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REGISTERED NUMBER: 05538853 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

READY FOODS LIMITED

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


READY FOODS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: I R Thomas
S P Wantling
S L Kynaston





SECRETARY: S P Wantling





REGISTERED OFFICE: The Mill
Morton
Oswestry
Shropshire
SY10 8BH





REGISTERED NUMBER: 05538853 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
Ready Foods Limited operates a factory processing, packaging and supplying food products in North Wales.

The directors are pleased with the profit before taxation made in the year and hope that improvements made to the manufacturing processes will improve profitability in future years.

Key performance indicators

The company monitors its performance using key performance indicators. The company considers its main key performance indicators to be like for like sales growth, gross margin percentage and operating profit. Performance on these measures is shown below and is in line with the expectations of the board.

2024 2023 % change
Turnover £13,503,056 £13,750,037 (1.80% )
Gross margin 28.76% 27.61% 1.15%
Operating profit £465,588 £731,394 (36.34% )

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a very competitive market which is a continuing risk and may result in sales being lost to competitors. The company manages this risk by providing excellent service in all its activities.

Financial risk management objectives and policies

The company's activities expose it to a number of financial risks including cash flow and liquidity. The board approves treasury policies, which are controlled on a day-to-day basis by senior management.

ON BEHALF OF THE BOARD:





S L Kynaston - Director


20 November 2024

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of food processing and preparation.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2024.

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

I R Thomas
S P Wantling
S L Kynaston

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information regarding the review of business and a description of the principal risks and uncertainties facing the company.

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 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.

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



S L Kynaston - Director


20 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
READY FOODS LIMITED

Opinion
We have audited the financial statements of Ready Foods Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other 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 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 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
READY 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 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 three, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
READY FOODS LIMITED


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, food standard agency, employment, environmental, health and safety legislation. We also consider regulations such as General Data Protection Regulations, Anti Money Laundering, Consumer Rights Act throughout the audit.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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 their knowledge of actual, suspected and alleged fraud; and

- reviewing the client's system notes and internal controls.

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;

- review of the cashbook to identify any large or unusual transactions that appear to have no commercial basis.

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 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.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
READY FOODS LIMITED

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.




Francis Nock F.C.C.A. (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

20 November 2024

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 4 13,503,056 13,750,037

Cost of sales (9,619,062 ) (9,953,908 )
GROSS PROFIT 3,883,994 3,796,129

Distribution costs (361,013 ) (398,124 )
Administrative expenses (3,065,698 ) (2,674,916 )
457,283 723,089

Other operating income 8,305 8,305
OPERATING PROFIT 6 465,588 731,394

Interest receivable and similar income 19,415 6,151
485,003 737,545

Interest payable and similar expenses 7 (1,056 ) (406 )
PROFIT BEFORE TAXATION 483,947 737,139

Tax on profit 8 (130,467 ) (179,870 )
PROFIT FOR THE FINANCIAL YEAR 353,480 557,269

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

PROFIT FOR THE YEAR 353,480 557,269


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

353,480

557,269

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 3,117,974 3,083,286

CURRENT ASSETS
Stocks 10 1,376,712 1,654,492
Debtors 11 1,332,792 1,681,414
Cash at bank and in hand 842 79,635
2,710,346 3,415,541
CREDITORS
Amounts falling due within one year 12 3,385,585 4,407,740
NET CURRENT LIABILITIES (675,239 ) (992,199 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,442,735

2,091,087

PROVISIONS FOR LIABILITIES 16 (216,172 ) (209,700 )

ACCRUALS AND DEFERRED INCOME 17 (254,298 ) (262,602 )
NET ASSETS 1,972,265 1,618,785

CAPITAL AND RESERVES
Called up share capital 18 139,720 139,720
Retained earnings 19 1,832,545 1,479,065
SHAREHOLDERS' FUNDS 1,972,265 1,618,785

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2024 and were signed on its behalf by:





S L Kynaston - Director


READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 139,720 921,796 1,061,516

Changes in equity
Total comprehensive income - 557,269 557,269
Balance at 31 March 2023 139,720 1,479,065 1,618,785

Changes in equity
Total comprehensive income - 353,480 353,480
Balance at 31 March 2024 139,720 1,832,545 1,972,265

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

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

1. STATUTORY INFORMATION

Ready Foods Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office can be found on the Company Information page.

The principal place of business is Unit 3, Cibyn Industrial Park, Caernarfon, Gwynedd, LL55 2BD.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements are for the individual entity only.

The financial statements are presented in sterling (£), rounded to the nearest £1.

At the year end the company had net current liabilities of £675,239 (2023: £992,199). The company finances its working capital requirements via loans from other group companies of £1,691,093 (2023: £2,659,906). The directors have reviewed the support of group companies and fully expect it to continue for the foreseeable future. The directors therefore consider the going concern basis to be appropriate.

The company has taken advantage of the following disclosure exemptions 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;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of paragraphs 29.28(b) and 29.29;
the requirement of paragraph 33.7;
the requirements of paragraph 24(b) of IFRS 6.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The company sells food. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the ageing of the stock in relation to best before dates, as well as applying assumptions around anticipated saleability of stock. See note 10 for the net carrying amount of stock.

The company includes an element of overheads in the carrying value of stock. When calculating the overheads included within stock, management considers costs related to handling and processing stock. See note 10 for the net carrying amount of stock.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax. Turnover is recognised when the goods are physically delivered and services are provided to the customer.

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

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

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Land-not provided
Freehold property-10% on cost and 2.5% on cost
Plant and machinery-20% on cost and 10% on cost
Fixtures and fittings-25% on cost
Motor vehicles-20% on cost

No depreciation has been provided in respect of the land element of the company's freehold property.

Government grants
Grants of a revenue nature are recognised in income over the period in which the company recognises the related costs, for which the grant is intended to compensate.

Grants of a capital nature are credited to the balance sheet and amortised over the life of the assets to which they relate.

Stocks
Stocks are valued at lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. Costs include the purchase price of raw materials plus a proportion of attributable overheads.

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and amounts owed to group undertakings, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

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

3. 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.

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.

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

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.

4. 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:

31.3.24 31.3.23
£    £   
Goods 13,486,696 13,729,170
Services 16,360 20,867
13,503,056 13,750,037

5. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 2,744,362 2,644,977
Social security costs 242,592 240,835
Other pension costs 110,432 76,799
3,097,386 2,962,611

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

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

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
31.3.24 31.3.23

Production 76 83
Admin / sales 27 26
103 109

31.3.24 31.3.23
£    £   
Directors' remuneration 80,360 153,025
Directors' pension contributions to money purchase schemes 37,010 2,710

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

Money purchase schemes 1 1

6. OPERATING PROFIT

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

31.3.24 31.3.23
£    £   
Other operating leases 35,000 24,394
Depreciation - owned assets 407,148 356,903
Profit on disposal of fixed assets - (16,469 )
Auditors' remuneration 13,558 14,375
Auditors' remuneration for non audit work 789 2,100
Foreign exchange differences (2,519 ) (985 )
Amortisation of capital grant (8,305 ) (8,305 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest 1,056 406

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

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

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 123,995 95,797
Under / (over) provision in respect of prior year - 7,844
Total current tax 123,995 103,641

Deferred tax 6,472 76,229
Tax on profit 130,467 179,870

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:

31.3.24 31.3.23
£    £   
Profit before tax 483,947 737,139
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

120,987

140,056

Effects of:
Expenses not deductible for tax purposes 2,658 (206 )
Capital allowances in excess of depreciation - (42,475 )
Depreciation in excess of capital allowances 2,427 -
Adjustments to tax charge in respect of previous periods - 7,844
Capital grant amortisation (2,077 ) (1,578 )
Deferred tax 6,472 76,229
Total tax charge 130,467 179,870

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

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

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 2,525,457 2,852,896 251,893 66,690 5,696,936
Additions 73,359 367,412 1,065 - 441,836
At 31 March 2024 2,598,816 3,220,308 252,958 66,690 6,138,772
DEPRECIATION
At 1 April 2023 721,543 1,633,161 250,282 8,664 2,613,650
Charge for year 138,890 254,032 1,088 13,138 407,148
At 31 March 2024 860,433 1,887,193 251,370 21,802 3,020,798
NET BOOK VALUE
At 31 March 2024 1,738,383 1,333,115 1,588 44,888 3,117,974
At 31 March 2023 1,803,914 1,219,735 1,611 58,026 3,083,286

10. STOCKS
31.3.24 31.3.23
£    £   
Raw materials, packaging and
finished goods 1,376,712 1,654,492

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,071,003 1,517,517
Amounts owed by group undertakings 100,506 13,531
Other debtors - 848
Tax 74,035 58,251
VAT 43,617 52,940
Prepayments and accrued income 43,631 38,327
1,332,792 1,681,414

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 13) 26,194 -
Trade creditors 409,503 991,121
Amounts owed to group undertakings 1,691,093 2,659,906
Social security and other taxes 62,033 73,373
Accrued expenses 1,196,762 683,340
3,385,585 4,407,740

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

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

13. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 26,194 -

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 9,900 9,900
Between one and five years 3,970 5,016
In more than five years - 105
13,870 15,021

15. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank overdraft 26,194 -
Amounts owed to group 1,691,093 2,659,906
1,717,287 2,659,906

Amounts owed to group are secured on the freehold property. The company has also provided a fixed and floating charge over its assets in relation to the grant for asset improvement.

16. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax - accelerated capital allowances 216,172 209,700

Deferred
tax
£   
Balance at 1 April 2023 209,700
Charge to Income Statement during year 6,472
Balance at 31 March 2024 216,172

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

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

17. ACCRUALS AND DEFERRED INCOME
31.3.24 31.3.23
£    £   
Deferred government grants 254,298 262,602

Grants of a capital nature are credited to the balance sheet and amortised over the life of the assets to which they relate.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
19,960 Ordinary £1 19,960 19,960
119,760 Redeemable preference "B" £1 119,760 119,760
139,720 139,720

Ordinary shares have full voting rights and rights to dividends.

Redeemable preference 'B' shares have no voting rights and are redeemable from distributable profits, the redemption date will be set by the directors and is regarded as being at the option of the company.

19. RESERVES
Retained
earnings
£   

At 1 April 2023 1,479,065
Profit for the year 353,480
At 31 March 2024 1,832,545

Retained earnings includes all current and prior period retained profits and losses.

20. RELATED PARTY DISCLOSURES

The immediate parent company is MVH Limited. The ultimate parent company is LAF Holdings Limited. LAF Holdings Limited is the parent of the largest and smallest group for which consolidated financial statements are prepared which include Ready Foods Limited. The registered office of the immediate and ultimate parent company is the same as that of Ready Foods Limited. Group accounts are freely available from Companies House.

Related group companies
31.3.24 31.3.23
£    £   
Sales of goods 135,514 351,311
Purchases of goods and services 831,776 587,730
Amount due from related party 100,506 13,531
Amount due to related party 1,691,093 2,659,906

A fixed charge is held over all the property of the company to secure amounts owed to the parent company.

READY FOODS LIMITED (REGISTERED NUMBER: 05538853)

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

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is LAF Holdings Limited, the ultimate parent company, by virtue of holding a controlling interest in the issued ordinary share capital of MVH Limited.