Company registration number 00557210 (England and Wales)
P F D (CARLISLE) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
P F D (CARLISLE) LIMITED
COMPANY INFORMATION
Directors
Mrs P D Jenkins
Mr D A Jenkins
Mr N G Jenkins
Secretary
Miss K E Abbott
Company number
00557210
Registered office
Pioneer House
PO Box 30
Rosehill Estate
Carlisle
CA1 2RR
Auditor
MHA
14 Mannin Way
Lancaster Business Park
Lancaster
LA1 3SW
P F D (CARLISLE) LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Directors' responsibilities statement
7
Independent auditor's report
8 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 27
P F D (CARLISLE) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
The directors present the strategic report for the year ended 30 April 2024.
PFD (Carlisle) Ltd which trades as Pioneer Foodservice is an award winning sixth-generation family company founded in 1878. It is a founder member of Caterforce which is one of the biggest foodservice buying and marketing consortiums in the UK and in turn the company is one of the UK’s leading independent regional suppliers to the catering and hospitality trades, distributing across the north of England and southern Scotland from depots in Carlisle, Gateshead and Workington.
The company supplies a comprehensive list of products from fresh meats and fish, frozen foods, groceries, fruit and vegetables, wines, beers and spirits, non-foods, and cleaning and hygiene products to a wide range of customers including hotels, restaurants, cafes, takeaways, canteens, leisure clubs, and the healthcare and education sectors.
Alongside this principal activity, the company operates a retail foodstore as well as a butchers shop in Carlisle and a second foodstore in Workington, providing customers with a large range of locally sourced fresh meats as well as many other products. The company also owns a restaurant and function room called The Auctioneer next to its head office in Carlisle.
Review of business
A review of the company’s operations and performance for the year will be provided for the three main activities:
Foodservice (sales to the catering and hospitality trade)
We experienced another year of strong sales with deliveries reaching £66million, 10% up on the previous year. Sales growth was stronger in the first part of the year because we found that once we got into 2024 many customers’ businesses seemed to be affected by the growing cost of living crisis, made worse by the high cost of eating out, and the cold, indifferent weather in the key Easter trading period in April 2024.
We have been able to successfully retain good staff due to having a good culture within the company, attractive benefits and favourable rates of pay, helped by our continued accreditation as a Living Wage Employer. The ability to do this is helped by being able to strengthen our gross profit percentage through successful purchasing policies.
Retail
The Pioneer Foodstore on Rosehill Estate in Carlisle has continued to expand its range of locally sourced products, as well as growing the range of goods handcrafted in the in-store bakery such as new ranges of microwaveable and oven ready meals. We achieved a 16% growth in sales and a big increase in customer footfall throughout the year, despite aggressive competition and cost of living pressures affecting consumers’ purchasing habits.
Our foodstore in Harrington, Workington, also performed well with an increase in sales of 13% and also significant extra footfall.
The company’s butchers shop in Carlisle town centre outperformed our expectations with 9% sales growth in what is a most challenging environment given the desertion of many other retailers from Carlisle town centre and a resulting lack of footfall.
Food retail still remains a challenging environment which is intensely competitive. However, the company is performing well due to our reputation for high quality customer service from our excellent teams, innovative product development and popular product ranges.
P F D (CARLISLE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Review of the business (continued)
Catering
The Auctioneer restaurant and function room enjoyed an annual sales increase of 8% but the profitability was challenged like every catering business with higher wages and rising food and energy prices.
Principal risks and uncertainties
People – the business could be adversely affected by the loss of key individuals. To mitigate this, the company trains its workforce in multiple roles to ensure flexibility, pays competitive wages by being accredited by the Living Wage Foundation, looks carefully at other benefits people receive like holidays, long service awards, cost of living bonuses and staff discounts, engages people in key business plans and decisions, as well as communicating its plans to the workforce, and gives opportunity for internal progression wherever possible.
Financial – the business has been impacted by several things in recent times – industry competition, inflation in food prices and other goods, high energy prices and the worsening of people’s disposable income. To mitigate this, the company maintains its diverse portfolio of interests, retains a watchful eye on KPI’s, minimises costs and overheads where possible, keeps the quality of products high and buys products as keenly as possible to maintain a competitive advantage. Key KPI’s in every area of the business are monitored on a weekly basis, including sales, gross profit and the ratio of wages to sales.
Retail conditions – the business could be impacted by the effect of supermarket competition and online ordering/home delivery. To mitigate this, the company builds on its high standard of customer care and attention, the quality and provenance of its products and focuses on providing value for money. All of the company’s retail outlets provide customers with an unrivalled shopping experience to differentiate themselves from the competition.
Company development
The company finds itself in a strong position at the year end and will continue to build on this going forward by:
Encouraging, training, remunerating and motivating the workforce
Developing product ranges in all areas of the business to reflect new eating habits and food trends
Operating the business in a way which lessens its impact on the environment, reduces its use of plastics and encourages this mindset among customers, suppliers, employees and partners
Refurbishing and expanding the premises for the future
Continually investing in new technology and growing the company’s online sales
Investing in new and improved means of marketing and promoting our products
Achieving consistent sales growth and good company performance whilst being in a strong and healthy financial state
P F D (CARLISLE) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Compliance with duty
This statement by the board of directors describes how the responsibilities under s172 (1) (a) to (f) of the Companies Act 2006 have been approached.
The directors consider that they have acted in good faith to promote the success of the company on behalf of the stakeholders, in relation to matters set out in s172 of the Act. The stakeholders of the business include the employees, clients and suppliers of the business.
The directors monitor and review strategic objectives against growth plans and regularly review performance across the key areas of the business including financial performance, health and safety, operations and human resources. The company strives to have a clear, fair and trusting approach to interactions with stakeholders and this is reflected in the length of service of employees and the longevity of relationships with both customers and suppliers.
The company's employees, customers and suppliers are important to the success of the business and so it is recognised that engagement is important to those relationships.
The directors have overall responsibility for delivering the company's strategy and values and for ensuring high standards of governance. The primary aim of the directors is to promote the long-term sustainable success of the company to generate benefit for the stakeholders.
The directors continue to be very confident for the future growth of the business.
Miss K E Abbott
Secretary
23 January 2025
P F D (CARLISLE) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of food distribution.
Results and dividends
The results for the year are set out on page 11.
Ordinary dividends were paid amounting to £995,810. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs P D Jenkins
Mr D A Jenkins
Mr H A Jenkins
(Deceased 3 July 2024)
Mr N G Jenkins
Financial instruments
Risk management
The company has an established, structured approach to risk management. The company's activities expose it to a variety of financial risks, including the effects of credit, liquidity and cash flow risks. The company has adopted risk management policies that seek to mitigate these risks in a cost effective manner. Financial assets that expose the company to financial risk consist primarily of cash and trade and other debtors. Financial liabilities that expose the company to financial risk consist primarily of trade creditors.
The company manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and a provision is made for doubtful debts where necessary.
Disabled persons
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees wherever appropriate.
Employee involvement
Employee engagement is critical to the success of the business and employees are kept informed of opportunities and developments within the company via the staff notice board. Customer service is an important priority for the company and surveys and training programmes seek to ensure that employees understand the company's objectives and work to achieve them.
The directors continue to have regard to employee interests in their decision making and further details are provided within the s172 reporting in the strategic report.
P F D (CARLISLE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Business relationships
The directors have explained their approach to other stakeholder engagement in the strategic report under "compliance with duty " in accordance with s172 of the Companies Act 2006. The company's employees, clients and suppliers are critical to the success of the business and the company strive to foster and develop the existing relationships with all stakeholders through positive engagement.
Auditor
Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.
Energy and carbon report
The company reports its energy consumption for the year to 31 March 2024 (comparative to 31 March 2023) as follows:
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
1,662,586
1,803,864
- Fuel consumed for transport
3,868,656
3,817,775
- Electricity purchased
7,877,558
7,928,280
13,408,800
13,549,919
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
304.09
329.28
- Fuel consumed for owned transport
1,883.36
1,911.33
2,187.45
2,240.61
Scope 2 - indirect emissions
- Electricity purchased
801.08
738.28
Scope 3 - other indirect emissions
- Indirect - transmission & distribution
69.33
67.54
Total gross emissions
3,057.86
3,046.43
Intensity ratio
Tonnes CO2e per £1m of turnover
39.85
44.0
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover.
P F D (CARLISLE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
Measures taken to improve energy efficiency
PFD have complied with ESOS Phase III and have identified potential savings of c.716,000 kWh, equivalent to 171 tCO2e and £84,000. These opportunities will be investigated and implemented if possible and practical.
Diesel remains the dominant source of emissions for PFD, and they will continue to investigate the potential for fleet electrification options.
Installation of a large PV array at the main Carlisle site will offset much of the increased electricity demand arising from the redevelopment and expansion. The array will also support EV charge points.
The first version of our PPN/06 carbon management action plan was completed in January 2024 and we have committed to a Net Zero caron target by 2045.
Strategic report
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the principal risks and uncertainties and future developments, which are presented under Company Development.
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.
By order of the board
Miss K E Abbott
Secretary
23 January 2025
P F D (CARLISLE) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
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:
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 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.
P F D (CARLISLE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P F D (CARLISLE) LIMITED
- 8 -
Opinion
We have audited the financial statements of P F D (Carlisle) Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows 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:
give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its 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.
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 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 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.
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.
P F D (CARLISLE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P F D (CARLISLE) LIMITED (CONTINUED)
- 9 -
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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.
Matters on which we are required to report by exception
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:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:
P F D (CARLISLE) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P F D (CARLISLE) LIMITED (CONTINUED)
- 10 -
enquiries with management about any known or suspect instances of non-compliance with laws and regulations and fraud;
challenging assumptions and judgements made by management in their significant accounting estimates;
an evaluation of the risk of management override of controls and subsequent testing, including through testing journal entries and other adjustments for appropriateness;
an evaluation of the company's internal control environment; and
auditing the risk of fraud in revenue, including through the testing of the cut off of income at the year end, analytical review of income against expectations to identify unusual variances and sales transaction testing to ensure revenue is complete in the financial statements and recognised in the correct accounting period.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities 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.
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.
Jenny McCabe FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Lancaster, United Kingdom
24 January 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
P F D (CARLISLE) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
76,006,565
69,190,105
Cost of sales
(49,077,890)
(45,192,920)
Gross profit
26,928,675
23,997,185
Distribution costs
(1,843,123)
(1,844,941)
Administrative expenses
(18,441,835)
(16,086,209)
Other operating income
96,407
93,604
Operating profit
4
6,740,124
6,159,639
Interest receivable and similar income
8
525,454
157,593
Profit before taxation
7,265,578
6,317,232
Tax on profit
9
(1,819,953)
(1,311,304)
Profit for the financial year
5,445,625
5,005,928
The profit and loss account has been prepared on the basis that all operations are continuing operations.
P F D (CARLISLE) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
12,483,033
10,206,777
Investment property
12
465,466
465,466
Investments
13
373
373
12,948,872
10,672,616
Current assets
Stocks
14
4,833,407
5,136,308
Debtors
15
7,004,026
6,834,114
Cash at bank and in hand
14,233,710
12,211,434
26,071,143
24,181,856
Creditors: amounts falling due within one year
16
(8,121,630)
(8,468,651)
Net current assets
17,949,513
15,713,205
Total assets less current liabilities
30,898,385
26,385,821
Provisions for liabilities
Deferred tax liability
17
1,101,996
1,039,247
(1,101,996)
(1,039,247)
Net assets
29,796,389
25,346,574
Capital and reserves
Called up share capital
19
17,301
17,301
Share premium account
190
190
Capital redemption reserve
3,130
3,130
Profit and loss reserves
29,775,768
25,325,953
Total equity
29,796,389
25,346,574
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
Mr N G Jenkins
Director
Company registration number 00557210 (England and Wales)
P F D (CARLISLE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 May 2022
17,301
190
3,130
22,300,166
22,320,787
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
-
5,005,928
5,005,928
Dividends
10
-
-
-
(1,980,141)
(1,980,141)
Balance at 30 April 2023
17,301
190
3,130
25,325,953
25,346,574
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
5,445,625
5,445,625
Dividends
10
-
-
-
(995,810)
(995,810)
Balance at 30 April 2024
17,301
190
3,130
29,775,768
29,796,389
P F D (CARLISLE) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
6,716,103
6,155,182
Income taxes paid
(1,495,891)
(836,602)
Net cash inflow from operating activities
5,220,212
5,318,580
Investing activities
Purchase of tangible fixed assets
(3,316,081)
(1,568,563)
Proceeds on disposal of tangible fixed assets
18,501
21,286
Purchase of investment property
(252,230)
(Payments)/receipts arising from loans made
33,800
Interest received
525,454
157,593
Net cash used in investing activities
(2,772,126)
(1,608,114)
Financing activities
Dividends paid
(425,810)
(1,880,141)
Net cash used in financing activities
(425,810)
(1,880,141)
Net increase in cash and cash equivalents
2,022,276
1,830,325
Cash and cash equivalents at beginning of year
12,211,434
10,381,109
Cash and cash equivalents at end of year
14,233,710
12,211,434
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information
P F D (Carlisle) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pioneer House, PO Box 30, Rosehill Estate, Carlisle, CA1 2RR.
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 on the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
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 shown in the profit and loss account represents amounts invoiced in relation to food sales and catering services provided during the year, exclusive of Value Added Tax. Invoices are raised once the goods have been delivered to the customer or the function has taken place.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
1% - 3% straight line
Leasehold land and buildings
Straight line over the remaining period of lease
Fixtures, fittings & equipment
10% - 33% reducing balance / 25 years straight line
Motor vehicles
25% reducing balance / 6 or 8 years 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.
1.5
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.6
Fixed asset investments
Unlisted investments 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.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset 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.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct food and drink purchases and, where applicable, any direct labour costs and overheads that have been incurred in producing the stock item.
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.
1.9
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.10
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.
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
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 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, 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.11
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.
1.12
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. 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.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense. 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.
1.14
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
1.15
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 19 -
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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Classification of finance and operating leases
At the inception of each lease, management undertake an assessment of the terms of the lease including payments to be made over the life of the lease, the fair value of the asset subject to the lease, the length of the lease and whether the terms of the lease transfer substantially all of the risks and rewards of ownership.
Based on this assessment, management will determine whether the lease should be classified as a finance or operating lease.
Classification of property assets
The company has a number of buildings, which are held either for use within its trade or for their potential to earn rental income. Each year management make an assessment of the intended use of each property and categorise as land and buildings or investment property as appropriate.
The majority of the company's property held for trading purposes is under a long lease agreement. Any capital costs incurred in relation to such properties are recognised as leasehold land and buildings.
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.
Valuation of stocks
As stated in accounting policy note 1.8, stock is valued at the lower of cost and net realisable value. In reaching this valuation, management have used their knowledge of the market to come to the likely selling price of stock in order to ensure that appropriate provision are made where their cost is in excess of the expected sales price.
Debtor recoverability and bad debt provisions
As stated in accounting policy noted 1.10, debtors are initially measured at the transaction price. Where the company considers the recoverability of debt to be doubtful, a provision is made within the accounts for this debt. In the calculation of these provisions, judgements are required to be made by management regarding the likelihood of receiving payments from their customers.
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Food distribution and retail
76,006,565
69,190,105
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
76,006,565
69,190,105
2024
2023
£
£
Other revenue
Interest income
525,454
157,593
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
1,021,324
927,883
Operating lease charges
171,890
51,286
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
18,100
15,900
For other services
Taxation compliance services
2,250
2,100
All other non-audit services
2,580
2,400
4,830
4,500
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Number of maintenance staff
4
4
Number of administrative and management staff
22
20
Number of food distribution staff
371
358
Number of catering staff
67
62
Total
464
444
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
11,669,055
10,326,205
Social security costs
1,029,125
969,403
Pension costs
364,388
313,835
13,062,568
11,609,443
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
139,187
138,998
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
525,454
157,593
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
525,454
157,593
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,757,204
1,080,936
Adjustments in respect of prior periods
(2,816)
Total current tax
1,757,204
1,078,120
Deferred tax
Origination and reversal of timing differences
62,749
194,017
Adjustment in respect of prior periods
39,167
Total deferred tax
62,749
233,184
Total tax charge
1,819,953
1,311,304
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:
2024
2023
£
£
Profit before taxation
7,265,578
6,317,232
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.49%)
1,816,395
1,231,428
Tax effect of expenses that are not deductible in determining taxable profit
4,489
44,991
Tax effect of income not taxable in determining taxable profit
(44,203)
Under/(over) provided in prior years
(2,816)
Deferred tax adjustments in respect of prior years
(931)
39,167
Effect of changes in deferred tax rate
42,737
Taxation charge for the year
1,819,953
1,311,304
10
Dividends
2024
2023
£
£
Interim paid
995,810
1,980,141
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
11
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
456,083
8,293,264
5,305,163
6,100,401
20,154,911
Additions
994,940
1,215,807
229,921
875,413
3,316,081
Disposals
(3,600)
(142,072)
(145,672)
At 30 April 2024
1,451,023
9,509,071
5,531,484
6,833,742
23,325,320
Depreciation and impairment
At 1 May 2023
19,200
2,334,387
3,838,484
3,756,063
9,948,134
Depreciation charged in the year
800
310,925
183,633
525,966
1,021,324
Eliminated in respect of disposals
(2,000)
(125,171)
(127,171)
At 30 April 2024
20,000
2,645,312
4,020,117
4,156,858
10,842,287
Carrying amount
At 30 April 2024
1,431,023
6,863,759
1,511,367
2,676,884
12,483,033
At 30 April 2023
436,883
5,958,877
1,466,679
2,344,338
10,206,777
Tangible fixed assets with a carrying amount of £12,483,033 (2023: £10,206,777) have been pledged to secure any bank borrowings of the company.
Included within freehold land and buildings is land costing £60,932 (2023: £60,932) which is not depreciated.
12
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
465,466
The directors have considered the value of investment property at the year end date and have concluded that its value in the accounts reflects its open market value. This conclusion has been made by reference to the transaction values for similar properties.
13
Fixed asset investments
2024
2023
£
£
Unlisted investments
373
373
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,833,407
5,136,308
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,986,543
5,975,747
Corporation tax recoverable
58,354
58,354
Other debtors
494,997
417,846
Prepayments and accrued income
464,132
382,167
7,004,026
6,834,114
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,598,642
3,951,931
Corporation tax
1,141,764
880,451
Other taxation and social security
286,327
265,722
Other creditors
1,167,703
2,122,052
Accruals and deferred income
927,194
1,248,495
8,121,630
8,468,651
17
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
1,077,043
1,009,895
Capital gains
39,167
39,459
Short term timing differences
(14,214)
(10,107)
1,101,996
1,039,247
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
17
Deferred taxation
(Continued)
- 25 -
2024
Movements in the year:
£
Liability at 1 May 2023
1,039,247
Charge to profit or loss
62,749
Liability at 30 April 2024
1,101,996
The directors do not expect there to be a material movement in deferred taxation balances within the next financial period.
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
364,388
313,835
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of £1 each
8,159
8,159
8,159
8,159
Ordinary 'B' shares of £1 each
8,159
8,159
8,159
8,159
Ordinary 'C' shares of £1 each
983
983
983
983
17,301
17,301
17,301
17,301
The holders of each class of share have equal voting rights and equal rights as to capital.
The holders of each class of shares shall rank pari passu with regard to entitlement to income save that at any time the directors may resolve to declare a dividend on one class of share and not another class.
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
20
Operating lease commitments
Lessee
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:
2024
2023
£
£
Within one year
186,667
186,667
Between two and five years
690,203
687,941
In over five years
3,717,293
3,864,035
4,594,163
4,738,643
21
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent paid
Purchase of fixed assets
2024
2023
2024
2023
£
£
£
£
Key management personnel
-
4,749
-
560,000
Other related parties
41,000
41,000
-
-
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Key management personnel
1,167,703
2,122,051
Amounts owed to and from key management personnel and other related parties are repayable on demand.
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
45,017
237,017
Amounts owed to and from key management personnel and other related parties are repayable on demand.
P F D (CARLISLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
22
Directors' transactions
During the year the company made advances and paid personal expenditure on behalf of the directors amounting to £1,727,178 and received repayments of £772,830.
At the year end the amount owed by the company in respect of directors' loan accounts was £1,167,703 (2023: £2,122,051).
The loans were not overdrawn at any point during the period and therefore no interest was due.
Dividends totalling £995,810 (2023: £1,980,141) were paid in the year in respect of shares held by the company's directors.
23
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
5,445,625
5,005,928
Adjustments for:
Taxation charged
1,819,953
1,311,304
Investment income
(525,454)
(157,593)
Depreciation and impairment of tangible fixed assets
1,021,324
927,883
Movements in working capital:
Decrease/(increase) in stocks
302,901
(1,050,752)
Increase in debtors
(169,912)
(704,764)
(Decrease)/increase in creditors
(1,178,334)
823,176
Cash generated from operations
6,716,103
6,155,182
24
Analysis of changes in net funds
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
12,211,434
2,022,276
14,233,710
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