Company registration number 08329802 (England and Wales)
YORKSHIRE PREMIER MEAT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
YORKSHIRE PREMIER MEAT LIMITED
COMPANY INFORMATION
Directors
T Habib
D E Lake
S J Oswin
Company number
08329802
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
YORKSHIRE PREMIER MEAT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
YORKSHIRE PREMIER MEAT 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 the processing of meat ingredients for the ready meal and boxed meal industries.

Principal risks and uncertainties

The key risk facing the Company is margin management, particularly at times of raw material price fluctuation. The risk is addressed through strong relationships with suppliers and customers.

 

These strong relationships are with a small number of key suppliers and customers. Whilst recognising this concentration as a risk, the Directors focus on developing the opportunities afforded by the simplicity of these few relationships. These opportunities include fully understanding customer requirements and working with suppliers to deliver these requirements.

 

Inflationary pressures continued in 2023 which in turn impacted customer demand. Coming out of 2023 into 2024, these inflationary pressures seem to be stabilising but current worldwide events could impact cost and availability of raw materials and energy prices.

 

Due to this macro environment within which we operate all businesses need to have adequate liquidity and managing interest rate risk. The Company manages these risks by maintaining sufficient undrawn headroom on its borrowing facility, in conjunction with tight control of working capital and regular forecasting of business performance and cash requirements plus factoring in potential interest rate movements.

 

The business is well placed to overcome any short term challenges and with the continued backing of Endless LLP, increase its existing footprint into the manufacturing and boxed meal sectors.

 

Key performance indicators

Financial key performance indicators are Turnover, Operating Profit and Pre-Tax Profit.

 

 

31 December 2023     31 December 2022

                     £'000          £'000

 

Turnover     62,454 63,776

 

Operating Profit                 2,881          3,623

 

Pre-Tax Profit                 2,752 3,569

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 and becoming a key partner to the leading suppliers of box meals in the UK.

 

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.

YORKSHIRE PREMIER MEAT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
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 business into 2024/25.

On behalf of the board

T Habib
Director
18 November 2024
YORKSHIRE PREMIER MEAT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

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 processing of meat ingredients for the ready meal and boxed meal industries.

Results and dividends

The results for the year are set out on page 8.

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
Future developments

The strategic report contains details of future developments.

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.

YORKSHIRE PREMIER MEAT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
On behalf of the board
T Habib
Director
18 November 2024
YORKSHIRE PREMIER MEAT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF YORKSHIRE PREMIER MEAT LIMITED
- 5 -
Opinion

We have audited the financial statements of Yorkshire Premier Meat 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:

YORKSHIRE PREMIER MEAT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF YORKSHIRE PREMIER MEAT LIMITED (CONTINUED)
- 6 -
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 policies 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 the following areas as those most likely to have such an effect: laws related to health and safety, health and hygiene, food safety and employment.

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.

 

YORKSHIRE PREMIER MEAT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF YORKSHIRE PREMIER MEAT LIMITED (CONTINUED)
- 7 -

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 member 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 member those matters we are required to state to the member 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 member, 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
19 November 2024
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
YORKSHIRE PREMIER MEAT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
62,454,580
63,776,190
Cost of sales
(51,982,868)
(54,029,907)
Gross profit
10,471,712
9,746,283
Distribution costs
(2,913,011)
(2,602,930)
Administrative expenses
(4,676,902)
(3,519,566)
Operating profit
4
2,881,799
3,623,787
Interest payable and similar expenses
7
(128,868)
(54,660)
Profit before taxation
2,752,931
3,569,127
Tax on profit
8
(314,033)
(235,713)
Profit for the financial year
2,438,898
3,333,414

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

YORKSHIRE PREMIER MEAT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
109,160
62,600
Tangible assets
11
2,566,455
2,149,727
2,675,615
2,212,327
Current assets
Stocks
12
4,248,757
3,535,078
Debtors
13
8,082,270
8,035,696
Cash at bank and in hand
79,766
29,121
12,410,793
11,599,895
Creditors: amounts falling due within one year
14
(11,376,844)
(9,883,843)
Net current assets
1,033,949
1,716,052
Total assets less current liabilities
3,709,564
3,928,379
Provisions for liabilities
Deferred tax liability
16
448,723
306,917
(448,723)
(306,917)
Net assets
3,260,841
3,621,462
Capital and reserves
Called up share capital
18
75
75
Capital redemption reserve
683,775
683,775
Other reserves
56,250
56,250
Profit and loss reserves
2,520,741
2,881,362
Total equity
3,260,841
3,621,462

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 08329802 (England and Wales)
YORKSHIRE PREMIER MEAT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Capital redemption reserve
Capital contribution reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2022
75
683,775
56,250
1,065,497
1,805,597
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
-
3,333,414
3,333,414
Dividends
9
-
-
-
(1,517,549)
(1,517,549)
Balance at 31 December 2022
75
683,775
56,250
2,881,362
3,621,462
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
2,438,898
2,438,898
Dividends
9
-
-
-
(2,799,519)
(2,799,519)
Balance at 31 December 2023
75
683,775
56,250
2,520,741
3,260,841
YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information

Yorkshire Premier Meat 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. 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
Turnover

Turnover represents amounts receivable for goods provided in the period net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% (straight line)
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
20 years (straight line)
Plant, equipment and fittings
3 - 10 years (straight line)
Computers
33% (straight line)

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
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.

1.9
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.

YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
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.

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.

YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

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

1.10
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.

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.

1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
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.

Overriders

The Company makes an estimate of overrider settlements where they are based on qualifying conditions. In circumstances where these conditions are unlikely to be satisfied, management assesses the commercial implications and makes adjustments on the likelihood of their settlement.

Useful economic life

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets, which are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Stock provision

When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated sales of finished goods and future usage of raw materials. The stock provision for this year was £63,713 (2022: £9,812).

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Sale of goods
62,454,580
63,776,190

All turnover arose within the United Kingdom.

4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
86,049
62,000
Depreciation of owned tangible fixed assets
350,754
310,858
Profit on disposal of tangible fixed assets
(3,286)
(3,800)
Amortisation of intangible assets
68,167
56,439
YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
5
Employees

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

2023
2022
Number
Number
Administration
25
17
Production
157
138
Total
182
155

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
6,196,288
5,545,406
Social security costs
558,702
710,842
Pension costs
138,778
112,959
6,893,768
6,369,207
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
464,027
499,174
Company pension contributions to defined contribution schemes
27,300
23,439
491,327
522,613

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2022 - 3).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
156,174
155,180
Company pension contributions to defined contribution schemes
9,100
8,562
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
128,868
54,660
YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
290,016
192,567
Adjustments in respect of prior periods
(117,789)
-
0
Total current tax
172,227
192,567
Deferred tax
Origination and reversal of timing differences
141,806
43,146
Total tax charge
314,033
235,713

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
2,752,931
3,569,127
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
647,504
678,134
Tax effect of expenses that are not deductible in determining taxable profit
143
94
Tax effect of income not taxable in determining taxable profit
-
0
(722)
Effect of change in corporation tax rate
(117,789)
-
0
Group relief
(228,419)
(203,431)
Deferred tax adjustments in respect of prior years
(6,308)
-
0
Fixed assets differences
12,422
(1,716)
Remeasurement of deferred tax for changes in tax rates
8,765
10,354
Employee share option relief
-
0
(247,000)
Other differences
(2,285)
-
0
Taxation charge for the year
314,033
235,713
9
Dividends
2023
2022
£
£
Final paid
2,799,519
1,517,549
YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
10
Intangible fixed assets
Software
£
Cost
At 1 January 2023
309,703
Additions
114,727
At 31 December 2023
424,430
Amortisation and impairment
At 1 January 2023
247,103
Amortisation charged for the year
68,167
At 31 December 2023
315,270
Carrying amount
At 31 December 2023
109,160
At 31 December 2022
62,600
11
Tangible fixed assets
Freehold land and buildings
Plant, equipment and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
586,436
3,188,957
156,912
3,932,305
Additions
-
0
740,507
26,975
767,482
At 31 December 2023
586,436
3,929,464
183,887
4,699,787
Depreciation and impairment
At 1 January 2023
162,272
1,485,975
134,331
1,782,578
Depreciation charged in the year
22,322
313,699
14,733
350,754
At 31 December 2023
184,594
1,799,674
149,064
2,133,332
Carrying amount
At 31 December 2023
401,842
2,129,790
34,823
2,566,455
At 31 December 2022
424,164
1,702,982
22,581
2,149,727
YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
12
Stocks
2023
2022
£
£
Raw materials and consumables
3,168,144
2,876,432
Work in progress
507,198
373,680
Finished goods and goods for resale
573,415
284,966
4,248,757
3,535,078
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,695,506
5,991,425
Corporation tax recoverable
307,071
-
0
Amounts owed by group undertakings
526,306
1,526,461
Other debtors
480,636
447,535
Prepayments and accrued income
72,751
70,275
8,082,270
8,035,696
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
15
-
0
3,088
Other borrowings
15
1,436,360
663,874
Trade creditors
5,062,403
5,369,960
Amounts owed to group undertakings
2,797,781
67,357
Corporation tax
-
0
226,988
Other taxation and social security
123,396
95,994
Other creditors
463,560
2,267,677
Accruals and deferred income
1,493,344
1,188,905
11,376,844
9,883,843
15
Loans and overdrafts
2023
2022
£
£
Bank overdrafts
-
0
3,088
Other loans
1,436,360
663,874
1,436,360
666,962
Payable within one year
1,436,360
666,962
YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
15
Loans and overdrafts
(Continued)
- 21 -

Other loans are secured over company assets.

16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
482,744
338,745
Temporary differences
(34,021)
(31,828)
448,723
306,917
2023
Movements in the year:
£
Liability at 1 January 2023
306,917
Charge to profit or loss
141,806
Liability at 31 December 2023
448,723
17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
138,778
112,959

The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme. At the year end, the amount outstanding was £16,082 (2022: £14,204).

18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
7,500
7,500
75
75
19
Capital contribution reserve
2023
2022
£
£
At the beginning and end of the year
56,250
56,250
YORKSHIRE PREMIER MEAT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
19
Capital contribution reserve
(Continued)
- 22 -

This reserve is made up of the contribution of capital to the Company.

20
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
212,920
226,023
Between two and five years
212,464
221,761
425,384
447,784
21
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.

22
Ultimate controlling party

The immediate parent undertaking is Kirkby 2017 Limited, a company incorporated in Scotland. 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.

2023-12-312023-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.310T HabibD E LakeS J Oswin083298022023-01-012023-12-3108329802bus:Director12023-01-012023-12-3108329802bus:Director22023-01-012023-12-3108329802bus:Director32023-01-012023-12-3108329802bus:RegisteredOffice2023-01-012023-12-3108329802bus:Agent12023-01-012023-12-31083298022023-12-31083298022022-01-012022-12-3108329802core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3108329802core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3108329802core:OtherResidualIntangibleAssets2023-12-3108329802core:OtherResidualIntangibleAssets2022-12-3108329802core:ComputerSoftware2023-12-3108329802core:ComputerSoftware2022-12-31083298022022-12-3108329802core:LandBuildingscore:OwnedOrFreeholdAssets2023-12-3108329802core:PlantMachinery2023-12-3108329802core:ComputerEquipment2023-12-3108329802core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3108329802core:PlantMachinery2022-12-3108329802core:ComputerEquipment2022-12-3108329802core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3108329802core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3108329802core:CurrentFinancialInstruments2023-12-3108329802core:CurrentFinancialInstruments2022-12-3108329802core:ShareCapital2023-12-3108329802core:ShareCapital2022-12-3108329802core:CapitalRedemptionReserve2023-12-3108329802core:CapitalRedemptionReserve2022-12-3108329802core:OtherMiscellaneousReserve2023-12-3108329802core:OtherMiscellaneousReserve2022-12-3108329802core:RetainedEarningsAccumulatedLosses2023-12-3108329802core:RetainedEarningsAccumulatedLosses2022-12-3108329802core:ShareCapital2021-12-3108329802core:CapitalRedemptionReserve2021-12-3108329802core:RetainedEarningsAccumulatedLosses2021-12-3108329802core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108329802core:ComputerSoftware2023-01-012023-12-3108329802core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-012023-12-3108329802core:PlantMachinery2023-01-012023-12-3108329802core:ComputerEquipment2023-01-012023-12-3108329802core:UKTax2023-01-012023-12-3108329802core:UKTax2022-01-012022-12-310832980212023-01-012023-12-310832980212022-01-012022-12-310832980222023-01-012023-12-310832980222022-01-012022-12-310832980232023-01-012023-12-310832980232022-01-012022-12-310832980242023-01-012023-12-310832980242022-01-012022-12-3108329802core:ComputerSoftware2022-12-3108329802core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2023-01-012023-12-3108329802core:LandBuildingscore:OwnedOrFreeholdAssets2022-12-3108329802core:PlantMachinery2022-12-3108329802core:ComputerEquipment2022-12-31083298022022-12-3108329802core:WithinOneYear2023-12-3108329802core:WithinOneYear2022-12-3108329802core:BetweenTwoFiveYears2023-12-3108329802core:BetweenTwoFiveYears2022-12-3108329802bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108329802bus:FRS1022023-01-012023-12-3108329802bus:Audited2023-01-012023-12-3108329802bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP