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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
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 |
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 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Total comprehensive loss | - | ( |
) | - | ( |
) |
Balance at 31 May 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 May 2024 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures, fittings & equipment | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 |
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 |
AMORTISATION |
At 1 June 2023 |
Amortisation for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 |
Additions |
Disposals |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 |
Additions |
Disposals | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 |
Registered office: Unit 5c Blanchardstown Corporate Park, Blanchardstown, Dublin 15 |
Nature of business: |
% |
Class of shares: | holding |
12. | STOCKS |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Finished goods | 1,857,735 | 1,786,859 |
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 |
Other debtors | 42,170 | 59,209 | 23,540 | 20,516 |
VAT | - | - |
Prepayments and accrued income | 166,598 | 130,823 |
696,853 | 760,498 |
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 |
Hire purchase contracts (see note 17) | 94,467 | 82,800 |
Trade creditors | 2,209,311 | 1,935,740 |
Amounts owed to group undertakings | - | - |
Tax | 22,111 | (18,822 | ) | ( |
) |
Social security and other taxes | 44,928 | 36,198 |
VAT | 22,972 | 14,595 | 9,989 | - |
Other creditors | 22,106 | 29,456 |
Directors' current accounts | 39,645 | 192,133 | 39,645 | 130,412 |
Accrued expenses | 51,385 | 54,064 |
2,663,948 | 2,791,631 |
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 |
Hire purchase contracts (see note 17) | 199,792 | 251,633 |
458,465 | 599,269 |
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 |
Bank loans | 88,837 | 151,634 |
157,023 | 465,467 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 96,557 | 88,489 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 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 |
Between one and five years |
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 |
Bank loans | 347,510 | 499,270 |
415,696 | 813,103 |
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 |
Charge to Statement of Comprehensive Income during year |
Balance at 31 May 2024 |
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: | £ | £ |
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 | 1,278,326 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 May 2024 | 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. |