IRIS Accounts Production v24.3.0.553 NI617389 Board of Directors 31.5.24 1.6.23 31.5.24 31.5.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false true true false Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhNI6173892023-05-31NI6173892024-05-31NI6173892023-06-012024-05-31NI6173892022-05-31NI6173892022-06-012023-05-31NI6173892023-05-31NI617389ns15:NorthernIreland2023-06-012024-05-31NI617389ns14:PoundSterling2023-06-012024-05-31NI617389ns10:Director12023-06-012024-05-31NI617389ns10:Consolidated2024-05-31NI617389ns10:ConsolidatedGroupCompanyAccounts2023-06-012024-05-31NI617389ns10:PrivateLimitedCompanyLtd2023-06-012024-05-31NI617389ns10:Consolidatedns10:MediumEntities2023-06-012024-05-31NI617389ns10:Consolidatedns10:Audited2023-06-012024-05-31NI617389ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-06-012024-05-31NI617389ns10:Medium-sizedCompaniesRegimeForAccounts2023-06-012024-05-31NI617389ns10:Consolidated2023-06-012024-05-31NI617389ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-06-012024-05-31NI617389ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2023-06-012024-05-31NI617389ns10:FullAccounts2023-06-012024-05-31NI617389ns5:Subsidiary12023-06-012024-05-31NI61738912023-06-012024-05-31NI617389ns10:OrdinaryShareClass12023-06-012024-05-31NI617389ns10:Director22023-06-012024-05-31NI617389ns10:Director32023-06-012024-05-31NI617389ns10:RegisteredOffice2023-06-012024-05-31NI617389ns10:Consolidated2022-06-012023-05-31NI617389ns5:CurrentFinancialInstruments2024-05-31NI617389ns5:CurrentFinancialInstruments2023-05-31NI617389ns5:Non-currentFinancialInstruments2024-05-31NI617389ns5:Non-currentFinancialInstruments2023-05-31NI617389ns5:ShareCapital2024-05-31NI617389ns5:ShareCapital2023-05-31NI617389ns5:SharePremium2024-05-31NI617389ns5:SharePremium2023-05-31NI617389ns5:RetainedEarningsAccumulatedLosses2024-05-31NI617389ns5:RetainedEarningsAccumulatedLosses2023-05-31NI617389ns5:ShareCapital2022-05-31NI617389ns5:RetainedEarningsAccumulatedLosses2022-05-31NI617389ns5:SharePremium2022-05-31NI617389ns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-31NI617389ns5:RetainedEarningsAccumulatedLosses2023-06-012024-05-31NI617389ns5:NetGoodwill2023-06-012024-05-31NI617389ns5:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-31NI617389ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-06-012024-05-31NI617389ns5:PlantMachinery2023-06-012024-05-31NI617389ns5:FurnitureFittings2023-06-012024-05-31NI617389ns5:MotorVehicles2023-06-012024-05-31NI617389ns5:ComputerEquipment2023-06-012024-05-31NI617389ns5:NetGoodwill2023-05-31NI617389ns5:NetGoodwill2024-05-31NI617389ns5:NetGoodwill2023-05-31NI617389ns5:LandBuildings2023-05-31NI617389ns5:PlantMachinery2023-05-31NI617389ns5:FurnitureFittings2023-05-31NI617389ns5:LandBuildings2023-06-012024-05-31NI617389ns5:LandBuildings2024-05-31NI617389ns5:PlantMachinery2024-05-31NI617389ns5:FurnitureFittings2024-05-31NI617389ns5:LandBuildings2023-05-31NI617389ns5:PlantMachinery2023-05-31NI617389ns5:FurnitureFittings2023-05-31NI617389ns5:MotorVehicles2023-05-31NI617389ns5:ComputerEquipment2023-05-31NI617389ns5:MotorVehicles2024-05-31NI617389ns5:ComputerEquipment2024-05-31NI617389ns5:MotorVehicles2023-05-31NI617389ns5:ComputerEquipment2023-05-31NI617389ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-31NI617389ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-06-012024-05-31NI617389ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-05-31NI617389ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-05-31NI617389ns5:CostValuation2023-05-31NI6173891ns5:Subsidiary12023-06-012024-05-31NI617389ns5:WithinOneYearns5:CurrentFinancialInstruments2024-05-31NI617389ns5:WithinOneYearns5:CurrentFinancialInstruments2023-05-31NI617389ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-05-31NI617389ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-05-31NI617389ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-05-31NI617389ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-05-31NI617389ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-05-31NI617389ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-05-31NI617389ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-05-31NI617389ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-05-31NI617389ns5:HirePurchaseContracts2024-05-31NI617389ns5:HirePurchaseContracts2023-05-31NI617389ns5:Secured2024-05-31NI617389ns5:Secured2023-05-31NI617389ns5:DeferredTaxation2023-05-31NI617389ns5:DeferredTaxation2023-06-012024-05-31NI617389ns5:DeferredTaxation2024-05-31NI617389ns10:OrdinaryShareClass12024-05-31NI617389ns5:RetainedEarningsAccumulatedLosses2023-05-31NI617389ns5:SharePremium2023-05-31
REGISTERED NUMBER: NI617389 (Northern Ireland)















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

CAMSENG INTERNATIONAL FOODS LIMITED

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16 to 17

Notes to the Consolidated Financial Statements 18 to 33


CAMSENG INTERNATIONAL FOODS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: W C S Ly
Mrs T D Ly
A Ly





REGISTERED OFFICE: 1-25 Lower Windsor Avenue
Belfast
BT9 7DW





REGISTERED NUMBER: NI617389 (Northern Ireland)





AUDITORS: Baker Tilly Mooney Moore
Statutory Auditors
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024


The directors present their strategic report of the company and the group for the year ended 31 May 2024.

REVIEW OF BUSINESS
The principal activity of the group during the year continued to be the sale and distribution of food products and catering supplies.

During the past year the group's business has progressed satisfactorily. The directors expect the economic environment will remain uncertain but the group is well placed to meet the challenges presented through continued investment in new and replacement equipment.

The results for the year and financial position of the group are shown in the annexed financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board is fully committed to identifying, evaluating and managing significant risks facing the group and has developed a set of processes that enable it to do so. The Board consider the strategic, financial and operational risks potentially affecting the group. These include, but are not limited to, the macro-market and economic conditions in which the group operates, competitor activities, foreign currency movements, regulation and financial performance. Risks are prioritised according to their expected likelihood of occurring and impact if they were to occur. Impact is evaluated not only in terms of possible financial impact on the group - loss of income/additional expenditure - but also according to their effects on employees, operational efficiency and stakeholder relations.

The Board reviews and evaluates the risks of the group on a regular basis, which ensures that as new risks emerge in connection with projects or general market developments, appropriate actions can be discussed, agreed and taken in a flexible manner. The key risks identified by the directors are laid out in the Directors' Report.

FINANCIAL KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business, the group's directors are of the opinion that an analysis using financial key performance indicators is not necessary for an understanding of the development, performance or position of the business.

ON BEHALF OF THE BOARD:





W C S Ly - Director


18 November 2024

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the sale and distribution of food products and catering supplies.

DIVIDENDS
Dividends are recognised in the accounting period in which they are approved.

Total dividends voted in the year amount to £230,000.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

W C S Ly
Mrs T D Ly
A Ly

FINANCIAL RISK MANAGEMENT
The group ensures that the financial exposure of the group is subject to regular review by the directors.

Foreign exchange risk
The group purchase and sell goods denominated in Euro and Sterling. The group's objective is to minimise the impact of volatility on currency fluctuations. Variances affecting operational activities in this regard are reflected in operating costs in the profit and loss account in the years in which they arise.

Credit risk
Credit risk is managed by the directors who set the credit limits for each customer before sales are made. Balances with customers are continually monitored.

Liquidity risk
The group's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities when necessary. The group's policy is to ensure that sufficient resources are available either from cash balances and cash flows to ensure all obligations can be met when they fall due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group 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.


CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

AUDITORS
The auditors, Baker Tilly Mooney Moore, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





W C S Ly - Director


18 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAMSENG INTERNATIONAL FOODS LIMITED


Opinion
We have audited the financial statements of Camseng International Foods Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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
CAMSENG INTERNATIONAL FOODS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 pages three and four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAMSENG INTERNATIONAL 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:

We considered the opportunities and incentives that may exist within the Group for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CAMSENG INTERNATIONAL FOODS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Joanne Small (Senior Statutory Auditor)
for and on behalf of Baker Tilly Mooney Moore
Statutory Auditors
17 Clarendon Road
Clarendon Dock
Belfast
BT1 3BG

18 November 2024

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   

TURNOVER 20,880,989 20,052,729

Cost of sales 16,570,200 15,494,304
GROSS PROFIT 4,310,789 4,558,425

Administrative expenses 3,444,305 3,316,994
OPERATING PROFIT 4 866,484 1,241,431


Interest payable and similar expenses 5 82,584 61,779
PROFIT BEFORE TAXATION 783,900 1,179,652

Tax on profit 6 189,200 194,182
PROFIT FOR THE FINANCIAL YEAR 594,700 985,470
Profit attributable to:
Owners of the parent 594,700 985,470

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   

PROFIT FOR THE YEAR 594,700 985,470


OTHER COMPREHENSIVE (LOSS)/INCOME
Foreign currency retranslation (8,945 ) 17,279
Income tax relating to other comprehensive
(loss)/income

-

-
OTHER COMPREHENSIVE
(LOSS)/INCOME FOR THE YEAR, NET
OF INCOME TAX


(8,945


)


17,279
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

585,755

1,002,749

Total comprehensive income attributable to:
Owners of the parent 585,755 1,002,749

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

CONSOLIDATED BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,135,423 1,292,059
Tangible assets 10 3,866,948 3,807,702
Investments 11 - -
5,002,371 5,099,761

CURRENT ASSETS
Stocks 12 1,857,735 1,786,859
Debtors 13 696,853 760,498
Cash at bank 385,903 187,243
2,940,491 2,734,600
CREDITORS
Amounts falling due within one year 14 2,663,948 2,791,631
NET CURRENT ASSETS/(LIABILITIES) 276,543 (57,031 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,278,914

5,042,730

CREDITORS
Amounts falling due after more than one
year

15

(458,465

)

(599,269

)

PROVISIONS FOR LIABILITIES 19 (136,876 ) (115,643 )
NET ASSETS 4,683,573 4,327,818

CAPITAL AND RESERVES
Called up share capital 20 420 420
Share premium 21 999,880 999,880
Retained earnings 21 3,683,273 3,327,518
SHAREHOLDERS' FUNDS 4,683,573 4,327,818

The financial statements were authorised for issue and approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:




A Ly - Director Mrs T D Ly - Director




W C S Ly - Director


CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

COMPANY BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 1,125,000 1,250,000
Tangible assets 10 2,027,983 2,003,107
Investments 11 83 83
3,153,066 3,253,190

CURRENT ASSETS
Stocks 12 922,954 728,217
Debtors 13 306,240 364,897
Cash at bank 989 87
1,230,183 1,093,201
CREDITORS
Amounts falling due within one year 14 2,003,284 2,506,428
NET CURRENT LIABILITIES (773,101 ) (1,413,227 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,379,965

1,839,963

CREDITORS
Amounts falling due after more than one
year

15

(348,454

)

(471,317

)

PROVISIONS FOR LIABILITIES 19 (104,495 ) (89,900 )
NET ASSETS 1,927,016 1,278,746

CAPITAL AND RESERVES
Called up share capital 20 420 420
Share premium 21 999,880 999,880
Retained earnings 21 926,716 278,446
SHAREHOLDERS' FUNDS 1,927,016 1,278,746

Company's profit/(loss) for the financial year 878,270 (89,792 )

The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by:





W C S Ly - Director


CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 June 2022 420 2,324,769 999,880 3,325,069

Changes in equity
Total comprehensive income - 1,002,749 - 1,002,749
Balance at 31 May 2023 420 3,327,518 999,880 4,327,818

Changes in equity
Dividends - (230,000 ) - (230,000 )
Total comprehensive income - 585,755 - 585,755
Balance at 31 May 2024 420 3,683,273 999,880 4,683,573

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 June 2022 420 368,238 999,880 1,368,538

Changes in equity
Total comprehensive loss - (89,792 ) - (89,792 )
Balance at 31 May 2023 420 278,446 999,880 1,278,746

Changes in equity
Dividends - (230,000 ) - (230,000 )
Total comprehensive income - 878,270 - 878,270
Balance at 31 May 2024 420 926,716 999,880 1,927,016

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

31.5.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,598,738 1,680,005
Interest paid (59,181 ) (54,406 )
Interest element of hire purchase payments
paid

(23,403

)

(7,373

)
Tax paid (126,170 ) (258,090 )
Net cash from operating activities 1,389,984 1,360,136

Cash flows from investing activities
Purchase of tangible fixed assets (362,234 ) (583,436 )
Sale of tangible fixed assets 63,662 132,422
Net cash from investing activities (298,572 ) (451,014 )

Cash flows from financing activities
Loan repayments in year (151,761 ) (224,220 )
Capital repayments in year (113,399 ) (150,226 )
Amount introduced by directors 14,948 350,258
Amount withdrawn by directors (396,893 ) (1,176,238 )
Net cash from financing activities (647,105 ) (1,200,426 )

Increase/(decrease) in cash and cash equivalents 444,307 (291,304 )
Cash and cash equivalents at beginning of
year

2

(126,590

)

164,714

Cash and cash equivalents at end of year 2 317,717 (126,590 )

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.5.24 31.5.23
£    £   
Profit before taxation 783,900 1,179,652
Depreciation charges 454,583 365,528
Profit on disposal of fixed assets (146 ) (39,494 )
Foreign exchange adjustment 4,399 4,759
Finance costs 82,584 61,779
1,325,320 1,572,224
(Increase)/decrease in stocks (70,876 ) 540,976
Decrease in trade and other debtors 63,645 3,873
Increase/(decrease) in trade and other creditors 280,649 (437,068 )
Cash generated from operations 1,598,738 1,680,005

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 385,903 187,243
Bank overdrafts (68,186 ) (313,833 )
317,717 (126,590 )
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 187,243 268,085
Bank overdrafts (313,833 ) (103,371 )
(126,590 ) 164,714


CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.6.23 Cash flow changes At 31.5.24
£    £    £    £   
Net cash
Cash at bank 187,243 198,660 385,903
Bank overdrafts (313,833 ) 245,647 (68,186 )
(126,590 ) 444,307 317,717
Debt
Finance leases (334,433 ) 146,020 - (294,259 )
Debts falling due
within 1 year (151,634 ) 62,797 - (88,837 )
Debts falling due
after 1 year (347,636 ) 88,963 - (258,673 )
(833,703 ) 297,780 - (641,769 )
Total (960,293 ) 742,087 - (324,052 )

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Camseng International Foods Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the General 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.

Going concern

The financial statements have been prepared on a going concern basis. The group made a retained profit for the year of £594,700 and had net current assets at 31 May 2024 of £276,543; and continue to be reliant upon their shareholders for ongoing support in order to ensure that there are sufficient funds to meet its liabilities as they fall due.

The shareholders have indicated that they are in a position to continue to provide the necessary support and will continue to do so for a period of at least one year from the signing of these financial statements. The financial statements do not include any adjustments that would result if they withdrew their support.

Basis of consolidation
The consolidated financial statements present the results of Camseng International Foods Limited and its subsidiary as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Related party exemption
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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements in:

The determination of whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and business in general.

The consideration of the recoverability of trade debtors and the valuation of stock and the need for impairment provisions for these asset classes. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as being impaired will be provided against in the relevant period.

The directors also consider the depreciation rates and useful lives on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable.

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


2. ACCOUNTING POLICIES - continued

Turnover
Turnover comprises the value of sales to customers of goods in the normal course of business excluding VAT and trade discounts. Turnover is recognised in the period in which the goods are delivered to the customers.

Goodwill
Goodwill is recognised as the following:

Being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of 20 years.

Being amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of 7 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures, fittings & equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Financial instruments
All financial instruments of the group and company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

- Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.


CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

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

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

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

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

Impairment of fixed assets
Fixed assets are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


2. ACCOUNTING POLICIES - continued

Parent company disclosure exemptions
In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102:

- Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the group and the parent company would be identical;
- No cash flow statement has been presented for the parent company;
- No disclosure has been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole.

3. EMPLOYEES AND DIRECTORS
31.5.24 31.5.23
£    £   
Wages and salaries 1,738,686 1,796,199
Social security costs 165,121 151,013
Other pension costs 18,658 17,765
1,922,465 1,964,977

The average number of employees during the year was as follows:
31.5.24 31.5.23

Sales and distribution 53 58
Administration 6 6
59 64

The average number of employees by undertakings that were proportionately consolidated during the year was 59 (2023 - 64 ) .

31.5.24 31.5.23
£    £   
Directors' remuneration 36,257 40,307

4. OPERATING PROFIT

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

31.5.24 31.5.23
£    £   
Hire of plant and machinery 95,060 105,370
Depreciation - owned assets 196,534 155,111
Depreciation - assets on hire purchase contracts 100,311 52,674
Profit on disposal of fixed assets (146 ) (39,494 )
Goodwill amortisation 156,267 156,545
Auditors' remuneration 21,667 18,303
Foreign exchange differences (2,399 ) (1,118 )

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.5.24 31.5.23
£    £   
Bank interest - 17,671
Bank loan interest 59,181 36,735
Hire purchase 23,403 7,373
82,584 61,779

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.5.24 31.5.23
£    £   
Current tax:
UK corporation tax 168,072 159,424
Corporation tax adjustment re previous year (389 ) (9,848 )
Total current tax 167,683 149,576

Deferred tax 21,517 44,606
Tax on profit 189,200 194,182

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:

31.5.24 31.5.23
£    £   
Profit before tax 783,900 1,179,652
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

195,975

224,134

Effects of:
Expenses not deductible for tax purposes 2,011 5,908
Income not taxable for tax purposes (333 ) (6,558 )
Depreciation in excess of capital allowances 57,219 7,400
Taxation at lower rates (87,189 ) (81,308 )
Origination and reversal of temporary difference 21,517 44,606
Total tax charge 189,200 194,182

Tax effects relating to effects of other comprehensive income

31.5.24
Gross Tax Net
£    £    £   
Foreign currency retranslation (8,945 ) - (8,945 )

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


6. TAXATION - continued

31.5.23
Gross Tax Net
£    £    £   
Foreign currency retranslation 17,279 - 17,279

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
31.5.24 31.5.23
£    £   
Ordinary shares of £1 each
Final 230,000 -

9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 June 2023 2,720,810
Exchange differences (1,939 )
At 31 May 2024 2,718,871
AMORTISATION
At 1 June 2023 1,428,751
Amortisation for year 156,267
Exchange differences (1,570 )
At 31 May 2024 1,583,448
NET BOOK VALUE
At 31 May 2024 1,135,423
At 31 May 2023 1,292,059

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


9. INTANGIBLE FIXED ASSETS - continued

Company
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 2,500,000
AMORTISATION
At 1 June 2023 1,250,000
Amortisation for year 125,000
At 31 May 2024 1,375,000
NET BOOK VALUE
At 31 May 2024 1,125,000
At 31 May 2023 1,250,000

10. TANGIBLE FIXED ASSETS

Group
Fixtures,
Freehold Plant and fittings
property machinery & equipment
£    £    £   
COST
At 1 June 2023 3,421,133 286,978 203,723
Additions 67,689 - 13,485
Disposals - - -
Exchange differences (15,588 ) (829 ) (1,017 )
At 31 May 2024 3,473,234 286,149 216,191
DEPRECIATION
At 1 June 2023 435,669 163,861 123,719
Charge for year 69,186 25,479 13,085
Eliminated on disposal - - -
Exchange differences (2,726 ) (672 ) (696 )
At 31 May 2024 502,129 188,668 136,108
NET BOOK VALUE
At 31 May 2024 2,971,105 97,481 80,083
At 31 May 2023 2,985,464 123,117 80,004

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


10. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 1,115,532 201,691 5,229,057
Additions 381,819 5,087 468,080
Disposals (109,635 ) (4,912 ) (114,547 )
Exchange differences (4,132 ) (431 ) (21,997 )
At 31 May 2024 1,383,584 201,435 5,560,593
DEPRECIATION
At 1 June 2023 532,343 165,763 1,421,355
Charge for year 179,747 9,348 296,845
Eliminated on disposal (14,726 ) (3,683 ) (18,409 )
Exchange differences (1,700 ) (352 ) (6,146 )
At 31 May 2024 695,664 171,076 1,693,645
NET BOOK VALUE
At 31 May 2024 687,920 30,359 3,866,948
At 31 May 2023 583,189 35,928 3,807,702

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 490,051
Additions 73,224
Disposals (72,000 )
Exchange differences (2,056 )
Transfer to ownership (55,064 )
At 31 May 2024 434,155
DEPRECIATION
At 1 June 2023 75,135
Charge for year 100,311
Eliminated on disposal (10,188 )
Exchange differences (347 )
Transfer to ownership (38,938 )
At 31 May 2024 125,973
NET BOOK VALUE
At 31 May 2024 308,182
At 31 May 2023 414,916

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


10. TANGIBLE FIXED ASSETS - continued

Company
Fixtures,
Freehold Plant and fittings
property machinery & equipment
£    £    £   
COST
At 1 June 2023 1,646,371 192,521 87,904
Additions 67,689 - 5,666
Disposals - - -
At 31 May 2024 1,714,060 192,521 93,570
DEPRECIATION
At 1 June 2023 125,273 87,313 44,483
Charge for year 34,003 21,042 6,972
Eliminated on disposal - - -
At 31 May 2024 159,276 108,355 51,455
NET BOOK VALUE
At 31 May 2024 1,554,784 84,166 42,115
At 31 May 2023 1,521,098 105,208 43,421

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 645,108 152,669 2,724,573
Additions 161,085 5,086 239,526
Disposals (74,500 ) (4,912 ) (79,412 )
At 31 May 2024 731,693 152,843 2,884,687
DEPRECIATION
At 1 June 2023 338,760 125,637 721,466
Charge for year 82,248 7,144 151,409
Eliminated on disposal (12,488 ) (3,683 ) (16,171 )
At 31 May 2024 408,520 129,098 856,704
NET BOOK VALUE
At 31 May 2024 323,173 23,745 2,027,983
At 31 May 2023 306,348 27,032 2,003,107

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


10. TANGIBLE FIXED ASSETS - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023 256,000
Additions 24,000
Disposals (72,000 )
At 31 May 2024 208,000
DEPRECIATION
At 1 June 2023 35,602
Charge for year 47,163
Eliminated on disposal (10,188 )
At 31 May 2024 72,577
NET BOOK VALUE
At 31 May 2024 135,423
At 31 May 2023 220,398

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 83
NET BOOK VALUE
At 31 May 2024 83
At 31 May 2023 83

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Camseng International Foods (Ireland) Limited
Registered office: Unit 5c Blanchardstown Corporate Park, Blanchardstown, Dublin 15
Nature of business: sale & distribution of food & catering products
%
Class of shares: holding
Ordinary shares 100.00


12. STOCKS

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Finished goods 1,857,735 1,786,859 922,954 728,217

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Trade debtors 488,085 570,466 173,721 249,136
Other debtors 42,170 59,209 23,540 20,516
VAT - - - 4,299
Prepayments and accrued income 166,598 130,823 108,979 90,946
696,853 760,498 306,240 364,897

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Bank loans and overdrafts (see note 16) 157,023 465,467 157,023 465,467
Hire purchase contracts (see note 17) 94,467 82,800 32,080 31,858
Trade creditors 2,209,311 1,935,740 1,184,574 835,477
Amounts owed to group undertakings - - 426,849 975,407
Tax 22,111 (18,822 ) 75,784 (9,847 )
Social security and other taxes 44,928 36,198 24,415 15,042
VAT 22,972 14,595 9,989 -
Other creditors 22,106 29,456 22,106 29,456
Directors' current accounts 39,645 192,133 39,645 130,412
Accrued expenses 51,385 54,064 30,819 33,156
2,663,948 2,791,631 2,003,284 2,506,428

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Bank loans (see note 16) 258,673 347,636 258,673 347,636
Hire purchase contracts (see note 17) 199,792 251,633 89,781 123,681
458,465 599,269 348,454 471,317

16. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 68,186 313,833 68,186 313,833
Bank loans 88,837 151,634 88,837 151,634
157,023 465,467 157,023 465,467
Amounts falling due between one and two years:
Bank loans - 1-2 years 96,557 88,489 96,557 88,489
Amounts falling due between two and five years:
Bank loans - 2-5 years 162,116 259,147 162,116 259,147

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 94,467 82,800
Between one and five years 199,792 251,633
294,259 334,433

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


17. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 32,080 31,858
Between one and five years 89,781 123,681
121,861 155,539

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Bank overdraft 68,186 313,833 68,186 313,833
Bank loans 347,510 499,270 - -
415,696 813,103 68,186 313,833

The group banking facilities are secured by a debenture over the assets and undertakings of the group. The bank also have a first legal charge over the property assets at Lower Windsor Avenue Belfast and Blandchardstown Corporate Park Dublin. A keyman life policy in the name of Mr W C Ly has been assigned to the bank together with personal guarantees from the directors. In addition directors loans and intercompany loans have been subordinated to the Bank.

19. PROVISIONS FOR LIABILITIES

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Deferred tax 136,876 115,643 104,495 89,900

Group
Deferred
tax
£   
Balance at 1 June 2023 115,643
Charge to Income Statement during year 21,517
Exchange differences (284 )
Balance at 31 May 2024 136,876

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


19. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 June 2023 89,900
Charge to Statement of Comprehensive Income during year 14,595
Balance at 31 May 2024 104,495

The deferred tax liability relates to accelerated capital allowances.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
420 Ordinary £1 420 420

21. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 June 2023 3,327,518 999,880 4,327,398
Profit for the year 594,700 594,700
Dividends (230,000 ) (230,000 )
Consolidation translation
adjustment

(8,945

)

-

(8,945

)

At 31 May 2024 3,683,273 999,880 4,683,153

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 June 2023 278,446 999,880 1,278,326
Profit for the year 878,270 878,270
Dividends (230,000 ) (230,000 )
At 31 May 2024 926,716 999,880 1,926,596


22. RELATED PARTY DISCLOSURES

The company had an outstanding directors loan of £39,645 (2023: £192,133) at the year end. This is included in creditors detailed in note 14.This loan is interest free and repayable on demand.

CAMSENG INTERNATIONAL FOODS LIMITED (REGISTERED NUMBER: NI617389)

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


23. POST BALANCE SHEET EVENTS

On 2 October 2024, the parent company purchased the entire issued share capital of Golden Glen Limited and the premises at 16 Lissue Walk, Lissue Industrial Estate, Lisburn.

24. ULTIMATE CONTROLLING PARTY

The group and company continue to be controlled by the Ly family.