Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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KAPPERSFOODS (UK) LIMITED
COMPANY INFORMATION
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KAPPERSFOODS (UK) LIMITED
CONTENTS
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KAPPERSFOODS (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Directors present the annual accounts for the financial year ended 31 March 2024.
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.
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.
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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.
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.
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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.
The directors who served during the year were:
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,280,689 (2023 - £1,419,448).
No dividends were paid in 2024 or 2023.
Details of future developments can be found in the Strategic Report.
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KAPPERSFOODS (UK) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The auditors, James Cowper Kreston Audit, will 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.
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KAPPERSFOODS (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAPPERSFOODS (UK) LIMITED
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 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).
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.
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.
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 Report. 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. 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.
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KAPPERSFOODS (UK) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KAPPERSFOODS (UK) LIMITED (CONTINUED)
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.
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.
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.
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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.
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 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.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Communications Road
Greenham Business Park
Greenham
Berkshire
RG19 6AB
Date:
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KAPPERSFOODS (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
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KAPPERSFOODS (UK) LIMITED
REGISTERED NUMBER: 07109396
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 17 form part of these financial statements.
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KAPPERSFOODS (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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KAPPERSFOODS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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:
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.
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.
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.
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KAPPERSFOODS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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KAPPERSFOODS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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.
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.
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KAPPERSFOODS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The whole of the turnover is attributable to the principal activity of the company and arose within the United Kingdom.
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KAPPERSFOODS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
There were no factors that may affect future tax charges.
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KAPPERSFOODS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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).
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KAPPERSFOODS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The immediate parent company is
The parent of the smallest group for which group accounts including KappersFoods (UK) Limited are drawn up is The parent of the largest group for which group accounts including KappersFoods (UK) Limited are drawn up is
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