REGISTERED NUMBER: 09856326 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
VIANDE GROUP LIMITED |
REGISTERED NUMBER: 09856326 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
VIANDE GROUP LIMITED |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Consolidated Statement of Changes in Equity | 11 |
Company Statement of Changes in Equity | 12 |
Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Financial Statements | 16 |
VIANDE GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
The director presents his strategic report of the company and the group for the year ended 29 February 2024. |
REVIEW OF BUSINESS |
The statement of comprehensive income is set out on page 9 and shows a profit before tax of £361,869 for the period. Turnover for the period amounted to £23,210,464. |
The group has achieved another year of positive growth in turnover while successfully maintaining healthy gross margins. |
A strategic focus on customer growth throughout the year has delivered impressive results, including a notable increase in customer retention rates and steady expansion of the customer base through the acquisition of new clients. |
Additionally, the business has made substantial investments in its premises, undertaking significant office reconfigurations. These enhancements have been designed to optimise workspace efficiency, foster effective collaboration among employees, and ensure the organisation makes the best possible use of its available resources. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the business and execution of the company's strategy are subject to a number of risks. The principal risks and uncertainties affecting the company are considered to relate to customer and employee retention and product cost inflation. |
Employee retention is a key focus of the company at all times and after putting in place a number of initiatives in 2023, the business is reaping the rewards of this. Staff turnover has dropped significantly and the group is building a reputation as a sought after employer. |
The business is minimising the impact of meat price inflation by seeking out new suppliers and bulk purchasing. The purchasing team is growing in employee numbers in order to maintain this key strength. |
KEY PERFORMANCE INDICATORS |
The company manages the business by reference to key performance indicators. Competent management reporting tools are in place to provide essential current, timely reporting in a clear and precise manner. |
Principal indicators used by the company include, but are not limited to; |
(1) Revenue recognized as per the financial statements |
(2) Gross margin = gross profit/gross sales |
(3) Debtor days |
2024 | 2023 |
Revenue | 23,210,464 | 19,552,420 |
Revenue growth % | 18.7% | 15.6% |
Gross margin | 19.2% | 19.5% |
Debtor days | 31 | 33 |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The company's operations expose it to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk and interest rate cash flow risk. The company has in place policies and procedures that seek to limit the potentially adverse effects on the financial performance of the company of such risks. These policies are set by the directors. |
The company does not use derivative financial instruments to manage interest rate risks. |
Price risk |
Due to the market the company operates in, the company is exposed to price risk from its suppliers and competitors. However, given the size of the company's operations and in addition to the actions identified above, the company is able to manage the potential exposure through supplier agreements, rebate mechanisms and bulk purchasing. |
Credit risk |
The majority of the company's sales are made on credit. For those sales made on credit, appropriate credit checks on customers who apply for credit accounts are made prior to the sale. The amount of any individual customer is subject to a limit and the exposure of the company as a whole is mitigated by multiple credit control procedures and the diverse nature of the customer base. |
Liquidity risk |
Liquidity risk is the risk that the company will encounter difficulty in meeting obligations associated with its financial liabilities. The risk is mitigated as the company has sufficient cash resources available to it through either its own funds or access to further bank facilities. |
FUTURE DEVELOPMENTS |
The business has outlined a clear and achievable strategy to eliminate all long-term permanent debt by 2028. Over the next four years, it plans to balance ambitious growth and investment goals with a steadfast commitment to its five core values: efficiency, innovation, teamwork, exceptional customer service, and excellence. |
As part of its forward-looking vision, the company is dedicated to expanding its geographical reach and customer base. These efforts aim to further solidify its position as the leading meat wholesaler in the South of England, ensuring sustainable success and industry leadership. |
ON BEHALF OF THE BOARD: |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the sale of meat and meat products. |
DIVIDENDS |
The total distribution of dividends for the year ended 29 February 2024 will be £166,530. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Watson Associates (Audit Services) Ltd, 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 |
VIANDE GROUP LIMITED |
Opinion |
We have audited the financial statements of Viande Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Statement of 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 29 February 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VIANDE GROUP 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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Audit procedures performed by the engagement team included: |
- enquiries with management, including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these; |
- reading key correspondence with regulatory authorities; |
- understanding and evaluating the design and implementation of management’s controls designed to prevent and detect irregularities; |
- challenging assumptions and judgements made by management in their significant accounting estimates, in |
particular in relation to impairment of investments in subsidiaries and the measurement and classification of exceptional items; |
- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and postings by unusual users. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
VIANDE GROUP 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 Auditor |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £   | £   |
TURNOVER | 23,210,464 | 19,552,420 |
Cost of sales | (18,739,776 | ) | (15,765,266 | ) |
GROSS PROFIT | 4,470,688 | 3,787,154 |
Distribution costs | (24,375 | ) | (40,262 | ) |
Administrative expenses | (4,009,553 | ) | (3,563,184 | ) |
436,760 | 183,708 |
Other operating income | - | 5,144 |
OPERATING PROFIT | 4 | 436,760 | 188,852 |
Income from shares in group undertakings |
- |
8,251 |
Interest receivable and similar income | 2,150 | 580 |
438,910 | 197,683 |
Interest payable and similar expenses | 5 | (77,041 | ) | (41,798 | ) |
PROFIT BEFORE TAXATION | 361,869 | 155,885 |
Tax on profit | 6 | (127,238 | ) | (112,554 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
234,631 |
43,331 |
Profit attributable to: |
Owners of the parent | 234,631 | 43,331 |
Total comprehensive income attributable to: |
Owners of the parent | 234,631 | 43,331 |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
CONSOLIDATED BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £   | £   |
FIXED ASSETS |
Intangible assets | 9 | 354,003 | 516,341 |
Tangible assets | 10 | 502,847 | 451,328 |
Investments | 11 | - | - |
856,850 | 967,669 |
CURRENT ASSETS |
Stocks | 12 | 670,397 | 622,808 |
Debtors | 13 | 2,319,664 | 2,055,712 |
Cash at bank and in hand | 447,198 | 454,325 |
3,437,259 | 3,132,845 |
CREDITORS |
Amounts falling due within one year | 14 | (3,625,918 | ) | (3,179,547 | ) |
NET CURRENT LIABILITIES | (188,659 | ) | (46,702 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
668,191 |
920,967 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(875,526 |
) |
(1,205,871 |
) |
PROVISIONS FOR LIABILITIES | 19 | (106,612 | ) | (97,144 | ) |
NET LIABILITIES | (313,947 | ) | (382,048 | ) |
CAPITAL AND RESERVES |
Called up share capital | 20 | 650 | 650 |
Share premium | 21 | 182,400 | 182,400 |
Capital redemption reserve | 21 | 50 | 50 |
Retained earnings | 21 | (497,047 | ) | (565,148 | ) |
SHAREHOLDERS' FUNDS | (313,947 | ) | (382,048 | ) |
The financial statements were approved by the director and authorised for issue on 28 November 2024 and were signed by: |
G J Thatcher - Director |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
COMPANY BALANCE SHEET |
29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £   | £   |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
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 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Capital redemption reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 164,887 | 148,868 |
The financial statements were approved by the director and authorised for issue on |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Called up | Capital |
share | Retained | Share | redemption | Total |
capital | earnings | premium | reserve | equity |
£   | £   | £   | £   | £   |
Balance at 1 March 2022 | 100 | (456,009 | ) | 182,400 | 50 | (273,459 | ) |
Changes in equity |
Issue of share capital | 550 | - | - | - | 550 |
Dividends | - | (152,470 | ) | - | - | (152,470 | ) |
Total comprehensive income | - | 43,331 | - | - | 43,331 |
Balance at 28 February 2023 | 650 | (565,148 | ) | 182,400 | 50 | (382,048 | ) |
Changes in equity |
Dividends | - | (166,530 | ) | - | - | (166,530 | ) |
Total comprehensive income | - | 234,631 | - | - | 234,631 |
Balance at 29 February 2024 | 650 | (497,047 | ) | 182,400 | 50 | (313,947 | ) |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£   | £   | £   | £   |
Balance at 1 March 2022 |
Changes in equity |
Issue of share capital | - | - |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 28 February 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 29 February 2024 |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2024 | 2023 |
Notes | £   | £   |
Cash flows from operating activities |
Cash generated from operations | 1 | 850,672 | 967,223 |
Interest paid | (51,374 | ) | (31,426 | ) |
Interest element of hire purchase payments paid |
(25,667 |
) |
(10,372 |
) |
Tax paid | (89,291 | ) | (128,170 | ) |
Net cash from operating activities | 684,340 | 797,255 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (161,509 | ) | (307,276 | ) |
Sale of tangible fixed assets | 30,463 | 2 |
Interest received | 2,150 | 580 |
Dividends received | - | 8,251 |
Net cash from investing activities | (128,896 | ) | (298,443 | ) |
Cash flows from financing activities |
New loans in year | - | 350,000 |
Loan repayments in year | (279,787 | ) | (171,048 | ) |
New other loan | 1,046,013 | 214,148 |
Other loan repayments | (260,807 | ) | (82,419 | ) |
Capital repayments in year | (75,317 | ) | (84,578 | ) |
Amount introduced by directors | 7,022 | - |
Amount withdrawn by directors | (5,986 | ) | (16,820 | ) |
Share issue | - | 550 |
Equity dividends paid | (156,516 | ) | (152,470 | ) |
Net cash from financing activities | 274,622 | 57,363 |
Increase in cash and cash equivalents | 830,066 | 556,175 |
Cash and cash equivalents at beginning of year |
2 |
(382,868 |
) |
(939,043 |
) |
Cash and cash equivalents at end of year |
2 |
447,198 |
(382,868 |
) |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£   | £   |
Profit before taxation | 361,869 | 155,885 |
Depreciation charges | 306,136 | 260,659 |
(Profit)/loss on disposal of fixed assets | (21,070 | ) | 23,931 |
Finance costs | 77,041 | 41,798 |
Finance income | (2,150 | ) | (8,831 | ) |
721,826 | 473,442 |
Increase in stocks | (47,589 | ) | (18,056 | ) |
Increase in trade and other debtors | (252,124 | ) | (223,682 | ) |
Increase in trade and other creditors | 428,559 | 735,519 |
Cash generated from operations | 850,672 | 967,223 |
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 29 February 2024 |
29.2.24 | 1.3.23 |
£   | £   |
Cash and cash equivalents | 447,198 | 454,325 |
Bank overdrafts | - | (837,193 | ) |
447,198 | (382,868 | ) |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£   | £   |
Cash and cash equivalents | 454,325 | 2,722 |
Bank overdrafts | (837,193 | ) | (941,765 | ) |
(382,868 | ) | (939,043 | ) |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
Other |
non-cash |
At 1.3.23 | Cash flow | changes | At 29.2.24 |
£   | £   | £   | £   |
Net cash |
Cash at bank |
and in hand | 454,325 | (7,127 | ) | 447,198 |
Bank overdrafts | (837,193 | ) | 837,193 | - |
(382,868 | ) | 830,066 | 447,198 |
Debt |
Finance leases | (241,466 | ) | 75,317 | - | (209,349 | ) |
Debts falling due |
within 1 year | (248,317 | ) | (32,741 | ) | - | (281,058 | ) |
Debts falling due |
after 1 year | (1,032,305 | ) | 312,528 | - | (719,777 | ) |
(1,522,088 | ) | 355,104 | - | (1,210,184 | ) |
Total | (1,904,956 | ) | 1,185,170 | - | (762,986 | ) |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Viande Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. |
The company recognises revenue when: |
- The amount of revenue can be reliably measured; |
- it is probable that future economic benefits will flow to the entity; |
- and specific criteria have been met for each of the company's activities. |
Goodwill |
Any excess of the costs of the acquisition over the group's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination, the excess is recognised as negative goodwill. |
Goodwill is being amortised evenly over its useful economic life of 10 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply. |
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 |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |
Freehold - 33.33% straight line |
Leasehold - over the life of the lease |
Plant & Machinery - 20% on cost and 10% reducing balance |
Motor Vehicles - 20% on reducing balance |
Fixtures & Fittings - 20% straight line |
Computer Equipment - 25% straight line |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. |
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£   | £   |
Wages and salaries | 1,873,158 | 1,624,878 |
Social security costs | 183,624 | 167,154 |
Other pension costs | 39,914 | 28,730 |
2,096,696 | 1,820,762 |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
R.P. Meats Limited | 31 | 28 |
Blakes Meats Limited | 29 | 24 |
2024 | 2023 |
£   | £   |
Director's remuneration | 9,100 | 9,078 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£   | £   |
Hire of plant and machinery | 24,375 | 40,262 |
Other operating leases | 82,250 | 83,000 |
Depreciation - owned assets | 76,445 | 51,220 |
Depreciation - assets on hire purchase contracts | 67,352 | 47,099 |
(Profit)/loss on disposal of fixed assets | (21,071 | ) | 23,931 |
Goodwill amortisation | 162,338 | 162,338 |
Auditors' remuneration | 18,000 | 18,000 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£   | £   |
Bank loan interest | 32,267 | 19,573 |
Other loan interest | 19,107 | 11,853 |
Hire purchase | 25,667 | 10,372 |
77,041 | 41,798 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£   | £   |
Current tax: |
UK corporation tax | 117,770 | 12,068 |
Deferred tax | 9,468 | 100,486 |
Tax on profit | 127,238 | 112,554 |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£   | £   |
Profit before tax | 361,869 | 155,885 |
Profit multiplied by the standard rate of corporation tax in the UK of 24.407 % (2023 - 19 %) |
88,321 |
29,618 |
Effects of: |
Expenses not deductible for tax purposes | - | (451 | ) |
Income not taxable for tax purposes | - | (1,567 | ) |
Capital allowances in excess of depreciation | - | (20,079 | ) |
Depreciation in excess of capital allowances | 34,591 | - |
Profit/loss on disposal | (5,142 | ) | 4,547 |
Deferred tax | 9,468 | 100,486 |
Total tax charge | 127,238 | 112,554 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
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 |
2024 | 2023 |
£   | £   |
Ordinary A Shares shares of £1 each |
Final | 1,036 | - |
Interim | 165,494 | 152,470 |
166,530 | 152,470 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£   |
COST |
At 1 March 2023 |
and 29 February 2024 | 1,809,882 |
AMORTISATION |
At 1 March 2023 | 1,293,541 |
Amortisation for year | 162,338 |
At 29 February 2024 | 1,455,879 |
NET BOOK VALUE |
At 29 February 2024 | 354,003 |
At 28 February 2023 | 516,341 |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Long | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£   | £   | £   | £   | £   |
COST |
At 1 March 2023 | 127,531 | 666,941 | 244,524 | 82,676 | 1,121,672 |
Additions | 32,761 | 78,891 | 71,601 | 21,456 | 204,709 |
Disposals | - | (4,400 | ) | (43,348 | ) | - | (47,748 | ) |
At 29 February 2024 | 160,292 | 741,432 | 272,777 | 104,132 | 1,278,633 |
DEPRECIATION |
At 1 March 2023 | 110,367 | 359,195 | 139,340 | 61,442 | 670,344 |
Charge for year | 8,111 | 86,385 | 37,655 | 11,646 | 143,797 |
Eliminated on disposal | - | (4,400 | ) | (33,956 | ) | - | (38,356 | ) |
Transfer to ownership | - | 1 | - | - | 1 |
At 29 February 2024 | 118,478 | 441,181 | 143,039 | 73,088 | 775,786 |
NET BOOK VALUE |
At 29 February 2024 | 41,814 | 300,251 | 129,738 | 31,044 | 502,847 |
At 28 February 2023 | 17,164 | 307,746 | 105,184 | 21,234 | 451,328 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£   | £   | £   |
COST |
At 1 March 2023 | 212,126 | 164,116 | 376,242 |
Additions | - | 54,001 | 54,001 |
Disposals | - | (43,348 | ) | (43,348 | ) |
Transfer to ownership | (84,255 | ) | - | (84,255 | ) |
At 29 February 2024 | 127,871 | 174,769 | 302,640 |
DEPRECIATION |
At 1 March 2023 | 54,969 | 81,204 | 136,173 |
Charge for year | 35,559 | 31,793 | 67,352 |
Eliminated on disposal | - | (33,956 | ) | (33,956 | ) |
Transfer to ownership | (54,298 | ) | - | (54,298 | ) |
At 29 February 2024 | 36,230 | 79,041 | 115,271 |
NET BOOK VALUE |
At 29 February 2024 | 91,641 | 95,728 | 187,369 |
At 28 February 2023 | 157,157 | 82,912 | 240,069 |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
11. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£   |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: Basepoint Business Centre, Little High Street, Shoreham-By-Sea, West Sussex, BN43 5EG |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Basepoint Business Centre, Little High Street, Shoreham-By-Sea, West Sussex, BN43 5EG |
Nature of business: |
% |
Class of shares: | holding |
12. | STOCKS |
Group |
2024 | 2023 |
£   | £   |
Stocks | 670,397 | 622,808 |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£   | £   | £   | £   |
Trade debtors | 1,990,119 | 1,767,425 |
Other debtors | 8,430 | 575 |
Directors' current accounts | - | 11,050 | - | - |
Tax | 198,296 | 175,418 |
VAT | 96,203 | 79,058 |
Prepayments | 26,616 | 22,186 |
2,319,664 | 2,055,712 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£   | £   | £   | £   |
Bank loans and overdrafts (see note 16) | 281,058 | 1,085,510 |
Hire purchase contracts (see note 17) | 53,600 | 67,900 |
Trade creditors | 2,027,362 | 1,625,651 |
Amounts owed to group undertakings | - | - |
Tax | - | (51,357 | ) |
Social security and other taxes | 45,405 | 47,862 |
Other creditors | 10,789 | 6,083 |
Factoring creditor | 1,046,012 | 260,807 | - | - |
Directors' current accounts | - | - | - | 4,950 |
Accruals and deferred income | 161,692 | 137,091 |
3,625,918 | 3,179,547 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£   | £   | £   | £   |
Bank loans (see note 16) | 719,777 | 1,032,305 |
Hire purchase contracts (see note 17) | 155,749 | 173,566 |
875,526 | 1,205,871 |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£   | £   | £   | £   |
Amounts falling due within one year or | on demand: |
Bank overdrafts | - | 837,193 |
Bank loans | 281,058 | 248,317 |
281,058 | 1,085,510 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 406,094 | 401,935 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 313,683 | 557,207 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 73,163 | - | 42,690 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£   | £   |
Net obligations repayable: |
Within one year | 53,600 | 67,900 |
Between one and five years | 155,749 | 173,566 |
209,349 | 241,466 |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
£   | £   |
Within one year | 82,250 | 82,250 |
Between one and five years | 82,250 | 164,500 |
164,500 | 246,750 |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£   | £   | £   | £   |
Bank overdrafts | - | 837,193 |
Bank loans | 1,000,835 | 1,280,622 |
1,000,835 | 2,117,815 |
An unlimited debenture incorporating fixed and floating charges over all the property or undertaking of RP Meats Wholesale Ltd dated 25 September 2020. |
Fixed and floating charges over all the property or undertaking of RP Meats Wholesale Ltd dated 5 January 2016. |
An unlimited debenture incorporating fixed and floating charges over all the property or undertaking of Blakes Meats Ltd dated 10 June 2020. |
Fixed and floating charges over all the property or undertaking of Blakes Meats Ltd dated 9 January 2017. |
An unlimited debenture incorporating fixed and floating charges over all the property or undertaking of Viande Group Ltd dated 24 February 2020. |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£   | £   |
Deferred tax | 106,612 | 97,144 |
Group |
Deferred |
tax |
£   |
Balance at 1 March 2023 | 97,144 |
Provided during year | 9,468 |
Balance at 29 February 2024 | 106,612 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £   | £   |
Ordinary A Shares | £1 | 550 | 550 |
Ordinary C Shares | £1 | 50 | 50 |
Ordinary D Shares | £1 | 50 | 50 |
650 | 650 |
VIANDE GROUP LIMITED (REGISTERED NUMBER: 09856326) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
21. | RESERVES |
Group |
Capital |
Retained | Share | redemption |
earnings | premium | reserve | Totals |
£   | £   | £   | £   |
At 1 March 2023 | (565,148 | ) | 182,400 | 50 | (382,698 | ) |
Profit for the year | 234,631 | 234,631 |
Dividends | (166,530 | ) | (166,530 | ) |
At 29 February 2024 | (497,047 | ) | 182,400 | 50 | (314,597 | ) |
Company |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£   | £   | £   |
At 1 March 2023 | 3,868 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 29 February 2024 | 2,225 |