Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-262024-05-26The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a change 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 Statement of financial position 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.No description of principal activity2023-05-29falsefalse110101true NI014115 2023-05-29 2024-05-26 NI014115 2022-05-30 2023-05-28 NI014115 2024-05-26 NI014115 2023-05-28 NI014115 2022-05-30 NI014115 1 2023-05-29 2024-05-26 NI014115 1 2022-05-30 2023-05-28 NI014115 2 2023-05-29 2024-05-26 NI014115 2 2022-05-30 2023-05-28 NI014115 4 2023-05-29 2024-05-26 NI014115 4 2022-05-30 2023-05-28 NI014115 6 2023-05-29 2024-05-26 NI014115 6 2022-05-30 2023-05-28 NI014115 d:CompanySecretary1 2023-05-29 2024-05-26 NI014115 d:Director1 2023-05-29 2024-05-26 NI014115 d:Director2 2023-05-29 2024-05-26 NI014115 d:Director3 2023-05-29 2024-05-26 NI014115 d:Director4 2023-05-29 2024-05-26 NI014115 d:RegisteredOffice 2023-05-29 2024-05-26 NI014115 d:Agent1 2023-05-29 2024-05-26 NI014115 e:Buildings 2023-05-29 2024-05-26 NI014115 e:Buildings 2024-05-26 NI014115 e:Buildings 2023-05-28 NI014115 e:Buildings e:OwnedOrFreeholdAssets 2023-05-29 2024-05-26 NI014115 e:Buildings e:LongLeaseholdAssets 2023-05-29 2024-05-26 NI014115 e:PlantMachinery 2023-05-29 2024-05-26 NI014115 e:PlantMachinery 2024-05-26 NI014115 e:PlantMachinery 2023-05-28 NI014115 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-05-29 2024-05-26 NI014115 e:MotorVehicles 2023-05-29 2024-05-26 NI014115 e:MotorVehicles 2024-05-26 NI014115 e:MotorVehicles 2023-05-28 NI014115 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-05-29 2024-05-26 NI014115 e:FurnitureFittings 2023-05-29 2024-05-26 NI014115 e:FurnitureFittings 2024-05-26 NI014115 e:FurnitureFittings 2023-05-28 NI014115 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-05-29 2024-05-26 NI014115 e:OfficeEquipment 2023-05-29 2024-05-26 NI014115 e:OfficeEquipment 2024-05-26 NI014115 e:OfficeEquipment 2023-05-28 NI014115 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-05-29 2024-05-26 NI014115 e:OwnedOrFreeholdAssets 2023-05-29 2024-05-26 NI014115 e:CurrentFinancialInstruments 2024-05-26 NI014115 e:CurrentFinancialInstruments 2023-05-28 NI014115 e:Non-currentFinancialInstruments 2024-05-26 NI014115 e:Non-currentFinancialInstruments 2023-05-28 NI014115 e:CurrentFinancialInstruments e:WithinOneYear 2024-05-26 NI014115 e:CurrentFinancialInstruments e:WithinOneYear 2023-05-28 NI014115 e:Non-currentFinancialInstruments e:AfterOneYear 2024-05-26 NI014115 e:Non-currentFinancialInstruments e:AfterOneYear 2023-05-28 NI014115 e:UKTax 2023-05-29 2024-05-26 NI014115 e:UKTax 2022-05-30 2023-05-28 NI014115 e:ShareCapital 2023-05-29 2024-05-26 NI014115 e:ShareCapital 2024-05-26 NI014115 e:ShareCapital 2023-05-28 NI014115 e:ShareCapital 2022-05-30 NI014115 e:RetainedEarningsAccumulatedLosses 2023-05-29 2024-05-26 NI014115 e:RetainedEarningsAccumulatedLosses 2024-05-26 NI014115 e:RetainedEarningsAccumulatedLosses 2022-05-30 2023-05-28 NI014115 e:RetainedEarningsAccumulatedLosses 2023-05-28 NI014115 e:RetainedEarningsAccumulatedLosses 2022-05-30 NI014115 d:OrdinaryShareClass1 2023-05-29 2024-05-26 NI014115 d:OrdinaryShareClass1 2024-05-26 NI014115 d:OrdinaryShareClass1 2023-05-28 NI014115 d:FRS102 2023-05-29 2024-05-26 NI014115 d:Audited 2023-05-29 2024-05-26 NI014115 d:FullAccounts 2023-05-29 2024-05-26 NI014115 d:PrivateLimitedCompanyLtd 2023-05-29 2024-05-26 NI014115 1 2023-05-29 2024-05-26 NI014115 e:AcceleratedTaxDepreciationDeferredTax 2024-05-26 NI014115 e:AcceleratedTaxDepreciationDeferredTax 2023-05-28 NI014115 e:TaxLossesCarry-forwardsDeferredTax 2024-05-26 NI014115 e:TaxLossesCarry-forwardsDeferredTax 2023-05-28 NI014115 e:OtherDeferredTax 2024-05-26 NI014115 e:OtherDeferredTax 2023-05-28 NI014115 2 2023-05-29 2024-05-26 NI014115 7 2023-05-29 2024-05-26 NI014115 f:PoundSterling 2023-05-29 2024-05-26 xbrli:shares iso4217:GBP xbrli:pure






Financial Statements
T.S. Foods Limited
For the period ended 26 May 2024





































Registered number: NI014115

 
T.S. Foods Limited
 

Company Information


Directors
Mr B A Steele 
Mrs A Steele 
Mrs J Molloy 
Mr D Steele 




Company secretary
Mrs A Steele



Registered number
NI014115



Registered office
40 Mary Street

Castlewellan

Co Down

BT31 9DU




Independent auditor
Grant Thornton (NI) LLP
Chartered Accountants & Statutory Auditors

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Danske Bank
Portadown Finance Centre

45 - 48 High Street

Portadown

Co Armagh

BT62 1LB




Solicitors
M.F. Curran
29 Central Promenade

Newcastle

Co Down

BT33 0AA





 
T.S. Foods Limited
 

Contents



Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 27


 
T.S. Foods Limited
 

Strategic report
For the period ended 26 May 2024

Introduction
 
The directors present their strategic report and the audited financial statements of the Company the period ended 26 May 2024.

Principal activity and business review
 
The principal activity of the Company during the period was the production of chilled and frozen value added food products. The directors are satisfied with the trading results for the period which is in line with expectations. The results for the Company show a pre-tax profit of £845,632 (2023: £310,789) for the period ended 26 May 2024 and turnover for the period of £9,801,538 (2023: £8,927,209). The Company’s net assets at 26 May 2024 were £6,413,864 (2023: £5,845,660).

Principal risks and uncertainties
 
The management of the business and the execution of the Company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the Company are considered to relate to competition from other key players in the market.
Credit risk
The Company has no significant concentration of credit risk. Customers who trade on credit are subject to strict verification procedures in advance of credit being awarded and are continually monitored.
Currency risk
The Company is exposed to currency risk in terms of its Euro business and limited its exposure by use of appropriate financial instruments.
Liquidity and cash flow risk
The Company's policy is to ensure that sufficient resources are available to ensure that all obligations are met as they fall due.

Financial key performance indicators
 
The Company's key financial and other performance indicators during the year include turnover, which has increased by 9.8% in the current period (2023 - decreased by 1.5%) and operating profit margin, which has increased in the period from 3.3 to 7.9%.


This report was approved by the board and signed on its behalf.



................................................
Mr B A Steele
Director

................................................
Mrs J Molloy
Director


Date: 20 February 2025


Page 1

 
T.S. Foods Limited
 
 
Directors' report
For the period ended 26 May 2024

The directors present their report and the financial statements for the period ended 26 May 2024.

Directors' responsibilities statement

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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The 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.

Results and dividends

The profit for the period, after taxation, amounted to £668,204 (2023 - £365,484).

Dividends for the year amounted to £100,000 (2023 - £100,000).

Directors

The directors who served during the period were:

Mr B A Steele 
Mrs A Steele 
Mrs J Molloy 
Mr D Steele 

Future developments

Management are continually assessing the market for new opportunities and future developments. They review existing products for profitability whilst looking to identify new products based on emerging customer trends and tastes.

Page 2

 
T.S. Foods Limited
 

Directors' report (continued)
For the period ended 26 May 2024

Matters covered in the Strategic report

Under Schedule 7.1A of 'Large and Medium-Sized Companies and Groups (Accounting and Reporting) Regulations 2008', the Company has elected to disclose the following directors' report information in the Strategic report:
 
Principal activity and business review;
Principal risks and uncertainties; and
Financial key performance indicators

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, Grant Thornton (NI) 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.
 





................................................
Mr B A Steele
Director
................................................
Mrs J Molloy
Director


Date: 20 February 2025
Date: 20 February 2025

Page 3

 
T.S. Foods Limited
 
 
Independent auditor's report to the members of T.S. Foods Limited
 

Opinion


We have audited the financial statements of T.S. Foods Limited, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity for the period ended 26 May 2024, and the related notes to the financial statements, including a summary of significant accounting policies.  

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion, T.S. Foods Limited's financial statements:


give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 26 May 2024 and of its financial performance and cash flows for the period then ended; 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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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.



Page 4

 
T.S. Foods Limited
 

Independent auditor's report to the members of T.S. Foods Limited (continued)


 
Other information


Other information comprises the information included in the annual report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies in the financial statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Directors' report and the Strategic Report for the period for which the financial statements are prepared is consistent with the financial statements, and 
the Directors' report and the Strategic 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 we have obtained in the course of the audit, we have not identified material misstatements in the  Directors' report and the Strategic 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.

Page 5

 
T.S. Foods Limited
 

Independent auditor's report to the members of T.S. Foods Limited (continued)


Responsibilities of management and those charged with governance for the financial statements
 

Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Those charged with governance are responsible for overseeing the Company's financial reporting process.

Responsibilities of the auditor for the audit of the financial statements
 

The objectives of an auditor are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes their 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.

A further description of an auditor's 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 auditor's report.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK).

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to Data Privacy Law, Employment Law and Pensions Legislation and we considered the extent to which non-compliance might have a material effect on the financial statements.  We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations. 
Page 6

 
T.S. Foods Limited
 

Independent auditor's report to the members of T.S. Foods Limited (continued)


Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued)

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements.
 
In response to these principal risks, our audit procedures included but were not limited to:
inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud;
inspection of the Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made; 
gaining an understanding of the internal controls established to mitigate risk related to fraud; 
discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; 
identifying and testing journal entries to address the risk of inappropriate journals and management override of controls;
designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; 
challenging assumptions and judgements made by management in their significant accounting estimates, including estimating the useful lives of depreciable assets and estimating an allowance for the impairment of stock and trade debtors; and
review of the financial statement disclosures to underlying supporting documentation and inquiries of management.

The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or  irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
Page 7

 
T.S. Foods Limited
 

Independent auditor's report to the members of T.S. Foods Limited (continued)


The purpose of our audit work and to whom we owe our responsibilities
 

This report is made solely to the Company’s members, as a body, in accordance with chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.



 
 
Louise Kelly FCA (Senior statutory auditor)
for and on behalf of
Grant Thornton (NI) LLP
Chartered Accountants &
Statutory Auditors
Belfast
20 February 2025
Page 8

 
T.S. Foods Limited
 

Statement of comprehensive income
For the period ended 26 May 2024

Period ended
26 May
Period ended
28 May
2024
2023
Note
£
£

  

Turnover
 4 
9,801,538
8,927,209

Cost of sales
  
(7,484,233)
(7,305,378)

Gross profit
  
2,317,305
1,621,831

Distribution costs
  
(587,296)
(523,461)

Administrative expenses
  
(971,711)
(821,362)

Other operating income
 5 
15,360
14,460

Operating profit
 6 
773,658
291,468

Interest receivable and similar income
 9 
71,974
19,321

Profit before tax
  
845,632
310,789

Tax on profit
 10 
(177,428)
54,695

Profit for the financial period
  
668,204
365,484

There was no other comprehensive income for 2024 (2023£NIL).
All amounts relate to continuing operations.

The notes on pages 14 to 27 form part of these financial statements.

Page 9

 
T.S. Foods Limited
Registered number:NI014115

Balance sheet
As at 26 May 2024

26 May
28 May
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,714,977
2,699,312

  
2,714,977
2,699,312

Current assets
  

Stocks
 13 
697,164
602,261

Debtors: amounts falling due within one year
 14 
810,306
838,198

Cash at bank and in hand
 15 
3,957,726
2,912,662

  
5,465,196
4,353,121

Current liabilities
  

Creditors: amounts falling due within one year
 16 
(1,261,023)
(847,774)

Net current assets
  
 
 
4,204,173
 
 
3,505,347

Total assets less current liabilities
  
6,919,150
6,204,659

Creditors: amounts falling due after more than one year
 17 
(271,981)
(278,333)

Provisions for liabilities
  

Deferred tax
 18 
(233,305)
(80,666)

Net assets
  
 
 
6,413,864
 
 
5,845,660


Capital and reserves
  

Called up share capital 
 19 
250,000
250,000

Profit and loss account
 20 
6,163,864
5,595,660

Shareholders' funds
  
6,413,864
5,845,660


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2025.






................................................
Mr B A Steele
................................................
Mrs J Molloy
Director
Director

The notes on pages 14 to 27 form part of these financial statements.

Page 10

 
T.S. Foods Limited
 

Statement of changes in equity
For the period ended 26 May 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 29 May 2023
250,000
5,595,660
5,845,660



Profit for the period
-
668,204
668,204

Dividends paid in the period
-
(100,000)
(100,000)


At 26 May 2024
250,000
6,163,864
6,413,864



Statement of changes in equity
For the period ended 28 May 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 30 May 2022
250,000
5,330,176
5,580,176



Profit for the period
-
365,484
365,484

Dividends paid in the period
-
(100,000)
(100,000)


At 28 May 2023
250,000
5,595,660
5,845,660


The notes on pages 14 to 27 form part of these financial statements.

Page 11

 
T.S. Foods Limited
 

Statement of cash flows
For the period ended 26 May 2024

Period ended
26 May
Period ended
28 May
2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
668,204
365,484

Adjustments for:

Depreciation of tangible assets
263,152
281,276

Profit on disposal of tangible assets
(860)
(12,182)

Government grants
(15,360)
(14,460)

Interest received
(71,974)
(19,321)

Taxation charge
177,428
(54,695)

(Increase)/decrease in stocks
(94,903)
220,762

Decrease in debtors
27,363
143,994

Increase/(decrease) in creditors
388,989
(253,575)

Net cash generated from operating activities

1,342,039
657,283


Cash flows from investing activities

Purchase of tangible fixed assets
(292,442)
(356,635)

Sale of tangible fixed assets
14,485
38,634

Government grants received
9,008
89,372

Interest received
71,974
19,321

Net cash from investing activities

(196,975)
(209,308)

Cash flows from financing activities

Dividends paid
(100,000)
(100,000)

Net cash used in financing activities
(100,000)
(100,000)

Net increase in cash and cash equivalents
1,045,064
347,975

Cash and cash equivalents at beginning of period
2,912,662
2,564,687

Cash and cash equivalents at the end of period
3,957,726
2,912,662


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
3,957,726
2,912,662

3,957,726
2,912,662


The notes on pages 14 to 27 form part of these financial statements.

Page 12

 
T.S. Foods Limited
 

Analysis of net debt
For the period ended 26 May 2024




At 29 May 2023
Cash flows
At 26 May 2024
£

£

£

Cash at bank and in hand

2,912,662

1,045,064

3,957,726


2,912,662
1,045,064
3,957,726

The notes on pages 14 to 27 form part of these financial statements.

Page 13

 
T.S. Foods Limited
 
 
Notes to the financial statements
For the period ended 26 May 2024

1.


Company information

T.S. Foods Limited is a company limited by shares and incorporated in Northern Ireland. Its registered office is 40 Mary Street, Castlewellan, Co Down, BT31 9DU. 
The principal activity of the Company is the manufacture of prepared meals and dishes.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

These financial statements have been prepared in accordance with applicable accounting standards of Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis unless otherwise specified within these accounting policies. 

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

Going concern

After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling (£).

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 14

 
T.S. Foods Limited
 

Notes to the financial statements
For the period ended 26 May 2024

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
T.S. Foods Limited
 

Notes to the financial statements
For the period ended 26 May 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a change 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 Statement of financial position 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.

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Land and buildings
-
straight line between 10 and 50 years
Plant and machinery
-
10% - 20% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
20% reducing balance
Office equipment
-
33.3% straight line

Page 16

 
T.S. Foods Limited
 

Notes to the financial statements
For the period ended 26 May 2024

2.Accounting policies (continued)

  
2.10

 Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. 

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. 

 
2.11

 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 balance sheet 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.

 
2.12

 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.

 
2.13

 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.

 
2.14

 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.

 
2.15

 Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 17

 
T.S. Foods Limited
 

Notes to the financial statements
For the period ended 26 May 2024

2.Accounting policies (continued)

 
2.16

 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.

 
2.17

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.18

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset‘s carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Page 18

 
T.S. Foods Limited
 
 
Notes to the financial statements
For the period ended 26 May 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

When preparing the financial statements management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the business that have the most significant effect on the financial statements:
Allowances for the impairment in the value of stock
The Company estimates the impairment in the value of stock held based on the condition and expiration  date. Due to the nature of the stock held, if the stock is found to be expired or will be unable to be sold, a specific provision is made to reduce the carrying amount to £Nil. The total provision for stock at 26 May 2024 amounted to £118,910 (2023 - £115,901), which represents 17% of inventory at that date.
Recoverability of debtors
Short term debtors are measured at transaction price, less any impairment. Estimates are made in respect to the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.
Determining and reassessing the residual value and useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and physical condition of the assets.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the Company.
No analysis of turnover by geographical segment has been disclosed in the financial statements as, in the opinion of the directors, such disclosure would be prejudicial to the interests of the Company.


5.


Other operating income

Period ended
26 May
Period ended
28 May
2024
2023
£
£

Amortisation of government grants
15,360
14,460

15,360
14,460


Page 19

 
T.S. Foods Limited
 
 
Notes to the financial statements
For the period ended 26 May 2024

6.


Operating profit

The operating profit is stated after charging:

Period ended
26 May
Period ended
28 May
2024
2023
£
£

Depreciation
263,152
281,276

Foreign exchange differences
(35,820)
(38,119)

Auditors' remuneration
10,000
7,000

Profit on sale of tangible assets
(860)
(12,182)


7.


Employees

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


Period ended
26 May
Period ended
28 May
2024
2023
£
£

Wages and salaries
2,675,541
2,341,923

Social security costs
220,795
194,900

Cost of defined contribution scheme
160,284
94,917

3,056,620
2,631,740


The average monthly number of employees, including the directors, during the period was as follows:


     Period ended
        26 May
     Period ended
        28 May
        2024
        2023
            No.
            No.







Production
86
76



Distribution
9
9



Administration
11
12



Management
4
4

110
101

Page 20

 
T.S. Foods Limited
 
 
Notes to the financial statements
For the period ended 26 May 2024

8.


Directors' remuneration

Period ended
26 May
Period ended
28 May
2024
2023
£
£

Directors' emoluments
234,873
230,951

Company contributions to defined contribution pension schemes
112,000
50,000

346,873
280,951


During the period retirement benefits were accruing to no directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £82,909 (2023 - £82,736).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £92,000 (2023 - £30,000).


9.


Interest receivable

Period ended
26 May
Period ended
28 May
2024
2023
£
£


Other interest receivable
71,974
19,321

Page 21

 
T.S. Foods Limited
 
 
Notes to the financial statements
For the period ended 26 May 2024

10.


Taxation


Period ended
26 May
Period ended
28 May
2024
2023
£
£

Corporation tax


Current tax on profits for the year
24,789
-


Total current tax
24,789
-

Deferred tax


Origination and reversal of timing differences
209,841
78,651

Adjustments in respect of prior periods
(57,202)
(133,346)

Total deferred tax
152,639
(54,695)


Taxation on profit on ordinary activities
177,428
(54,695)

Factors affecting tax charge for the period

The tax assessed for the period is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.96%). The differences are explained below:

Period ended
26 May
Period ended
28 May
2024
2023
£
£


Profit on ordinary activities before tax
845,632
310,789


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.96%)
211,408
62,033

Effects of:


Fixed asset differences
29,187
3,648

Income not taxable for tax purposes
(3,840)
(2,886)

Adjustment to deferred tax charge in respect of prior periods
(57,202)
(133,346)

Remeasurement of deferred tax for changes in tax rates
-
15,856

Marginal relief
(2,125)
-

Total tax charge/(credit) for the period
177,428
(54,695)

Page 22

 
T.S. Foods Limited
 
 
Notes to the financial statements
For the period ended 26 May 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

The standard rate of UK Corporation Tax from 1 April 2023 has increased to 25% for companies generating taxable profits of more than £250,000. The previous 19% tax rate will continue to apply to 'small' companies with profits less than £50,000, with a 'taper relief rate' for those companies with profits between the new thresholds. Deferred tax assets and liabilities have been recognised using the tax rates applicable for the date the assets and liabilities are expected to reverse.


11.


Dividends

26 May
28 May
2024
2023
£
£


Dividends paid
100,000
100,000

Page 23

 
T.S. Foods Limited
 
 
Notes to the financial statements
For the period ended 26 May 2024

12.


Tangible fixed assets







Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 29 May 2023
2,445,429
3,675,391
118,811
116,905
83,734
6,440,270


Additions
2,209
136,270
52,002
82,445
19,516
292,442


Disposals
-
(2,220)
(25,000)
-
-
(27,220)



At 26 May 2024

2,447,638
3,809,441
145,813
199,350
103,250
6,705,492



Depreciation


At 29 May 2023
780,481
2,707,468
86,580
86,454
79,975
3,740,958


Charge for the year
39,399
196,555
11,703
8,681
6,814
263,152


Disposals
-
(1,235)
(12,360)
-
-
(13,595)



At 26 May 2024

819,880
2,902,788
85,923
95,135
86,789
3,990,515



Net book value



At 26 May 2024
1,627,758
906,653
59,890
104,215
16,461
2,714,977



At 28 May 2023
1,664,948
967,923
32,231
30,451
3,759
2,699,312

Included within freehold property is land of £118,910 (2023 - £282,756) which is not depreciated.


13.


Stocks

26 May
28 May
2024
2023
£
£

Raw materials and consumables
331,195
307,748

Finished goods and goods for resale
365,969
294,513

697,164
602,261


Total stock is stated after provision for impairment of £118,910 (2023: £115,901).

Page 24

 
T.S. Foods Limited
 
 
Notes to the financial statements
For the period ended 26 May 2024

14.


Debtors: Amounts falling due within one year

26 May
28 May
2024
2023
£
£


Trade debtors
698,524
745,462

Other debtors
59,851
46,644

Prepayments and accrued income
51,931
46,092

810,306
838,198



15.


Cash and cash equivalents

26 May
28 May
2024
2023
£
£

Cash at bank and in hand
3,957,726
2,912,662



16.


Creditors: Amounts falling due within one year

26 May
28 May
2024
2023
£
£

Trade creditors
364,700
245,526

Corporation tax
24,260
-

Other taxation and social security
61,533
50,521

Other creditors
96,616
41,676

Accruals and deferred income
713,914
510,051

1,261,023
847,774


Trade and other creditors are payable at various dates over the coming months in accordance with the suppliers' usual and customary credit terms.
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions. 


17.


Creditors: Amounts falling due after more than one year

26 May
28 May
2024
2023
£
£

Accruals and deferred income
271,981
278,333


Page 25

 
T.S. Foods Limited
 
 
Notes to the financial statements
For the period ended 26 May 2024

18.


Deferred taxation






2024
2023


£

£






At beginning of period
(80,666)
(135,361)


(Charged)/credited to profit or loss
(152,639)
54,695



At end of period
(233,305)
(80,666)

The provision for deferred taxation is made up as follows:

26 May
28 May
2024
2023
£
£


Fixed asset timing differences
(301,159)
(267,262)

Short term timing and other differences
67,854
69,420

Losses and other deductions
-
117,176


19.


Share capital

26 May
28 May
2024
2023
£
£
Allotted, called up and fully paid



250,000 (2023 - 250,000) Ordinary shares of £1.00 each
250,000
250,000



20.


Reserves

Called up share capital

This represents the nominal value of shares that have been issued.

Profit and loss account

This includes all current and prior period retained profits and losses.


21.


Pension commitments

The Company operates a defined contribution 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 £160,284 (2023: £94,918). Contributions totalling £12,577 (2023: £10,447) were payable to the fund at the balance sheet date and are included in creditors.

Page 26

 
T.S. Foods Limited
 
 
Notes to the financial statements
For the period ended 26 May 2024

22.


Related party transactions

There were no related party transactions during the period (2023: £Nil).


23.


Post balance sheet events

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


24.


Controlling party

The ultimate controlling parties of T.S. Foods Limited are the directors by virtue of their shareholdings.


Page 27