October 2024

County Foods Limited (Registered number: 05042969)

Report of the Director
for the Year Ended 31 January 2024

The director presents his report with the financial statements of the company for the year ended 31 January 2024.

DIVIDENDS
Interim dividends per share were paid as follows:
£0.02 - 13 March 2023
£0.03 - 4 April 2023
£0.16 - 18 April 2023
£0.08 - 31 January 2024

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2024 will be £135,000 (2023 - £99,000).

DIRECTOR
Mr D E Krips held office during the whole of the period from 1 February 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

County Foods Limited (Registered number: 05042969)

Report of the Director
for the Year Ended 31 January 2024


AUDITORS
The auditors, Ward Goodman Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




Mr D E Krips - Director


4 October 2024

Report of the Independent Auditors to the Members of
County Foods Limited

Opinion
We have audited the financial statements of County Foods Limited (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 January 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
County Foods 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the group and the sector in which they operate.
- We obtained an understanding of how the company and the group are complying with those legal and regulatory frameworks by making inquires to the management and we corroborated our inquiries through our review or board reports.
- We assessed the susceptibility of the company and the group's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

o Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
o Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
o Challenging assumptions and judgments made by management in its significant accounting estimates;
o Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
o Assessing the extent of compliance with the relevant law and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the 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
County Foods Limited


Other matters which we are required to address
The comparative financial statements are unaudited.

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.




IM Rodd BSc FCA FCCA (Senior Statutory Auditor)
for and on behalf of Ward Goodman Audit Services Limited
Statutory Auditor
4 Cedar Park
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF

4 October 2024

County Foods Limited (Registered number: 05042969)

Income Statement
for the Year Ended 31 January 2024

2024 2023
(Unaudited)
Notes £    £   

TURNOVER 3 11,376,564 10,374,886

Cost of sales 9,183,563 8,228,245
GROSS PROFIT 2,193,001 2,146,641

Administrative expenses 1,757,747 1,565,953
435,254 580,688

Other operating income 25 -
OPERATING PROFIT 5 435,279 580,688

Interest receivable and similar income 17 -
435,296 580,688

Interest payable and similar expenses 6 1,060 10,037
PROFIT BEFORE TAXATION 434,236 570,651

Tax on profit 7 146,248 72,808
PROFIT FOR THE FINANCIAL YEAR 287,988 497,843

County Foods Limited (Registered number: 05042969)

Other Comprehensive Income
for the Year Ended 31 January 2024

2024 2023
(Unaudited)
Notes £    £   

PROFIT FOR THE YEAR 287,988 497,843


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

287,988

497,843

County Foods Limited (Registered number: 05042969)

Balance Sheet
31 January 2024

2024 2023
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 344,283 931,370

CURRENT ASSETS
Stocks 10 421,121 360,357
Debtors 11 1,125,113 849,033
Cash at bank and in hand 1,051,333 626,341
2,597,567 1,835,731
CREDITORS
Amounts falling due within one year 12 959,944 924,057
NET CURRENT ASSETS 1,637,623 911,674
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,981,906

1,843,044

PROVISIONS FOR LIABILITIES 15 69,515 83,641
NET ASSETS 1,912,391 1,759,403

CAPITAL AND RESERVES
Called up share capital 16 467,002 467,002
Capital redemption reserve 17 467,000 467,000
Retained earnings 17 978,389 825,401
SHAREHOLDERS' FUNDS 1,912,391 1,759,403

The financial statements were approved by the director and authorised for issue on 4 October 2024 and were signed by:





Mr D E Krips - Director


County Foods Limited (Registered number: 05042969)

Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 - 426,558 467,000 893,558

Changes in equity
Issue of share capital 467,002 - - 467,002
Dividends - (99,000 ) - (99,000 )
Total comprehensive income - 497,843 - 497,843
Balance at 31 January 2023 467,002 825,401 467,000 1,759,403

Changes in equity
Dividends - (135,000 ) - (135,000 )
Total comprehensive income - 287,988 - 287,988
Balance at 31 January 2024 467,002 978,389 467,000 1,912,391

County Foods Limited (Registered number: 05042969)

Cash Flow Statement
for the Year Ended 31 January 2024

2024 2023
(Unaudited)
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 444,043 407,427
Interest paid (1,060 ) (10,037 )
Tax paid (72,999 ) (8,632 )
Net cash from operating activities 369,984 388,758

Cash flows from investing activities
Purchase of tangible fixed assets (114,280 ) (272,112 )
Sale of tangible fixed assets 443,130 1,417
Interest received 17 -
Net cash from investing activities 328,867 (270,695 )

Cash flows from financing activities
Capital repayments in year (139,197 ) (445,264 )
Amount introduced by directors 338 -
Amount withdrawn by directors - (338 )
Equity dividends paid (135,000 ) (99,000 )
Net cash from financing activities (273,859 ) (544,602 )

Increase/(decrease) in cash and cash equivalents 424,992 (426,539 )
Cash and cash equivalents at beginning of
year

2

626,341

1,052,880

Cash and cash equivalents at end of year 2 1,051,333 626,341

County Foods Limited (Registered number: 05042969)

Notes to the Cash Flow Statement
for the Year Ended 31 January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
(Unaudited)
£    £   
Profit before taxation 434,236 570,651
Depreciation charges 125,848 154,167
Loss on disposal of fixed assets 132,388 726
Finance costs 1,060 10,037
Finance income (17 ) -
693,515 735,581
Increase in stocks (60,764 ) (83,719 )
Increase in trade and other debtors (276,418 ) (282,535 )
Increase in trade and other creditors 87,710 38,100
Cash generated from operations 444,043 407,427

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 1,051,333 626,341
Year ended 31 January 2023
31.1.23 1.2.22
(Unaudited)
£    £   
Cash and cash equivalents 626,341 1,052,880


County Foods Limited (Registered number: 05042969)

Notes to the Cash Flow Statement
for the Year Ended 31 January 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 626,341 424,992 1,051,333
626,341 424,992 1,051,333
Debt
Finance leases (14,955 ) 14,955 -
Debts falling due within 1 year (124,242 ) 124,242 -
(139,197 ) 139,197 -
Total 487,144 564,189 1,051,333

County Foods Limited (Registered number: 05042969)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

County Foods 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

FreeholdNo depreciation charged
Leasehold1% straight line
Plant & Machinery25% reducing balance
Motor Vehicles25% reducing balance
Fixtures & Fittings 25% reducing balance/3 years straight line

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.


County Foods Limited (Registered number: 05042969)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

County Foods Limited (Registered number: 05042969)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

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.

3. TURNOVER

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

An analysis of turnover by class of business is given below:

2024 2023
(Unaudited)
£    £   
Fresh meats 8,546,718 7,784,754
Frozen & Ambient 2,829,846 2,590,132
11,376,564 10,374,886

4. EMPLOYEES AND DIRECTORS
2024 2023
(Unaudited)
£    £   
Wages and salaries 2,087,975 1,799,195
Social security costs 182,836 159,911
Other pension costs 97,681 72,462
2,368,492 2,031,568

The average number of employees during the year was as follows:
2024 2023
(Unaudited)

Headcount 85 80

Staff numbers calculated on a full time equivalent basis for the year totalled 72 (2023: 63).

County Foods Limited (Registered number: 05042969)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
(Unaudited)
£    £   
Director's remuneration 9,108 8,628
Director's pension contributions to money purchase schemes 60,000 40,000

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
(Unaudited)
£    £   
Hire of plant and machinery 9,448 8,202
Other operating leases 88,729 78,607
Depreciation - owned assets 125,849 154,167
Loss on disposal of fixed assets 132,388 726
Auditors' remuneration 12,000 -
Auditors' remuneration for non audit work 2,900 -
Foreign exchange differences 478 645

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
(Unaudited)
£    £   
Bank loan interest 1,060 10,037

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
(Unaudited)
£    £   
Current tax:
UK corporation tax 160,374 70,988

Deferred tax (14,126 ) 1,820
Tax on profit 146,248 72,808

County Foods Limited (Registered number: 05042969)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

7. TAXATION - continued

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:

2024 2023
(Unaudited)
£    £   
Profit before tax 434,236 570,651
Profit multiplied by the standard rate of corporation tax in the UK of
24.030% (2023 - 19%)

104,347

108,424

Effects of:
Expenses not deductible for tax purposes 31,968 143
Capital allowances in excess of depreciation - (37,579 )
Depreciation in excess of capital allowances 23,866 -
Deferred tax (14,126 ) 1,820
HMRC interest 193 -
Total tax charge 146,248 72,808

8. DIVIDENDS
2024 2023
(Unaudited)
£    £   
Ordinary shares of 1 each
Final 135,000 99,000

County Foods Limited (Registered number: 05042969)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2023 456,741 759,617 406,143 555,456 2,177,957
Additions - 85,596 28,684 - 114,280
Disposals (456,741 ) (57,254 ) (157,532 ) (40,214 ) (711,741 )
At 31 January 2024 - 787,959 277,295 515,242 1,580,496
DEPRECIATION
At 1 February 2023 50,521 701,952 189,874 304,240 1,246,587
Charge for year - 35,816 30,112 59,921 125,849
Eliminated on disposal (50,521 ) (57,021 ) - (28,681 ) (136,223 )
At 31 January 2024 - 680,747 219,986 335,480 1,236,213
NET BOOK VALUE
At 31 January 2024 - 107,212 57,309 179,762 344,283
At 31 January 2023 406,220 57,665 216,269 251,216 931,370

10. STOCKS
2024 2023
(Unaudited)
£    £   
Stocks 421,121 360,357

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Trade debtors 992,581 704,386
Other debtors 34,212 8,010
Directors' loan accounts - 338
VAT 43,625 71,118
Prepayments 54,695 65,181
1,125,113 849,033

County Foods Limited (Registered number: 05042969)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Bank loans and overdrafts (see note 13) - 124,242
Hire purchase contracts (see note 14) - 14,955
Trade creditors 642,965 548,785
Tax 158,363 70,988
Social security and other taxes 45,862 39,756
Other creditors 2,160 8,421
Accruals and deferred income 110,594 116,910
959,944 924,057

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
(Unaudited)
£    £   
Amounts falling due within one year or on demand:
Bank loans - 124,242

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
(Unaudited
£    £   
Net obligations repayable:
Within one year - 14,955

Non-cancellable operating leases
2024 2023
(Unaudited)
£    £   
Within one year 15,189 10,492
Between one and five years 11,450 9,961
In more than five years - 2,061
26,639 22,514

County Foods Limited (Registered number: 05042969)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

15. PROVISIONS FOR LIABILITIES
2024 2023
(Unaudited)
£    £   
Deferred tax 69,515 83,641

Deferred
tax
£   
Balance at 1 February 2023 83,641
Utilised during year (14,126 )
Balance at 31 January 2024 69,515

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
467,002 Ordinary 1 467,002 467,002

17. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 February 2023 825,401 467,000 1,292,401
Profit for the year 287,988 287,988
Dividends (135,000 ) (135,000 )
At 31 January 2024 978,389 467,000 1,445,389

18. RELATED PARTY DISCLOSURES

During the year ended 31 January 2024, rent was charged to County Foods Limited by the directors pension company 'County Foods Executive Pension Scheme' of £88,729 (2023: £78,607).

During the year ended 31 January 2024, County Foods Limited sold the 20% ownership of Unit 1-3 Fleets Industrial Estate to the directors scheme, the 'County Foods Executive Pension Scheme' for £341,000 (2023: £nil).