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REGISTERED NUMBER: 12572528 (England and Wales)


















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

DELENCO HOLDINGS LIMITED

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


DELENCO HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: S P Barber
R A Barber
R G A Barber



REGISTERED OFFICE: Unit 6 Heybridge Way
Lea Bridge Road
Leyton
London
E10 7NQ



REGISTERED NUMBER: 12572528 (England and Wales)



SENIOR STATUTORY AUDITOR: Shahid Hameed FCA FCCA



AUDITORS: THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report of the company and the group for the year ended 30 April 2024.

REVIEW OF BUSINESS
The directors are pleased to report a very successful year for the business in terms of revenue growth and profits.

Turnover in the year increased by 30.24% due to increased production capacity. However, increased costs, particularly in relation to raw material and food costs, led to a fall in gross profit margins.

The group continued to service a diverse and extensive customer base, ranging from cruise lines to large catering organisations, schools, wholesale distributors and catering butchers (who supply hotels, restaurants and canteens), plus numerous bespoke clients.

Although the product range remains focused on fresh sausage made from the finest cuts of meat and seasoned accordingly, the group has seen significant growth in demand for its range of meat alternative products.

The group's key performance indicators are as follows:

2024 2023

£ £
Turnover 20,986,936 16,113,642

Gross Profit 6,426,359 5,184,584

Gross Profit Margin 30.62% 32.18%

Profit Before Tax 4,394,462 3,393,471


The net assets of the group are £9,556,826 (2023: £6,419,614). This reflects the solid position of the group from a solvency and liquidity point of view, and this strong balance sheet is the foundation on which the group can continue to grow and prosper.


DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the nature of the group's strategy are subject to a number of risks.

The directors have set out below the principal risks facing the business. The directors are of the opinion that a thorough risk management process is adopted which involves a formal review of all risks identified below. Where possible, processes are in place to mitigate such risks.

Changing Eating Habits
In recent years there has been a steady increase in the number of consumers reducing their consumption of meat, through veganism, vegetarianism or simply cutting down. Although the group has not seen any negative impact on its business as the result of this shift, this does represent a risk to the group in the medium to longer term. The focus of the business on high quality, fresh produce, as well as the branching out into meat free products, helps mitigate against this risk.

Credit Risk
As with most businesses the group is exposed to the credit risk of customers and their ability to pay debts on a timely basis. The directors have continued to be prudent in status checks for new and existing customers, keeping debtor days as low as possible and limiting the dominance of any single customer in the overall turnover of the group.

Price Risk and Competition
The market in which the group operates in highly competitive. As a result, the group is subject to a high level of price sensitivities and ongoing pressures on margins as direct costs and overheads costs increase. Policies of assessing our pricing strategy, maintaining strong relationships with customers and suppliers and ongoing market research are in place to mitigate such risks.

Liquidity risk
The group benefits from the very strong cash flows generated from operating activities, that have enabled the directors to re-invest profits into the business. The directors do however monitor cash flow forecasts in order to further manage liquidity risk.

Regulatory Risk
Due to the nature of the group's operations there are a number of operational risks it is exposed to, including non-compliance with Food Hygiene, Environmental and Health and Safety Legislation. The directors conduct regular appraisals of compliance in this area and review operational procedures to ensure compliance.

Wages Cost Inflation
The group is affected by wage cost inflation and pressures, increase in National Minimum Wage and Employer National Insurance, within the labour market. The group monitors the market to ensure compliance with labour market regulations, and maintains employment policies, remuneration and benefits packages that are designed to be competitive with other companies and recognise the value and contribution provided by employees, as well as providing colleagues with fulfilling career opportunities which offer progression. The group regularly reviews pay and benefits. As with most UK based employers there remain ongoing challenges in terms of recruiting and retaining sufficiently capable staff.

Other inflationary factors
The group is also subject to inflationary pressures across its cost base, particularly in the areas of fuel costs and energy.

With these risks and uncertainties in mind, any plans for the future development of the business may be subject to unforeseen future events outside of our control; hence, we are constantly assessing our plans in line with the current environment.

ON BEHALF OF THE BOARD:





R G A Barber - Director


29 January 2025

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 April 2024.

PRINCIPAL ACTIVITIES
The principal activity of the company in the year under review was that of a holding company.

The principal activity of the subsidiary company is to manufacture, wholesale and retail sales of meat and poultry products.

DIVIDENDS
The total distribution of dividends for the year ended 30 April 2024 was £150,000 (2023: £1,050,000).

FUTURE DEVELOPMENTS
The directors are confident that continued focus on the key management policies will strengthen the financial position of the group during the ensuing year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

S P Barber
R A Barber
R G A Barber

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, THP Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R G A Barber - Director


29 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DELENCO HOLDINGS LIMITED


Opinion
We have audited the financial statements of Delenco Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 April 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DELENCO HOLDINGS LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the group through discussions with the directors and other management, and from our commercial knowledge and experience of the sector in which the group operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental, food hygiene and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and any other relevant regulators as required.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DELENCO HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Shahid Hameed FCA FCCA (Senior Statutory Auditor)
for and on behalf of THP Limited
Chartered Accountants
and Statutory Auditors
34-40 High Street
Wanstead
London
E11 2RJ

29 January 2025

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £    £    £   

TURNOVER 20,986,936 16,113,642

Cost of sales 14,560,577 10,929,058
GROSS PROFIT 6,426,359 5,184,584

Distribution costs 1,475,179 1,257,122
Administrative expenses 649,909 613,000
2,125,088 1,870,122
4,301,271 3,314,462

Other operating income 65,160 88,180
OPERATING PROFIT 5 4,366,431 3,402,642

Interest receivable and similar income 37,249 3,981
4,403,680 3,406,623

Interest payable and similar expenses 6 9,218 13,152
PROFIT BEFORE TAXATION 4,394,462 3,393,471

Tax on profit 7 1,107,250 685,268
PROFIT FOR THE FINANCIAL YEAR 3,287,212 2,708,203

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

3,287,212

2,708,203

Profit attributable to:
Owners of the parent 3,287,212 2,708,203

Total comprehensive income attributable to:
Owners of the parent 3,287,212 2,708,203

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

CONSOLIDATED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,052,732 1,072,190
Investments 11 - -
1,052,732 1,072,190

CURRENT ASSETS
Stocks 12 373,179 511,337
Debtors 13 5,612,465 5,240,268
Cash at bank and in hand 5,342,928 1,838,615
11,328,572 7,590,220
CREDITORS
Amounts falling due within one year 14 2,165,988 1,578,758
NET CURRENT ASSETS 9,162,584 6,011,462
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,215,316

7,083,652

PROVISIONS FOR LIABILITIES 17 658,490 664,038
NET ASSETS 9,556,826 6,419,614

CAPITAL AND RESERVES
Called up share capital 18 300 300
Retained earnings 19 9,556,526 6,419,314
SHAREHOLDERS' FUNDS 9,556,826 6,419,614

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





R G A Barber - Director


DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

COMPANY BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 10 - -
Investments 11 300 300
300 300
TOTAL ASSETS LESS CURRENT
LIABILITIES

300

300

CAPITAL AND RESERVES
Called up share capital 18 300 300
SHAREHOLDERS' FUNDS 300 300

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





R G A Barber - Director


DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 300 4,761,111 4,761,411

Changes in equity
Dividends - (1,050,000 ) (1,050,000 )
Total comprehensive income - 2,708,203 2,708,203
Balance at 30 April 2023 300 6,419,314 6,419,614

Changes in equity
Dividends - (150,000 ) (150,000 )
Total comprehensive income - 3,287,212 3,287,212
Balance at 30 April 2024 300 9,556,526 9,556,826

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 300 - 300

Changes in equity
Balance at 30 April 2023 300 - 300

Changes in equity
Balance at 30 April 2024 300 - 300

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 22 4,241,047 3,096,593
Interest paid (9,218 ) (13,152 )
Tax paid (420,492 ) (734,908 )
Net cash from operating activities 3,811,337 2,348,533

Cash flows from investing activities
Purchase of tangible fixed assets (194,273 ) (391,102 )
Sale of tangible fixed assets - 15,500
Interest received 37,249 3,981
Net cash from investing activities (157,024 ) (371,621 )

Cash flows from financing activities
Equity dividends paid (150,000 ) (1,050,000 )
Net cash from financing activities (150,000 ) (1,050,000 )

Increase in cash and cash equivalents 3,504,313 926,912
Cash and cash equivalents at beginning
of year

23

1,838,615

911,703

Cash and cash equivalents at end of
year

23

5,342,928

1,838,615

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Delenco Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on a going concern basis and under the historical cost convention.

Basis of consolidation
The consolidated financial statements represent the results of the company and its subsidiaries, all of whom are 100% owned, made up to 30 April 2024. All accounting policies as detailed below are applied consistently across the group.

The company has taken exemption from presenting its own cashflow statement.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

a) Critical judgements in applying the entity's accounting policies

There are no specific judgements, apart from those involving estimates as detailed below, that management has made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements.

b) Critical accounting estimates and assumptions

The group makes estimates and assumptions concerning the future. The resulting accounting estimates can differ from the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are addressed below.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values 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.

(ii) Provision for dilapidations

The group makes an estimate for the expected costs of dilapidations in relation to leasehold property. Provisions are made in line with the criteria contained within FRS102 Section 18 and on the basis of all available evidence at the time. The management obtains quotations from the building contractors to assist them with this process.

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and value added taxes.

Revenue is recognised when goods are delivered to the customer, such that the risks and rewards of ownership have passed to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the period of the lease
Plant and machinery - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Items costing less than £1,000 are not capitalised, but written off to the profit and loss account as incurred.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for impairment of obsolete or slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties, transport and handling directly attributable to bringing the stock to its present location and condition.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently carried at this value less any provision for impairment.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet represent cash at bank and in hand.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit or loss under operating expenses.

The carrying value of all short-term financial assets and liabilities are measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,291,649 2,880,501
Social security costs 342,983 305,768
Other pension costs 42,697 33,937
3,677,329 3,220,206

The average number of employees during the year was as follows:
2024 2023

Operations 85 81
Management and admin 7 7
92 88

The average number of employees by undertakings that were proportionately consolidated during the year was 92 (2023 - 88 ) .

2024 2023
£    £   
Directors' remuneration 99,996 99,996

The directors of the group are also its "key management" for the purposes of disclosure under FRS 102.

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 148,349 129,022
Depreciation - owned assets 213,731 215,169
Profit on disposal of fixed assets - (8,392 )
Auditors' remuneration 14,280 13,230
Foreign exchange differences - 48
Auditors' remuneration for non-audit work 5,785 7,680
Operating leases 148,270 148,270

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
HMRC interest 9,218 13,152

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,112,798 616,602

Deferred tax (5,548 ) 68,666
Tax on profit 1,107,250 685,268

UK corporation tax has been charged at 25 % (2023 - 19.49 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 4,394,462 3,393,471
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19.493 %)

1,098,616

661,489

Effects of:
Expenses not deductible for tax purposes 221 122
Capital allowances in excess of depreciation - (45,009 )
Depreciation in excess of capital allowances 13,961 -
Movement on deferred tax (5,548 ) 68,666
Total tax charge 1,107,250 685,268

Deferred tax has been provided at 25.00% (2023: 25.00%).

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 150,000 1,050,000

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 May 2023 345,362 2,275,373 14,428
Additions 46,000 147,523 -
At 30 April 2024 391,362 2,422,896 14,428
DEPRECIATION
At 1 May 2023 152,735 1,432,836 11,378
Charge for year 33,647 171,018 458
At 30 April 2024 186,382 1,603,854 11,836
NET BOOK VALUE
At 30 April 2024 204,980 819,042 2,592
At 30 April 2023 192,627 842,537 3,050

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2023 101,090 14,751 2,751,004
Additions - 750 194,273
At 30 April 2024 101,090 15,501 2,945,277
DEPRECIATION
At 1 May 2023 68,657 13,208 1,678,814
Charge for year 8,108 500 213,731
At 30 April 2024 76,765 13,708 1,892,545
NET BOOK VALUE
At 30 April 2024 24,325 1,793 1,052,732
At 30 April 2023 32,433 1,543 1,072,190

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 300
NET BOOK VALUE
At 30 April 2024 300
At 30 April 2023 300

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Delenco Foods Limited
Registered office: Unit 6 Heybridge Way, Lea Bridge Road, Leyton, London, E10 7NQ
Nature of business: Manufacture and retail sales of meat products
%
Class of shares: holding
Ordinary 100.00

The subsidiary has an interest in a joint venture LLP, representing the original loan made by the subsidiary to that entity. The subsidiary recognised it's profit share from the LLP on a receivable basis.


12. STOCKS

Group
2024 2023
£    £   
Raw materials and finished
goods 373,179 511,337
373,179 511,337

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 2,163,025 1,703,425
Other debtors 971 971
Amount owed by related company 3,342,399 2,543,993
Amount owed by joint venture 4,917 826,138
VAT 30,464 97,137
Prepayments 70,689 68,604
5,612,465 5,240,268

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade creditors 971,357 1,056,091
Amounts owed to participating interests - 1,194
Corporation tax 1,122,060 429,754
Social security and other taxes 53,056 71,672
Accrued expenses 19,515 20,047
2,165,988 1,578,758

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 211,634 254,495
Between one and five years 114,644 326,684
326,278 581,179

The non-cancellable operating leases relate to premises and commercial vehicle hire costs.

16. SECURED DEBTS

A limited personal guarantee has been given by R G Barber for £40,000 towards the bank overdraft facility.

17. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 200,990 206,538
Other provisions
Dilapidations provision 457,500 457,500

Aggregate amounts 658,490 664,038

Group
Deferred
tax
£   
Balance at 1 May 2023 206,538
Credit to Statement of Comprehensive Income during year (5,548 )
Balance at 30 April 2024 200,990

The dilapidations provision is in respect of anticipated costs required to restore the premises to its former condition, as required under the lease. The lease expires in 2030.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
300 Ordinary £1 300 300

19. RESERVES

Group
Retained
earnings
£   

At 1 May 2023 6,419,314
Profit for the year 3,287,212
Dividends (150,000 )
At 30 April 2024 9,556,526

DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


19. RESERVES - continued

Company
Retained
earnings
£   

Profit for the year -
At 30 April 2024 -


20. RELATED PARTY DISCLOSURES

During the year, total dividends of £150,000 (2023: £1,050,000) were paid to a director, a related trust and a related company.

Other related parties
2024 2023
£    £   
Sales 10,500 4,700
Purchases 8,373 9,202
Share of (loss)/profit from joint venture (14,543 ) 7,679
Amount due from related parties 3,347,316 3,370,131
Amount due to related parties - 1,194

The above entities are related parties by virtue of the directorships held by R G Barber and/or shareholdings held by the company.

21. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R G A Barber.

22. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 4,394,462 3,393,471
Depreciation charges 213,731 215,169
Profit on disposal of fixed assets - (8,392 )
Finance costs 9,218 13,152
Finance income (37,249 ) (3,981 )
4,580,162 3,609,419
Decrease/(increase) in stocks 138,158 (301,928 )
Increase in trade and other debtors (373,391 ) (452,921 )
(Decrease)/increase in trade and other creditors (103,882 ) 242,023
Cash generated from operations 4,241,047 3,096,593

23. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 5,342,928 1,838,615
Year ended 30 April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 1,838,615 911,703


DELENCO HOLDINGS LIMITED (REGISTERED NUMBER: 12572528)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


24. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 1,838,615 3,504,313 5,342,928
1,838,615 3,504,313 5,342,928
Total 1,838,615 3,504,313 5,342,928