REGISTERED NUMBER: |
ARDEN FINE FOODS (UK) LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
161 Newhall Street |
Birmingham |
B3 1SW |
ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
4,922,250 | 4,300,043 |
3,629,927 | 3,200,343 |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
3,682,212 | 3,208,314 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Share options value movement |
Income tax relating to other comprehensive income |
( |
) |
( |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
ARDEN FINE FOODS (UK) LIMITED (REGISTERED NUMBER: 02572217) |
BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Other reserves | 15 |
Retained earnings | 15 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 30 April 2023 |
Changes in equity |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 30 April 2024 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Warehouse | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Selling and distribution | 7 | 7 |
Administration | 22 | 21 |
Directors | 4 | 4 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
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 |
Auditors' remuneration |
Operating lease rentals - property |
Foreign exchange (gain)/loss | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Corporation tax interest |
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 |
Deferred tax: |
Share options vested | (2,933 | ) | (550 | ) |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
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 | (2,933 | ) | 8,798 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Share options value movement | (550 | ) | 1,649 |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Paid in year |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
Warehouse | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
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 |
Debt factoring | 5,406 | - |
Amounts owed by group undertakings |
Other debtors |
Prepayments | 117,238 | 178,470 |
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 |
Tax |
Social security and other taxes |
Other creditors |
Accruals | 1,072,317 | 964,540 |
Debt factoring | - | (941 | ) |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
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: | £ | £ |
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 | 4,440,928 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Share options value movement |
Deferred tax on share options | - | (2,933 | ) | (2,933 | ) |
At 30 April 2024 | 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. |