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Registered number: 03896933









KOREA FOODS COMPANY LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
KOREA FOODS COMPANY LIMITED
 
 
COMPANY INFORMATION


Directors
Bernard Suh 
Daniel Suh 




Company secretary
Anna Suh



Registered number
03896933



Registered office
Korea Foods Company Limited
Unit 5, Wyvern Industrial Estate

Beverley Way

New Malden

Surrey

KT3 4PH




Auditor
Harris & Trotter LLP
Chartered Accountants & Auditors

101 New Cavendish Street

London

W1W 6XH





 
KOREA FOODS COMPANY LIMITED
 

CONTENTS



Page
Strategic Report
1 - 4
Directors' Report
5 - 7
Independent Auditors' Report
8 - 11
Statement of Comprehensive Income
12
Statement of Financial Position
13
Statement of Changes in Equity
14
Statement of Cash Flows
15 - 16
Analysis of Net Debt
17
Notes to the Financial Statements
18 - 36

 
KOREA FOODS COMPANY LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

Business review
 
The Directors are satisfied with the profit for the year after taxation for the Company of £2,731,830  (2023: £3,786,274). 
The Company continues to expand and Turnover has increased by 18% split by an increase in Distribution sales of  13% and an increase in Retail of 26%.
 
Business expansion is driven by new wholesale customers, increased exposure in the multiple retailers and new Seoul Plaza stores.
The Gross Profit was maintained during the year at 31% (2023: 31%)  as international freight rates stabilised. All future contracts with Multinational retailers have been successfully renegotiated at revised prices for the forthcoming year.
Future Developments
The Company continues to grow all its operations and increased profitability has released funds to sustain growth in the Wholesale and Retail sectors.
Retail turnover maintained steady growth on a like for like basis, whilst overall Retail turnover has risen significantly due to the expanded store portfolio. The Company will continue its Retail expansion nationwide in 2025.
Sales to multinational supermarket chains continue to grow and significant development in this sector is forecast for 2024/2025.
 
The Company will continue generating new demand within its existing markets and maintain its position as the leading distributor of Korean and Asian food products.
The Company continues to receive support from its bankers and forecasts stable cash flows for 2025 whilst investment is continued to be made in new stores.  

Page 1

 
KOREA FOODS COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Principal risks and uncertainties
 
Liquidity Risk
The Company seeks to manage financial risk by ensuring liquidity is available to meet foreseeable obligations.  Day to day cash management is controlled by detailed cash flow analysis. All future supplier payments are forecast to ensure net peak borrowings are covered by bank facilities comprising overdrafts, import trade loans and finance leases. 
Credit Risk
Trade debtors represent the Company’s maximum exposure in relation to financial assets. 
It is the Company’s policy that all customers who wish to trade on credit terms are subject to strict credit verification procedures. The Company only offers these terms to recognised, creditworthy third parties. In addition, receivables balances are monitored on an ongoing basis consistent with spending patterns and debt ageing, with the result that the Company’s history of bad debt losses is not significant. 
Debtor days outstanding are closely monitored throughout the year and action is taken promptly when payment terms are breached.
The Company has no significant concentration of credit risks, other than multinational supermarket chains,  and many smaller trade customers trade on cash-on-delivery or payment-in-advance terms.

Financial key performance indicators
 
The Company uses a number of financial and non-financial key performance indicators (KPIs) to measure the Company’s performance.
The Board considers (i) Turnover to be a measure of the expansion of the business sales (ii) Gross margin a measure of the underlying profitability of sales and (iii) EBITDA as a measure of underlying profit as a viable alternative to profit.

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Page 2

 
KOREA FOODS COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Stakeholder Considerations
 
Section 172 of the Companies Act 2006 requires a director of the company to act in a way he or she considers in good faith would most likely promote the success of the company for the benefit of its member as a whole. 
The directors have regard, amongst other matters, for : -
• Likely consequences of long term decisions,
• Interests of the Company’s employees,
• Good business relationships with suppliers, customers and retail shoppers,
• Ecological impact on local community,
• Maintenance of high standard of business conduct,
• Acting fairly between all members of the company.
Korea Foods Company Limited is controlled by the Suh family and the directors strive to ensure high standards of business ethics at all times. The directors designate day to day management of the company to senior management. They consistently review financial and operational performance, business strategy and key risks, health and safety, diversity and inclusion, environmental matters, corporate responsibility and legal compliance throughout the course of the year. New quality control management systems have recently been implemented including a balanced scorecard management system. This aims to translating the company’s strategic goals into a set of organisational performance objectives that, in turn, are measured, monitored and changed if necessary to ensure that strategic goals are met.
Motivated and well trained staff are key to the success of the company and every new member of staff receives suitable training on induction. Staff are continually performance reviewed and encouraged to share in the decision making of the business.
The directors meet regularly with senior management to review the current business performance and to plan future sales and purchasing strategy. 
Retail store managers are included in the Retail sales management planning and sites are regularly visited and reviewed to maintain high standards of customer service and compliance with all statutory relevant Food, Hygiene and Licencing Standards.
The directors include senior management in all long term operating policy decisions including warehouse location, computer software and logistics.
Korea Foods Company Limited’s employees originate from a diverse range of backgrounds (education, religion, race, gender, age) from UK, Europe and Asia and job opportunities are open to all.
Gender pay gap statistics are constantly monitored and the directors are satisfied that all genders are equitably treated.
The directors regularly review staff working conditions and ensure that all staff needs are provided where appropriate in the work place. Feedback is encouraged and constructive views will always be acted upon accordingly for the welfare of the staff. Performance indicators such as Company turnover are shared with employees on a weekly basis.
The company always looks for best practice and aims to pay all local suppliers on a timely basis. Overseas suppliers are paid through Import Loans or on normal commercial import terms.
The company has long standing relationships with many of its customers and will continue to assist smaller traders and restaurant customers with credit support.
 
The directors maintain an ecological approach to the company’s packaging control and ensure that all statutory waste requirements are complied with. Every effort is made to recirculate waste package through independent contractors.

 
Page 3

 
KOREA FOODS COMPANY LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Retail stores and warehouses require cold and freezer equipment to ensure best practice procedures are maintained and food is stored in the most efficient manner. All Cold rooms have been constructed using industry standard insulation to ensure energy efficiency. 


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



Bernard Suh
Director

Date: 20 March 2025
Page 4

 
KOREA FOODS COMPANY 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

The directors who served during the year were:

Bernard Suh 
Daniel Suh 

Principal activity

The principal activity of the Company was and continues to be a distributor and retailer of Asian foods. 

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,731,830 (2023 - £3,786,274).

The results for the year are set out on page 12.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
No preference dividends were paid.

Page 5

 
KOREA FOODS COMPANY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Engagement with employees

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employee's 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.

Disabled employees

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 should, as far as possible, be identical to that of other employees. 

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company is required to report UK energy use for certain activities for which it is responsible.
       
Energy use has been compiled from a review of purchase information and using the 2024 Government conversion factors.   The chosen intensity measure of Tonnes CO2e per employee is appropriate for a service and distribution 

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The Company has continued to increase energy efficiency during the year and is planning  to invest in additional environmental procedures for the future. These include a systemised ESG policy, encouraging energy efficiency among staff, energy efficient lighting and packaging waste disposal, upgrading technology to allow on-line meetings and home working. 
The company’s fleet of vehicles is regularly modernised to ensure vehicles are energy efficient. Delivery operations minimise the carbon footprint during journeys and avoid empty trucks where possible on returns.

Disclosure of information to auditors

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

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

Page 6

 
KOREA FOODS COMPANY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Post balance sheet events

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

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Bernard Suh
Director

Date: 20 March 2025
Page 7

 
KOREA FOODS COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KOREA FOODS COMPANY LIMITED
 

Opinion


We have audited the financial statements of Korea Foods Company Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 8

 
KOREA FOODS COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KOREA FOODS COMPANY LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 9

 
KOREA FOODS COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KOREA FOODS COMPANY LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principle risks were related to inflated revenue and profit.
Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, review of correspondence with and reports to the regulators, review of correspondence with legal advisors, enquiries of management and review of internal audit reports in so far as they related to the financial statements, and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud. 
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 10

 
KOREA FOODS COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KOREA FOODS COMPANY LIMITED (CONTINUED)


Use of our report
 

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





Daniel Walters (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants
Auditors
  
101 New Cavendish Street
London
W1W 6XH

20 March 2025
Page 11

 
KOREA FOODS COMPANY LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
78,003,346
66,316,175

Cost of sales
  
(53,960,250)
(45,884,925)

Gross profit
  
24,043,096
20,431,250

Administrative expenses
  
(20,106,592)
(15,595,343)

Other operating income
 5 
255,515
161,660

Other operating charges
  
(5,829)
(954)

Operating profit
 6 
4,186,190
4,996,613

Interest receivable and similar income
 10 
803
161

Interest payable and similar expenses
 11 
(354,731)
(160,001)

Profit before tax
  
3,832,262
4,836,773

Tax on profit
 12 
(1,100,432)
(1,050,499)

Profit for the financial year
  
2,731,830
3,786,274

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 18 to 36 form part of these financial statements.
Page 12

 
KOREA FOODS COMPANY LIMITED
REGISTERED NUMBER: 03896933

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
Restated 2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
100,796
109,012

Tangible assets
 14 
8,028,410
5,311,690

  
8,129,206
5,420,702

Current assets
  

Stocks
 15 
16,065,169
10,726,297

Debtors: amounts falling due within one year
 16 
7,234,425
5,928,038

Cash at bank and in hand
 17 
481,570
441,979

  
23,781,164
17,096,314

Creditors: amounts falling due within one year
 18 
(15,219,816)
(9,156,606)

Net current assets
  
 
 
8,561,348
 
 
7,939,708

Total assets less current liabilities
  
16,690,554
13,360,410

Creditors: amounts falling due after more than one year
 19 
(1,503,711)
(1,713,050)

Provisions for liabilities
  

Deferred tax
 23 
(750,916)
(306,413)

Other provisions
 24 
(1,013,817)
(650,667)

  
 
 
(1,764,733)
 
 
(957,080)

Net assets
  
13,422,110
10,690,280


Capital and reserves
  

Called up share capital 
  
100,000
100,000

Profit and loss account
  
13,322,110
10,590,280

  
13,422,110
10,690,280


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




Bernard Suh
Director

The notes on pages 18 to 36 form part of these financial statements.
Page 13

 
KOREA FOODS COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 July 2022
100,000
6,804,006
6,904,006


Comprehensive income for the year

Profit for the year
-
3,786,274
3,786,274



At 1 July 2023
100,000
10,590,280
10,690,280


Comprehensive income for the year

Profit for the year
-
2,731,830
2,731,830


At 30 June 2024
100,000
13,322,110
13,422,110


The notes on pages 18 to 36 form part of these financial statements.
Page 14

 
KOREA FOODS COMPANY LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,731,830
3,786,274

Adjustments for:

Amortisation of intangible assets
23,870
-

Depreciation of tangible assets
843,458
460,435

Loss on disposal of tangible assets
(1,161)
14,574

Interest paid
354,730
160,001

Interest received
(803)
(161)

Taxation charge
735,019
973,950

(Increase) in stocks
(5,338,874)
(2,156,272)

(Increase) in debtors
(1,307,477)
(85,759)

Increase/(decrease) in creditors
3,292,777
(847,874)

Deferred tax
444,503
-

Increase in provisions
363,150
394,406

Corporation tax (paid)
(1,011,103)
(404,889)

Interest on corporation tax
(79,090)
-

Net cash generated from operating activities

1,050,829
2,294,685


Cash flows from investing activities

Purchase of intangible fixed assets
(15,654)
-

Purchase of tangible fixed assets
(3,577,109)
(1,602,049)

Sale of tangible fixed assets
18,090
-

Interest received
803
161

HP interest paid
(36,361)
(29,695)

Repayment of HP leases
(255,300)
-

New HP lease
180,301
-

Net cash from investing activities

(3,685,230)
(1,631,583)

Cash flows from financing activities

Repayment of loans
(853,232)
(507,110)

Other new loans
581,863
691,326

Asset Finance facility
2,248,699
-

Interest paid
(239,279)
(130,306)

Net cash used in financing activities
1,738,051
53,910

Net (decrease)/increase in cash and cash equivalents
(896,350)
717,012

Cash and cash equivalents at beginning of year
1,377,920
660,909
Page 15

 
KOREA FOODS COMPANY LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£


Cash and cash equivalents at the end of year
481,570
1,377,921


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
481,570
1,377,921

481,570
1,377,921


The notes on pages 18 to 36 form part of these financial statements.

Page 16

 
KOREA FOODS COMPANY LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024




At 1 July 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

441,979

(896,351)

(454,372)

Debt due after 1 year

(1,214,502)

147,380

(1,067,122)

Debt due within 1 year

112,082

(2,136,731)

(2,024,649)

Finance leases

(766,790)

74,994

(691,796)


(1,427,231)
(2,810,708)
(4,237,939)

The notes on pages 18 to 36 form part of these financial statements.
Page 17

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
1.2

Going concern

These financial statements are prepared on the going concern basis which the directors believe to be appropriate.
The company continues to receive the support of its bankers and major creditors.
The company's bank facilities are considered by the directors to be sufficient to support ongoing operations. The company is reliant on bank loans to help facilitate the growth in trade. The debt which has been made available to the company is underutilised and the terms of the agreement are consistently upheld by the company. Bank Import Trade Facilities remain underutilised but are available when required.
The directors have reviewed the group's business plan, existing facilities, post year end performance and future forecasts and have full confidence that the company has adequate resources to continue in operational existence for the forseeable future. The directors believe it remaines appropriate to prepare the financial statements on a going concern basis. 

Page 18

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

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

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
1.4

Revenue

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

Sale of goods

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

 
1.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 19

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.6

Interest income

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

 
1.7

Finance costs

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

 
1.8

Borrowing costs

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

 
1.9

Pensions

Defined contribution pension plan

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

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

 
1.10

Current and deferred taxation

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

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

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

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


Page 20

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
1.12

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Estimated useful life of asset
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.13

Stocks

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

Stocks held for distribution at nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. 

 
1.14

Debtors

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

Page 21

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.15

Cash and cash equivalents

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

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
1.16

Creditors

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

 
1.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 22

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)

 
1.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The
Page 23

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.Accounting policies (continued)


1.18
Financial instruments (continued)

impairment reversal is recognised in the profit or loss.

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


2.


General information

Korea Foods Company Limited is a private company limited by shares, incorporated in England & Wales (registered number: 03896933). 
The registered office address is Unit 5 Wyvern Industrial Estate, Beverley Way, New Malden, Surrey, KT3 4PH, which is also the principal place of business address.

Page 24

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying 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 where the revision affects both current and future periods. 


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Domestic wholesales
47,798,296
42,242,565

Back to back container sales
595,395
572,310

Cash and carry sales
29,609,655
23,501,300

78,003,346
66,316,175


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
77,998,616
66,301,153

Rest of Europe
339
4,283

Rest of the world
4,391
10,739

78,003,346
66,316,175



5.


Other operating income

2024
2023
£
£

Other operating income
255,515
161,660

255,515
161,660


Page 25

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
6,599
(22,216)

Other operating lease rentals
2,461,936
1,766,425

Depreciation of owned tangible fixed assets
867,236
460,435


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
50,000
42,000

8.


Employees

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


2024
2023
£
£

Wages and salaries
10,162,595
7,333,927

Social security costs
815,861
595,853

Cost of defined contribution scheme
180,534
131,406

11,158,990
8,061,186


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


        2024
        2023
            No.
            No.







Employees
359
323

Page 26

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
147,700
50,772

Company contributions to defined contribution pension schemes
1,313
1,313

149,013
52,085


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


10.


Interest receivable

2024
2023
£
£


Other interest receivable
803
161

803
161


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
102,839
90,283

Finance leases and hire purchase contracts
36,361
29,695

Other interest payable
215,531
40,023

354,731
160,001

Page 27

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
655,929
973,950


655,929
973,950


Total current tax
655,929
973,950

Deferred tax


Origination and reversal of timing differences
444,503
76,549

Total deferred tax
444,503
76,549


Tax on profit
1,100,432
1,050,499

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 25%) as set out below:

2024
2023
£
£


Profit on ordinary activities before tax
3,832,262
4,836,773


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
968,828
1,209,193

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
7,181
4,514

Capital allowances for year in excess of depreciation
(126,397)
(21,907)

Utilisation of tax losses
(193,683)
-

Other timing differences leading to an increase (decrease) in taxation
444,503
76,549

Effect of a change in Corporation Tax rate
-
(217,850)

Total tax charge for the year
1,100,432
1,050,499

Page 28

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Intangible assets




Patents
Trademarks
Computer software
Total

£
£
£
£



Cost


At 1 July 2023
5,749
19,507
623,909
649,165


Additions
-
-
15,654
15,654



At 30 June 2024

5,749
19,507
639,563
664,819



Amortisation


At 1 July 2023
-
-
540,153
540,153


Charge for the year on owned assets
-
-
23,870
23,870



At 30 June 2024

-
-
564,023
564,023



Net book value



At 30 June 2024
5,749
19,507
75,540
100,796



At 30 June 2023
5,749
19,507
83,756
109,012



Page 29
 


 
KOREA FOODS COMPANY LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


14.


Tangible fixed assets






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 July 2023
1,223,250
3,948,107
1,530,681
1,281,465
1,018,212
106,111
9,107,826


Additions
-
2,628,489
724,715
64,347
159,558
-
3,577,109


Disposals
-
-
(20,199)
(111,568)
-
-
(131,767)



At 30 June 2024

1,223,250
6,576,596
2,235,197
1,234,244
1,177,770
106,111
12,553,168



Depreciation


At 1 July 2023
36,698
1,063,967
958,847
671,812
977,411
87,403
3,796,138


Charge for the year on owned assets
24,465
368,285
250,700
160,667
32,219
7,122
843,458


Disposals
-
-
(19,602)
(95,236)
-
-
(114,838)



At 30 June 2024

61,163
1,432,252
1,189,945
737,243
1,009,630
94,525
4,524,758



Net book value



At 30 June 2024
1,162,087
5,144,344
1,045,252
497,001
168,140
11,586
8,028,410



At 30 June 2023
1,186,553
2,884,140
571,835
609,653
40,801
18,708
5,311,690

Page 30
 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           14.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold land
1,162,088
1,186,553

Long leasehold
5,144,344
2,884,140

6,306,432
4,070,693


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


2024
2023
£
£



Plant and machinery
889,762
498,548

889,762
498,548

Fixed assets are secured against fixed charges on borrowings held by the Company.


15.


Stocks

2024
2023
£
£

Goods in transit
6,695,286
2,859,025

Finished goods and goods for resale
9,369,883
7,867,272

16,065,169
10,726,297


Page 31

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Debtors

2024
2023
£
£


Trade debtors
5,143,365
4,272,606

Amounts owed by group undertakings
14,252
13,330

Other debtors
581,428
615,790

Prepayments and accrued income
1,495,380
1,026,312

7,234,425
5,928,038



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
481,570
441,979

481,570
441,979



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
82,462
96,988

Other loans
2,830,562
(244,616)

Trade creditors
9,860,833
6,546,594

Corporation tax
946,839
1,222,923

Other taxation and social security
227,725
161,232

Obligations under finance lease and hire purchase contracts
255,209
268,243

Other creditors
566,717
367,949

Accruals and deferred income
449,469
737,293

15,219,816
9,156,606


Page 32

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,067,122
1,153,499

Other loans
-
61,000

Net obligations under finance leases and hire purchase contracts
436,589
498,551

1,503,711
1,713,050



20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
82,462
96,988

Other loans
2,830,562
(244,616)


2,913,024
(147,628)

Amounts falling due 2-5 years

Bank loans
360,688
262,063


360,688
262,063

Amounts falling due after more than 5 years

Bank loans
706,434
891,439

Other loans
-
61,000

3,980,146
1,066,874


The long-term loans are secured by way of fixed and floating charges across all assets held. The most recent charge was registered on 1st March 2024. 

Page 33

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
255,207
268,242

Between 1-5 years
436,589
574,228

691,796
842,470


22.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
481,570
1,377,921

Financial assets that are debt instruments measured at amortised cost
5,740,133
4,902,427

6,221,703
6,280,348


Financial liabilities


Financial liabilities measured at amortised cost
(15,777,778)
(10,521,675)


Financial assets measured at fair value through profit or loss comprise of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise of trade and other debtors and accrued income.


Financial liabilities measured at amortised cost comprise of loans, trade and other creditors, accruals and deferred income and Hire purchase leases. 
Page 34

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Deferred taxation




2024


£






At beginning of year
(306,413)


Charged to profit or loss
(444,503)



At end of year
(750,916)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(754,427)
(503,607)

Tax losses carried forward
-
193,683

Timing difference
3,511
3,511


24.


Provisions




Other provision 1

£





At 1 July 2023
650,667


Charged to profit or loss
475,825


Released in year
(112,675)



At 30 June 2024
1,013,817


25.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £180,534 (2023: £131,406). Contributions payable to the fund at the balance sheet date amounted to £47,274 (2023: £35,456).

Page 35

 
KOREA FOODS COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

26.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
2,864,882
2,126,729

Later than 1 year and not later than 5 years
10,392,479
8,846,392

Later than 5 years
16,165,712
14,529,871

29,423,073
25,502,992



Page 36