Company registration number 05203021 (England and Wales)
CLEVELEYS FOODS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
CLEVELEYS FOODS LIMITED
COMPANY INFORMATION
Directors
Mrs P. Cleveley
Mr M. Cleveley
Mr C. Cleveley
Secretary
Mrs P. Cleveley
Company number
05203021
Registered office
Moat Farm
All Saints
Elmham
HALESWORTH
IP19 0NY
Auditor
BG Audit LLP
Chartered Accountants
7 Three Rivers Business Park
Felixstowe Road, Foxhall
IPSWICH
IP10 0BF
CLEVELEYS FOODS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 22
CLEVELEYS FOODS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

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

Review of the business

The principal activity of the company continued to be that of a butchery and delicatessen for the catering industry.

 

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and the position at the year end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties that we face.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross profit percentage and pre-tax profits.


The key financial highlights over the last 2 years are as follows:

 

 

2024

2023

KPI

£

£

 

 

 

Turnover

13,393,110

13,222,458

Gross profit %

13.27%

12.28%

Pre-tax profits

740,713

659,776

 

Turnover has increased by 1.3% in 2024 compared to 2023. This shows that we are still in a strong position within the market and are holding well despite the economic situation that faces many companies in the UK and overseas.

Gross profits have increased in 2024 from that of 2023. Taking advantage of economies of scale and good relationships with suppliers has helped in the last twelve months.

Pre- tax profits have increased by 12.3%.

Future developments

The company anticipates a similar trading performance in the next financial year recognising the UK is facing economic uncertainty.

We continue consideration of capacity expansion, while being mindful of future increases in labour costs and higher tax levels.

Principal risks and uncertainties

Risk management is an important part of the management process of the company and the systems of internal control have been developed to address the principal risks. A policy of continual improvement has been adopted when assessing the adequacy of internal controls by means of a regular review.

 

The company’s activities expose it to a variety of financial risks, market risks and credit risks. The business is exposed to a market that can be inherently high credit risk. The company therefore ensures it has tight credit control procedures which include weekly customer reviews to mitigate against credit failure.

The cost of living has impacted supplier costs and these are kept on top of by weekly price reviews.

The company’s principal financial instruments comprise of trade debtors and creditors and cash held.

Liquidity risk is managed by the director’s monitoring performance within management accounts and cash reserves.

Trade debtors are managed in respect of credit and cash flow risk by the implementation of policies that require appropriate credit checks on potential customers before credit accounts are opened.

Trade creditors risk is managed by ensuring there are sufficient funds available as they fall due.

Operational food safety and hygiene risks are managed by food safety systems which includes both internal and external audits and inspections, health and safety manuals and risk assessments.

CLEVELEYS FOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

On behalf of the board

Mr C. Cleveley
Director
31 January 2025
CLEVELEYS FOODS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

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

Principal activities

The principal activity continued to be that of a Butchery and Delicatessen for the catering industry.

Directors

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

Mrs P. Cleveley
Mr M. Cleveley
Mr C. Cleveley
Results and dividends

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

Ordinary dividends were paid amounting to £118,170. The directors do not recommend payment of a final dividend.

Auditor

BG Audit LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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. Cleveley
Director
31 January 2025
CLEVELEYS FOODS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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

CLEVELEYS FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CLEVELEYS FOODS LIMITED
- 5 -
Opinion

We have audited the financial statements of Cleveleys Foods Limited (the 'company') for the year ended 31 July 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

CLEVELEYS FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLEVELEYS FOODS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

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.

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 industry, we identified that the principal risks of non-compliance with laws and regulations relating to the Food Standards Agency accreditation requirements, and considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that impact directly on the preparation of the financial statements including the Companies Act, and UK tax legislation.

 

We considered managements incentives and opportunities for fraudulent adjustments to the financial statements including override of controls and determined that the principal risks were related to inappropriate journal entries or fraudulent transactions that would result in the manipulation of profits.

Audit procedures included:

 

 

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

CLEVELEYS FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CLEVELEYS FOODS LIMITED
- 7 -

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

Use of our report

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

Jonathan Oakley F.C.A.
For and on behalf of BG Audit LLP
6 February 2025
Statutory Auditor
7 Three Rivers Business Park
Felixstowe Road, Foxhall
IPSWICH
IP10 0BF
CLEVELEYS FOODS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,393,110
13,222,458
Cost of sales
(11,616,162)
(11,598,182)
Gross profit
1,776,948
1,624,276
Administrative expenses
(1,092,776)
(975,431)
Other operating income
4,000
4,000
Operating profit
4
688,172
652,845
Interest receivable and similar income
7
52,541
6,931
Profit before taxation
740,713
659,776
Tax on profit
8
(198,262)
(187,101)
Profit for the financial year
542,451
472,675

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

CLEVELEYS FOODS LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,615,211
1,630,685
Current assets
Stocks
12
553,846
489,471
Debtors
13
1,848,474
1,735,742
Cash at bank and in hand
2,684,202
2,807,832
5,086,522
5,033,045
Creditors: amounts falling due within one year
14
(1,443,005)
(1,886,632)
Net current assets
3,643,517
3,146,413
Total assets less current liabilities
5,258,728
4,777,098
Creditors: amounts falling due after more than one year
15
(34,000)
(38,000)
Provisions for liabilities
(233,195)
(171,846)
Net assets
4,991,533
4,567,252
Capital and reserves
Called up share capital
18
300
300
Profit and loss reserves
4,991,233
4,566,952
Total equity
4,991,533
4,567,252
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr C. Cleveley
Director
Company Registration No. 05203021
CLEVELEYS FOODS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
300
4,158,759
4,159,059
Year ended 31 July 2023:
Profit and total comprehensive income
-
472,675
472,675
Dividends
9
-
(64,482)
(64,482)
Balance at 31 July 2023
300
4,566,952
4,567,252
Year ended 31 July 2024:
Profit and total comprehensive income
-
542,451
542,451
Dividends
9
-
(118,170)
(118,170)
Balance at 31 July 2024
300
4,991,233
4,991,533
CLEVELEYS FOODS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
21
333,714
1,098,789
Income taxes paid
(147,169)
(108,418)
Net cash inflow from operating activities
186,545
990,371
Investing activities
Purchase of tangible fixed assets
(262,766)
(439,231)
Proceeds from disposal of tangible fixed assets
18,220
62,057
Interest received
52,541
6,931
Net cash used in investing activities
(192,005)
(370,243)
Financing activities
Dividends paid
(118,170)
(64,482)
Net cash used in financing activities
(118,170)
(64,482)
Net (decrease)/increase in cash and cash equivalents
(123,630)
555,646
Cash and cash equivalents at beginning of year
2,807,832
2,252,186
Cash and cash equivalents at end of year
2,684,202
2,807,832
CLEVELEYS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
1
Accounting policies
Company information

Cleveleys Foods Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moat Farm, All Saints, Elmham, HALESWORTH, IP19 0NY and the company number is 05203021.

1.1
Accounting convention

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

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

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

1.2
Going concern

The directors have assessed the current financial position of the company and its access to cash resources in the next 12 months. Based on this, the directors consider that the company will have adequate resources to continue in operational existence for the foreseeable future and consider it appropriate to prepare the financial statements on a going concern basis.true

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.

1.4
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.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold
5% Straight Line
Plant and machinery
25% Straight Line
Fixtures, fittings & equipment
25% Straight Line
Motor vehicles
25% Straight Line

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

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

CLEVELEYS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 13 -

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.

1.6
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.7
Cash and cash equivalents

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

1.8
Financial instruments
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.

CLEVELEYS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -
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.

Basic financial liabilities

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

 

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

 

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

1.9
Equity instruments

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

1.10
Taxation

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

Current tax

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

Deferred tax

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

 

CLEVELEYS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
1.11
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.

1.12
Retirement benefits

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

1.13
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.14
Foreign exchange

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

2
Judgements and key sources of estimation uncertainty

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

 

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

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Butchery and delicatessen
13,393,110
13,222,458
CLEVELEYS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Turnover and other revenue
(Continued)
- 16 -
2024
2023
£
£
Turnover analysed by geographical market
UK
13,393,110
13,222,458
2024
2023
£
£
Other revenue
Interest income
52,541
6,931
Grants received
4,000
4,000
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(8,894)
(1,315)
Government grants
(4,000)
(4,000)
Fees payable to the company's auditor for the audit of the company's financial statements
8,000
6,000
Depreciation of owned tangible fixed assets
261,635
236,031
Profit on disposal of tangible fixed assets
(1,615)
(5,099)
5
Employees

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

2024
2023
Number
Number
71
70

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,953,200
1,752,325
Social security costs
175,023
159,592
Pension costs
96,379
73,199
2,224,602
1,985,116
CLEVELEYS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 17 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
96,043
49,309
Company pension contributions to defined contribution schemes
60,000
40,000
156,043
89,309

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
52,360
6,812
Other interest income
181
119
Total income
52,541
6,931
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
52,360
6,812
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
136,913
147,169
Deferred tax
Origination and reversal of timing differences
61,349
39,932
Total tax charge
198,262
187,101
CLEVELEYS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
8
Taxation
(Continued)
- 18 -

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
740,713
659,776
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
185,178
138,553
Tax effect of expenses that are not deductible in determining taxable profit
1,145
1,596
Effect of change in corporation tax rate
-
0
41,420
Depreciation on assets not qualifying for tax allowances
11,939
10,029
Enhanced capital allowances
-
0
(4,497)
Taxation charge for the year
198,262
187,101
9
Dividends
2024
2023
£
£
Interim paid
118,170
64,482
CLEVELEYS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
10
Tangible fixed assets
Land and buildings Freehold
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2023
1,478,640
208,632
263,542
97,794
469,534
2,518,142
Additions
-
0
77,090
14,388
17,108
154,180
262,766
Disposals
-
0
-
0
-
0
-
0
(56,512)
(56,512)
Transfers
-
0
(208,632)
-
0
-
0
208,632
-
0
At 31 July 2024
1,478,640
77,090
277,930
114,902
775,834
2,724,396
Depreciation and impairment
At 1 August 2023
469,172
-
0
163,230
79,678
175,377
887,457
Depreciation charged in the year
73,932
-
0
39,212
14,625
133,866
261,635
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(39,907)
(39,907)
At 31 July 2024
543,104
-
0
202,442
94,303
269,336
1,109,185
Carrying amount
At 31 July 2024
935,536
77,090
75,488
20,599
506,498
1,615,211
At 31 July 2023
1,009,468
208,632
100,312
18,116
294,157
1,630,685
11
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,781,964
1,711,471
Carrying amount of financial liabilities
Measured at amortised cost
1,266,348
1,688,355
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
553,846
489,471
CLEVELEYS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,742,781
1,673,126
Other debtors
105,693
62,616
1,848,474
1,735,742
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
998,864
1,152,017
Corporation tax
136,913
147,169
Other taxation and social security
39,744
51,108
Other creditors
199,650
504,952
Accruals and deferred income
67,834
31,386
1,443,005
1,886,632
15
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Government grants
34,000
38,000
16
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
233,195
171,846
2024
Movements in the year:
£
Liability at 1 August 2023
171,846
Charge to profit or loss
61,349
Liability at 31 July 2024
233,195
CLEVELEYS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
16
Deferred taxation
(Continued)
- 21 -

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
96,379
73,199

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.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
ordinary shares of £1 each
300
300
300
300
19
Related party transactions

Included in other creditors is £165,254 owed to the Directors (2023: £472,885).

 

Only the directors are deemed to be key management. Refer to note 6 for remuneration details.

20
Directors' transactions

Dividends totalling £118,170 (2023 - £64,482) were paid in the year in respect of shares held by the company's directors.

CLEVELEYS FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
21
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
542,451
472,675
Adjustments for:
Taxation charged
198,262
187,101
Investment income
(52,541)
(6,931)
Gain on disposal of tangible fixed assets
(1,615)
(5,099)
Depreciation and impairment of tangible fixed assets
261,635
236,031
Movements in working capital:
(Increase)/decrease in stocks
(64,375)
42,910
Increase in debtors
(112,732)
(116,579)
(Decrease)/increase in creditors
(433,371)
292,681
Decrease in deferred income
(4,000)
(4,000)
Cash generated from operations
333,714
1,098,789
22
Analysis of changes in net funds
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
2,807,832
(123,630)
2,684,202
2024-07-312023-08-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.310Mr M. CleveleyMr C. CleveleyMr C. CleveleyMrs P. Cleveley052030212023-08-012024-07-3105203021bus:CompanySecretaryDirector12023-08-012024-07-3105203021bus:Director12023-08-012024-07-3105203021bus:Director22023-08-012024-07-3105203021bus:CompanySecretary12023-08-012024-07-3105203021bus:Director32023-08-012024-07-3105203021bus:RegisteredOffice2023-08-012024-07-31052030212024-07-31052030212022-08-012023-07-3105203021core:RetainedEarningsAccumulatedLosses2022-08-012023-07-3105203021core:RetainedEarningsAccumulatedLosses2023-08-012024-07-31052030212023-07-3105203021core:LandBuildingscore:OwnedOrFreeholdAssets2024-07-3105203021core:ConstructionInProgressAssetsUnderConstruction2024-07-3105203021core:PlantMachinery2024-07-3105203021core:FurnitureFittings2024-07-3105203021core:MotorVehicles2024-07-3105203021core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-3105203021core:ConstructionInProgressAssetsUnderConstruction2023-07-3105203021core:PlantMachinery2023-07-3105203021core:FurnitureFittings2023-07-3105203021core:MotorVehicles2023-07-3105203021core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-3105203021core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3105203021core:CurrentFinancialInstruments2024-07-3105203021core:CurrentFinancialInstruments2023-07-3105203021core:Non-currentFinancialInstruments2024-07-3105203021core:Non-currentFinancialInstruments2023-07-3105203021core:ShareCapital2024-07-3105203021core:ShareCapital2023-07-3105203021core:RetainedEarningsAccumulatedLosses2024-07-3105203021core:RetainedEarningsAccumulatedLosses2023-07-3105203021core:ShareCapital2022-07-3105203021core:RetainedEarningsAccumulatedLosses2022-07-31052030212023-07-31052030212022-07-3105203021core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-012024-07-3105203021core:PlantMachinery2023-08-012024-07-3105203021core:FurnitureFittings2023-08-012024-07-3105203021core:MotorVehicles2023-08-012024-07-3105203021core:UKTax2023-08-012024-07-3105203021core:UKTax2022-08-012023-07-310520302112023-08-012024-07-310520302112022-08-012023-07-310520302122023-08-012024-07-310520302122022-08-012023-07-3105203021core:LandBuildingscore:OwnedOrFreeholdAssets2023-07-3105203021core:ConstructionInProgressAssetsUnderConstruction2023-07-3105203021core:PlantMachinery2023-07-3105203021core:FurnitureFittings2023-07-3105203021core:MotorVehicles2023-07-3105203021core:ConstructionInProgressAssetsUnderConstruction2023-08-012024-07-3105203021bus:PrivateLimitedCompanyLtd2023-08-012024-07-3105203021bus:FRS1022023-08-012024-07-3105203021bus:Audited2023-08-012024-07-3105203021bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP