KingAsia Foods Limited 02610611 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is preparation, cooking and packaging of Chinese frozen foods Digita Accounts Production Advanced 6.30.9574.0 true true true false 02610611 2023-07-01 2024-06-30 02610611 2024-06-30 02610611 bus:CompanySecretaryDirector1 1 2024-06-30 02610611 bus:Director1 1 2024-06-30 02610611 bus:OrdinaryShareClass1 2024-06-30 02610611 core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 02610611 core:DeferredIncomeDeferredTax 2024-06-30 02610611 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2024-06-30 02610611 core:RetainedEarningsAccumulatedLosses 2024-06-30 02610611 core:ShareCapital 2024-06-30 02610611 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-06-30 02610611 core:CurrentFinancialInstruments 2024-06-30 02610611 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 02610611 core:Non-currentFinancialInstruments 2024-06-30 02610611 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 02610611 core:FurnitureFittings 2024-06-30 02610611 core:LandBuildings core:LongLeaseholdAssets 2024-06-30 02610611 core:MotorVehicles 2024-06-30 02610611 core:PlantMachinery 2024-06-30 02610611 core:DeferredTaxation 2024-06-30 02610611 core:OtherRelatedParties 2024-06-30 02610611 1 2024-06-30 02610611 bus:FRS102 2023-07-01 2024-06-30 02610611 bus:Audited 2023-07-01 2024-06-30 02610611 bus:FullAccounts 2023-07-01 2024-06-30 02610611 bus:RegisteredOffice 2023-07-01 2024-06-30 02610611 bus:CompanySecretaryDirector1 2023-07-01 2024-06-30 02610611 bus:CompanySecretaryDirector1 1 2023-07-01 2024-06-30 02610611 bus:Director1 2023-07-01 2024-06-30 02610611 bus:Director1 1 2023-07-01 2024-06-30 02610611 bus:HighestPaidDirector 2023-07-01 2024-06-30 02610611 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 02610611 bus:Consolidated 2023-07-01 2024-06-30 02610611 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02610611 bus:Agent1 2023-07-01 2024-06-30 02610611 1 2023-07-01 2024-06-30 02610611 2 2023-07-01 2024-06-30 02610611 3 2023-07-01 2024-06-30 02610611 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 02610611 core:ShareCapital 2023-07-01 2024-06-30 02610611 countries:Europe 2023-07-01 2024-06-30 02610611 countries:UnitedKingdom 2023-07-01 2024-06-30 02610611 core:PlantEquipmentUnderOperatingLeases 2023-07-01 2024-06-30 02610611 core:FurnitureFittings 2023-07-01 2024-06-30 02610611 core:LandBuildings core:LongLeaseholdAssets 2023-07-01 2024-06-30 02610611 core:LeaseholdImprovements 2023-07-01 2024-06-30 02610611 core:MotorVehicles 2023-07-01 2024-06-30 02610611 core:PlantMachinery 2023-07-01 2024-06-30 02610611 core:DeferredTaxation 2023-07-01 2024-06-30 02610611 core:OtherRelatedParties 2023-07-01 2024-06-30 02610611 core:OtherRelatedParties core:RenderingOrReceivingServices 2023-07-01 2024-06-30 02610611 core:OtherRelatedParties core:SaleOrPurchaseGoods 2023-07-01 2024-06-30 02610611 core:OtherRelatedParties core:TransfersUnderFinanceArrangements 2023-07-01 2024-06-30 02610611 core:ParentEntities 2023-07-01 2024-06-30 02610611 core:UKTax 2023-07-01 2024-06-30 02610611 1 2023-07-01 2024-06-30 02610611 1 2023-07-01 2024-06-30 02610611 countries:England 2023-07-01 2024-06-30 02610611 2023-06-30 02610611 bus:CompanySecretaryDirector1 1 2023-06-30 02610611 bus:Director1 1 2023-06-30 02610611 core:RetainedEarningsAccumulatedLosses 2023-06-30 02610611 core:ShareCapital 2023-06-30 02610611 core:FurnitureFittings 2023-06-30 02610611 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 02610611 core:MotorVehicles 2023-06-30 02610611 core:PlantMachinery 2023-06-30 02610611 core:DeferredTaxation 2023-06-30 02610611 core:OtherRelatedParties 2023-06-30 02610611 2022-07-01 2023-06-30 02610611 2023-06-30 02610611 bus:CompanySecretaryDirector1 1 2023-06-30 02610611 bus:Director1 1 2023-06-30 02610611 bus:OrdinaryShareClass1 2023-06-30 02610611 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 02610611 core:DeferredIncomeDeferredTax 2023-06-30 02610611 core:FairValueMovementsOnFinancialInstrumentsDeferredTax 2023-06-30 02610611 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 02610611 core:CurrentFinancialInstruments 2023-06-30 02610611 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 02610611 core:Non-currentFinancialInstruments 2023-06-30 02610611 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 02610611 core:FurnitureFittings 2023-06-30 02610611 core:LandBuildings core:LongLeaseholdAssets 2023-06-30 02610611 core:MotorVehicles 2023-06-30 02610611 core:PlantMachinery 2023-06-30 02610611 core:OtherRelatedParties 2023-06-30 02610611 1 2023-06-30 02610611 bus:CompanySecretaryDirector1 1 2022-07-01 2023-06-30 02610611 bus:Director1 1 2022-07-01 2023-06-30 02610611 bus:HighestPaidDirector 2022-07-01 2023-06-30 02610611 1 2022-07-01 2023-06-30 02610611 2 2022-07-01 2023-06-30 02610611 3 2022-07-01 2023-06-30 02610611 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02610611 core:ShareCapital 2022-07-01 2023-06-30 02610611 countries:Europe 2022-07-01 2023-06-30 02610611 countries:UnitedKingdom 2022-07-01 2023-06-30 02610611 core:PlantEquipmentUnderOperatingLeases 2022-07-01 2023-06-30 02610611 core:OtherRelatedParties 2022-07-01 2023-06-30 02610611 core:OtherRelatedParties core:RenderingOrReceivingServices 2022-07-01 2023-06-30 02610611 core:OtherRelatedParties core:SaleOrPurchaseGoods 2022-07-01 2023-06-30 02610611 core:OtherRelatedParties core:TransfersUnderFinanceArrangements 2022-07-01 2023-06-30 02610611 core:UKTax 2022-07-01 2023-06-30 02610611 2022-06-30 02610611 bus:CompanySecretaryDirector1 1 2022-06-30 02610611 bus:Director1 1 2022-06-30 02610611 core:RetainedEarningsAccumulatedLosses 2022-06-30 02610611 core:ShareCapital 2022-06-30 02610611 core:OtherRelatedParties 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02610611

KingAsia Foods Limited

Annual Report and Financial Statements

for the Year Ended 30 June 2024

 

KingAsia Foods Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 9

Profit and Loss Account and Statement of Retained Earnings

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 33

 

KingAsia Foods Limited

Company Information

Directors

Mr K H Fong

Mr S H Fong

Company secretary

Mr S H Fong

Registered office

Middle Bank
Doncaster Carr Ind Estate
Doncaster
South Yorkshire
DN4 5JJ

Bankers

National Westminster Bank
63 Otley Road
Headingley
Leeds
LS6 3WA

Auditors

Crozier Jones LLP
Chartered Certified Accountants and Registered Auditors
9/13 Thorne Road
Doncaster
South Yorkshire
DN1 2HJ

 

KingAsia Foods Limited

Strategic Report for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

Principal activity

The principal activity of the company is preparation, cooking and packaging of Chinese frozen foods

Fair review of the business

The directors consider that the results for the period and the financial position at the end of the period were satisfactory, given the challenging global economic conditions.

Although turnover has remained static, the company has successfully maintained the sales growth acheived over the last few years, despite the challenging market conditions.

Gross margins have increased from 19% to 26% reflecting both increases in sales prices and the success the buying team have had in sourcing more cost efficient raw material supplies.

The company made an operating profit for the year.

The company's balance sheet remains strong.

The company's key financial and other performance indicators during the year were as follows:

 

Unit

2024

2023

Turnover

£

17,627,553

17,615,451

Gross profit

£

4,555,698

3,285,061

Gross profit percentage

%

26

19

Profit/(loss) before tax

£

1,449,640

266,146

Net current assets

£

6,007,153

5,250,383

Net assets

£

6,616,025

5,885,005

The directors continue to monitor the impact of the currently challenging global economic conditions on the company and apply appropriate responsive strategies. The company implemented further price increases after the year end with the aim of further improving the company's gross profit margins and covering anticipated future cost increases, such as increasing wages costs.

While current market conditions remain challenging the directors believe there are still opportunities for profitable growth.

During the year the company has invested a further £139,886 in tangible fixed assets. The directors are actively considering further additions to plant and machinery to continue the company's longterm strategy of expanding productive capacity.

Principal risks and uncertainties

The principal risks and uncertainties faced by the company are the general uncertain economic climate in which it currently trades.

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

.........................................
Mr S H Fong
Company secretary and director

 

KingAsia Foods Limited

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr K H Fong

Mr S H Fong - Company secretary and director

Financial instruments

Objectives and policies

The company’s principal financial instruments comprise bank balances, trade debtors and trade creditors. The purpose of these instruments is to finance the company’s business operations. The directors do not consider that the company has any significant financial risks other than those normal commercial risks arising from its trading operations. Such risks are managed so as to permit the smooth operation of the business.

Price risk, credit risk, liquidity risk and cash flow risk

Most sales are to UK customers and most suppliers are UK based, and accordingly the company has not entered into any hedging arrangements in respect of risks relating to trade debtors or creditors.

The company has operated throughout the year within it's banking facilities, thereby substantially eliminating liquidity and cash flow risks.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors’ liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

.........................................
Mr S H Fong
Company secretary and director

 

KingAsia Foods Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities 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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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 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.

 

KingAsia Foods Limited

Independent Auditor's Report to the Members of KingAsia Foods Limited

Opinion

We have audited the financial statements of KingAsia Foods Limited (the 'company') for the year ended 30 June 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 the financial statements:

give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 director's 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 original financial statements were 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.

 

KingAsia Foods Limited

Independent Auditor's Report to the Members of KingAsia Foods Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, 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.

Opinion on other matter prescribed by the Companies Act 2006

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

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], 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.

 

KingAsia Foods Limited

Independent Auditor's Report to the Members of KingAsia Foods Limited

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.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:-

The engagement partner ensured that the engagement team collectively had the appropriate competence, capability and skills to identify or recognise non-compliance with applicable laws and regulations;

 

KingAsia Foods Limited

Independent Auditor's Report to the Members of KingAsia Foods Limited

We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the food manufacturing industry;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protections legislation, employment law and environmental and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

The audit team remained alert to the possibility of non-compliance with laws and regulations throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement including obtaining an understanding of how fraud might occur, by:

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

Considering what motivations and opportunities for fraud may exist within the company.

To address the risk of fraud through management bias and override of controls, we:

Performed analytical procedures to identify any unusual or unexpected relationships;

Reviewed journal entries to identify unusual transactions vouching to supporting documentation where appropriate;

Reviewed the company’s accounting records for any significant or unusual transactions vouching to supporting documentation where appropriate;

Assessed whether the judgements and assumptions made in determining any accounting estimates used in preparing the accounts were indicative of bias; and

We maintained an approach of professional scepticism throughout the audit; recognising the possibility of a material misstatement due to facts or behaviour indicating irregularities (including fraud) or error, notwithstanding our past experience of the honesty and integrity of the company's management.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

Agreeing financial statement disclosures to underlying supporting documentation;

Enquiring of management as to actual and potential litigation and claims;

Reviewing correspondence with HMRC;

Reviewing legal expenses both during and after the year for any items indicative of ongoing litigation and potential claims; and

We confirmed that the company’s industry certifications remained valid.

 

KingAsia Foods Limited

Independent Auditor's Report to the Members of KingAsia Foods Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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.

......................................
Michael Shaun Crozier FCCA (Senior Statutory Auditor)
For and on behalf of Crozier Jones LLP, Statutory Auditor

9/13 Thorne Road
Doncaster
South Yorkshire
DN1 2HJ

5 March 2025

 

KingAsia Foods Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

4

17,627,553

17,615,451

Cost of sales

 

(13,071,855)

(14,330,390)

Gross profit

 

4,555,698

3,285,061

Distribution costs

 

(176,001)

(164,444)

Administrative expenses

 

(3,193,790)

(2,956,622)

Other operating income

5

12,178

36,149

Operating profit

7

1,198,085

200,144

Income from other fixed asset investments

 

26,941

21,412

Other interest receivable and similar income

9

6,007

3,907

Fair value adjustments on current asset investments

 

274,233

119,345

Interest payable and similar charges

10

(55,626)

(78,662)

 

251,555

66,002

Profit before tax

 

1,449,640

266,146

Taxation

14

(362,220)

(121,763)

Profit for the financial year

 

1,087,420

144,383

Retained earnings brought forward

 

5,884,705

6,096,722

Dividends paid

 

(356,400)

(356,400)

Retained earnings carried forward

 

6,615,725

5,884,705

 

KingAsia Foods Limited

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

1,087,420

144,383

Total comprehensive income for the year

1,087,420

144,383

 

KingAsia Foods Limited

(Registration number: 02610611)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

15

1,328,330

1,463,970

Current assets

 

Stocks

17

1,515,972

1,477,905

Debtors

18

3,245,156

2,957,350

Other financial assets

16

2,995,852

2,704,321

Cash at bank and in hand

 

544,980

235,652

 

8,301,960

7,375,228

Creditors: Amounts falling due within one year

20

(2,294,807)

(2,124,845)

Net current assets

 

6,007,153

5,250,383

Total assets less current liabilities

 

7,335,483

6,714,353

Creditors: Amounts falling due after more than one year

20

(344,898)

(505,150)

Provisions for liabilities

21

(374,560)

(324,198)

Net assets

 

6,616,025

5,885,005

Capital and reserves

 

Called up share capital

300

300

Retained earnings

6,615,725

5,884,705

Shareholders' funds

 

6,616,025

5,885,005

Approved and authorised by the Board on 5 March 2025 and signed on its behalf by:
 

.........................................
Mr S H Fong
Company secretary and director

 

KingAsia Foods Limited

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

300

5,884,705

5,885,005

Profit for the year

-

1,087,420

1,087,420

Dividends

-

(356,400)

(356,400)

At 30 June 2024

300

6,615,725

6,616,025

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

300

6,096,722

6,097,022

Profit for the year

-

144,383

144,383

Dividends

-

(356,400)

(356,400)

At 30 June 2023

300

5,884,705

5,885,005

 

KingAsia Foods Limited

Statement of Cash Flows for the Year Ended 30 June 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

1,087,420

144,383

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

7

275,526

292,918

Financial instrument adjustments through profit and loss

 

(274,233)

(119,345)

Profit on disposal of tangible assets

6

(179)

-

(Profit)/loss from disposals of investments

6

(16,773)

26,476

Finance income

9

(32,948)

(25,319)

Finance costs

10

49,807

39,782

Income tax expense

14

362,220

121,763

 

1,450,840

480,658

Working capital adjustments

 

Increase in stocks

17

(38,067)

(19,692)

(Increase)/decrease in trade debtors

18

(287,806)

305,471

(Decrease)/increase in trade creditors

20

(115,476)

3,806

Decrease in deferred income, including government grants

 

(10,837)

(12,750)

Cash generated from operations

 

998,654

757,493

Income taxes (paid)/received

14

(4,094)

19,009

Net cash flow from operating activities

 

994,560

776,502

Cash flows from investing activities

 

Interest received

9

6,007

3,907

Dividend income from financial assets

 

26,941

21,412

Acquisitions of tangible assets

(139,886)

(338,563)

Proceeds from sale of tangible assets

 

179

-

Acquisition of investments

(512,081)

(690,746)

Proceeds from disposal of investments

 

511,556

692,480

Net cash flows from investing activities

 

(107,284)

(311,510)

Cash flows from financing activities

 

Interest paid

10

(846)

(3,646)

Repayment of bank borrowing

 

(20,702)

(54,321)

Proceeds from other borrowing draw downs

 

50,000

-

Repayment of other borrowing

 

(250,000)

-

Dividends paid

25

(356,400)

(356,400)

Net cash flows from financing activities

 

(577,948)

(414,367)

Net increase in cash and cash equivalents

 

309,328

50,625

Cash and cash equivalents at 1 July

 

235,652

185,027

Cash and cash equivalents at 30 June

 

544,980

235,652

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Middle Bank
Doncaster Carr Ind Estate
Doncaster
South Yorkshire
DN4 5JJ

These financial statements were authorised for issue by the Board on 5 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

5 years on a straight line basis

Plant and equipment

15% per annum on a reducing balance and 25% on a straight line basis

Fixtures and fittings

15% per annum on a reducing balance basis

Motor vehicles

25% per annum on a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Current asset investments

Current asset investments represent investments held in listed shares or similar where there is an active market and the fair value can be reliably measured.

Current asset investments are initially recorded at cost and are revalued to fair value at each year end with changes in fair value being recognised in the income statement.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements (other than those involving estimations) that have a significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that are not 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Critical judgements

The directors do not consider that there have been any critical judgements made in the process of applying the company's accounting policies.

Key sources of estimation uncertainty

The directors do not consider that there have been any key assumptions concerning the future or other key sources of estimation uncertainty at the balance sheet date which may cause a material adjustment to the carrying amount of assets and liabilities within the next financial year.

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

4

Revenue

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

17,570,798

17,574,785

Royalties received

56,755

40,666

17,627,553

17,615,451

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

17,136,415

17,172,957

Europe

491,138

442,494

17,627,553

17,615,451

5

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Government grants

10,838

12,750

Miscellaneous other operating income

1,340

23,399

12,178

36,149

6

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

(Gain) loss on disposal of property, plant and equipment

(179)

-

(Gain) loss from disposals of investments

(16,773)

26,476

(16,952)

26,476

7

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

275,526

292,918

Operating lease expense - plant and machinery

76,853

94,652

Profit on disposal of property, plant and equipment

(179)

-

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Government grants

The financial statements include the following amounts in respect of Government Grants receivable:-

Additional Restrictions Grant - Capital - £10,838 (2023 - £12,750)

There are no unfulfilled conditions attached to this grant.


The amount of grants recognised in the financial statements was £10,838 (2023 - £12,750).

9

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

5,521

914

Other finance income

486

2,993

6,007

3,907

10

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

846

3,646

Interest expense on other finance liabilities

48,961

36,136

Foreign exchange losses

5,819

38,880

55,626

78,662

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

11

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

4,741,598

4,536,860

Social security costs

429,806

354,762

Pension costs, defined contribution scheme

201,674

89,670

Other employee expense

695

2,971

5,373,773

4,984,263

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

176

171

Administration and support

15

14

Sales

4

4

Other departments

2

2

197

191

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

12

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

438,956

248,365

In respect of the highest paid director:

2024
£

2023
£

Remuneration

236,752

147,449

13

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

11,907

10,770


 

14

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

312,183

4,445

UK corporation tax adjustment to prior periods

(324)

-

311,859

4,445

Deferred taxation

Arising from origination and reversal of timing differences

50,361

117,318

Tax expense in the income statement

362,220

121,763

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 20.49%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,449,640

266,146

Corporation tax at standard rate

362,410

54,533

Decrease in UK and foreign current tax from adjustment for prior periods

(324)

-

Tax increase/(decrease) from effect of capital allowances and depreciation

5,914

(9,386)

Effect of revenues exempt from taxation

(6,735)

(4,387)

Effect of expense not deductible in determining taxable profit (tax loss)

914

6,320

Deferred tax expense relating to changes in tax rates or laws

-

74,709

Tax increase/(decrease) from effect of indexation allowance on capital gains

41

(26)

Total tax charge

362,220

121,763

On 1 April 2023 the main rate of corporation tax increased from 19% to 25%. This change in the main rate of corporation tax has been time apportioned to arrive at the rate used in the above analysis.

Deferred tax has been recognised at 25% (2023 - 25%) in line with the corporation tax rates expected to be in force when the associated timing differences reverse.

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Deferred tax relating to accelerated capital allowances

-

282,557

Deferred tax on revalued investments

-

107,356

Deferred tax on capital grant

15,353

-

15,353

389,913

2023

Asset
£

Liability
£

Deferred tax relating to accelerated capital allowances

-

307,698

Deferred tax on revalued investments

-

34,563

Deferred tax on capital grant

18,063

-

18,063

342,261

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

15

Tangible assets

Leasehold property improvements
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

411,570

606,924

4,150,226

123,495

5,292,215

Additions

-

-

120,537

19,349

139,886

Disposals

-

-

-

(5,550)

(5,550)

At 30 June 2024

411,570

606,924

4,270,763

137,294

5,426,551

Depreciation

At 1 July 2023

361,357

595,907

2,776,143

94,838

3,828,245

Charge for the year

23,696

4,823

235,005

12,002

275,526

Eliminated on disposal

-

-

-

(5,550)

(5,550)

At 30 June 2024

385,053

600,730

3,011,148

101,290

4,098,221

Carrying amount

At 30 June 2024

26,517

6,194

1,259,615

36,004

1,328,330

At 30 June 2023

50,213

11,017

1,374,083

28,657

1,463,970

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

16

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 July 2023

2,704,321

2,704,321

Fair value adjustments

274,233

274,233

Additions

512,081

512,081

Disposals

(494,783)

(494,783)

At 30 June 2024

2,995,852

2,995,852

Impairment

At 1 July 2023

-

-

At 30 June 2024

-

-

Carrying amount

At 30 June 2024

2,995,852

2,995,852

At 30 June 2023

2,704,321

2,704,321

Current financial assets represent listed shares and investments in managed equity funds. These are included in the accounts at market value.

The carrying amount of investments includes £1,570,574 (2023 - £1,445,349) which have been pledged as security against an uncommitted facility that the company has not drawn upon.

17

Stocks

2024
£

2023
£

Raw materials and consumables

1,009,318

1,015,339

Finished goods and goods for resale

506,654

462,566

1,515,972

1,477,905

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

18

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,100,541

1,850,920

Amounts owed by related parties

27

667,540

627,985

Other debtors

 

250,869

262,488

Prepayments

 

226,206

215,957

   

3,245,156

2,957,350

19

Cash and cash equivalents

2024
£

2023
£

Cash on hand

2,896

782

Cash at bank

542,084

234,870

544,980

235,652

20

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

24

200,000

220,702

Trade creditors

 

1,129,801

1,439,109

Social security and other taxes

 

105,003

83,498

Outstanding defined contribution pension costs

 

3,715

10,921

Other payables

 

34,346

28,447

Accruals

 

500,547

326,913

Corporation tax

14

312,183

4,418

Deferred income

 

9,212

10,837

 

2,294,807

2,124,845

Due after one year

 

Loans and borrowings

24

292,697

443,737

Deferred income

 

52,201

61,413

 

344,898

505,150

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

21

Provisions for liabilities

Deferred tax
£

Total
£

At 1 July 2023

324,198

324,198

Increase (decrease) in existing provisions

50,362

50,362

At 30 June 2024

374,560

374,560

22

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £201,674 (2023 - £89,670).

Contributions totalling £3,715 (2023 - £10,921) were payable to the scheme at the end of the year and are included in creditors.

23

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

300

300

300

300

       

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Each share is entitled to one vote in any circumstances and each share is also entitled pari passu to dividend payments or any other distribution, including a distribution arising from a winding up of the company.

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

24

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

292,697

443,737

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

20,702

Other borrowings

200,000

200,000

200,000

220,702

Bank borrowings

Bank borrowings were denominated in pounds sterling with a nominal interest rate of 3% per annum over base rate, and the final instalment was due on 27 October 2023. The carrying amount at year end was £Nil (2023 - £20,702).

Bank borrowings were repayable in monthly instalments and were secured by way of a debenture over the company's assets.

Other borrowings
Interest is charged on the loan at 2.5% over base rate per annum and the loan is repayable over the next three years.

25

Dividends

   

2024

 

2023

   

£

 

£

Interim dividends paid on ordinary shares

 

356,400

 

356,400

         

26

Commitments

Capital commitments

The total amount contracted for but not provided in the financial statements was £Nil (2023 - £20,300).

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

27

Related party transactions

Transactions with directors

At the year end the following amounts were owed to the company by its directors:-

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr S H Fong

Unsecured loan, no repayment terms and no interest charged

288,425

31,404

(23,524)

296,305

Mr K H Fong

Unsecured loan, no repayment terms and no interest charged

309,900

51,851

(45,580)

316,171

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr S H Fong

Unsecured loan, no repayment terms and no interest charged

281,304

55,753

(48,632)

288,425

Mr K H Fong

Unsecured loan, no repayment terms and no interest charged

302,892

101,086

(94,077)

309,900

Summary of transactions with parent

During the year the company paid dividends of £356,400 (2023 - £356,400) to Pearl Asia Holdings Limited.
 

Summary of transactions with other related parties

Included in other creditors is £11,583 (2023 £11,583) due to Mr W H Fong and £8,910 (2023 £8,910) due to Mr K P Fong. Mr W H Fong and Mr K P Fong are brothers of the directors and shareholders in the company's parent company, Pearl Asia Holdings Limited.
 

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Income and receivables from related parties

2024

Other related parties
£

Sale of goods

32,813

Receipt of services

7,950

Transfers under finance arrangements (including loans and equity contributions)

486

41,249

Amounts receivable from related party

17,299

2023

Other related parties
£

Sale of goods

20,574

Receipt of services

14,722

Transfers under finance arrangements (including loans and equity contributions)

2,748

38,044

Amounts receivable from related party

9,480

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

287,032

Amounts payable to related party

24,999

2023

Other related parties
£

Rendering of services

280,553

Amounts payable to related party

11,760

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

20,702

20,702

Advanced

60,000

60,000

Repaid

(31,188)

(31,188)

Interest transactions

486

486

At end of period

50,000

50,000

2023

Other related parties
£

Total
£

At start of period

75,023

75,023

Repaid

(57,069)

(57,069)

Interest transactions

2,748

2,748

At end of period

20,702

20,702

Terms of loans to related parties

Interest was charged on the loan brought forward of £20,702 at 3% over base rate per annum and regular instalment payments were made. The loan was fully paid during the year.

No interest is charged on the loan advanced during the year, which is unsecured and repayable on demand.

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

643,737

643,737

Advanced

50,000

50,000

Repaid

(250,000)

(250,000)

Interest transactions

48,960

48,960

At end of period

492,697

492,697

2023

Other related parties
£

Total
£

At start of period

607,601

607,601

Interest transactions

36,136

36,136

At end of period

643,737

643,737

Terms of loans from related parties

Interest is charged on the loan of £492,697 (2023 £643,737) at 2.5% over base rate per annum and the loan is repayable over the next three years.

No interest was charged on the loan advanced and repaid during the year of £50,000, which was unsecured and repayable on demand.

28

Analysis of changes in net debt

At 1 July 2023
£

Cash flows
£

Other non-cash changes
£

At 30 June 2024
£

Cash and cash equivalents

Cash

235,652

309,328

-

544,980

Borrowings

Long term borrowings

(443,737)

200,000

(48,960)

(292,697)

Short term borrowings

(220,702)

20,702

-

(200,000)

(664,439)

220,702

(48,960)

(492,697)

 

(428,787)

530,030

(48,960)

52,283

Other non cash changes represent loan interest accrued but not paid on borrowings during the year.

 

KingAsia Foods Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

29

Financial guarantee contracts

The company acts as guarantor on a loan taken out during the year by a related party, Pearl Northern Developments (Jersey) Limited.

The amount of the financial guarantee contract is £1,400,000.

30

Parent and ultimate parent undertaking

The ultimate controlling party is Pearl Asia Holdings Limited, a company incorporated in Hong Kong, which owns 100% of the called up share capital.