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REGISTERED NUMBER: 03721777 (England and Wales)












STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

D H FOODS LIMITED

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


D H FOODS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: T Hale





REGISTERED OFFICE: Unit 25A
Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: 03721777 (England and Wales)





AUDITORS: Goldwyns Limited
Statutory Auditors and Chartered Accountants
Rutland House
90-92 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
DH Foods is still quite well positioned in the marketplace, and we are seeing sales turnover increase as prices for raw material remain high.

Our relationship with both customers and suppliers remains strong as we take pride in supplying top quality raw material at competitive prices.

The Asia markets do not feature as highly any more in our business, China has become more self sufficient after the African swine fever had depleted their herds and the building of many super farms have stopped the spread and increased their production.

The war in Ukraine still has an impact on animal feeds around the world and fuel prices, so pork production has remained expensive and whilst we hope food inflation will ease next year it will remain relatively high for the time being.

The cost-of-living does impact the overall trade as people look for cheaper alternatives in the food chain.
Pork usually fares well as it historically has been the cheaper of the proteins available.

On reflection, DH Foods remains in a reasonably strong position. The reserves we have keep our cashflow in good order to pay our creditors in good time.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is subject to the normal commercial risks that arise in the ordinary course of business. These risks are reviewed by the Board of Directors as part of ongoing Corporate Governance procedures.

Bad debts
The company has credit insurance in place in order to limit exposure to bad debts.

Customer base
The company has a large number of customers that they deal with on a regular basis. The director believes it is important to maintain a large customer base to prevent the company becoming overly reliant on one or more particular customers.

Foreign currency
Some of the company's transactions have been in foreign currencies. The company trades in Sterling, Euros and US Dollars. In order to reduce exposure to foreign currency fluctuations, the company uses forward exchange contracts.

Exposure to credit, liquidity and cash flow risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to fulfil their obligation. The company aims to minimise such losses by securing appropriate instruments with a reputable bank.

Liquidity risk is the risk that the company will encounter difficulty in meeting obligations as they fall due. The company aims to reduce this risk by managing cash operations and considering future cash obligations before any material cash flows are undertaken.

Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability. The company manages this risk, where significant, by use of forward exchange contracts as explained above.


D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


KEY PERFORMANCE INDICATORS
The company uses the following key performance indicators to monitor the performance of the business:

2024 2023

Turnover £27,057k £18,594k
Profit/(loss) before tax £354k £737k
Gross profit margin 3.4% 5.6%
Debtor days 59 days 63 days

ON BEHALF OF THE BOARD:





T Hale - Director


16 October 2024

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MARCH 2024

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

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £2k.

FUTURE DEVELOPMENTS
The company intends to continue to develop its customer base and to increase its market share in Asia. Where demand is anticipated, the company's product range will be expanded to suit.

DIRECTOR
T Hale held office during the whole of the period from 1 April 2023 to the date of this report.

FINANCIAL INSTRUMENTS
Details of financial instruments are provided in the strategic report on page 2.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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.

AUDITORS
The auditors, Goldwyns Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T Hale - Director


16 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
D H FOODS LIMITED

Opinion
We have audited the financial statements of D H Foods Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of 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 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 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
D H 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 four, 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.

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. In order to address the risks of misstatements in respect of irregularities, including fraud, we have:

- obtained an understanding of the key laws and regulations applicable to the company, including the Companies Act 2006 and applicable taxation legislation;
- assessed the company's own internal controls and systems for the prevention and detection of irregularities and particularly the control environment within which they operate;
- determined a materiality level and audit approach sufficient to identify most irregularities, including fraud, that may occur;
- considered our own involvement in the preparation of the company's statutory financial statements and taxation returns;
- conducted audit verification work, on a sample basis, on the key audit areas and risks we have identified; and
- reflected on the outcome of our work, and the likelihood that conclusions drawn may be indicative of other areas of potential irregularity.

We therefore consider our audit approach has been sufficient to detect material irregularities, including fraud.

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
D H FOODS LIMITED


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.




S T Blundell FCA (Senior Statutory Auditor)
for and on behalf of Goldwyns Limited
Statutory Auditors and Chartered Accountants
Rutland House
90-92 Baxter Avenue
Southend on Sea
Essex
SS2 6HZ

18 October 2024

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £'000 £'000

TURNOVER 3 27,057 18,594

Cost of sales 26,145 17,545
GROSS PROFIT 912 1,049

Administrative expenses 723 395
189 654

Other operating income 58 32
OPERATING PROFIT 5 247 686

Interest receivable and similar income 111 151
358 837
Gain/loss on revaluation of investments - (100 )
358 737

Interest payable and similar expenses 6 4 -
PROFIT BEFORE TAXATION 354 737

Tax on profit 7 162 168
PROFIT FOR THE FINANCIAL YEAR 192 569

OTHER COMPREHENSIVE INCOME
Revaluation of unlisted investments 12 3
Income tax relating to other
comprehensive income

(3

)

(1

)
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

9

2
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

201

571

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £'000 £'000 £'000 £'000
FIXED ASSETS
Tangible assets 9 1,039 983
Investments 10 571 525
1,610 1,508

CURRENT ASSETS
Debtors 11 6,503 6,089
Cash at bank 666 944
7,169 7,033
CREDITORS
Amounts falling due within one year 12 2,332 2,415
NET CURRENT ASSETS 4,837 4,618
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,447

6,126

CREDITORS
Amounts falling due after more than one
year

13

(80

)

-

PROVISIONS FOR LIABILITIES 16 (42 ) -
NET ASSETS 6,325 6,126

CAPITAL AND RESERVES
Called up share capital 17 1 1
Revaluation reserve 18 18 9
Retained earnings 18 6,306 6,116
SHAREHOLDERS' FUNDS 6,325 6,126

The financial statements were approved by the director and authorised for issue on 16 October 2024 and were signed by:





T Hale - Director


D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£'000 £'000 £'000 £'000
Balance at 1 April 2022 1 5,551 7 5,559

Changes in equity
Dividends - (4 ) - (4 )
Total comprehensive income - 569 2 571
Balance at 31 March 2023 1 6,116 9 6,126

Changes in equity
Dividends - (2 ) - (2 )
Total comprehensive income - 192 9 201
Balance at 31 March 2024 1 6,306 18 6,325

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £'000 £'000
Cash flows from operating activities
Cash generated from operations 1 (121 ) 1,113
Interest paid (4 ) -
Tax paid (171 ) (196 )
Net cash from operating activities (296 ) 917

Cash flows from investing activities
Purchase of tangible fixed assets (129 ) (973 )
Purchase of fixed asset investments (205 ) -
Sale of fixed asset investments 159 -
Interest received 111 151
Net cash from investing activities (64 ) (822 )

Cash flows from financing activities
New loans in year 128 -
Capital repayments in year (32 ) -
Net movement of director's funds (12 ) -
Equity dividends paid (2 ) (4 )
Net cash from financing activities 82 (4 )

(Decrease)/increase in cash and cash equivalents (278 ) 91
Cash and cash equivalents at
beginning of year

2

944

853

Cash and cash equivalents at end of
year

2

666

944

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£'000 £'000
Profit before taxation 354 737
Depreciation charges 74 17
Loss on disposal of fixed assets 8 -
Loss on revaluation of fixed assets - 100
Finance costs 4 -
Finance income (111 ) (151 )
329 703
(Increase)/decrease in trade and other debtors (402 ) 172
(Decrease)/increase in trade and other creditors (48 ) 238
Cash generated from operations (121 ) 1,113

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 March 2024
31.3.24 1.4.23
£'000 £'000
Cash and cash equivalents 666 944
Year ended 31 March 2023
31.3.23 1.4.22
£'000 £'000
Cash and cash equivalents 944 853


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£'000 £'000 £'000
Net cash
Cash at bank 944 (278 ) 666
944 (278 ) 666
Debt
Finance leases - (96 ) (96 )
- (96 ) (96 )
Total 944 (374 ) 570

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

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

1. STATUTORY INFORMATION

D H 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 as modified by the revaluation of certain assets.

Turnover
Turnover in the year represents both the amount derived from the provision of goods and commissions received for the facilitation of the provision of goods after deduction of trade discounts and value added tax.

Turnover, when relating to the provision of goods, is recognised as soon as the goods become the responsibility of the customer or their transport agents, which is typically on a 'back to back' arrangement with the corresponding supplier dispatch.

Turnover relating to commission income is recognised when the goods to which it relates are loaded onto the container for shipping.The company charges for commission in the month after which the goods are shipped.

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

Freehold property- Straight line over 50 years
Fixtures and fittings- Straight line over 3 years
Computer equipment- Straight line over 3 years
Motor vehicles- Straight line over 3 years

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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.

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

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

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
The company makes fixed asset investments which are disclosed at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of profit or loss.

Derivative financial instruments
Derivative financial instruments are recognised at fair value with any gains or losses being charged to profit and loss in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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
£'000 £'000
Trade 26,651 18,057
Commission 406 537
27,057 18,594

An analysis of turnover by geographical market is given below:

2024 2023
£'000 £'000
United Kingdom 18,862 14,358
EU countries 7,937 4,138
Non-EU countries 258 98
27,057 18,594

4. EMPLOYEES AND DIRECTORS

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

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

2024 2023
£'000 £'000
Wages and salaries 418 436
Social security costs 44 50
Other pension costs 82 94
544 580
The average number of employees during the year was as follows:
2024 2023

Sales and management 3 3
Administration 4 4
7 7
2024 2023
£'000 £'000
Director's remuneration 19 16
Director's pension contributions to money purchase schemes 60 80
The number of directors to whom retirement benefits were accruing was as
follows:


Money purchase schemes 1 1


5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£'000 £'000
Depreciation - owned assets 73 18
Loss on disposal of fixed assets 8 -
Auditors' remuneration 7 7

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£'000 £'000
Hire purchase interest 4 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£'000 £'000
Current tax:
UK corporation tax 120 171

Deferred tax 42 (3 )
Tax on profit 162 168

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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
£'000 £'000
Profit before tax 354 737
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

89

140

Effects of:
Expenses not deductible for tax purposes 65 36
Depreciation in excess of capital allowances 8 12
Pension contributions - (20 )
Total tax charge 162 168

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£'000 £'000 £'000
Revaluation of unlisted investments 12 (3 ) 9

2023
Gross Tax Net
£'000 £'000 £'000
Revaluation of unlisted investments 3 (1 ) 2

8. DIVIDENDS
2024 2023
£'000 £'000
A Ordinary shares of £1 each
Interim 1 2
B Ordinary shares of £1 each
Interim 1 2
2 4

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

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

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£'000 £'000 £'000 £'000 £'000
COST
At 1 April 2023 899 168 - 36 1,103
Additions - - 128 1 129
At 31 March 2024 899 168 128 37 1,232
DEPRECIATION
At 1 April 2023 - 85 - 35 120
Charge for year 21 35 16 1 73
At 31 March 2024 21 120 16 36 193
NET BOOK VALUE
At 31 March 2024 878 48 112 1 1,039
At 31 March 2023 899 83 - 1 983

Fixed assets, included in the above, which are held under finance lease have a total net book value figure of £112k.

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£'000
COST OR VALUATION
At 1 April 2023 525
Additions 205
Disposals (167 )
Revaluations 8
At 31 March 2024 571
NET BOOK VALUE
At 31 March 2024 571
At 31 March 2023 525

Cost or valuation at 31 March 2024 is represented by:

Unlisted
investments
£'000
Valuation in 2017 5
Valuation in 2018 (2 )
Valuation in 2021 (149 )
Valuation in 2022 4
Valuation in 2023 (98 )
Valuation in 2024 8
Cost 802
570

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

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

10. FIXED ASSET INVESTMENTS - continued

There are five different fixed asset investments included in the above balance. One of the investments was valued on an open market basis on 31 March 2024 by EFG Harris Allday, another on the 19 April 2024 by Atlas Fine Wines Limited and the values of the other three have been considered by the director.

11. DEBTORS
2024 2023
£'000 £'000
Amounts falling due within one year:
Trade debtors 4,332 3,186
Other debtors 1,896 2,509
Director's current account 12 -
Deferred tax asset - 1
Prepayments and accrued income 49 72
6,289 5,768

Amounts falling due after more than one year:
Other debtors 214 321

Aggregate amounts 6,503 6,089

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Hire purchase contracts (see note 14) 16 -
Trade creditors 2,098 2,090
Corporation tax 120 171
Social security and other taxes 17 16
Other creditors 21 6
Accruals and deferred income 60 132
2,332 2,415

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£'000 £'000
Hire purchase contracts (see note 14) 80 -

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2024 2023
£'000 £'000
Net obligations repayable:
Within one year 16 -
Between one and five years 80 -
96 -

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

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

14. LEASING AGREEMENTS - continued

The company has a formal lease agreement in place with its tenant - this will generate future income over the following periods:
2024
£'000
Within one year 8
Total 8

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£'000 £'000
Hire purchase contracts 96 -

Hire purchase liabilities are secured on the assets to which they relate.

Lloyds TSB Bank plc and T Hale (the company director) have debentures dated 8 May 2007 and 22 February 2011 respectively securing all monies due or to become due from the company on any account whatsoever. Both carry fixed and floating charges over the undertaking of all property and assets present and future. At the balance sheet date the company did not owe any monies to T Hale.

16. PROVISIONS FOR LIABILITIES
2024
£'000
Deferred tax 42

Deferred
tax
£'000
Balance at 1 April 2023 (1 )
Provided during year 42
Balance at 31 March 2024 41

The deferred tax provision noted above reflects timing differences between depreciation and accelerated capital allowances, in addition to net gains on the revaluation of unlisted investments.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
750 A Ordinary £1 750 750
250 B Ordinary £1 250 250
1,000 1,000

D H FOODS LIMITED (REGISTERED NUMBER: 03721777)

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

18. RESERVES
Retained Revaluation
earnings reserve Totals
£'000 £'000 £'000

At 1 April 2023 6,116 9 6,125
Profit for the year 192 192
Dividends (2 ) (2 )
Unlisted investments - 9 9
At 31 March 2024 6,306 18 6,324

19. PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of certain employees. During the year premiums paid by the company amounted to £83k (2023 - £94k). At the balance sheet date there was £nil outstanding at the period end (2023 - £80k outstanding).

20. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£'000 £'000
T Hale
Balance outstanding at start of year - -
Amounts advanced 12 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12 -

Interest has been charged on the overdrawn director's loan account at the official interest rate of 2.25%.

21. RELATED PARTY DISCLOSURES

During the year, the company's total compensation to key management personnel (including directors) amounted to £430k (2023 - £467k). At the balance sheet date, the company did not owe key management personnel any monies.

During the year the company charged £21k (2023 - £22k) in respect of office and management services to a partnership controlled by key management personnel, and at the balance sheet date, the company was owed £18k by that partnership (2023 - owed £27k).