FOOD HUB LIMITED
COMPANY INFORMATION
Directors
A Mula
Food Hub Group Ltd
Company number
10619783
Registered office
55A Duke Street
Stoke-on-Trent
ST4 3NR
Auditor
Cooper Parry Group Limited
St James Building
79 Oxford Street
Manchester
M1 6HT
FOOD HUB LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
FOOD HUB LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present the strategic report for the year ended 31 July 2024.

Principal activities

The principal activity of the company is the provision of an online food ordering portal for restaurants, takeaways and convenience stores.

Review of the business

Revenue grew by 9.0% to £41.1m (2023: £37.7m), and this growth trajectory has continued into FY25 with like-for like revenue growth already delivered in H1 of 12.6%.

Pre-tax profit was £5.3m (2023: £1.2m) as revenues increase and efficiencies implemented in the last 18 months start to have effect. Increased profitability has enabled us to invest in new technologies to ensure we can offer the latest innovations in ordering to our customers.

Recent initiatives have included the expansion of kiosks, group and timed advance ordering, and our recent partnership with Snappy Shopper to provide groceries on our app. We are continuing to grow our partnerships with chains and franchises as the market becomes aware of Food Hub as a sizeable key player and a cost effective alternative to their online and on site ordering needs.

Online order numbers grew by 9.1% to 31.3m (2023: 28.7m), and Gross Transaction Value grew by 19.0% to £760m (2023: £636m).

Orders on our Food Hub app are outperforming the market in terms of order growth and in calendar year 2025 so far are 16% up on 2024, as the Food Hub brand solidifies its position as a major player in the UK marketplace.

As of February 2025, the company repaid its loan with Growth Lending 11 months early, meaning that the company is currently debt free.

Principal risks and uncertainties

The company’s operations expose it to a variety of financial and business risks.

 

Cashflow risk

We have in place a rolling weekly cashflow forecast which is reviewed by the board each week.

 

Interest rate risk

As of February 2025, Food Hub Limited repaid its loan with Growth Lending 11 months early, meaning that the company is currently debt free and the interest rate risk which existed at the year end is now gone. We may borrow funds again as required in the future that will subject us to this risk.

 

Foreign currency risks

The company's business exposes it to foreign exchange risk, particularly in relation to Indian Rupee (INR) and US Dollar (USD). We monitor exchange rates regularly for currencies used by the company, and have forward hedging contracts in place for future forecast spends.

 

Loss of key client risk

Our revenue is spread over many thousands of clients and end customers. We recognise the risk of a loss of a key client but we do not have significant reliance on any one client due to the spread of business.

 

Competitive risk

Like all companies, we are aware of competitive risk and strive to make Food Hub's products include industry leading functionality at a competitive price.

- 1 -
FOOD HUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
Key performance indicators

The company is monitored through the financial KPIs of Revenue, Pre-tax Profit, Order Numbers, and Gross Transaction Value.

 

 

2024

2023

YOY Change %

Turnover £m

41.1

37.7

9.0%

PBT £m

5.3

1.2

342.2%

PBT%

12.9%

3.2%

305.7%

Net Assets £m

9.8

8.6

13.3%

Net Cash /(Debt) £m

(1.4)

(2.7)

-47.4%

 

Stakeholder engagement

The directors are aware that strategic decisions have long term implications for the business and all stakeholders and these implications are carefully assessed.

 

This statement provides details of how the directors have engaged with and has considered the interests of the following key stakeholder groups:

 

Employees

The directors recognise the importance of our employees and the company aims to be a responsible employer in relation to the pay and benefits our employees receive. We are an ethical employer and employment is based upon a person’s ability to work and not on the basis of race, individual characteristics, creed or political opinion. It is the company’s policy to offer equal opportunities to disabled persons.

 

The CEO regularly visits our sites worldwide and communication with the employees takes the form of Town Hall meetings with open Q&A sessions, and regular email updates on developments and new product offerings.

 

Clients

Customer satisfaction is very important to the company and we monitor continuously CSAT scores and relevant customer response metrics. We have a large customer service operation with a focus on responding quickly and efficiently to any customer queries or issues.

 

Community and the environment

We engage with the local communities in the areas we operate in a number of different ways, including sponsorship of local football teams. We recognise that our activities have an impact on the environment and are committed to introduce further measures to reduce our carbon footprint.

On behalf of the board

A Mula
Director
7 March 2025
- 2 -
FOOD HUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors present their annual report and financial statements for the year ended 31 July 2024.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £3,000,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A Mula
Food Hub Group Ltd
Financial instruments

Financial risks include cashflow, interest rate movements and foreign currency exchange risks. We mitigate against these risks as detailed in the strategic report.

Future developments

The company is part of the larger Food Hub Group which has an overall strategic objective for growth and we continue to look for appropriate acquisitions both in the UK and internationally.

Auditor

The auditor, Cooper Parry Group Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

- 3 -
FOOD HUB LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
On behalf of the board
A Mula
Director
7 March 2025
- 4 -
FOOD HUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FOOD HUB LIMITED
Opinion

We have audited the financial statements of Food Hub Limited (the 'company') for the year ended 31 July 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 Auditor's 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- 5 -
FOOD HUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FOOD HUB LIMITED (CONTINUED)
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:

Responsibilities of directors
- 6 -

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

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

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue recognition. 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 UK Companies Act and tax legislation in all relevant jurisdictions where the company operates.

FOOD HUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FOOD HUB LIMITED (CONTINUED)

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.

 

In addition to the above, our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in the audit procedures described above 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. Also, the risk of not detecting a material misstatement due to fraud is higher than

the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 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.

Ryan Wear BSc ACA
Senior Statutory Auditor
For and on behalf of Cooper Parry Group Limited
7 March 2025
Statutory Auditor
St James Building
79 Oxford Street
Manchester
M1 6HT
- 7 -
FOOD HUB LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
2024
2023
Notes
£
£
Turnover
3
41,123,093
37,732,436
Cost of sales
(1,214,189)
(1,288,205)
Gross profit
39,908,904
36,444,231
Distribution costs
(655,221)
(419,729)
Administrative expenses
(33,631,577)
(34,401,159)
Operating profit
5
5,622,106
1,623,343
Interest receivable and similar income
8
1,716
29
Interest payable and similar expenses
9
(321,473)
(424,198)
Profit before taxation
5,302,349
1,199,174
Tax on profit
10
(1,156,204)
(308,438)
Profit for the financial year
4,146,145
890,736

The profit and loss account has been prepared on the basis that all operations are continuing operations.

- 8 -
FOOD HUB LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
12
2,364,143
2,801,354
Negative goodwill
12
(1,925,422)
(2,246,327)
Net goodwill
438,721
555,027
Other intangible assets
12
189,020
221,730
Total intangible assets
627,741
776,757
Tangible assets
13
2,144,577
2,936,846
Investments
14
2
2
2,772,320
3,713,605
Current assets
Stocks
16
172,721
280,217
Debtors
17
12,614,564
10,550,212
Cash at bank and in hand
497,897
366,154
13,285,182
11,196,583
Creditors: amounts falling due within one year
18
(5,613,247)
(4,344,595)
Net current assets
7,671,935
6,851,988
Total assets less current liabilities
10,444,255
10,565,593
Creditors: amounts falling due after more than one year
19
(672,662)
(1,940,145)
Net assets
9,771,593
8,625,448
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
9,771,493
8,625,348
Total equity
9,771,593
8,625,448
The financial statements were approved by the board of directors and authorised for issue on 7 March 2025 and are signed on its behalf by:
A Mula
Director
Company registration number 10619783 (England and Wales)
- 9 -
FOOD HUB LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
100
7,734,612
7,734,712
Year ended 31 July 2023:
Profit and total comprehensive income
-
890,736
890,736
Balance at 31 July 2023
100
8,625,348
8,625,448
Year ended 31 July 2024:
Profit and total comprehensive income
-
4,146,145
4,146,145
Dividends
11
-
(3,000,000)
(3,000,000)
Balance at 31 July 2024
100
9,771,493
9,771,593
- 10 -
FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
Company information

Food Hub Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55A Duke Street, Stoke-on-Trent, ST4 3NR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Food Hub Group Limited. These consolidated financial statements are available from its registered office, 55a Duke Street, Stoke On Trent, England, ST4 3NR.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
- 11 -

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods and services have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

Negative goodwill arising on the acquisition of subsidiary undertakings and representing the excess of the fair value of the identifiable net assets acquired over consideration, is written back to the profit and loss account to match the utilisation of the identifiable non-monetary assets acquired.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Other intangibles
10 year straight line
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% straight line
Computers
25% straight line
Motor vehicles
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

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

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

- 12 -
FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
1.8
Impairment of fixed assets
- 13 -

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
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 balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.12
Equity instruments

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

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

- 14 -
FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of tangible and intangible assets

The annual depreciation change for tangible and intangible assets is sensitive to changes in the estimated useful economics lives and residual values of assets. The useful economic lives and residual values are re-assessed annually. They are amended where necessary to reflect current estimates.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
226,598
779,104
Sale of services
40,896,495
36,953,332
41,123,093
37,732,436
- 15 -
FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Turnover
(Continued)
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
40,830,042
37,663,212
Europe
70,263
69,045
Rest of the world
222,788
179
41,123,093
37,732,436
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional tax credit
(309,171)
-

During the year, £309,171 was credited to the profit and loss account as an exceptional item within administrative expenses. This amount relates to the recovery of s455 tax following the repayment of long-standing loans.

5
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
5,627
(30,852)
Depreciation of owned tangible fixed assets
2,208,347
3,460,567
(Profit)/loss on disposal of tangible fixed assets
(7,357)
10,511
Amortisation of intangible assets
149,016
149,017
Operating lease charges
190,794
192,329
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
33,000
33,000
For other services
Taxation compliance services
5,250
5,000
All other non-audit services
300
300
5,550
5,300
- 16 -
FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Employees

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

2024
2023
Number
Number
Admin & support
90
100
Directors
1
1
Total
91
101

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,219,246
3,310,795
Social security costs
330,179
331,493
Pension costs
70,142
67,476
3,619,567
3,709,764
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,716
29
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
290,638
345,805
Other interest
30,835
78,393
321,473
424,198
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
1,065,528
525,425
Adjustments in respect of prior periods
9,400
-
0
Total current tax
1,074,928
525,425
- 17 -
FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
10
Taxation
(Continued)
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
81,276
(216,987)
Total tax charge
1,156,204
308,438

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
5,302,349
1,199,174
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
1,325,587
251,827
Tax effect of expenses that are not deductible in determining taxable profit
8,938
20,938
Tax effect of income not taxable in determining taxable profit
(77,293)
-
0
Adjustments in respect of prior years
9,400
-
0
Group relief
(286,512)
(40,062)
Permanent capital allowances in excess of depreciation
-
0
(43,677)
Depreciation on assets not qualifying for tax allowances
158,429
133,080
Amortisation on assets not qualifying for tax allowances
37,254
31,294
Difference between deferred tax rate and average tax rate
(19,599)
(44,962)
Taxation charge for the year
1,156,204
308,438
11
Dividends
2024
2023
£
£
Final paid
3,000,000
-
0
- 18 -
FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
12
Intangible fixed assets
Goodwill
Negative goodwill
Other intangibles
Total
£
£
£
£
Cost
At 1 August 2023 and 31 July 2024
4,112,990
(3,209,041)
319,860
1,223,809
Amortisation and impairment
At 1 August 2023
1,311,636
(962,714)
98,130
447,052
Amortisation charged for the year
437,211
(320,905)
32,710
149,016
At 31 July 2024
1,748,847
(1,283,619)
130,840
596,068
Carrying amount
At 31 July 2024
2,364,143
(1,925,422)
189,020
627,741
At 31 July 2023
2,801,354
(2,246,327)
221,730
776,757
13
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
120,434
12,314,103
250,889
12,685,426
Additions
8,659
1,428,872
18,000
1,455,531
Disposals
-
0
(37,930)
(14,995)
(52,925)
At 31 July 2024
129,093
13,705,045
253,894
14,088,032
Depreciation and impairment
At 1 August 2023
57,693
9,644,212
46,675
9,748,580
Depreciation charged in the year
22,511
2,139,286
46,550
2,208,347
Eliminated in respect of disposals
-
0
(10,473)
(2,999)
(13,472)
At 31 July 2024
80,204
11,773,025
90,226
11,943,455
Carrying amount
At 31 July 2024
48,889
1,932,020
163,668
2,144,577
At 31 July 2023
62,741
2,669,891
204,214
2,936,846
14
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
15
2
2
- 19 -
FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
15
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Blazing Marketing Limited
United Kingdom
Ordinary
100.00
UK Tech Limited
United Kingdom
Ordinary
100.00
16
Stocks
2024
2023
£
£
Finished goods and goods for resale
172,721
280,217
17
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,081,588
387,631
Amounts owed by group undertakings
10,325,846
8,028,543
Other debtors
673,338
1,339,693
Prepayments and accrued income
483,748
663,025
12,564,520
10,418,892
Deferred tax asset (note 21)
50,044
131,320
12,614,564
10,550,212
18
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
20
1,267,483
1,170,345
Trade creditors
2,550,995
686,028
Corporation tax
1,287,637
1,817,025
Other taxation and social security
169,850
185,366
Other creditors
22,274
140,804
Accruals and deferred income
315,008
345,027
5,613,247
4,344,595
19
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
20
672,662
1,940,145
- 20 -
FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
20
Loans and overdrafts
2024
2023
£
£
Bank loans
1,940,145
3,110,490
Payable within one year
1,267,483
1,170,345
Payable after one year
672,662
1,940,145

The loan is secured by fixed and floating charges over all the assets of the company.

Bank loans is made up of one CBILS loan amounting to £1,940,145 (2023: £3,110,490). The rate of interest is the higher of 6% above SONIA or 8%. The first 12 months of interest was covered by a Business Interruption Payment ("BIP").

 

The bank loan is repayable by monthly equal instalments and is due to be repaid by January 2026.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
39,203
125,854
Short term timing differences
10,841
5,466
50,044
131,320
2024
Movements in the year:
£
Asset at 1 August 2023
(131,320)
Charge to profit or loss
81,276
Asset at 31 July 2024
(50,044)
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
70,142
67,476

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

- 21 -
FOOD HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
24
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
150,725
40,000
Between two and five years
353,658
121,425
504,383
161,425
25
Related party transactions

During the year rent paid and other expenses totaling £269,720 (2023: £194.225) was charged by Mula Estates Ltd, a company with common directorship. A balance of £1,870 (2023: £2.496) was due to the company at the year end.

 

Included within prior year's other debtors figure was a loan receivable balance of £706,140 due from A Mula, a close family member of a director, which has been repaid in full during the year.

Omnipay Ltd is a company related by a common shareholder. A balance of £12,832 (2023: £nil) was due from the company at the year end.

26
Ultimate controlling party

The immediate and ultimate parent company is Food Hub Group Limited, a company registered in England and Wales.

 

The ultimate controlling party of the parent company is A Mula by virtue of his majority shareholding in Food Hub Group Limited.

- 22 -
2024-07-312023-08-01falsetruefalseCCH SoftwareCCH Accounts Production 2024.310A MulaFood Hub Group Ltd106197832023-08-012024-07-3110619783bus:Director12023-08-012024-07-3110619783bus:Director22023-08-012024-07-3110619783bus:RegisteredOffice2023-08-012024-07-31106197832024-07-31106197832022-08-012023-07-3110619783core:RetainedEarningsAccumulatedLosses2022-08-012023-07-3110619783core:RetainedEarningsAccumulatedLosses2023-08-012024-07-3110619783core:Goodwill2024-07-3110619783core:Goodwill2023-07-3110619783core:NegativeGoodwill2024-07-3110619783core:NegativeGoodwill2023-07-3110619783core:NetGoodwill2024-07-3110619783core:OtherResidualIntangibleAssets2024-07-3110619783core:OtherResidualIntangibleAssets2023-07-31106197832023-07-3110619783core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-07-3110619783core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-07-3110619783core:FurnitureFittings2024-07-3110619783core:ComputerEquipment2024-07-3110619783core:MotorVehicles2024-07-3110619783core:FurnitureFittings2023-07-3110619783core:ComputerEquipment2023-07-3110619783core:MotorVehicles2023-07-3110619783core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-3110619783core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3110619783core:Non-currentFinancialInstrumentscore:AfterOneYear2024-07-3110619783core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3110619783core:CurrentFinancialInstruments2024-07-3110619783core:CurrentFinancialInstruments2023-07-3110619783core:ShareCapital2024-07-3110619783core:ShareCapital2023-07-3110619783core:RetainedEarningsAccumulatedLosses2024-07-3110619783core:RetainedEarningsAccumulatedLosses2023-07-3110619783core:ShareCapital2022-07-3110619783core:RetainedEarningsAccumulatedLosses2022-07-3110619783core:Goodwill2023-08-012024-07-3110619783core:IntangibleAssetsOtherThanGoodwill2023-08-012024-07-3110619783core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-08-012024-07-3110619783core:FurnitureFittings2023-08-012024-07-3110619783core:ComputerEquipment2023-08-012024-07-3110619783core:MotorVehicles2023-08-012024-07-311061978312023-08-012024-07-311061978312022-08-012023-07-3110619783core:UKTax2023-08-012024-07-3110619783core:UKTax2022-08-012023-07-311061978322023-08-012024-07-311061978322022-08-012023-07-311061978332023-08-012024-07-311061978332022-08-012023-07-3110619783core:Goodwill2023-07-3110619783core:NegativeGoodwill2023-07-3110619783core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-07-31106197832023-07-3110619783core:NegativeGoodwill2023-08-012024-07-3110619783core:FurnitureFittings2023-07-3110619783core:ComputerEquipment2023-07-3110619783core:MotorVehicles2023-07-3110619783core:Non-currentFinancialInstruments2024-07-3110619783core:Non-currentFinancialInstruments2023-07-3110619783core:WithinOneYear2024-07-3110619783core:WithinOneYear2023-07-3110619783core:BetweenTwoFiveYears2024-07-3110619783core:BetweenTwoFiveYears2023-07-3110619783bus:PrivateLimitedCompanyLtd2023-08-012024-07-3110619783bus:FRS1022023-08-012024-07-3110619783bus:Audited2023-08-012024-07-3110619783bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP