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Registered number: 07109396










KAPPERSFOODS (UK) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
KAPPERSFOODS (UK) LIMITED
 

COMPANY INFORMATION


Directors
M B Ryder 
C A Hawkes 




Company secretary
K Tsavdaridou



Registered number
07109396



Registered office
2 Communications Road
Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB




Independent auditors
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB





 
KAPPERSFOODS (UK) LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 7
Statement of Comprehensive Income
 
8
Balance Sheet
 
9
Statement of Changes in Equity
 
10
Notes to the Financial Statements
 
11 - 17


 
KAPPERSFOODS (UK) LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present the annual accounts for the financial year ended 31 March 2024.

Business review
 
The turnover of the company decreased in the year (2024: £37 million, 2023: £41 million). Due to lower cost of sales, gross margin increased in the year (2024: £2,518K, 2023 £2,475K). The Directors consider gross profit to be a key performance indicator.
As a 100% subsidiary of KappersFoods BV (located in the Netherlands), KappersFoods (UK) Ltd developed a new business model as a result the opportunities of Brexit. The company believes because of its longstanding knowledge of KappersFoods BV to have a strong basis to build reliable trading relationships with its suppliers and customers on the basis of accurate logistics and administration, it remains well placed to continue to safeguard and grow its profits.

Principal risks and uncertainties
 
Business risk
The company has always actively managed its risks, and this has enabled it to deliver continued growth in terms of products, geography, and profitability. The keyword of the company is “balance”, and this is evident within which geographic areas it operates, the currencies it trades in, and the products sold, as well as a healthy mix of food service and retail customers.
Technical risk
There is always a risk that suppliers fail the ever increasing technical requirements enforced by customers. The company manages this risk through the employment of highly dedicated, qualified, and experienced teams of technical personnel, who ensure that all requirements are complied with prior to shipment.
Disease & weather risk
Historically, the outbreaks of disease have occurred in zones around the world, and once discovered the governing bodies contain the disease and limit the spread by placing travel embargos on the respective products. In principle, when one market is affected, buyers and consumers turn to an alternative source of the same protein and business continues.
Problems that affect free import and export (such as diseases) are usually known to the traders long before they are made public. Intelligence comes from a variety of sources, primarily from the Traders being in constant contact with the suppliers and buyers of produce around the world, and it is this expertise that is partly responsible for damage limitation.
Currency risk
Traders minimise the currency risk by matching the buying and selling of foreign currency. Where there is a currency exposure on a certain deal, using the projected receipt dates, the traders secure the exchange value using forward contracts. As a result, the board have applied hedge accounting and any gains/losses have been recognised in other comprehensive income rather than in the profit and loss.
Trade barriers
The marketplace for food is often affected by quota systems, such as licensing and tariffs. The Company is actively involved in lobbying and industry representation to minimise the risk. Again, experience and knowledge is the key to managing this risk.


 
Page 1

 
KAPPERSFOODS (UK) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Outlook
For the coming financial year 2024-2025, the Directors anticipate that the company will continue to be profitable and have confidence in the going concern of the business. The Company has maintained its profitability thus far this financial year, and believes that its balance in retail and wholesale will enable it to continue to do so in the latter half of 2024-2025.
Financial risk management objectives and policies
The Company finances its operations through a mixture of retained profits and where necessary to fund expansion or capital expenditure programmes through bank borrowings. The management objectives are to:

• Retain sufficient liquid funds to enable it to meet its day-to-day objectives as they fall due whilst maximizing returns on surplus funds.
• Minimize the company’s exposure to fluctuating interest rates when seeking new borrowings; and
• Match the repayment schedule of any external borrowings or overdraft with the expected future cash flows expected to arise from the group’s trading activities.
Directors' statement of compliance with duty to promote the success of the Company
The directors of the company take seriously The Companies Act requirements of section 172 to promote the success of the company for the long term. In compliance, the directors have regard to the interests of the shareholders and employees as well as the wider community. Initiatives such as work to ensure compliance with anti-slavery legislation, following GDPR requirements to protect the information of employees, suppliers and customers, welfare initiatives for animals and a push for recycling wherever possible, are just some examples.

Financial key performance indicators
 
The Company considers revenue, operating profit and net assets to be its key performance indicators.


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



C A Hawkes
Director

Date: 2 October 2024

Page 2

 
KAPPERSFOODS (UK) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The directors who served during the year were:

M B Ryder 
C A Hawkes 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company'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 Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,280,689 (2023 - £1,419,448).

No dividends were paid in 2024 or 2023.

Future developments

Details of future developments can be found in the Strategic Report.

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'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's auditors are aware of that information.

Page 3

 
KAPPERSFOODS (UK) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Auditors

The auditorsJames Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





C A Hawkes
Director

Date: 2 October 2024

Page 4

 
KAPPERSFOODS (UK) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAPPERSFOODS (UK) LIMITED
 

Opinion


We have audited the financial statements of KappersFoods (UK) Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 Company's affairs as at 31 March 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 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 Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our 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.


Page 5

 
KAPPERSFOODS (UK) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAPPERSFOODS (UK) LIMITED (CONTINUED)


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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 financial statements.


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. 



Page 6

 
KAPPERSFOODS (UK) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAPPERSFOODS (UK) LIMITED (CONTINUED)




The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows:
 
Enquiry of management and those charged with governance around actual and potential litigation and claims;
Enquiry of management and those charged with governance to identify any material instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.


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.





Alexander Peal BSc(Hons) FCA DChA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
2 Communications Road
Greenham Business Park
Greenham
Newbury
Berkshire
RG19 6AB

 
Date: 
3 October 2024
Page 7

 
KAPPERSFOODS (UK) LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
  
36,629,995
40,665,171

Cost of sales
  
(34,112,290)
(38,190,111)

Gross profit
  
2,517,705
2,475,060

Administrative expenses
  
(767,809)
(639,236)

Operating profit
 5 
1,749,896
1,835,824

Interest receivable and similar income
 8 
12,402
1,459

Interest payable and similar expenses
 9 
(54,712)
(84,811)

Profit before tax
  
1,707,586
1,752,472

Tax on profit
 10 
(426,897)
(333,024)

Profit for the financial year
  
1,280,689
1,419,448

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 17 form part of these financial statements.

Page 8

 
KAPPERSFOODS (UK) LIMITED
REGISTERED NUMBER: 07109396

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 11 
534,474
304,017

Debtors: amounts falling due within one year
 12 
4,357,611
5,395,959

Cash at bank and in hand
 13 
2,933,306
1,564,214

  
7,825,391
7,264,190

Creditors: amounts falling due within one year
 14 
(2,504,952)
(3,224,440)

Net current assets
  
 
 
5,320,439
 
 
4,039,750

  

Net assets
  
5,320,439
4,039,750


Capital and reserves
  

Called up share capital 
 15 
1,000
1,000

Profit and loss account
  
5,319,439
4,038,750

  
5,320,439
4,039,750


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C A Hawkes
Director

Date: 2 October 2024

The notes on pages 11 to 17 form part of these financial statements.

Page 9

 
KAPPERSFOODS (UK) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2023
1,000
4,038,750
4,039,750



Profit for the year
-
1,280,689
1,280,689


At 31 March 2024
1,000
5,319,439
5,320,439



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
1,000
2,619,302
2,620,302



Profit for the year
-
1,419,448
1,419,448


At 31 March 2023
1,000
4,038,750
4,039,750


The notes on pages 11 to 17 form part of these financial statements.

Page 10

 
KAPPERSFOODS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Kappersfoods (UK) Limited (the company) is a company, limited by shares, incorporated and domiciled in
England & Wales. The registered office is as per the Company Information page.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Lamex Food Group Limited and these financial statements may be obtained from the registered office.

 
2.3

Going concern

Despite the company reporting cash balances of £2,933,306 (2023: £1,564,214) the company is dependent upon support of its parent company, Kappersfoods BV, incorporated in the Netherlands. The parent company has indicated that its support will continue for the forseeable future and for a period of at least 12 months from approval of the financial statements. Therefore the financial statements have been prepared on a going concern basis.

  
2.4

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 11

 
KAPPERSFOODS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Taxation

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 operates and generates income.

 
2.8

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. Work in progress and finished goods include labour and attributable overheads.

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

Page 12

 
KAPPERSFOODS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition
The key judgment made by management in respect of revenue is the point at which that revenue should be recognised. Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer.
Taxation
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with previous tax submissions. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.

Page 13

 
KAPPERSFOODS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

The whole of the turnover is attributable to the principal activity of the company and arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
-
20,258


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,200
13,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


8.


Interest receivable

2024
2023
£
£


Bank interest receivable
12,402
1,459


9.


Interest payable and similar expenses

2024
2023
£
£


Loans from group undertakings
54,712
84,811

Page 14

 
KAPPERSFOODS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
426,897
333,024

Total current tax
426,897
333,024

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,707,586
1,752,472


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
426,897
332,970

Effects of:


Expenses not deductible for tax purposes
-
54

Total tax charge for the year
426,897
333,024


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Stocks

2024
2023
£
£

Finished goods and goods for resale
534,474
304,017



12.


Debtors

2024
2023
£
£


Trade debtors
4,341,033
4,526,928

Amounts owed by group undertakings
-
759,654

Prepayments
16,578
109,377

4,357,611
5,395,959


Page 15

 
KAPPERSFOODS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,933,306
1,564,214

Less: bank overdrafts
(10,808)
(8,836)

2,922,498
1,555,378



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
10,808
8,836

Trade creditors
798,217
404,117

Amounts owed to group undertakings
867,277
2,418,140

Corporation tax
759,921
333,114

Other taxation and social security
23,834
7,599

Accruals and deferred income
44,895
52,634

2,504,952
3,224,440



15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



16.


Contingent liabilities

The company has a fixed charge, a floating charge and negative pledge with ABN AMRO Asset Based Finance N.V. over all rights in any present and future properties, revenues, all assets and disposal proceeds from the sale of any assets. At the balance sheet date gross assets totalled £7,825,391 (2023: £7,264,190) and bank overdrafts totalled £10,808 (2023: £8,836).


17.


Related party transactions

The company is exempt from disclosing related party transactions with other 100% owned members of the group headed by Lamex Food Group Limited by virtue of FRS 102 section 33.5.

Page 16

 
KAPPERSFOODS (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Controlling party

The immediate parent company is Kappersfoods B.V. a company registered in the Netherlands.The ultimate controlling party is Lamex Food Group Limited
The parent of the smallest group for which group accounts including KappersFoods (UK) Limited are drawn up is Liberty Holding B.V. Copies of these accounts are not available to the public.
The parent of the largest group for which group accounts including KappersFoods (UK) Limited are drawn up is Lamex Food Group Limited. Copies of these accounts are available from the registered office.


Page 17