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REGISTERED NUMBER: 03091668 (England and Wales)










Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 August 2024

for

Chicken Joes Limited

Chicken Joes Limited (Registered number: 03091668)






Contents of the Consolidated Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Chicken Joes Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: J Koumi
Mrs D Koumi



SECRETARY: Mrs D Koumi



REGISTERED OFFICE: Empire Industrial Estate
Brickyard Road
Aldridge
Walsall
West Midlands
WS9 8UR



REGISTERED NUMBER: 03091668 (England and Wales)



AUDITORS: Alderton Accountancy Limited, Statutory Auditor
Chartered Certified Accountants
Registered Auditors
962 Eastern Avenue
Newbury Park
Ilford
Essex
IG2 7JD



BANKERS: Santander Corporate Banking
1 Cornwall Street
Birmingham
B3 2DX

Chicken Joes Limited (Registered number: 03091668)

Group Strategic Report
for the Year Ended 31 August 2024

The directors present their strategic report of the company and the group for the year ended 31 August 2024.

REVIEW OF BUSINESS
It has been another successful year, with positive results that demonstrate the ongoing commitment and strategic vision of the company's management. Our aim is to build on this momentum and continue driving progress in the year ahead.

This year, our primary focus is on expanding sales and marketing efforts, particularly by entering new markets such as wholesale and retail. This strategy is designed to create a more balanced turnover between the education sector and other industries, addressing the long-standing challenge of seasonality. Historically, sales have seen significant declines during school term holidays, resulting in losses due to fixed costs. By achieving more consistent turnover year-round, we expect to enhance profitability.

We are also in the process of assembling a completely new Sales & Marketing team to support this growth. In addition, the new ERP system that we began implementing last year is now in the installation phase. With the final design approved, the development is underway. This ERP system will be instrumental in supporting our sales and marketing objectives, as it will provide real-time data access to help the team track performance, plan strategies, and stay on top of sales targets.

PRINCIPAL RISKS AND UNCERTAINTIES
Supply Chain Disruption:
Ongoing global challenges, such as the Russia-Ukraine war and the crisis in the Middle East, continue to pose significant concerns for businesses worldwide. The instability in the Middle East shows no signs of easing, and it remains a major issue for Western businesses. These geopolitical tensions are expected to have a direct impact on supply chains and shipping costs, further complicating the global business landscape.

ERP Deployment:
The installation and implementation of the ERP system is a major undertaking and a significant challenge for this year. As a large-scale project, it inherently carries substantial risks, and the complexity of such initiatives means there is always the potential for setbacks. Any mistake, error, or limitation in the design can result in additional significant costs. However, the goal is to ensure a smooth deployment, with a focus on minimizing disruptions to day-to-day operations. Successful implementation of the ERP system is crucial, as it will streamline processes, improve data accessibility, and ultimately enhance decision-making across the business. We are committed to addressing any challenges that arise and delivering the system on time, in order to fully leverage its potential for operational efficiency and growth.

New Policy by DEFRA:
The implementation of the Better Chicken Commitment is likely to result in increased prices for poultry products. With the requirement for slower-growing breeds, lower stocking densities, and restrictions on thinning birds, farms will need more space and time to raise each bird. This leads to a decrease in the number of chickens that can be raised in the same area, as well as longer breeding cycles. As a result, production costs will rise, which may translate into higher prices for consumers. While these changes aim to improve poultry welfare, they could also impact the overall cost structure of the industry.

FUTURE DEVELOPMENTS
The Company is focused on making the business more mechanised and efficient by investing into the equipment and software in the near future.

ON BEHALF OF THE BOARD:





J Koumi - Director


4 February 2025

Chicken Joes Limited (Registered number: 03091668)

Report of the Directors
for the Year Ended 31 August 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of processing of fresh chicken meat and sale and distribution of food and non-food products to the catering trade and renting cold storage pallet spaces.

DIVIDENDS
An interim dividend of £0.25 per share was paid on 31 March 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 August 2024 will be £ 255,000 .

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

J Koumi
Mrs D Koumi

CHARITABLE DONATIONS
Charitable donations during the year amounted to £18,889 (2023: £17,615).

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

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

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

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

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

Chicken Joes Limited (Registered number: 03091668)

Report of the Directors
for the Year Ended 31 August 2024


AUDITORS
The auditors, Alderton Accountancy Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Koumi - Director


4 February 2025

Report of the Independent Auditors to the Members of
Chicken Joes Limited

Opinion
We have audited the financial statements of Chicken Joes Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 August 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

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

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

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

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

Report of the Independent Auditors to the Members of
Chicken Joes Limited


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

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

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

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

Report of the Independent Auditors to the Members of
Chicken Joes Limited


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:

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.
We obtained an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework. The Health and Safety at Work Act and associated secondary legislation, Health and Safety (Consultation with Employees) Regulations, the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013, the CDM Regulations and the Building Act are of significance in the context of the entity.

We consider that the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations.

The audit team identified particular areas that were susceptible to misstatement as part of their fraud discussion which included revenue recognition, fair value of assets and debtors recoverability. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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
Chicken Joes 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.




Jamil Raja (Senior Statutory Auditor)
for and on behalf of Alderton Accountancy Limited, Statutory Auditor
Chartered Certified Accountants
Registered Auditors
962 Eastern Avenue
Newbury Park
Ilford
Essex
IG2 7JD

4 February 2025

Chicken Joes Limited (Registered number: 03091668)

Consolidated
Income Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £    £    £   

TURNOVER 34,425,979 30,930,574

Cost of sales 21,323,314 20,030,967
GROSS PROFIT 13,102,665 10,899,607

Distribution costs 4,200,242 3,329,345
Administrative expenses 7,403,726 6,370,057
11,603,968 9,699,402
1,498,697 1,200,205

Other operating income 12,271 31,978
OPERATING PROFIT 4 1,510,968 1,232,183

Interest receivable and similar income 4,010 3,594
1,514,978 1,235,777

Interest payable and similar expenses 6 62,942 62,110
PROFIT BEFORE TAXATION 1,452,036 1,173,667

Tax on profit 7 230,429 212,879
PROFIT FOR THE FINANCIAL YEAR 1,221,607 960,788
Profit attributable to:
Owners of the parent 1,221,607 960,788

Chicken Joes Limited (Registered number: 03091668)

Consolidated
Other Comprehensive Income
for the Year Ended 31 August 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,221,607 960,788


OTHER COMPREHENSIVE INCOME
Revaluation Reserve - 65,625
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

65,625
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,221,607

1,026,413

Total comprehensive income attributable to:
Owners of the parent 1,221,607 1,026,413

Chicken Joes Limited (Registered number: 03091668)

Consolidated Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 71,656 79,005
Tangible assets 11 1,187,629 896,917
Investments 12 - -
Investment property 13 1,125,000 1,125,000
2,384,285 2,100,922

CURRENT ASSETS
Stocks 14 3,364,192 1,937,317
Debtors 15 2,148,354 2,238,225
Cash at bank and in hand 559,052 669,363
6,071,598 4,844,905
CREDITORS
Amounts falling due within one year 16 4,125,851 3,449,149
NET CURRENT ASSETS 1,945,747 1,395,756
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,330,032

3,496,678

CREDITORS
Amounts falling due after more than one
year

17

(508,920

)

(581,781

)

PROVISIONS FOR LIABILITIES 21 (71,653 ) (132,045 )
NET ASSETS 3,749,459 2,782,852

CAPITAL AND RESERVES
Called up share capital 22 1,010,000 1,010,000
Share premium 23 103,515 103,515
Revaluation reserve 23 65,625 65,625
Retained earnings 23 2,570,319 1,603,712
SHAREHOLDERS' FUNDS 3,749,459 2,782,852

The financial statements were approved by the Board of Directors and authorised for issue on 4 February 2025 and were signed on its behalf by:





J Koumi - Director


Chicken Joes Limited (Registered number: 03091668)

Company Balance Sheet
31 August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 71,656 79,005
Tangible assets 11 1,087,217 796,505
Investments 12 1,225,652 1,225,652
Investment property 13 - -
2,384,525 2,101,162

CURRENT ASSETS
Stocks 14 3,364,192 1,937,317
Debtors 15 2,068,985 2,317,699
Cash at bank and in hand 246,480 300,863
5,679,657 4,555,879
CREDITORS
Amounts falling due within one year 16 4,019,646 3,374,443
NET CURRENT ASSETS 1,660,011 1,181,436
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,044,536

3,282,598

CREDITORS
Amounts falling due after more than one
year

17

(571,420

)

(631,781

)

PROVISIONS FOR LIABILITIES 21 (71,653 ) (132,045 )
NET ASSETS 3,401,463 2,518,772

CAPITAL AND RESERVES
Called up share capital 22 1,010,000 1,010,000
Share premium 23 103,515 103,515
Retained earnings 23 2,287,948 1,405,257
SHAREHOLDERS' FUNDS 3,401,463 2,518,772

Company's profit for the financial year 1,137,691 873,019

The financial statements were approved by the Board of Directors and authorised for issue on 4 February 2025 and were signed on its behalf by:





J Koumi - Director


Chicken Joes Limited (Registered number: 03091668)

Consolidated Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Share Revaluation Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 September 2022 1,010,000 854,924 103,515 - 1,968,439

Changes in equity
Dividends - (212,000 ) - - (212,000 )
Total comprehensive income - 960,788 - 65,625 1,026,413
Balance at 31 August 2023 1,010,000 1,603,712 103,515 65,625 2,782,852

Changes in equity
Dividends - (255,000 ) - - (255,000 )
Total comprehensive income - 1,221,607 - - 1,221,607
Balance at 31 August 2024 1,010,000 2,570,319 103,515 65,625 3,749,459

Chicken Joes Limited (Registered number: 03091668)

Company Statement of Changes in Equity
for the Year Ended 31 August 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 September 2022 1,010,000 744,238 103,515 1,857,753

Changes in equity
Dividends - (212,000 ) - (212,000 )
Total comprehensive income - 873,019 - 873,019
Balance at 31 August 2023 1,010,000 1,405,257 103,515 2,518,772

Changes in equity
Dividends - (255,000 ) - (255,000 )
Total comprehensive income - 1,137,691 - 1,137,691
Balance at 31 August 2024 1,010,000 2,287,948 103,515 3,401,463

Chicken Joes Limited (Registered number: 03091668)

Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 844,936 1,237,049
Interest paid (62,942 ) (62,110 )
Tax paid (212,550 ) (72,587 )
Net cash from operating activities 569,444 1,102,352

Cash flows from investing activities
Purchase of tangible fixed assets (660,703 ) (336,706 )
Sale of tangible fixed assets 33,969 71,607
Interest received 4,010 3,594
Net cash from investing activities (622,724 ) (261,505 )

Cash flows from financing activities
Loan repayments in year - (210,789 )
Capital repayments in year 194,417 25,422
Amount introduced by directors 167 1
Amount withdrawn by directors - (171 )
Equity dividends paid (255,000 ) (212,000 )
Net cash from financing activities (60,416 ) (397,537 )

(Decrease)/increase in cash and cash equivalents (113,696 ) 443,310
Cash and cash equivalents at
beginning of year

2

652,612

209,302

Cash and cash equivalents at end of
year

2

538,916

652,612

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

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

2024 2023
£    £   
Profit before taxation 1,452,036 1,173,667
Depreciation charges 349,610 261,056
Profit on disposal of fixed assets (6,240 ) (3,854 )
Government grants - (30,237 )
Finance costs 62,942 62,110
Finance income (4,010 ) (3,594 )
1,854,338 1,459,148
Increase in stocks (1,426,875 ) (121,999 )
(Increase)/decrease in trade and other debtors (109,675 ) 540,709
Increase/(decrease) in trade and other creditors 527,148 (640,809 )
Cash generated from operations 844,936 1,237,049

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 August 2024
31.8.24 1.9.23
£    £   
Cash and cash equivalents 559,052 669,363
Bank overdrafts (20,136 ) (16,751 )
538,916 652,612
Year ended 31 August 2023
31.8.23 1.9.22
£    £   
Cash and cash equivalents 669,363 214,864
Bank overdrafts (16,751 ) (5,562 )
652,612 209,302


Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 August 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.23 Cash flow At 31.8.24
£    £    £   
Net cash
Cash at bank and in hand 669,363 (110,311 ) 559,052
Bank overdrafts (16,751 ) (3,385 ) (20,136 )
652,612 (113,696 ) 538,916
Debt
Finance leases (60,357 ) (194,417 ) (254,774 )
Debts falling due within 1 year (199,548 ) 13,548 (186,000 )
Debts falling due after 1 year (542,667 ) 186,000 (356,667 )
(802,572 ) 5,131 (797,441 )
Total (149,960 ) (108,565 ) (258,525 )

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on delivery or collection of the goods sold.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

A full year's depreciation is charged in the year an asset is purchased, and no depreciation is charged in the year of its disposal.

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 the income statement.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are recognised in the company's statement of financial position 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 trade and other receivables, 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.

Basic financial liabilities
Basic financial liabilities, including trade payables, other payables and amounts due to fellow group companies 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 payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,127,966 4,879,947
Social security costs 576,686 410,131
Other pension costs 116,685 86,297
6,821,337 5,376,375

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

Directors 2 2
Administration 40 40
Production 57 57
Sales & Distribution 75 75
174 174

All staff is employed by the parent company.

2024 2023
£    £   
Directors' remuneration 60,000 60,000
Directors' pension contributions to money purchase schemes 3,000 3,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

4. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 10,671 16,721
Depreciation - owned assets 249,489 217,340
Depreciation - assets on hire purchase contracts 92,773 36,367
Profit on disposal of fixed assets (6,240 ) (3,854 )
Goodwill amortisation 7,349 7,349

5. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

26,150

17,800
Auditors' remuneration for non audit work 5,250 5,250

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 52,756 55,854
Hire purchase interest 10,728 6,256
Interest on overdue tax (542 ) -
62,942 62,110

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 290,822 219,479

Deferred tax (60,393 ) (6,600 )
Tax on profit 230,429 212,879

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

7. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 1,452,036 1,173,667
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 21.515 %)

363,009

252,514

Effects of:
Expenses not deductible for tax purposes 6,639 501
Income not taxable for tax purposes (1,560 ) (829 )
Capital allowances in excess of depreciation (77,065 ) (15,406 )
Adjustments to tax charge in respect of previous periods - (6,600 )
Research and development tax credits - (17,221 )
Marginal Relief (201 ) (80 )
Deferred Tax (60,393 ) -
Total tax charge 230,429 212,879

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 August 2024.

2023
Gross Tax Net
£    £    £   
Revaluation Reserve 65,625 - 65,625

8. INDIVIDUAL INCOME STATEMENT

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


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1.00 each
Interim 255,000 212,000

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 110,242
AMORTISATION
At 1 September 2023 31,237
Amortisation for year 7,349
At 31 August 2024 38,586
NET BOOK VALUE
At 31 August 2024 71,656
At 31 August 2023 79,005

Company
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 110,242
AMORTISATION
At 1 September 2023 31,237
Amortisation for year 7,349
At 31 August 2024 38,586
NET BOOK VALUE
At 31 August 2024 71,656
At 31 August 2023 79,005

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 September 2023 100,412 955,985 1,160,885
Additions - 139,851 160,639
Disposals - - -
At 31 August 2024 100,412 1,095,836 1,321,524
DEPRECIATION
At 1 September 2023 - 583,665 1,019,341
Charge for year - 128,043 60,437
Eliminated on disposal - - -
At 31 August 2024 - 711,708 1,079,778
NET BOOK VALUE
At 31 August 2024 100,412 384,128 241,746
At 31 August 2023 100,412 372,320 141,544

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 September 2023 650,042 616,585 3,483,909
Additions 360,213 - 660,703
Disposals (100,900 ) - (100,900 )
At 31 August 2024 909,355 616,585 4,043,712
DEPRECIATION
At 1 September 2023 419,381 564,605 2,586,992
Charge for year 140,787 12,995 342,262
Eliminated on disposal (73,171 ) - (73,171 )
At 31 August 2024 486,997 577,600 2,856,083
NET BOOK VALUE
At 31 August 2024 422,358 38,985 1,187,629
At 31 August 2023 230,661 51,980 896,917

Included in cost or valuation of land and buildings is freehold land of £500,000 (2023 - £500,000) which is not depreciated.

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 August 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2024 (1,125,000 ) - -
Cost 1,225,412 1,095,836 1,321,524
100,412 1,095,836 1,321,524

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2024 - - (1,125,000 )
Cost 909,355 616,585 5,168,712
909,355 616,585 4,043,712

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 September 2023 221,780 217,620 28,392 467,792
Additions - 266,623 - 266,623
At 31 August 2024 221,780 484,243 28,392 734,415
DEPRECIATION
At 1 September 2023 194,425 140,507 23,760 358,692
Charge for year 6,839 85,934 - 92,773
At 31 August 2024 201,264 226,441 23,760 451,465
NET BOOK VALUE
At 31 August 2024 20,516 257,802 4,632 282,950
At 31 August 2023 27,355 77,113 4,632 109,100

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

11. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 September 2023 955,985 1,160,885 650,042 616,585 3,383,497
Additions 139,851 160,639 360,213 - 660,703
Disposals - - (100,900 ) - (100,900 )
At 31 August 2024 1,095,836 1,321,524 909,355 616,585 3,943,300
DEPRECIATION
At 1 September 2023 583,665 1,019,341 419,381 564,605 2,586,992
Charge for year 128,043 60,437 140,787 12,995 342,262
Eliminated on disposal - - (73,171 ) - (73,171 )
At 31 August 2024 711,708 1,079,778 486,997 577,600 2,856,083
NET BOOK VALUE
At 31 August 2024 384,128 241,746 422,358 38,985 1,087,217
At 31 August 2023 372,320 141,544 230,661 51,980 796,505

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 September 2023 221,780 217,620 28,392 467,792
Additions - 266,623 - 266,623
At 31 August 2024 221,780 484,243 28,392 734,415
DEPRECIATION
At 1 September 2023 194,425 140,507 23,760 358,692
Charge for year 6,839 85,934 - 92,773
At 31 August 2024 201,264 226,441 23,760 451,465
NET BOOK VALUE
At 31 August 2024 20,516 257,802 4,632 282,950
At 31 August 2023 27,355 77,113 4,632 109,100

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaki
£   
COST
At 1 September 2023
and 31 August 2024 1,225,652
NET BOOK VALUE
At 31 August 2024 1,225,652
At 31 August 2023 1,225,652

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

Subsidiary

Silverdust Limited
Registered office: England and Wales
Nature of business: Letting and operating of own or leased real estate
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,473,236 1,389,320
Profit for the year 83,916 87,770

During the period the Company received a dividend of NIL (year ended 2023: NIL) from Silverdust Limited.


The company acquired 100% shareholding in Silverdust Limited on 6 October 2017.

13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 September 2023
and 31 August 2024 1,125,000
NET BOOK VALUE
At 31 August 2024 1,125,000
At 31 August 2023 1,125,000

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

13. INVESTMENT PROPERTY - continued

Group

Fair value at 31 August 2024 is represented by:
£   
Valuation in 2024 1,125,000

14. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 3,364,192 1,937,317 3,364,192 1,937,317

15. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 1,517,844 1,827,709 1,517,844 1,827,709
Other debtors 15,507 16,158 15,507 16,158
VAT 136,845 127,627 141,305 132,127
Prepayments 243,069 199,338 233,704 191,927
1,913,265 2,170,832 1,908,360 2,167,921

Amounts falling due after more than one year:
Amounts owed by group undertakings - - 160,625 149,778
Amounts owed by associates 235,089 67,393 - -
235,089 67,393 160,625 149,778

Aggregate amounts 2,148,354 2,238,225 2,068,985 2,317,699

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 206,136 216,299 156,136 166,299
Hire purchase contracts (see note 19) 102,521 21,243 102,521 21,243
Trade creditors 2,502,729 1,595,376 2,499,128 1,595,377
Invoice discounting advances 77,420 529,110 77,420 529,110
Tax 314,972 236,700 263,118 212,743
Social security and other taxes 126,316 160,680 126,316 160,680
Other creditors (667 ) 12,338 (667 ) 12,338
Wages and salaries control 100 769 100 769
Directors' current accounts 1,086 919 1,086 919
Accrued expenses 795,238 675,715 794,488 674,965
4,125,851 3,449,149 4,019,646 3,374,443

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 356,667 542,667 170,000 306,000
Hire purchase contracts (see note 19) 152,253 39,114 152,253 39,114
Amounts owed to group undertakings - - 249,167 286,667
508,920 581,781 571,420 631,781

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 20,136 16,751 20,136 16,751
Bank loans 186,000 199,548 136,000 149,548
206,136 216,299 156,136 166,299
Amounts falling due between one and two years:
Bank loans - 1-2 years 186,000 186,000 136,000 136,000
Amounts falling due between two and five years:
Bank loans - 2-5 years 134,000 320,000 34,000 170,000
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 36,667 36,667 - -

The group borrowed £1,285,362 from Santander Bank under Coronavirus Business Interruption Loan Scheme (CBILS) during the year ended 31 May 2021. The loan is repayable over a term of 5 to 10 years and carries an interest ranging from 3.25 to 3.8% per annum.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 102,521 21,243
Between one and five years 152,253 39,114
254,774 60,357

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

19. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 102,521 21,243
Between one and five years 152,253 39,114
254,774 60,357

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank overdrafts 20,136 16,751 20,136 16,751
Bank loans 542,667 742,215 306,000 455,548
Hire purchase contracts 254,774 60,357 254,774 60,357
817,577 819,323 580,910 532,656

21. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 71,653 132,045 71,653 132,045

Group
Deferred
tax
£   
Balance at 1 September 2023 132,045
Provided during year (60,392 )
Balance at 31 August 2024 71,653

Company
Deferred
tax
£   
Balance at 1 September 2023 132,045
Credit to Income Statement during year (60,392 )
Adjustments
Balance at 31 August 2024 71,653

Chicken Joes Limited (Registered number: 03091668)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 August 2024

21. PROVISIONS FOR LIABILITIES - continued

The provision for deferred tax is made up of accelerated capital allowances.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,010,000 Ordinary £1.00 1,010,000 1,010,000

23. RESERVES

Group
Retained Share Revaluation
earnings premium reserve Totals
£    £    £    £   

At 1 September 2023 1,603,712 103,515 65,625 1,772,852
Profit for the year 1,221,607 1,221,607
Dividends (255,000 ) (255,000 )
At 31 August 2024 2,570,319 103,515 65,625 2,739,459

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2023 1,405,257 103,515 1,508,772
Profit for the year 1,137,691 1,137,691
Dividends (255,000 ) (255,000 )
At 31 August 2024 2,287,948 103,515 2,391,463


24. RELATED PARTY DISCLOSURES

Included within debtors is an amount of £14,000 (2023: £5,000), owed to £3,955 (2023: owed by £10,122), and £160,625 (2023: £182,379) owed by Empire Shipping Agencies (UK) Limited, Empire MOT & Service Centre Limited, and Silverdust Limited, respectively.

Included within creditors is an amount of £249,167 (2023: £286,667) owed to Silverdust Limited.

The directors' of Empire Shipping Agencies (UK) Limited, Empire MOT & Service Centre Limited, and Silverdust Limited are the same as the directors' of Chicken Joes Limited.