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REGISTERED NUMBER: 02861044 (England and Wales)


















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

DELENCO FOODS LIMITED

DELENCO FOODS LIMITED (REGISTERED NUMBER: 02861044)

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










Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


DELENCO FOODS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: R G A Barber



SECRETARY: R G A Barber



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



REGISTERED NUMBER: 02861044 (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 FOODS LIMITED (REGISTERED NUMBER: 02861044)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The director presents his strategic report for the year ended 30 April 2024.

REVIEW OF BUSINESS
The director is 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 company 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 company has seen significant growth in demand for its range of meat alternative products.

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


DELENCO FOODS LIMITED (REGISTERED NUMBER: 02861044)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

The director has set out below the principal risks facing the business.

The director is 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 company has not seen any negative impact on its business as the result of this shift, this does represent a risk to the business 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 company is exposed to the credit risk of customers and their ability to pay debts on a timely basis. The director has 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 company.

Price Risk and Competition
The market in which the company operates in highly competitive. As a result, the company 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 company benefits from the very strong cash flows generated from operating activities, that have enabled the director to re-invest profits into the business. The director does however monitor cash flow forecasts in order to further manage liquidity risk.

Regulatory Risk
Due to the nature of the company'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 director conducts regular appraisals of compliance in this area and reviews operational procedures to ensure compliance.

Wages Cost Inflation
The Company is affected by wage cost inflation and pressures, increase in National Minimum Wage and Employer National Insurance, within the labour market. The Company 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 Company 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 Company 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 FOODS LIMITED (REGISTERED NUMBER: 02861044)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 APRIL 2024


The director presents his report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the 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 director is confident that continued focus on the key management policies will strengthen the financial position of the company during the ensuing year.

DIRECTOR
R G A Barber held office during the whole of the period from 1 May 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

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

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

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

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


Opinion
We have audited the financial statements of Delenco Foods Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 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.

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

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

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

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

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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

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

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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 director's 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 FOODS LIMITED


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

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

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

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

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 company through discussions with the director and other management, and from our commercial knowledge and experience of the sector in which the company 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 company, 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 company'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 FOODS 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 FOODS LIMITED (REGISTERED NUMBER: 02861044)

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

DELENCO FOODS LIMITED (REGISTERED NUMBER: 02861044)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,052,732 1,072,190

CURRENT ASSETS
Stocks 10 373,179 511,337
Debtors 11 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 12 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 15 658,490 664,038
NET ASSETS 9,556,826 6,419,614

CAPITAL AND RESERVES
Called up share capital 16 300 300
Retained earnings 17 9,556,526 6,419,314
SHAREHOLDERS' FUNDS 9,556,826 6,419,614

The financial statements were approved by the director and authorised for issue on 29 January 2025 and were signed by:





R G A Barber - Director


DELENCO FOODS LIMITED (REGISTERED NUMBER: 02861044)

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 FOODS LIMITED (REGISTERED NUMBER: 02861044)

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


1. STATUTORY INFORMATION

Delenco Foods 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 Company 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

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.

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 company 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 company 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.

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.

DELENCO FOODS LIMITED (REGISTERED NUMBER: 02861044)

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


3. ACCOUNTING POLICIES - continued

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 leasehold 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 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.

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.

DELENCO FOODS LIMITED (REGISTERED NUMBER: 02861044)

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


3. ACCOUNTING POLICIES - continued

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

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

2024 2023
£    £   
Director's remuneration 99,996 99,996

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 - premises 148,270 148,270

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

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%).

DELENCO FOODS LIMITED (REGISTERED NUMBER: 02861044)

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


7. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 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

8. DIVIDENDS
2024 2023
£    £   
Interim 150,000 1,050,000

9. TANGIBLE FIXED ASSETS
Improvements
to Fixtures
leasehold 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

DELENCO FOODS LIMITED (REGISTERED NUMBER: 02861044)

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


9. TANGIBLE FIXED ASSETS - continued

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

10. STOCKS
2024 2023
£    £   
Raw materials and finished
goods 373,179 511,337

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,163,025 1,703,425
Other debtors 971 971
Amount owed by related
companies 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

The interest in the joint venture LLP represents the original loan made by the company to that entity, which as per the partnership agreement is repayable on demand. The company recognises it's profit share from the LLP on a receivable basis.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 971,357 1,056,091
Amounts owed to related companies - 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

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 211,634 254,495
Between one and five years 114,644 326,684
326,278 581,179

DELENCO FOODS LIMITED (REGISTERED NUMBER: 02861044)

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


13. LEASING AGREEMENTS - continued

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

14. SECURED DEBTS

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

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 200,990 206,538
Dilapidations provision 457,500 457,500
658,490 664,038

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.

16. CALLED UP SHARE CAPITAL

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

17. RESERVES
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

18. RELATED PARTY DISCLOSURES

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 A Barber and/or shareholdings held by the company.

DELENCO FOODS LIMITED (REGISTERED NUMBER: 02861044)

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


19. CONTROLLING PARTY

The immediate parent company is Delenco Holdings Limited, a company registered in England and Wales that shares its registered office with the company. Copies of the group accounts may be obtained from Companies House.

ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R G A Barber.