Company registration number 10722418 (England and Wales)
KIRKBY 2017 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
KIRKBY 2017 LIMITED
COMPANY INFORMATION
Directors
T Habib
D E Lake
S J Oswin
Company number
10722418
Registered office
Unit 56 Lidgate Crescent
Langthwaite Grange Industrial Estate
South Kirkby
Pontefract
WF9 3NR
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
Bankers
Virgin Money (31 Clydesdale Bank)
Corporate & Structured Finance
1st Floor
94-96 Briggate
Leeds
LS1 6AD
KIRKBY 2017 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 16
KIRKBY 2017 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The principal activity of the Company is that of a holding company.

 

On 13 March 2023, YPM Holdings Limited acquired full share capital of Smithfield Poultry Limited and its subsidiaries, Smithfield Murray Holdings Limited and Smithfield Murray Limited. Working with Endless the strategic vision for the business is to be the UK's leading partner for multi-species value-add B2B protein solutions, focused on exceptional service and quality.

Key performance indicators

Financial key performance indicators are operating loss and pre-tax profit;

 

 

 

31 December 2023

31 December 2022

 

£

£

Operating loss

(88)

(114)

Pre-tax profit

2,799,431

1,479,669

 

 

 

The directors are satisfied with this result.

 

The business has all accreditations necessary for its pre-eminent position in the ready meal supply chain. These include BRC, Red Tractor, and all necessary major retailer approvals. In addition, there is continuing investment in facilities and in training staff.

 

In addition to the strong presence in the ready meal supply chain, during 2023 the business has continued to build sales in the box meal market through developing strong relationships with the leading suppliers of box meals in the UK. The business has become a key partner to the leading suppliers in the box meal sector.

 

The impact of the Russian invasion of Ukraine continues to be felt globally. The business has felt this through the price inflation particularly in energy and labour costs. Beyond price increases, raw material shortages for a few items were mitigated through sourcing from alternative sources. Apart from price, there was no impact on meat availability.

 

 

Future developments

The Directors are focused on investing in the business to increase sales and maintain profitability along with reducing waste and meeting high environmental standards. The current strategy is proving to be very successful and the directors expect further commercial success in the future, with a plan to continue to invest in the wider business into 2024/25.

On behalf of the board

T Habib
Director
18 November 2024
KIRKBY 2017 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £2,799,519. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

T Habib
D E Lake
S J Oswin
Auditor

Sumer Auditco Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, and deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

KIRKBY 2017 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
T Habib
Director
18 November 2024
KIRKBY 2017 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KIRKBY 2017 LIMITED
- 4 -
Opinion

We have audited the financial statements of Kirkby 2017 Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

KIRKBY 2017 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KIRKBY 2017 LIMITED (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the polices and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified employment law as the area that is most likely to have such an effect.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

KIRKBY 2017 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KIRKBY 2017 LIMITED (CONTINUED)
- 6 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Stuart Stead
Senior Statutory Auditor
For and on behalf of Sumer Auditco Limited
20 November 2024
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
KIRKBY 2017 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Administrative expenses
(88)
(114)
Interest receivable and similar income
5
2,799,519
1,517,549
Interest payable and similar expenses
6
-
0
(37,766)
Profit before taxation
2,799,431
1,479,669
Tax on profit
7
-
0
(494,288)
Profit for the financial year
2,799,431
985,381

The profit and loss account has been prepared on the basis that all operations are continuing operations.

KIRKBY 2017 LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
9
12,250,000
12,250,000
Current assets
Debtors
11
745,000
1,900,000
Cash at bank and in hand
2,750
92,283
747,750
1,992,283
Creditors: amounts falling due within one year
12
(5,167,921)
(1,275,000)
Net current (liabilities)/assets
(4,420,171)
717,283
Total assets less current liabilities
7,829,829
12,967,283
Creditors: amounts falling due after more than one year
13
-
0
(5,137,366)
Net assets
7,829,829
7,829,917
Capital and reserves
Called up share capital
14
1,085
1,085
Share premium account
15
23,545
23,545
Profit and loss reserves
7,805,199
7,805,287
Total equity
7,829,829
7,829,917

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
T Habib
Director
Company registration number 10722418 (England and Wales)
KIRKBY 2017 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
1,000
-
0
8,337,455
8,338,455
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
985,381
985,381
Issue of share capital
14
85
23,545
-
23,630
Dividends
8
-
-
(1,517,549)
(1,517,549)
Balance at 31 December 2022
1,085
23,545
7,805,287
7,829,917
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,799,431
2,799,431
Dividends
8
-
-
(2,799,519)
(2,799,519)
Balance at 31 December 2023
1,085
23,545
7,805,199
7,829,829
KIRKBY 2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

Kirkby 2017 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 56 Lidgate Crescent, Langthwaite Grange Industrial Estate, South Kirkby, Pontefract, WF9 3NR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

This information is included in the consolidated financial statements of YPM Group Limited as at 31 December 2023 and these financial statements may be obtained from Unit 56, Lidgate Crescent, Langthwaite Grange Industrial Estate, South Kirkby, Pontefract, West Yorkshire, WF9 3NR

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

KIRKBY 2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

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

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

KIRKBY 2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

KIRKBY 2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment impairment

Management consider each year whether indicators of impairment exist for non-financial assets. Where there are indicators of Impairment of individual assets, the Company performs impairment tests based on fair value less costs to sell or a value in use calculation.

3
Auditor's remuneration

The audit remuneration was borne by Yorkshire Premier Meat Limited, a fellow subsidiary within the YPM Group.

KIRKBY 2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Directors
3
3
5
Interest receivable and similar income
2023
2022
£
£
Income from fixed asset investments
Income from shares in group undertakings
2,799,519
1,517,549
6
Interest payable and similar expenses
2023
2022
£
£
Interest payable on related party loan
-
37,766
7
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
-
0
494,288

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,799,431
1,479,669
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
658,441
281,137
Tax effect of expenses that are not deductible in determining taxable profit
-
0
310,999
Group relief
21
71,857
Dividend income
(658,462)
(288,334)
-
0
118,629
Taxation charge for the year
-
494,288
KIRKBY 2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
8
Dividends
2023
2022
£
£
Final paid
2,799,519
1,517,549
9
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
10
12,250,000
12,250,000
10
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Yorkshire Premier Meat Limited
1
Processing of meat ingredients for the ready meal industry
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
56 Lidgate Crescent, Langthwaite Grange Industrial Estate, South Kirkby, Pontefract, West Yorkshire, WF9 3NR
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
745,000
-
0
2023
2022
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
-
0
1,900,000
Total debtors
745,000
1,900,000

Amounts owed by group undertakings are unsecured, bear no interest and estimated repayment is long term with no fixed date.

12
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
5,167,921
1,275,000
KIRKBY 2017 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Creditors: amounts falling due within one year
(Continued)
- 16 -

For the amounts owed to group undertakings, the loan is repayable on demand with no interest charged.

13
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
-
0
5,137,366

For the amounts owed to group undertakings, the loan is repayable on demand with no interest charged.

14
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,085
1,085
1,085
1,085

During the prior period, one of the Directors exercised his share options that were granted at market value on the day of the grant under an EMI scheme.

 

There were equity-settled share options granted on the 1st of September 2020, during the year 2022, 15 lapsed and the remaining 85 shares were exercised at the price of £278 per share on the 11th of March 2022 at a consideration of £23,630.

15
Share premium account

Represents the excess paid over the nominal value of shares issued to date.

16
Financial commitments, guarantees and contingent liabilities

The ultimate controlling party Endless LLP holds a charge consisting of a fixed charge, floating charge and containing a negative pledger over the reporting entity. This forms security over the loan note creditor due to Endless LLP from YPM Holdings Limited.

17
Related party transactions

The Company has taken advantage of the exemptions conferred by Section 33 and has not disclosed related party transaction for wholly owned companies within the group.

18
Ultimate controlling party

The immediate parent undertaking of the Company is YPM Holdings Limited, which is incorporated in the United Kingdom. The largest and smallest group in which the results of the Company are consolidated is that headed by YPM Group Limited. The consolidated financial statements of YPM Group Limited are publicly available at Unit 56, Lidgate Crescent, Langthwaite Grange Industrial Estate, South Kirkby, Pontefract, West Yorkshire, WF9 3NR.

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