Company Registration No. 15354581 (England and Wales)
Genco Bidco Limited
Financial statements
for the period ended 30 June 2024
Pages for filing with the registrar
Genco Bidco Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
Genco Bidco Limited
Statement of financial position
As at 30 June 2024
1
2024
Notes
£
£
Fixed assets
Investments
4
88,644,712
Current assets
Debtors
327,125
Cash at bank and in hand
18,865
345,990
Creditors: amounts falling due within one year
6
(75,908,901)
Net current liabilities
(75,562,911)
Total assets less current liabilities
13,081,801
Creditors: amounts falling due after more than one year
7
(17,636,849)
Net liabilities
(4,555,048)
Capital and reserves
Called up share capital
2
Profit and loss reserves
(4,555,050)
Total equity
(4,555,048)

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 January 2025 and are signed on its behalf by:
David Milner
Director
Company Registration No. 15354581
Genco Bidco Limited
Notes to the financial statements
For the period ended 30 June 2024
2
1
Accounting policies
Company information

Genco Bidco Limited is a private company limited by shares incorporated in England and Wales. The registered office is 189 Stonhouse Street, London, SW4 6BB.

1.1
Reporting period

The reporting period for these financial statements was shortened from 31 December 2024 to 30 June 2024, in order to align the accounting reference date with that of other entities within the group.

1.2
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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:

 

 

The financial statements of the company are consolidated in the financial statements of Genco Topco Limited. These consolidated financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

Genco Bidco Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
1
Accounting policies (continued)
3
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. The income is generated as a result of a cost plus arrangement with Crosta & Mollica Limited.

 

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.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
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.

1.6
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 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 debtors, 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.

Genco Bidco Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
1
Accounting policies (continued)
4
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.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

Genco Bidco Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
5
2
Critical accounting judgements and key sources of estimation uncertainty

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

 

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Impairment of investment

The investment in Crosta & Mollica Limited is measured at cost less any accumulated impairment losses. This is a key judgemental area due to the investment being a significant portion of the assets of this Company, though the strong performance since acquisition of Crosta & Mollica Limited has meant that no impairment has been required in this period.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
Number
Total
6
4
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
88,644,712

On 12 January 2024, Genco Bidco Limited acquired Crosta & Mollica Limited and its trading subsidiaries Stonhouse Foods Limited, and Crosta & Mollica Italia srl, a group that sells assortments of food, biscuits and chilled goods for a consideration of £88.7m.

 

The post acquisition results have been consolidated in the financial statements of the parent company, Genco Topco Limited, the consolidated accounts can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

Genco Bidco Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
4
Fixed asset investments (continued)
6
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 15 December 2023
-
Additions
88,644,712
At 30 June 2024
88,644,712
Carrying amount
At 30 June 2024
88,644,712
5
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Stonhouse Foods Limited
1
Ordinary
-
100
Crosta & Mollica Ltd
1
Ordinary
100
-
Crosta & Mollica Italia srl
2
Ordinary
-
100

Registered office addresses (all UK unless otherwise indicated):

1
189 Stonhouse Street, London, SW4 6BB
2
Via Santa Moria alla Porta 9, 20123 Milano, Italy
6
Creditors: amounts falling due within one year
2024
£
Bank loans
1,000,000
Amounts owed to group undertakings
74,754,872
Taxation and social security
11,580
Other creditors
142,449
75,908,901
7
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
17,636,849
Genco Bidco Limited
Notes to the financial statements (continued)
For the period ended 30 June 2024
7
Creditors: amounts falling due after more than one year (continued)
7
Creditors which fall due after five years are as follows:
2024
£
Payable other than by instalments
14,186,849
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Lucy Brennan
Statutory Auditors:
Saffery LLP
Date of audit report:
21 January 2025
9
Financial commitments, guarantees and contingent liabilities

The interest bearing bank loans in creditors are secured by fixed and floating charges over the assets of the company and its subsidiary undertakings.

10
Related party transactions

The company has taken advantage of the exemption in FRS102 from the requirement to disclose transactions with group companies.

 

During the period, a monitoring fee of £108,602 was recognised in the profit and loss statement. This payment was made to PW Genco Limited, a shareholder in Genco Topco Limited.

11
Parent company

The parent company of Genco Bidco Limited is Genco Topco Limited and its registered office is 189 Stonhouse Street, London, England, SW4 6BB.

 

There is no ultimate controlling party.

 

2024-06-302023-12-15false21 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMax SlatteryTom SirettJames OrrDavid MilnerNicholas  JennerG Sunnerfalsefalse2025-01-13153545812023-12-152024-06-30153545812024-06-3015354581core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3015354581core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3015354581core:CurrentFinancialInstruments2024-06-3015354581core:ShareCapital2024-06-3015354581core:RetainedEarningsAccumulatedLosses2024-06-3015354581bus:Director42023-12-152024-06-3015354581core:Non-currentFinancialInstruments2024-06-3015354581bus:PrivateLimitedCompanyLtd2023-12-152024-06-3015354581bus:SmallCompaniesRegimeForAccounts2023-12-152024-06-3015354581bus:FRS1022023-12-152024-06-3015354581bus:Audited2023-12-152024-06-3015354581bus:Director12023-12-152024-06-3015354581bus:Director22023-12-152024-06-3015354581bus:Director32023-12-152024-06-3015354581bus:Director52023-12-152024-06-3015354581bus:Director62023-12-152024-06-3015354581bus:FullAccounts2023-12-152024-06-30xbrli:purexbrli:sharesiso4217:GBP