Company registration number 05526538 (England and Wales)
PILGRIM FOODSERVICE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PILGRIM FOODSERVICE LIMITED
CONTENTS
Page
Company Information
1
Strategic report
2 - 4
Directors' report
5 - 8
Independent auditor's report
9 - 11
Statement of comprehensive income
12
Statement of financial position
13
Statement of changes in equity
14
Statement of cash flows
15
Notes to the financial statements
16 - 30
PILGRIM FOODSERVICE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr P J Bateman
Mr C J Bateman
Secretary
Mr C J Bateman
Company number
05526538
Registered office
Marsh Lane
Boston
Lincolnshire
PE21 7SJ
Auditor
Moore (N.I.) LLP
Chartered Accountants and Registered Auditors
30-32 Lodge Road
Coleraine
BT52 1NB
Bankers
Lloyds Bank plc
Butt Dyke House
33 Park Row
Nottingham
NG1 6GY
Solicitors
Turley Legal Limited
Enterprise Causeway
Sandel Village
17 Knocklynn Road
Coleraine
BT52 1WW
Wilkin Chapman LLP
The Maltings
11-15 Brayford
Wharf East
Lincoln
Lincolnshire
LN5 7AY
PILGRIM FOODSERVICE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
The directors present their strategic report for the year ended 30 April 2024.
Fair review of the business
Pilgrim Foodservice Limited distributes high quality products and offers frozen, chilled and ambient food products, fresh produce, prepared vegetables and butchery. It also offers soft drinks and cleaning and disposable products to service all aspects of the hospitality industry. The geographical areas covered are East Anglia, East Midlands, Yorkshire, Humberside, Northern home counties and Greater London. Each of these areas receives a regular temperature controlled delivery service. Sales are occasionally made to other areas on an exceptions basis. We are constantly striving to expand the company and introduce innovative products to remain one of the leading independent suppliers in the UK.
All of our sales occur within the UK. Our customers include public houses, restaurants, hotels, cafes, schools, colleges, universities, hospitals, nursing homes, garden centres and tourist sites.
The directors are satisfied with the financial performance of the company during the trading period in which profit before tax, depreciation, amortisation and exceptional items of £4,536,519 (2023: £4,199,563) has been generated.
The company has a loyal customer base with many customers having been serviced by the business for over 45 years. This has contributed to the business continuing to grow its market share at an increasing rate during the financial year.
Debtors are closely managed which has ensured that any risks relating to bad debt have been kept to a minimum, but it has been a challenging year for stock management with numerous suppliers not delivering on a timely basis the products which had been ordered to keep up with demand.
As we started this financial year inflation was still playing a massive part in increased costs from all suppliers. Food inflation had continued from the last financial year still growing and only started to decline after the first quarter. Wherever possible we held back price increases to try and support our customers, suppliers and employees through the turbulent times.
Given the straightforward nature of the business, the company's directors are of the opinion that further analysis using KPI's is not necessary for an understanding of the development, performance, or position of the business.
Principal risks and uncertainties
100% of the sales of the company are made in sterling and only an insignificant part of our purchases are made in foreign currency to the extent that there is not considered to be any financial risk relating to currency exchange rate fluctuations.
Bank borrowings at the end of the financial year were with Lloyds. Interest rates peaked in August 2023 @ 5.25% , but with close management the increase in interest costs were kept to a minimum. It is not expected in the foreseeable future that these interest rates are likely to increase further to such an extent that there would be a major impact on the profits of the company.
Promoting a safe and healthy workplace
Providing a safe workplace and promoting the health and wellbeing of all our people remains a core priority for Pilgrim Foodservice Limited. As we continue to expand and change our business, we are strengthening and investing within this area to continue with our commitment to safety, health and wellbeing, by building on our traditional programmes, which focus on workplace behaviours and attitudes; learning from incidents that do occur; and developing new initiatives to help employees understand their personal safety and health risks. To emphasis the importance we place on our team members mental health any new team members brought into our senior management team then undertake a Mental Health First Aiders training course so we are all trained to the same level. This means we are all then able to offer support to our employees.
PILGRIM FOODSERVICE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Premises
Pilgrim Foodservice Limited operates from a distribution centre at Marsh Lane, Boston.
This distribution centre and the 21 acre site on which it is built is in the ownership of the company. This was custom built to encompass the specific needs of our business and is optimised for maximum efficiency, low power consumption, and includes many features which are environmentally friendly. It provides an excellent working environment for our employees including suitable provision for the disabled.
Section 172 (1) Statement
Section 172 of The Companies Act 2006 states that a director of a company must act in the way it considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. In doing so a director of a company must have regard (amongst other matters) to:-
The likely consequences of any decision in the long term,
The interest of the company’s employees,
The need to foster the company’s business relationships with suppliers, customers and others,
The impact of the company’s operations on the community and the environment,
The desirability of the company maintaining a reputation for high standards of business conduct;
The need to act fairly between members of the company.
Decision Making
The board fulfils its duties to act in good faith to promote the success of the company through the implementation of the Pilgrim 1, 3 and 5-year plans and strategies. As part of the strategy the board aims to actively shape the future services and products we offer.
The company strategy allows us to be competitive, flexible and resilient whilst also responding to a rapidly changing marketplace which has proven to be a critical requirement over the past three years.
Employee Engagement
We believe that every employee should be treated with the same respect and dignity. All judgements about people for the purposes of recruitment, hiring, compensation, development and promotion are made solely on the basis of a person's ability, values, experience, behaviour, work performance and demonstrated potential. As part of this, we are committed to complying with the provisions of the Equality Act 2010, and judgements on recruitment, development and promotion are made solely on ability and potential, taking into account only matters relevant to the performance of the role.
The company recognises that its employees are crucial to its success and is committed to creating a working environment where everyone has the opportunity to learn, develop and contribute to the success of the company, working within a common set of values.
The company intends to be an employer of choice and to employ a diverse workforce with the skills, abilities, and attitudes to meet business goals and objectives. The company's aim is to create an environment in which all people are valued and can be successful at work.
PILGRIM FOODSERVICE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Business Relationships
The board accesses a wide group of stakeholders, including customers, suppliers, regulators, and employees to inform and enable a balanced decision that incorporates multiple viewpoints, whilst maintaining the company’s overall strategies.
The board fully understands the important role each of these stakeholders play within the environment in which Pilgrim operates and we endeavour to fully take on board these views when considering the future direction.
Community and Environment
The company is constantly reviewing its sustainability and environmental impact. We utilise the latest technologies to improve our efficiencies and power consumption. Recycling of any consumable is fully operational. Solar work continues to be reviewed since our first array went live in June 2023. Our waste products are constantly under review to find more efficient ways to reuse these waste products.
Culture and values
The company recognises that the long term success is founded on the culture of the organisation.
We have developed 4 core values which the whole of the Pilgrim team adheres to, and these are
Trust
Integrity
Innovation
Respect
These four core values encompass principles of action which define the framework for cooperation within the Pilgrim team. All of these cultural and values-based initiatives are reviewed by the board of directors of the company and the management and communicated to the business as a whole at regular all team member meetings.
Mr C J Bateman
Director
14 March 2025
PILGRIM FOODSERVICE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
The directors present their annual report and financial statements for the year ended 30 April 2024.
Principal activities
The principal activity of the company continued to be that of the distribution of frozen, chilled and ambient food products, fresh meat (butchery), prepared vegetables and fruit and vegetables and non-food products to the hospitality industry.
Results and dividends
The results for the year are set out on page 12.
Ordinary dividends were paid amounting to £801,475. The directors do not recommend payment of a further dividend.
No preference dividends were paid.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P J Bateman
Mr C J Bateman
Research and development
There has been a small amount of work completed on this subject over the last 12 months. This work was around enhancing the recipes of some of our existing product lines and moving these from a frozen product to a fresh alternative and constantly reviewing methods used for improving shelf life.
Disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons would follow the same process to, that of other employees.
Employee involvement
The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
Future developments
A great year for the year ended 30th April 2024 enhancing our market share and supplying many more customers over the past 12 months. Continued investment in our people, our product offerings, our fleet profile and facilities remain at our core, with the addition of a second site being secured at the end of 2023. We continue to pay close attention to our impact on the environment as we enter 2025 and how this can become minimised and endeavour to try to move to a greener offering. Solar expansion from the existing array which went live in June 2023 is considered on all building activities. A 3rd location in the North was added at the end of 2024.
Auditor
The auditor, Moore (N.I.) LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
PILGRIM FOODSERVICE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
Energy and carbon report
The company reports its energy consumption for the year to 30th April 2024 as follows:
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Gas combustion
61,771
89,072
- Electricity purchased (grid supplied)
1,736,392
1,868,041
- Fuel consumed for transport
12,908,830
10,159,620
Sub-total
14,706,993
12,116,733
- Electricity self generated
213,138
-
14,920,131
12,116,733
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
15.24
21.98
- Fuel consumed for owned transport
3,078.86
2,445.93
3,094.10
2,467.91
Scope 2 - indirect emissions
- Electricity purchased
359.56
361.24
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
2.76
1.62
Total gross emissions
3,456.42
2,830.77
Intensity ratio
Tonnes CO2e per £1m of turnover
49.157
49.160
Quantification and reporting methodology
This report (including the Scope 1 and 2 kWh consumption and CO2e emissions data) has been developed and calculated using the GHG Protocol – A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004); Greenhouse Gas Protocol – Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019).
Government Emissions Factor Database 2023 version 1.1 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for the reporting period 01/05/2023 – 30/04/2024.
We have self-generate electricity via solar panels at our Boston site. The amount that has been self generated has been disclosed above and as has been calculated as having zero emissions.
Intensity measurement
The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover
PILGRIM FOODSERVICE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
Measures taken to improve energy efficiency
We have committed to year-on-year improvements in our operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years.
Measures Undertaken In FY2024
Solar Installation
During the financial year we installed 1,252 Solar Panels on site. As well as being a source of clean renewable energy, this has increased energy efficiency by way of reducing dependence on the grid.
Replacement Refrigeration Plant
We have installed a replacement refrigeration plant to assist maintaining a consistent temperature at their prep-facility. By maintaining a consistent temperature we will reduce temperature fluctuations, thereby allowing the facility to use a reliable amount of energy.
Factory 4 Replacement Roof
Beginning in the financial year we installed insulated roof panels on our Factory 4. The new roof panels will better insulate the building, which will reduce reliance on heating and help maintain the temperature and therefore be more efficient.
Measures Planned To Be Addressed In FY2025
BMS Temperature Adjustment. In FY2025 we plan to use our building management systems to reduce energy usage by over-riding the separate individual controls for the buildings. Using this we plan to set maximum room temperatures which will not be able to be raised. This will reduce over usage of the heating system and will be reviewed seasonally.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.
PILGRIM FOODSERVICE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
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.
On behalf of the board
Mr C J Bateman
Director
14 March 2025
PILGRIM FOODSERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PILGRIM FOODSERVICE LIMITED
- 9 -
Opinion
We have audited the financial statements of Pilgrim Foodservice Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows 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:
give a true and fair view of the state of the company's affairs as at 30 April 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.
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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
PILGRIM FOODSERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PILGRIM FOODSERVICE LIMITED (CONTINUED)
- 10 -
Matters on which we are required to report by exception
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims.
Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
PILGRIM FOODSERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PILGRIM FOODSERVICE LIMITED (CONTINUED)
- 11 -
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 purposes 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.
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.
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.
Dr R I Peters Gallagher OBE FCA
Senior Statutory Auditor
For and on behalf of Moore (N.I.) LLP
14 March 2025
Chartered Accountants
Statutory Auditor
30-32 Lodge Road
Coleraine
BT52 1NB
PILGRIM FOODSERVICE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
70,310,072
57,186,174
Cost of sales
(58,252,125)
(46,090,673)
Gross profit
12,057,947
11,095,501
Administrative expenses
(8,994,556)
(8,337,432)
Operating profit
4
3,063,391
2,758,069
Interest receivable and similar income
8
63
Interest payable and similar expenses
9
(268,374)
(168,537)
Profit before taxation
2,795,017
2,589,595
Tax on profit
10
(1,229,354)
(671,053)
Profit for the financial year
1,565,663
1,918,542
PILGRIM FOODSERVICE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
3,792,086
4,425,550
Other intangible assets
13
236,197
472,394
Total intangible assets
4,028,283
4,897,944
Tangible assets
14
14,747,406
10,542,965
Investments
15
100
100
18,775,789
15,441,009
Current assets
Stocks
18
3,602,784
4,288,319
Debtors
19
5,035,478
4,137,813
8,638,262
8,426,132
Creditors: amounts falling due within one year
20
(10,858,915)
(8,464,202)
Net current liabilities
(2,220,653)
(38,070)
Total assets less current liabilities
16,555,136
15,402,939
Creditors: amounts falling due after more than one year
21
(3,533,592)
(3,126,621)
Provisions for liabilities
(1,297,038)
(816,000)
Net assets
11,724,506
11,460,318
Capital and reserves
Called up share capital
26
2,601,152
3,101,152
Capital redemption reserve
3,755,153
3,255,153
Profit and loss reserves
5,368,201
5,104,013
Total equity
11,724,506
11,460,318
The financial statements were approved by the board of directors and authorised for issue on 14 March 2025 and are signed on its behalf by:
Mr P J Bateman
Director
Company Registration No. 05526538
PILGRIM FOODSERVICE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
3,901,152
2,455,153
4,730,592
11,086,897
Year ended 30 April 2023:
Profit and total comprehensive income for the year
-
-
1,918,542
1,918,542
Redemption of shares
26
(800,000)
-
-
(800,000)
Dividends
11
-
-
(745,121)
(745,121)
Transfer of preference shares to capital redemption reserve
26
800,000
(800,000)
Balance at 30 April 2023
3,101,152
3,255,153
5,104,013
11,460,318
Year ended 30 April 2024:
Profit and total comprehensive income for the year
-
-
1,565,663
1,565,663
Redemption of shares
26
(500,000)
-
-
(500,000)
Dividends
11
-
-
(801,475)
(801,475)
Transfer of preference shares to capital redemption reserve
26
500,000
(500,000)
Balance at 30 April 2024
2,601,152
3,755,153
5,368,201
11,724,506
PILGRIM FOODSERVICE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
30
6,521,446
3,678,620
Interest paid
(268,374)
(168,537)
Income taxes paid
(764,673)
(532,876)
Net cash inflow from operating activities
5,488,399
2,977,207
Investing activities
Purchase of intangible assets
(1,084,389)
Purchase of tangible fixed assets
(5,125,751)
(1,082,993)
Proceeds on disposal of tangible fixed assets
28,600
222,919
Interest received
63
Net cash used in investing activities
(5,097,151)
(1,944,400)
Financing activities
Proceeds from issue of shares
(500,000)
(800,000)
Repayment of borrowings
229,443
55,892
Repayment of bank loans
(720,636)
(750,004)
Payment of finance leases obligations
1,148,858
(3,664)
Dividends paid
(801,475)
(745,121)
Net cash used in financing activities
(643,810)
(2,242,897)
Net decrease in cash and cash equivalents
(252,562)
(1,210,090)
Cash and cash equivalents at beginning of year
(540,453)
669,637
Cash and cash equivalents at end of year
(793,015)
(540,453)
Relating to:
Bank overdrafts included in creditors payable within one year
(793,015)
(540,453)
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 16 -
1
Accounting policies
Company information
Pilgrim Foodservice Limited is a private company limited by shares incorporated in England and Wales. The registered office is Marsh Lane, Boston, Lincolnshire, PE21 7SJ.
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 principal accounting policies adopted are set out below.
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
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 is recognised when; a) the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), b) the amount of revenue can be measured reliably, c) it is probable that the economic benefits associated with the transaction will flow to the entity and d) the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
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 between 5 and 20 years.
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.
1.6
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.
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10% and 33.3% straight line (once operational)
1.7
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not provided
Improvements to property
2% straight line
Plant and equipment
15% reducing balance and 6% straight line
Computers
15% reducing balance and 20% straight line
Motor vehicles
25% reducing balance and 12 years straight line with a residual balance of £2/3k
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.
There was a change to the accounting estimate for depreciation of lorries. Lorries were previously depreciated at 25% reducing balance, however, from 1st May 2018 these are now depreciated at a rate of 12 years straight line with a residual balance of £2/3k.
1.8
Impairment of fixed assets
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
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 at bank and in hand
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’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 20 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.
1.15
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.16
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
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.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
70,310,072
57,186,174
2024
2023
£
£
Other revenue
Interest income
-
63
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
15,000
15,000
Fees payable to the company's auditor for non audit services
13,536
18,600
Depreciation of tangible fixed assets
871,843
729,752
Loss/(profit) on disposal of tangible fixed assets
20,868
(66,571)
Amortisation of intangible assets
633,464
578,824
Impairment of intangible assets
236,196
301,392
5
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
15,000
15,000
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
2
2
Administration
32
28
Other
261
263
295
293
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
10,084,815
8,739,834
Social security costs
995,598
857,608
Pension costs
694,897
598,178
11,775,310
10,195,620
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
461,000
401,917
Company pension contributions to defined contribution schemes
9,030
11,400
470,030
413,317
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
367,030
391,400
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
63
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 23 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
264,371
168,537
Other finance costs:
Other interest
4,003
268,374
168,537
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
748,316
538,739
Adjustments in respect of prior periods
253
Total current tax
748,316
538,992
Deferred tax
Origination and reversal of timing differences
481,038
132,061
Total tax charge
1,229,354
671,053
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
2,795,017
2,589,595
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
698,754
492,023
Tax effect of expenses that are not deductible in determining taxable profit
79,648
50,436
Adjustments in respect of prior years
253
Effect of change in corporation tax rate
13,629
Permanent capital allowances in excess of depreciation
(188,452)
(130,784)
Amortisation on assets not qualifying for tax allowances
158,366
109,977
Chargeable gain
3,458
Deferred tax charge current year
481,038
132,061
Taxation charge for the year
1,229,354
671,053
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
11
Dividends
2024
2023
£
£
Final paid
801,475
745,121
12
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
Notes
£
£
In respect of:
Intangible assets
13
236,196
301,392
Recognised in:
Administrative expenses
236,196
301,392
13
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
11,719,010
1,704,536
13,423,546
Amortisation and impairment
At 1 May 2023
7,293,460
1,232,143
8,525,603
Amortisation charged for the year
633,464
633,464
Impairment losses
236,196
236,196
At 30 April 2024
7,926,924
1,468,339
9,395,263
Carrying amount
At 30 April 2024
3,792,086
236,197
4,028,283
At 30 April 2023
4,425,550
472,394
4,897,944
More information on impairment movements in the year is given in note 12.
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
14
Tangible fixed assets
Freehold land and buildings
Improvements to property
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
1,510,447
6,076,226
4,812,674
1,264,538
5,765,361
19,429,246
Additions
1,637,053
981,615
319,254
3,495
2,184,334
5,125,751
Disposals
(104,363)
(104,363)
At 30 April 2024
3,147,500
7,057,841
5,131,928
1,268,033
7,845,332
24,450,634
Depreciation and impairment
At 1 May 2023
862,605
3,090,617
1,177,225
3,755,834
8,886,281
Depreciation charged in the year
127,833
307,237
24,323
412,450
871,843
Eliminated in respect of disposals
(54,896)
(54,896)
At 30 April 2024
990,438
3,397,854
1,201,548
4,113,388
9,703,228
Carrying amount
At 30 April 2024
3,147,500
6,067,403
1,734,074
66,485
3,731,944
14,747,406
At 30 April 2023
1,510,447
5,213,621
1,722,057
87,313
2,009,527
10,542,965
The carrying value of land and buildings comprises:
2024
2023
£
£
Freehold
3,147,500
1,510,447
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Motor vehicles
1,018,532
1,078,115
Computers
42,356
1,018,532
1,120,471
Freehold land and buildings with a carrying amount of £1,510,447 (2023 - £1,510,447) have been pledged to secure borrowings of the company. The company cannot pledge these assets as security for other borrowings or to sell them to another entity.
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
15
Fixed asset investments
2024
2023
£
£
Unlisted investments
100
100
16
Subsidiaries
On 14 November 2022 the company acquired the business of .
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
East Anglian Foods Ltd
United Kingdom
Ordinary
100.00
17
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
3,939,861
3,177,764
Instruments measured at fair value through profit or loss
100
100
Carrying amount of financial liabilities
Measured at amortised cost
13,757,563
10,981,119
18
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,602,784
4,288,319
19
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,939,861
3,177,764
Other debtors
285,195
245,810
Prepayments and accrued income
810,422
714,239
5,035,478
4,137,813
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
20
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
22
1,572,186
1,290,457
Obligations under finance leases
23
221,527
Trade creditors
5,358,694
3,942,442
Corporation tax
342,382
358,739
Other taxation and social security
292,562
250,965
Other creditors
802,545
60,136
Accruals and deferred income
2,269,019
2,561,463
10,858,915
8,464,202
21
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
22
1,925,178
2,674,981
Obligations under finance leases
23
927,331
Shareholder loans
22
681,083
451,640
3,533,592
3,126,621
22
Loans and overdrafts
2024
2023
£
£
Bank loans and overdrafts
2,704,349
3,424,985
Bank overdrafts
793,015
540,453
Shareholder loans
681,083
451,640
4,178,447
4,417,078
Payable within one year
1,572,186
1,290,457
Payable after one year
2,606,261
3,126,621
Bank loans and overdrafts are secured as follows:
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 28 -
23
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
221,527
In two to five years
927,331
1,148,858
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
24
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,297,038
816,000
2024
Movements in the year:
£
Liability at 1 May 2023
816,000
Charge to profit or loss
481,038
Liability at 30 April 2024
1,297,038
The net deferred tax liability expected to reverse in 12 months by £50,031. This primarily relates to the reversal of tax timing differences on capital allowances.
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
694,897
598,178
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.
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
26
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
313,076 A ordinary shares of £1 each
313,076
313,076
313,076 B ordinary shares of £1 each
313,076
313,076
626,152
626,152
Preference share capital
Issued and fully paid
1,975,000 (2023: 2,475,000) Preference shares of £1 each
1,975,000
2,475,000
Preference shares classified as equity
1,975,000
2,475,000
Total equity share capital
2,601,152
3,101,152
The company has two classes of ordinary shares which rank equal in all respects and carry no right to fixed income. Additionally, the company has in issue 2,475,000 redeemable preference shares of £1 each. These shares do not carry voting rights.
27
Operating lease commitments
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
70,231
68,997
Between two and five years
54,879
79,099
125,110
148,096
28
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Purchases
Purchases
2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
-
13,485
PILGRIM FOODSERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
28
Related party transactions
(Continued)
- 30 -
Debtor balances
2024
2023
£
£
Entities over which the entity has control, joint control or significant influence
-
2,558
29
Ultimate controlling party
The ultimate controlling party is P J Bateman.
30
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,565,663
1,918,542
Adjustments for:
Taxation charged
1,229,354
671,053
Finance costs
268,374
168,537
Investment income
(63)
Loss/(gain) on disposal of tangible fixed assets
20,868
(66,571)
Amortisation and impairment of intangible assets
869,660
880,216
Depreciation and impairment of tangible fixed assets
871,843
729,752
Movements in working capital:
Decrease/(increase) in stocks
685,535
(1,103,214)
Increase in debtors
(897,665)
(1,184,173)
Increase in creditors
1,907,814
1,664,541
Cash generated from operations
6,521,446
3,678,620
31
Analysis of changes in net debt
1 May 2023
Cash flows
30 April 2024
£
£
£
Bank overdrafts
(540,453)
(252,562)
(793,015)
Borrowings excluding overdrafts
(3,876,625)
491,193
(3,385,432)
Obligations under finance leases
-
(1,148,858)
(1,148,858)
(4,417,078)
(910,227)
(5,327,305)
2024-04-302023-05-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.310Mr P J BatemanMr C J BatemanMr C J Bateman055265382023-05-012024-04-3005526538bus:Director12023-05-012024-04-3005526538bus:CompanySecretaryDirector12023-05-012024-04-3005526538bus:CompanySecretary12023-05-012024-04-3005526538bus:Director22023-05-012024-04-3005526538bus:RegisteredOffice2023-05-012024-04-3005526538bus:Agent12023-05-012024-04-3005526538bus:Agent22023-05-012024-04-3005526538core:FinancialInstrumentsIncludingThoseHeldForSale2023-04-30055265382024-04-30055265382023-04-3005526538core:CurrentFinancialInstruments2024-04-3005526538core:CurrentFinancialInstruments2023-04-3005526538core:Non-currentFinancialInstruments2024-04-3005526538core:Non-currentFinancialInstruments2023-04-3005526538core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3005526538core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-30055265382022-05-012023-04-3005526538core:RetainedEarningsAccumulatedLosses2022-05-012023-04-3005526538core:RetainedEarningsAccumulatedLosses2023-05-012024-04-3005526538core:Goodwill2024-04-3005526538core:Goodwill2023-04-3005526538core:OtherResidualIntangibleAssets2024-04-3005526538core:OtherResidualIntangibleAssets2023-04-3005526538core:ComputerSoftware2024-04-3005526538core:ComputerSoftware2023-04-3005526538core:LandBuildingscore:OwnedOrFreeholdAssets2024-04-3005526538core:LeaseholdImprovements2024-04-3005526538core:PlantMachinery2024-04-3005526538core:ComputerEquipment2024-04-3005526538core:MotorVehicles2024-04-3005526538core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-3005526538core:LeaseholdImprovements2023-04-3005526538core:PlantMachinery2023-04-3005526538core:ComputerEquipment2023-04-3005526538core:MotorVehicles2023-04-3005526538core:ShareCapital2024-04-3005526538core:ShareCapital2023-04-3005526538core:CapitalRedemptionReserve2024-04-3005526538core:CapitalRedemptionReserve2023-04-3005526538core:RetainedEarningsAccumulatedLosses2024-04-3005526538core:RetainedEarningsAccumulatedLosses2023-04-3005526538core:ShareCapital2022-04-3005526538core:CapitalRedemptionReserve2022-04-3005526538core:RetainedEarningsAccumulatedLosses2022-04-30055265382022-04-3005526538core:ShareCapitalOrdinaryShares2024-04-3005526538core:ShareCapitalOrdinaryShares2023-04-3005526538core:ShareCapital2022-05-012023-04-3005526538core:ShareCapital2023-05-012024-04-300552653812023-05-012024-04-300552653812022-05-012023-04-30055265382023-04-3005526538core:WithinOneYear2024-04-3005526538core:WithinOneYear2023-04-3005526538core:Goodwill2023-05-012024-04-3005526538core:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-3005526538core:LandBuildingscore:OwnedOrFreeholdAssets2023-05-012024-04-3005526538core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2023-05-012024-04-3005526538core:PlantMachinery2023-05-012024-04-3005526538core:ComputerEquipment2023-05-012024-04-3005526538core:MotorVehicles2023-05-012024-04-3005526538core:IntangibleAssetsOtherThanGoodwill2022-05-012023-04-3005526538core:UKTax2023-05-012024-04-3005526538core:UKTax2022-05-012023-04-300552653822023-05-012024-04-300552653822022-05-012023-04-300552653832023-05-012024-04-300552653832022-05-012023-04-3005526538core:Goodwill2023-04-3005526538core:ComputerSoftware2023-04-3005526538core:ComputerSoftware2023-05-012024-04-3005526538core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-3005526538core:LeaseholdImprovements2023-04-3005526538core:PlantMachinery2023-04-3005526538core:ComputerEquipment2023-04-3005526538core:MotorVehicles2023-04-3005526538core:LeaseholdImprovements2023-05-012024-04-3005526538core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2024-04-3005526538core:Non-currentFinancialInstrumentscore:UnlistedNon-exchangeTraded2023-04-300552653812023-05-012024-04-3005526538core:BetweenTwoFiveYears2024-04-3005526538core:BetweenTwoFiveYears2023-04-3005526538bus:PrivateLimitedCompanyLtd2023-05-012024-04-3005526538bus:FRS1022023-05-012024-04-3005526538bus:Audited2023-05-012024-04-3005526538bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP