FOR THE YEAR ENDED 31 MAY 2024
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DARTMOUTH FOODS LTD
COMPANY INFORMATION
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DARTMOUTH FOODS LTD
CONTENTS
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DARTMOUTH FOODS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The directors present their strategic report for the year ended 31 May 2024.
Sales volume improved this year after last year’s record Avian Influenza (AI) season which dramatically impacted supply. During the year our suppliers significantly invested in biosecurity to reduce future risk. We continue to invest in AI contingency stock to safeguard supply for our customers in the event of future disruptions.
General inflation peaked during the year but declined in the second half. However, not all input costs reflected this trend. Labour costs in particular remained high owing to April’s 10% increase in national living wage. With our labour-intensive production process, cost pressure persisted throughout the year.
Recognising the ongoing impact of inflation, particularly in the food industry, we remain committed to enhancing our processes, investing in our facilities and delivering cost-competitive products for our customers. We do this while maintaining the highest standards, as evidenced by our AA BRC accreditation and consistently high customer audit results.
Increased sales volume, increased efficiency and ongoing process development contributed to higher profit after tax. Cash generated during the year was strategically used to invest in equipment for greater efficiency and to reduce debt.
As always, quality is our priority and our customers recognise this quality in our products, in our processes, and in our people. We take pride in being a responsible and inclusive business where employee satisfaction is paramount – because our people make the difference.
Our success is built on the trust of our customers and the dedication of our people. We continue to work hard to maintain this strong foundation while navigating the increasing challenges within the industry.
Avian influenza continues to be the most significant risk to the business. Energy prices, although improved, are still subject to volatility.
As at the year end, the company reports a net current liability of £2,730,414, primarily due to an invoice discounting facility and the reclassification of an intercompany loan as a liability due within 12 months. The intercompany loan had previously been classified as due after more than one year. The formal loan agreement has now expired requiring the change in classification. However, it is not the intention of the shareholders of the parent company to recall this loan in the 12 months from the date of signing these financial statements.
Net profit before tax has improved to 1.7% of turnover (2023: 0.9%), with EBITDA increasing to £1,425,062 (2023: £1,051,131).
This report was approved by the board and signed on its behalf.
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DARTMOUTH FOODS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
The Directors present their report and the financial statements for the year ended 31 May 2024.
The profit for the year, after taxation, amounted to £265,380 (2023: £122,329).
No dividends will be distributed for the year ended 31 May 2024.
The Directors who served during the year were:
The company remains focused on its cooked poultry business by consistently delivering competitive, premium cooked shredded products and fats to our customers.
We are actively engaging in research and development initiatives, prioritising key process improvements, investing further in efficiency and staff facilities, and maintaining a continued focus on managing our costs.
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DARTMOUTH FOODS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
The Directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DARTMOUTH FOODS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARTMOUTH FOODS LTD
We have audited the financial statements of Dartmouth Foods Ltd (the 'Company') for the year ended 31 May 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are 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.
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DARTMOUTH FOODS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARTMOUTH FOODS LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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DARTMOUTH FOODS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARTMOUTH FOODS LTD (CONTINUED)
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 Auditors' 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:
∙The nature of the industry and sector, control environment and business performance
∙The results of our enquiries of management about their own identification and assessment of the risks of irregularities;
∙Any matters identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°The internal controls established to mitigate risks of fraud or noncompliance with laws and regulations;
∙The matters discussed among the audit engagement team regarding how and where fraud might occur in
the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Financial Reporting Standard 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included food safety, food labelling and other related regulations and directives as well as data protection regulations, occupational health and safety regulations, and employment legislation. Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having direct effect on the financial statements.
∙Enquiring of management concerning actual and potential litigation and claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of the business.
We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team
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DARTMOUTH FOODS LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARTMOUTH FOODS LTD (CONTINUED)
members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
2nd Floor Stratus House
Emperor Way
Exeter Business Park
EX1 3QS
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DARTMOUTH FOODS LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024
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DARTMOUTH FOODS LTD
REGISTERED NUMBER:03935293
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 10 to 24 form part of these financial statements.
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Dartmouth Foods Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03935293 and the registered office address is Units 1-9 Hearder Court, Beechwood Way, Plympton, Plymouth, England, PL7 5HH.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Faccenda Holdings Limited as at 31 May 2024 and these financial statements may be obtained from Companies House.
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (continued)
As at 31 May 2024 the balance sheet reflects net current liabilities of £2,730,414 (2023: £2,389,225). This balance includes a loan from a director of £500,000 (2023: £Nil). This balance also includes an intercompany loan with the shareholders of the parent company of £1,777,407 (2023: £1,777,407). The intercompany loan has been classified as due in less than one year as there is no longer a formal repayment plan in place. It is not the intention of the shareholders of the parent company to recall this loan within the next 12 months.
The previous financial year saw significant challenges to trading, in particular the impact of a bad Avian Influenza (AI) season. Following significant work and investment by our suppliers to reduce the threat of AI, we had no impact on our supply. Our improved performance reflects our improving operational performance. The directors have reviewed the company’s cash flow forecasts and current trading performance. These forecasts, alongside the continued support from the ultimate shareholder, provide the directors with confidence that the company will have sufficient liquidity to meet its obligations as they fall due. Accordingly, the directors do not identify any material uncertainties that would cast significant doubt on the company’s ability to continue as a going concern and have prepared the financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (continued)
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
From 28 May 2023, the depreciation basis for plant and machinery changed from 25% straight line to 20% straight line. The change was made in order to align the depreciation policy with the wider group and assets lasting longer than orginally expected. As a change in estimate, this has been accounted for prospectively.
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates in the period in which the estimate is revised, where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. The key items in the financial statements where these judgements and estimates have been made include: The company uses judgements and estimates for labour costs and other overhead rates when allocating amounts to finished goods and works in progress stock.
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Profit and loss account
In May 2024 an accident occurred on site. Investigations by both the Company and the relevant authorities are ongoing. Due to the current stage of the investigation, it is not possible to reliably estimate any potential impact, if any, related to this event.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £120,140 (2023: £102,685). Contributions totalling £12,181 (2023: £10,338) were payable to the fund at the reporting date and are included in creditors.
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DARTMOUTH FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Faccenda Investments Limited has ultimate control over the company through its 90% holding of the parent company, Dartmouth Holdings Limited. Faccenda Holdings Limited is the ultimate holding company and is preparing the consolidated accounts for the group; these can be obtained from Companies House. The registered office of Faccenda Holdings Limited is 1 Willow Road, Brackley, Northamptonshire, United Kingdom, NN13 7EX.
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