Company registration number 02582604 (England and Wales)
LAMB WESTON UK LTD
FORMERLY LAMB-WESTON/MEIJER UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
LAMB WESTON UK LTD
COMPANY INFORMATION
Director
S Van Kuik
(Appointed 7 October 2024)
Secretary
E Mientjes
Company number
02582604
Registered office
Wesenham Lane
Wisbech
Cambridgeshire
PE13 2RN
Auditor
Rayner Essex LLP
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
LAMB WESTON UK LTD
CONTENTS
Page
Strategic report
1
Director's report
2 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 27
LAMB WESTON UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The director presents the strategic report for the year ended 31 May 2024.
Fair review of the business
The principal activity of Lamb Weston UK Ltd (‘LW UK’) is the processing of potatoes at Weasenham Lane, Wisbech on a contract manufacturing basis for the parent undertaking Lamb-Weston/Meijer v.o.f (‘LWM v.o.f’). There have not been any significant changes in LWM UK’s principal activities in the period under review. The directors are not aware, at the date of this report, of any likely major changes in LWM UK’s activities in the next period.
The directors recommend that no final dividend will be paid (2023: £nil).
The Board monitors the Company’s performance in a number of ways including key performance indicators. The key financial performance indicators together with the information for 2024 and 2023 are as follows:
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% Operating profit margin | | |
Employees (average number) | | |
The balance sheet on page 11 of the financial statements shows that LW UK’s financial position at the period end. The Company is financed by its equity share capital.
Principal risks and uncertainties
Since LWM UK is working on a contract manufacturing basis for LWM v.o.f the major principal risks and uncertainties for the coming year are operational and mechanical efficiency of the processing plant. The Company addresses these risks by having an intra-group manufacturing agreement in place whereby they are allowed to invoice all costs incurred to their parent undertaking, Lamb-Weston/Meijer v.o.f, so any additional costs arising out of inefficiencies will be recharged.
Financial risk management objectives and policies
The major financial risks of the Company are borne by LWM v.o.f, the Company does not use derivative instruments.
Analysis of development and performance
The company has a stable performance and financial position and expects this to continue for the next year.
Key performance indicators
The board monitors the Company's performance in a number of ways, including gross profit, gross profit margin, operating profit and operating profit margin.
S Van Kuik
Director
3 February 2025
LAMB WESTON UK LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
The director presents his annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of the processing of potatoes.
Results and dividends
The results for the year are set out on page 8.
Ordinary dividends were paid amounting to £4,000,000. The director does not recommend payment of a final dividend for the year ended 31 May 2024.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Mr M P J H Schroeder
(Resigned 7 October 2024)
Ms D Smith
(Resigned 7 November 2024)
S Van Kuik
(Appointed 7 October 2024)
Research and development
Research and development activities are performed by the parent company, Lamb-Weston/Meijer v.o.f.
Auditor
The auditor, Rayner Essex LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
The Company recognises the importance of its environmental responsibilities, monitors its impact on the environment and designs and implements policies to reduce any damage that might be caused by the Company’s activities.
The Company operates in accordance with group policies. The group's business stategy is shaped to respond to the risks and opportunities faced and climate change related risks and opportunities are built into this strategy. The group focuses on reducing impact on the planet. This has been broken down into three sub-challenges:
1. Sustainable Operations
2. Sustainable Agriculture
3. Sustainable Supply Chain
LAMB WESTON UK LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Energy consumption
kWh
Aggregate of energy consumption in the year
128,868,232
Emissions of CO2 equivalent
Metric tonnes
Scope 1 - direct emissions
- Gas combustion
22,203.00
- Fuel consumed for owned transport
52,120.00
74,323.00
Scope 2 - indirect emissions
- Electricity purchased
4,638.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
52,120.00
Total gross emissions
131,081.00
Intensity ratio
energy used in kWh/mton product
0.714
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 2020 UK Government’s Conversion Factors for Company Reporting.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per metric tonne of product, the recommended ratio for the sector.
Measures taken to improve energy efficiency
At present, around 60% of the company's carbon footprint is attributed to the raw materials used; with nearly 50% coming from potatoes and 10% coming from the sunflower oil used to par-fry our products. To reduce our product carbon footprint in a meaningful way, we need to concentrate even more on helping our growers to advance sustainable agriculture. The group is continuing to expand the Sustainable Agriculture Plan, as initiated in 2017 in a bid to improve this area.
At the same time, the company will stay focused on reducing water usage. Water remains an undervalued resource, and 90% of our total product water footprint comes from growing potatoes and oil seed crops. The group knows we can make more progress saving water within our agriculture supply chain than across the group plants, and we therefore aim to invest more in enabling the reuse of our effluent for irrigation by local farmers in the proximity of our processing facility.
These ambitions have been turned into a series of KPIs outlined below:
By 2030 we aim to:
1. Reduce our carbon footprint by using 25% less carbon dioxide emissions per ton finished product
2. Use 40% renewable energy sources in the plant
3. Halve our water use in operations
4. Double our water reuse (for processing agricultural purposes)
5. Have 100% company growers active in our Sustainable Agriculture programme
6. Have 100% key impact suppliers active in Sustainable Supply Chain programme.
LAMB WESTON UK LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Statement of director's responsibilities
The director is responsible for preparing the annual report 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 them 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 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.
Other information
An indication of likely future developments in the business, particulars of significant events which have occurred since the end of the financial year and political contributions have been included in the Strategic Report on page 1.
On behalf of the board
S Van Kuik
Director
3 February 2025
LAMB WESTON UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAMB WESTON UK LTD
- 5 -
Opinion
We have audited the financial statements of Lamb Weston UK Ltd (the 'company') for the year ended 31 May 2024 which comprise the profit and loss account, 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 31 May 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
LAMB WESTON UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAMB WESTON UK LTD (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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 director
As explained more fully in the director's responsibilities statement, 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 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 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Extent to which the audit was considered capable of detecting irregularities, including fraud
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 directors and other management, and from our commercial knowledge and experience of the food processing & distribution sector;
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, employment, health & safety, food hygiene, environmental and other relevant regulations;
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.
LAMB WESTON UK LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LAMB WESTON UK LTD (CONTINUED)
- 7 -
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 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 relevant regulators.
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 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.
Neil Heyes FCA
Senior Statutory Auditor
For and on behalf of Rayner Essex LLP
3 February 2025
Chartered Accountants
Statutory Auditor
Faulkner House
Victoria Street
St Albans
Hertfordshire
AL1 3SE
LAMB WESTON UK LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
103,606,193
102,377,748
Cost of sales
(74,982,216)
(75,925,849)
Gross profit
28,623,977
26,451,899
Administrative expenses
(24,528,995)
(22,907,620)
Operating profit
4
4,094,982
3,544,279
Interest receivable and similar income
7
146,390
81,000
Interest payable and similar expenses
8
(96,328)
(77,360)
Profit before taxation
4,145,044
3,547,919
Tax on profit
9
(1,231,911)
(1,008,458)
Profit for the financial year
2,913,133
2,539,461
The profit and loss account has been prepared on the basis that all operations are continuing operations.
LAMB WESTON UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
2024
2023
£
£
Profit for the year
2,913,133
2,539,461
Other comprehensive income
Actuarial gain on defined benefit pension schemes
113,000
3,000
Tax relating to other comprehensive income
150,000
22,450
Other comprehensive income for the year
263,000
25,450
Total comprehensive income for the year
3,176,133
2,564,911
LAMB WESTON UK LTD
BALANCE SHEET
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
15,902,262
15,557,615
Current assets
Stocks
12
10,359,814
10,589,183
Debtors
13
7,183,768
7,581,300
Cash at bank and in hand
58,042
55,023
17,601,624
18,225,506
Creditors: amounts falling due within one year
14
(11,799,606)
(11,430,941)
Net current assets
5,802,018
6,794,565
Total assets less current liabilities
21,704,280
22,352,180
Provisions for liabilities
Deferred tax liability
15
1,876,746
1,414,779
(1,876,746)
(1,414,779)
Net assets excluding pension surplus
19,827,534
20,937,401
Defined benefit pension surplus
16
600,000
314,000
Net assets
20,427,534
21,251,401
Capital and reserves
Called up share capital
17
100
100
Profit and loss reserves
20,427,434
21,251,301
Total equity
20,427,534
21,251,401
The financial statements were approved by the board of directors and authorised for issue on 3 February 2025 and are signed on its behalf by:
S Van Kuik
Director
Company registration number 02582604 (England and Wales)
LAMB WESTON UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
100
31,686,390
31,686,490
Year ended 31 May 2023:
Profit
-
2,539,461
2,539,461
Other comprehensive income:
Actuarial gains on defined benefit plans
-
3,000
3,000
Tax relating to other comprehensive income
-
22,450
22,450
Total comprehensive income
-
2,564,911
2,564,911
Dividends
10
-
(13,000,000)
(13,000,000)
Balance at 31 May 2023
100
21,251,301
21,251,401
Year ended 31 May 2024:
Profit
-
2,913,133
2,913,133
Other comprehensive income:
Actuarial gains on defined benefit plans
-
113,000
113,000
Tax relating to other comprehensive income
-
150,000
150,000
Total comprehensive income
-
3,176,133
3,176,133
Dividends
10
-
(4,000,000)
(4,000,000)
Balance at 31 May 2024
100
20,427,434
20,427,534
LAMB WESTON UK LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
7,769,772
18,402,543
Interest paid
(1,328)
(3,360)
Income taxes paid
(344,415)
(570,000)
Net cash inflow from operating activities
7,424,029
17,829,183
Investing activities
Purchase of tangible fixed assets
(3,449,400)
(4,789,840)
Interest received
28,390
Net cash used in investing activities
(3,421,010)
(4,789,840)
Financing activities
Dividends paid
(4,000,000)
(13,000,000)
Net cash used in financing activities
(4,000,000)
(13,000,000)
Net increase in cash and cash equivalents
3,019
39,343
Cash and cash equivalents at beginning of year
55,023
15,680
Cash and cash equivalents at end of year
58,042
55,023
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
1
Accounting policies
Company information
Lamb Weston UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Faulkner House, Victoria Street, St Albans, Hertfordshire, AL1 3SE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Lamb-Weston/Meijer v.o.f. These consolidated financial statements are available from its registered office, PO Box 17, 4416 ZG Kruiningen, The Netherlands.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised on delivery to the customer..
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
5% straight line
Plant and equipment
5% - 33% reducing balance
Office equipment
5% - 33% reducing balance
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
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 15 -
Biological assets
All expenses incurred in land preparation, planting and development of crops up to maturity are capitalised as biological assets; all expenses subsequent to maturity are recognised directly in the profit and loss account. The cost model of accounting has been applied to biological assets in accordance with Section 34 of FRS 102. They are made up of potatoes growing in the ground, due to be harvested within 6 months of the year end. They are presented as current assets on the balance sheet as they are expected to be harvested within one year. As such, no depreciation is applied and all amounts are reclassified to inventory upon harvest.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
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.
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Defined benefit pension
Management have made estimates and assumptions which are used in the actuarial valuation of the defined benefit scheme. Further details can be found in note 16.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
103,606,193
102,377,748
2024
2023
£
£
Other revenue
Interest income
146,390
81,000
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(23,001)
89,569
Depreciation of owned tangible fixed assets
3,104,753
2,779,813
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
132
132
Administration
24
24
Total
156
156
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
7,640,336
6,788,621
Social security costs
650,883
617,955
Pension costs
299,686
289,834
8,590,905
7,696,410
The directors did not receive any emoluments during the period of the preceding period from this entity or for their performance as directors for this entity. Although the directors did receive remuneration from a fellow group company for services to various companies within the group, it is not practicable to allocate their remuneration to individual companies in the group and any allocation for services to this company are considered to be £nil (2023: £nil).
6
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
7,093
34,000
For other services
All other non-audit services
52,416
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 20 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,388
Interest on the net defined benefit asset
118,000
81,000
Other interest income
27,002
Total income
146,390
81,000
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,328
3,360
Net interest on the net defined benefit liability
95,000
74,000
96,328
77,360
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
619,944
Deferred tax
Origination and reversal of timing differences
611,967
1,008,458
Total tax charge
1,231,911
1,008,458
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
9
Taxation
(Continued)
- 21 -
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
4,145,044
3,547,919
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
1,036,261
674,105
Tax effect of utilisation of tax losses not previously recognised
(90,667)
Unutilised tax losses carried forward
(45,954)
Effect of change in corporation tax rate
43,053
Depreciation
776,188
528,164
Capital allowances
(1,101,838)
(1,199,368)
Deferred tax
611,967
1,008,458
Taxation charge for the year
1,231,911
1,008,458
In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:
2024
2023
£
£
Deferred tax arising on:
Actuarial differences recognised as other comprehensive income
(150,000)
(22,450)
10
Dividends
2024
2023
£
£
Interim paid
4,000,000
13,000,000
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 22 -
11
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and equipment
Office equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
6,199,410
10,303
48,911,236
200,516
55,321,465
Additions
153,653
28,586
3,120,092
147,069
3,449,400
Disposals
(267,187)
(267,187)
At 31 May 2024
6,353,063
38,889
51,764,141
347,585
58,503,678
Depreciation and impairment
At 1 June 2023
2,780,961
36,874,124
108,765
39,763,850
Depreciation charged in the year
683,970
2,367,068
53,715
3,104,753
Eliminated in respect of disposals
(267,187)
(267,187)
At 31 May 2024
3,464,931
38,974,005
162,480
42,601,416
Carrying amount
At 31 May 2024
2,888,132
38,889
12,790,136
185,105
15,902,262
At 31 May 2023
3,418,449
10,303
12,037,112
91,751
15,557,615
12
Stocks
2024
2023
£
£
Raw materials and consumables
7,833,042
8,166,720
Biological assets - work in progress
2,526,772
2,422,463
10,359,814
10,589,183
There is no material difference between the balance sheet value of stocks and their replacement cost.
No impairment losses were recognised in the period (2023: £nil).
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,250,269
865,911
Corporation tax recoverable
1,159,346
814,931
Amounts owed by group undertakings
621,047
4,145,992
Other debtors
1,518,087
1,415,991
Prepayments and accrued income
635,019
338,475
7,183,768
7,581,300
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,013,000
5,205,875
Amounts owed to group undertakings
944,151
Corporation tax
619,944
Accruals and deferred income
4,222,511
6,225,066
11,799,606
11,430,941
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,026,746
1,493,279
Retirement benefit obligations
(150,000)
(78,500)
1,876,746
1,414,779
2024
Movements in the year:
£
Liability at 1 June 2023
1,414,779
Charge to profit or loss
461,967
Liability at 31 May 2024
1,876,746
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
299,686
289,834
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.
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
16
Retirement benefit schemes
(Continued)
- 24 -
Defined benefit schemes
The company operates a defined benefit scheme, the Smith and Holbourne (Holdings) Limited Retirement Benefit Plan. The scheme funds are administered by trustees and are independent of the company's finances. Contributions are paid to the scheme in accordance with the recommendations of an independent actuarial advisor.
The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 1 July 2019 by Mr B Hieatt-Smith, Fellow of the Institute of Actuaries. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.
2024
2023
Key assumptions
%
%
Discount rate
5.25
4.7
Expected rate of increase of pensions in payment
1.95
2.15
RPI
3.35
3.05
CPI
2.35
2.05
Mortality assumptions
2024
2023
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
21.5
22.8
- Females
23.9
25.0
Retiring in 20 years
- Males
22.4
24.0
- Females
25
26.5
Amounts recognised in the profit and loss account
2024
2023
Costs/(income):
£
£
Net interest on net defined benefit liability/(asset)
(18,000)
(7,000)
Amounts recognised in other comprehensive income
2024
2023
Costs/(income):
£
£
Actual return on scheme assets
(153,000)
306,000
Less: calculated interest element
113,000
81,000
Return on scheme assets excluding interest income
(40,000)
387,000
Actuarial changes related to obligations
(73,000)
(390,000)
Total costs/(income)
(113,000)
(3,000)
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
16
Retirement benefit schemes
(Continued)
- 25 -
The amounts included in the balance sheet arising from the company's obligations in respect of defined benefit plans are as follows:
2024
2023
Liabilities/(assets):
£
£
Present value of defined benefit obligations
1,919,000
2,015,000
Fair value of plan assets
(2,519,000)
(2,329,000)
Surplus in scheme
(600,000)
(314,000)
2024
Movements in the present value of defined benefit obligations
£
Liabilities at 1 June 2023
2,015,000
Actuarial gains and losses
(73,000)
Interest cost
95,000
Other
(118,000)
At 31 May 2024
1,919,000
The defined benefit obligations arise from plans which are wholly or partly funded.
2024
Movements in the fair value of plan assets
£
Fair value of assets at 1 June 2023
2,329,000
Interest income
113,000
Return on plan assets (excluding amounts included in net interest)
40,000
Contributions by the employer
155,000
Other
(118,000)
At 31 May 2024
2,519,000
The actual return on plan assets was £153,000 (2023 - £306,000).
2024
2023
Fair value of plan assets
£
£
Equity instruments
2,519,000
2,329,000
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 26 -
18
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
97,311
153,693
Between two and five years
139,435
179,108
236,746
332,801
19
Events after the reporting date
On 23 December 2024 the company changed it's name from Lamb-Weston/Meijer UK Limited to Lamb Weston UK Ltd.
20
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year the company recognised sales with Lamb-Weston/Meijer V.O.F, the parent company, amounting to £107,165,594 (2023: £92,855,919). At the year end the balance in respect of the above company was a creditor of £944,151 (2023: £3,597,003 debtor) due to the company.
At the year end date, a balance of £621,047 (2023: £548,989) was owed to the company by Lamb Weston/Meijer International UK Ltd, a fellow subsidiary company.
21
Ultimate controlling party
Lamb-Weston/Meijer v.o.f, is the immediate and ultimate parent undertaking of the Company. Its registered office is Lamb-Weston/Meijer v.o.f, Stationsweg 18A, Kruiningen.
The ultimate controlling party is Lamb Weston Holdings, Inc. by virtue of it's 100% shareholding in Lamb-Weston/Meijer v.o.f,
LAMB WESTON UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
22
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
2,913,133
2,539,461
Adjustments for:
Taxation charged
1,231,911
1,008,458
Finance costs
96,328
77,360
Investment income
(146,390)
(81,000)
Depreciation and impairment of tangible fixed assets
3,104,753
2,779,813
Pension scheme non-cash movement
(150,000)
(169,000)
Movements in working capital:
Decrease/(increase) in stocks
229,369
(65,044)
Decrease in debtors
741,947
9,135,135
(Decrease)/increase in creditors
(251,279)
3,177,360
Cash generated from operations
7,769,772
18,402,543
23
Analysis of changes in net funds
1 June 2023
Cash flows
31 May 2024
£
£
£
Cash at bank and in hand
55,023
3,019
58,042
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