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REGISTERED NUMBER: 02572217 (England and Wales)







ARDEN FINE FOODS (UK) LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


ARDEN FINE FOODS (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: R P Bridges
S A Marsden
A R Mewis
H S Young





REGISTERED OFFICE: 10 Banner Park
Wickmans Drive
Coventry
CV4 9XA





REGISTERED NUMBER: 02572217 (England and Wales)





AUDITORS: Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The company imports and distributes snack foods, bakery products and similar consumable foodstuffs within the FMCG market. The company supplies to all the major UK grocery retailers, along with selected regional wholesalers.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties are as follows;
1. No long-term contract in supplying the major UK grocery retailers, common with all businesses supplying the UK grocery trade.
2. Adverse movement in exchange rates, the company enters into forward exchange contracts to reduce this risk.
3. Continued growth of the German Discount chains and pressure on the established Grocery retail market.
4. The global economy and UK economy, along with global inflationary pressures on all businesses.

RESULTS AND PERFORMANCE
The company's results for the year, as set out on pages 9 and 10, show a profit after tax of £2,780,090 (2023: £2,623,079).

Turnover increased by £3.4m from 2023 to £38.4m (2023: £35.0m). The increase is predominantly due to two factors: price increases to manage the inflationary cost pressures that businesses face and an increase in volume.

Foreign exchange continues to be a concern on profitability with the continued pressure and volatility on GBP/EUR.

Overall, cost control in the company remains strong. However, overhead costs increased due to inflationary increases in overhead costs and the continued investment in retaining and recruiting staff for future growth.

The company continues to focus on adding value to their role in the supply chain, in assuring that product safety, legality and quality are maintained to leading industry benchmarks. This was again demonstrated by being certified AA against the latest issue of the British Retailer Consortium Agents and Brokers Standard of our systems and procedures.


Cash management of the company remained strong.


ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

KEY PERFORMANCE INDICATORS
The board monitors the progress of the company by the following to be Key Performance Indicators:

2024 2023 2022 2021

Turnover £38.4m £35.0m £29.2m £22.1m

% change in turnover +10% +19% +19% +11%

Gross Profit Margin 22.28% 21.40% 22.85% 20.99%

Profit Margin before Tax 9.59% 9.16% 9.87% 8.66%

Turnover, the revenue generated by the company in the period. The company aims to continually increase its revenue from its existing customer base and looking at new market sectors to approach. The target for growth is 3-5% per annum.

Gross Profit Margin has marginally increased due to pressures on inbound transport costs and increased promotional activity against the previous year. It has been and continues to be challenging with global inflationary pressures being faced by all businesses.

Operating Profit Margin, the company aims to achieve a 7% target for operating margin.

FUTURE DEVELOPMENTS
The Directors remain optimistic about the future and are confident that the company has the suppliers and a team that have the commercial, operational, and technical experience and drive to meet our future challenges and objectives.

Our employees remain the cornerstone of our success. It is our policy to continue to invest in their development and that their wellbeing is monitored and prioritised to ensure that the company remains a great place to work and attractive to the top talent in the marketplace.

The company will invest in the development of its own brands, with new product development and brand evolution, and engage with consumer activity. This development, alongside the promotion of selected key brands from our supplier portfolio, is viewed by the Directors as key to the long-term growth in value of the business.

Retailer Private Label remains a key focus across core categories, with the company continuing to work with its supplier base to deliver the highest Technical and Quality standards.

ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The company is always actively looking at ways of reducing its environmental footprint. Packaging remains a significant focus with an ongoing project to reduce, replace and remove plastic from within its product range, working alongside our customer and supplier base. Food waste reduction is also key and continual improvement in our supply chain forecasting and extended customer base to reduce wastage. It is also our policy to reduce food waste destruction involving land fill to zero by earlier intervention utilising Food Bank donations etc. Towards the end of the last financial year, the company appointed an independent consulting firm to understand the carbon footprint output of the business so we can look at ways of reduction moving forwards.

Auditel were the nominated consulting firm commissioned to look at our financial year ending April 2023 as our base, the analysis and reporting was carried out in line with the GHG Protocol Corporate Accounting and Reporting Standards, the results are as follows:

Scopes tCO2e
Scope 1 11.39
Scope 2 7.97
Scope 3 1890.84

ON BEHALF OF THE BOARD:





H S Young - Director


10 October 2024

ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

DIVIDENDS
A dividend of £96,100 per share was paid in respect of the year ended 30 April 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

R P Bridges
S A Marsden
A R Mewis
H S Young

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





H S Young - Director


10 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ARDEN FINE FOODS (UK) LIMITED


Opinion
We have audited the financial statements of Arden Fine Foods (UK) Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 30 April 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ARDEN FINE FOODS (UK) 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 Directors.

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 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 Statement of Directors' Responsibilities set out on page five, 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 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 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ARDEN FINE FOODS (UK) LIMITED


We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and other relevant parties.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

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.




Morgan Davies FCA (Senior Statutory Auditor)
for and on behalf of Prime
Chartered Accountants
Statutory Auditor
161 Newhall Street
Birmingham
B3 1SW

21 October 2024

ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 38,387,893 35,040,562

Cost of sales 29,835,716 27,540,176
GROSS PROFIT 8,552,177 7,500,386

Distribution costs 1,588,479 1,390,707
Administrative expenses 3,333,771 2,909,336
4,922,250 4,300,043
3,629,927 3,200,343

Other operating income 23,986 6,470
OPERATING PROFIT 5 3,653,913 3,206,813

Interest receivable and similar income 28,299 1,501
3,682,212 3,208,314

Interest payable and similar expenses 6 1,821 -
PROFIT BEFORE TAXATION 3,680,391 3,208,314

Tax on profit 7 900,301 585,235
PROFIT FOR THE FINANCIAL YEAR 2,780,090 2,623,079

OTHER COMPREHENSIVE INCOME
Share options value movement 11,731 2,199
Income tax relating to other
comprehensive income

(2,933

)

(550

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

8,798

1,649
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,788,888

2,624,728

ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 29,200 31,894

CURRENT ASSETS
Stocks 10 1,468,955 1,420,123
Debtors 11 5,875,261 6,681,773
Cash at bank 2,122,955 609,189
9,467,171 8,711,085
CREDITORS
Amounts falling due within one year 12 4,188,535 4,302,031
NET CURRENT ASSETS 5,278,636 4,409,054
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,307,836

4,440,948

CAPITAL AND RESERVES
Called up share capital 14 20 20
Other reserves 15 15,763 6,965
Retained earnings 15 5,292,053 4,433,963
SHAREHOLDERS' FUNDS 5,307,836 4,440,948

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2024 and were signed on its behalf by:





H S Young - Director


ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 May 2022 20 3,810,884 5,316 3,816,220

Changes in equity
Total comprehensive income - 2,623,079 1,649 2,624,728
Dividends - (2,000,000 ) - (2,000,000 )
Balance at 30 April 2023 20 4,433,963 6,965 4,440,948

Changes in equity
Total comprehensive income - 2,780,090 8,798 2,788,888
Dividends - (1,922,000 ) - (1,922,000 )
Balance at 30 April 2024 20 5,292,053 15,763 5,307,836

ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Arden Fine Foods (UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Warehouse - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33.33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. ACCOUNTING POLICIES - continued
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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Derivative financial instruments
Derivative financial instruments are initially measured at fair value on the date in which the contract is entered and are subsequently valued at fair value with any movement being included in the income statement.

Share-based payments
The company's ultimate parent issues equity-settled share options to certain employees within the company. Equity-settled share-based payment transactions are measured at fair value.

Fair value is measured by use of an earnings valuation model which is considered by management to be the most appropriate method of valuation.

The fair value of options in issue but not exercised are contained within other reserves. Where options have been granted but not vested, the directors have estimated how many they believe will ultimately vest and they have adopted this estimation in their value calculation.

Share options issued in the group scheme as consideration for employment services provided are treated as an expense of the company in the period and credited to a capital contribution reserve at their fair value.

ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 38,387,893 35,040,562
38,387,893 35,040,562

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,092,328 1,783,962
Social security costs 245,532 230,186
Other pension costs 215,450 176,229
2,553,310 2,190,377

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

Selling and distribution 7 7
Administration 22 21
Directors 4 4
33 32

2024 2023
£    £   
Directors' remuneration 696,476 638,904
Directors' pension contributions to money purchase schemes 150,189 120,300

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 272,126 246,404
Pension contributions to money purchase schemes 5,912 5,374

ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 13,167 11,589
Auditors' remuneration 30,340 24,500
Operating lease rentals - property 72,000 72,000
Foreign exchange (gain)/loss 162,418 (175,171 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Corporation tax interest 1,821 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 903,234 585,785

Deferred tax:
Share options vested (2,933 ) (550 )
Tax on profit 900,301 585,235

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 3,680,391 3,208,314
Profit multiplied by the standard rate of corporation tax in the UK of
28.319% (2023 - 19.490%)

1,042,250

625,300

Effects of:
Expenses not deductible for tax purposes (35,787 ) (3,610 )
Capital allowances in excess of depreciation (204 ) (1,120 )
Adjustments to tax charge in respect of previous periods - (2,767 )
Group relief (103,025 ) (32,018 )
Deferred tax on share options (2,933 ) (550 )
Total tax charge 900,301 585,235

ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Share options value movement 11,731 (2,933 ) 8,798

2023
Gross Tax Net
£    £    £   
Share options value movement 2,199 (550 ) 1,649

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Paid in year 1,922,000 2,000,000

9. TANGIBLE FIXED ASSETS
Fixtures
and Computer
Warehouse fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 41,219 382,737 88,959 512,915
Additions - 10,473 - 10,473
At 30 April 2024 41,219 393,210 88,959 523,388
DEPRECIATION
At 1 May 2023 32,347 363,151 85,523 481,021
Charge for year 2,173 8,824 2,170 13,167
At 30 April 2024 34,520 371,975 87,693 494,188
NET BOOK VALUE
At 30 April 2024 6,699 21,235 1,266 29,200
At 30 April 2023 8,872 19,586 3,436 31,894

10. STOCKS
2024 2023
£    £   
Stocks 1,468,955 1,420,123

ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,579,729 4,356,318
Debt factoring 5,406 -
Amounts owed by group undertakings 2,079,879 2,079,879
Other debtors 93,009 67,106
Prepayments 117,238 178,470
5,875,261 6,681,773

Factored debts of £3,579,729 (2023: £4,356,318) are included within trade debtors above at the year end.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,602,187 2,907,400
Tax 458,234 385,552
Social security and other taxes 45,497 43,886
Other creditors 10,300 1,594
Accruals 1,072,317 964,540
Debt factoring - (941 )
4,188,535 4,302,031

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 147,022 128,823
Between one and five years 234,226 278,368
381,248 407,191

Included within operating leases is the property lease of 10 Banner Park being within one year £72,000 (2023: £72,000) and more than one year for £114,000 (2023: £186,000).

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20 Ordinary £1 20 20

ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


15. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 May 2023 4,433,963 6,965 4,440,928
Profit for the year 2,780,090 2,780,090
Dividends (1,922,000 ) (1,922,000 )
Share options value movement - 11,731 11,731
Deferred tax on share options - (2,933 ) (2,933 )
At 30 April 2024 5,292,053 15,763 5,307,816

The company's reserves are as follows:

The retained earnings reserve represents the cumulative profits and losses net of dividends paid.

The other reserves represent the cumulative effect of movements in the valuation of the group share option scheme, net of deferred tax.

16. ULTIMATE PARENT COMPANY

The immediate parent company is Calco (104) Limited.

The company's ultimate parent undertaking is Shareco 4 Limited, a company registered in England. It has included the company in its group accounts, copies of which are available from its registered office at 10 Banner Park, Wickmans Drive, Coventry, CV4 9XA.

17. OTHER FINANCIAL COMMITMENTS

At 30 April 2024, the company had entered into a contract to purchase foreign currency at future dates. The amount committed to was dependent on future exchange rates. The maximum potential commitment as at 30 April 2024 was 6,854,430 Euros (2023: 2,510,100 Euros).

18. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.