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Registered number: 03935293
















DARTMOUTH FOODS LTD




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024


































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DARTMOUTH FOODS LTD

 
COMPANY INFORMATION


DIRECTORS
N Obolensky 
I J Faccenda 
B J Faccenda (appointed 11 October 2024)
G Choulerton (appointed 11 October 2024)




REGISTERED NUMBER
03935293



REGISTERED OFFICE
Units 1-9 Hearder Court
Beechwood Way

Plymouth

PL7 5HH




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

2nd Floor Stratus House

Emperor Way

Exeter Business Park

Exeter

EX1 3QS






DARTMOUTH FOODS LTD


CONTENTS



Page
Strategic Report
1
Directors' Report
2
Directors' Responsibilities Statement
3
Independent Auditors' Report
4 - 7
Statement of Income and Retained Earnings
8
Statement of Financial Position
9
Notes to the Financial Statements
10 - 24



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.

BUSINESS REVIEW
 
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.

PRINCIPAL RISKS AND UNCERTAINTIES
 
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.

FINANCIAL KEY PERFORMANCE INDICATORS
 
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.



I J Faccenda
Director

Date: 25 February 2025

Page 1


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.

RESULTS AND DIVIDENDS

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.

DIRECTORS

The Directors who served during the year were:

N Obolensky 
I J Faccenda 

FUTURE DEVELOPMENTS

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.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming LLPwill 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.
 






I J Faccenda
Director

Date: 25 February 2025

Units 1-9 Hearder Court
Beechwood Way
Plymouth
PL7 5HH

Page 2


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 2006They 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.

Page 3


DARTMOUTH FOODS LTD

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARTMOUTH FOODS LTD
 
OPINION


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 policiesThe 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.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


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 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 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 ReportOur 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.


Page 4


DARTMOUTH FOODS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARTMOUTH FOODS LTD (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the 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.


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 Directors' 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 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 Directors' Responsibilities Statement set out on page 3, 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 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 Directors are 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 Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5


DARTMOUTH FOODS LTD
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DARTMOUTH FOODS LTD (CONTINUED)

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 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
Page 6


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.


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 2006Our 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.






Fleur Lewis FCA (Senior Statutory Auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
2nd Floor Stratus House
Emperor Way
Exeter Business Park
Exeter
EX1 3QS

25 February 2025
Page 7


DARTMOUTH FOODS LTD

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
22,351,784
19,763,964

Cost of sales
  
(17,787,554)
(15,952,592)

Gross profit
  
4,564,230
3,811,372

Administrative expenses
  
(3,870,866)
(3,364,388)

Operating profit
 5 
693,364
446,984

Interest payable and similar expenses
 9 
(312,641)
(267,083)

Profit before tax
  
380,723
179,901

Tax on profit
 10 
(115,343)
(57,572)

Profit after tax
  
265,380
122,329

  

  

Retained earnings at the beginning of the year
  
978,516
856,187

  
978,516
856,187

Profit for the year
  
265,380
122,329

Retained earnings at the end of the year
  
1,243,896
978,516
The notes on pages 10 to 24 form part of these financial statements.

Page 8


DARTMOUTH FOODS LTD
REGISTERED NUMBER:03935293

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
4,557,056
4,805,122

  
4,557,056
4,805,122

Current assets
  

Stocks
 12 
1,506,557
2,169,327

Debtors: amounts falling due within one year
 13 
3,759,414
4,291,556

Cash at bank and in hand
 14 
70,613
383,868

  
5,336,584
6,844,751

Creditors: amounts falling due within one year
 15 
(8,066,998)
(9,233,976)

Net current liabilities
  
 
 
(2,730,414)
 
 
(2,389,225)

Total assets less current liabilities
  
1,826,642
2,415,897

Creditors: amounts falling due after more than one year
 16 
(362,839)
(1,332,817)

Provisions for liabilities
  

Deferred tax
 19 
(219,905)
(104,562)

  
 
 
(219,905)
 
 
(104,562)

Net assets
  
1,243,898
978,518


Capital and reserves
  

Called up share capital 
 20 
2
2

Profit and loss account
 21 
1,243,896
978,516

  
1,243,898
978,518


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





I J Faccenda
Director

Date: 25 February 2025

The notes on pages 10 to 24 form part of these financial statements.

Page 9


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


GENERAL INFORMATION

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

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

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:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by 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.

Page 10


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (continued)

 
2.3

GOING CONCERN

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. 

 
2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 11


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (continued)

 
2.6

OPERATING LEASES: THE COMPANY AS LESSEE

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

 
2.7

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (continued)

 
2.11

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.12

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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.

Page 13


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (continued)


2.12
TANGIBLE FIXED ASSETS (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:

Leasehold improvements
-
over period of the lease
Plant and machinery
-
8.33-33.33% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
25-33% straight line

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.

 
2.13

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 14


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.ACCOUNTING POLICIES (continued)

 
2.17

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

FINANCIAL INSTRUMENTS

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.

Page 15


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES 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 value 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 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.


4.


TURNOVER

2024
2023
£
£

Sales
22,351,784
19,763,964

22,351,784
19,763,964


All turnover arose within the United Kingdom.


5.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Profit on disposal of fixed assets
3,000
-

Depreciation on owned assets
481,338
384,287

Depreciation on financed assets
250,360
219,860

Exchange differences
5,020
12,160

Other operating lease rentals
29,692
27,666

Page 16


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
21,000
19,860

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the ultimate parent Company.


7.


EMPLOYEES

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
4,121,536
3,805,191

Social security costs
360,835
317,184

Cost of defined contribution scheme
120,140
102,685

4,602,511
4,225,060


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Factory
113
102



Management
20
20

133
122


8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
114,773
114,535

Company contributions to defined contribution pension schemes
40,000
40,000

154,773
154,535


During the year retirement benefits were accruing to 1 Director (2023: 1) in respect of defined contribution pension schemes.

Page 17


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Other loan interest payable
106,583
60,619

Loans from group undertakings
144,810
103,790

Finance leases and hire purchase contracts
61,248
102,674

312,641
267,083


10.


TAXATION


2024
2023
£
£



DEFERRED TAX


Origination and reversal of timing differences
115,343
57,572

TOTAL DEFERRED TAX
115,343
57,572


TAX ON PROFIT
115,343
57,572

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 20%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
380,723
179,901


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00 % (2023: 20.00%)
95,181
35,985

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
373
5,441

Fixed asset differences
16,621
4,717

Non-taxable income
(2,442)
(80)

Other permanent differences
5,610
-

Other differences leading to an increase (decrease) in the tax charge
-
11,509

TOTAL TAX CHARGE FOR THE YEAR
115,343
57,572

Page 18


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Computer equipment
Leasehold improvements
Total

£
£
£
£
£



COST OR VALUATION


At 1 June 2023
3,441,385
9,750
229,028
5,280,798
8,960,961


Additions
480,132
-
3,500
-
483,632


Disposals
-
(9,750)
-
-
(9,750)



At 31 May 2024

3,921,517
-
232,528
5,280,798
9,434,843



DEPRECIATION


At 1 June 2023
1,929,605
9,750
105,080
2,111,404
4,155,839


Charge for the year on owned assets
201,073
-
35,151
352,656
588,880


Charge for the year on financed assets
142,818
-
-
-
142,818


Disposals
-
(9,750)
-
-
(9,750)



At 31 May 2024

2,273,496
-
140,231
2,464,060
4,877,787



NET BOOK VALUE



At 31 May 2024
1,648,021
-
92,297
2,816,738
4,557,056



At 31 May 2023
1,511,780
-
123,948
3,169,394
4,805,122

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Leasehold Improvements
-
963,029

Plant and machinery
856,519
663,630

856,519
1,626,659

Page 19


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


STOCKS

2024
2023
£
£

Raw materials and consumables
611,465
1,020,476

Work in progress
56,660
96,249

Finished goods and goods for resale
774,036
940,052

Packaging
64,396
112,550

1,506,557
2,169,327



13.


DEBTORS

2024
2023
£
£


Trade debtors
3,406,922
3,948,759

Other debtors
80,390
117,577

Prepayments and accrued income
272,102
225,220

3,759,414
4,291,556



14.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
70,613
383,868

70,613
383,868


Page 20


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

As restated
2024
2023
£
£

Other loans
500,000
400,000

Trade creditors
1,705,266
2,623,739

Invoice discounting
2,133,094
2,447,515

Amounts owed to group undertakings
2,161,318
2,096,368

Other taxation and social security
75,411
55,303

Obligations under finance lease and hire purchase contracts
323,471
298,127

Other creditors
221,860
194,964

Accruals and deferred income
946,578
1,117,960

8,066,998
9,233,976


Other loans constitutes one loan from a director/shareholder. Interest is being charged on this loan at 3% above the base rate, a repayment plan is in place.
Amounts owed to group undertakings constitutes two loans totalling £1,777,407 from the shareholders of the parent company. Interest is being charged on these loans at 3% above the base rate.
The formal loan agreement has now expired and hence the company does not have an unconditional right, at the end of the reporting period, to defer settlement of these loans for at least 12 months after the reporting date. The loan balance has therefore been included within amounts owed to group undertakings due within one year. However,  it is not the intention of the shareholders of the parent company to recall this loan in the next 12 months.
In the prior year these loans were classified as amounts due in more than one year. The prior year comparative has been restated to show these loans as due within one year to reflect the conditions above which also existed at the prior year end.


16.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

As restated
2024
2023
£
£

Other loans
-
1,160,000

Net obligations under finance leases and hire purchase contracts
362,839
172,817

362,839
1,332,817


Other loans constitutes one loan from a director/shareholder. Interest is being charged on this loan at 3% above the base rate.
Details of the prior year restatement have been included in note 15.

Page 21


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Other loans
500,000
400,000


500,000
400,000

AMOUNTS FALLING DUE 1-2 YEARS

Other loans
-
1,160,000


-
1,160,000



500,000
1,560,000


Details of loans are included in note 16.


18.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
323,471
298,127

Between 1-5 years
362,839
172,817

686,310
470,944

Page 22


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

19.


DEFERRED TAXATION




2024
2023


£

£






At beginning of year
(104,562)
(46,990)


Charged to profit or loss
(115,343)
(57,572)



AT END OF YEAR
(219,905)
(104,562)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(356,796)
(268,854)

Losses and other deductions
133,811
161,707

Short term timing differences
3,080
2,585

(219,905)
(104,562)


20.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



2 (2023: 2) A Ordinary shares of £1.00 each
2
2



21.


RESERVES

Profit and loss account

This reserve represents the accumulation of prior and current period profits and losses.


22.


CONTINGENT LIABILITIES

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.


23.


PENSION COMMITMENTS

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.

Page 23


DARTMOUTH FOODS LTD

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

24.


COMMITMENTS UNDER OPERATING LEASES

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
319,411
313,113

Later than 1 year and not later than 5 years
1,060,172
1,099,258

Later than 5 years
409,855
657,674

1,789,438
2,070,045


25.


RELATED PARTY TRANSACTIONS

At the period end, Faccenda Investments Limited, a fellow group company, is owed £1,799,503 (2023: £1,924,691) in the form of two loans, of which £1,777,407 (2023: £1,777,407) is due in less than one year. Interest is being charged on the two loans at 3% above the base rate. £144,810 of interest was charged in the year (2023: £104,433) of which £22,096 (2023: £147,284) is included in accruals.
At the period end, a director and shareholder is owed £500,000 (2023: £960,000) in the form of a loan, of which £500,000 is due in less than one year and £nil (2023: £960,000) is due in more than one year. Interest is being charged at 3% above the base rate. £77,902 of interest was charged in the year (2023: £24,112) of which £11,622 (2023: £10,981) is included in accruals at the year end.
At the period end, a previous shareholder and close family member of a director, is owed £nil (2023: £600,000) in the form of a loan, of which £nil (2023: £200,000) is due in more than one year.  Interest was being charged at 3% above the base rate. £28,681 of interest was charged in the year (2023: £36,641) of which £nil (2023: £10,467) is included in accruals at the year end.
During the period raw materials were purchased from Avara Foods Limited, a related group entity, amounting to £164,294 (2023: £71,768). At the period end, Avara Foods Limited were owed £4,130 by the company (2023: £17,048).
During the period, purchases of £178,621 (2023: £150,000) were made from Faccenda Investments Limited, a fellow group company. The total balance of £367,019 (2023: £318,961) was owing at the year end.
As at the period end, a balance of £nil (2023: £66,896) has been included within deferred income which relates to a grant received from The Faccenda Foundation, a related UK registered charity, to provide food to unrelated UK registered charity, Fairshare, at cost, where the balance reduces as the products are provided.


26.


CONTROLLING PARTY

Faccenda Investments Limited has ultimate control over the company through its 90% holding of the parent company, Dartmouth Holdings LimitedFaccenda 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. 

 
Page 24