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Registered number: 01816960










DIRECT TABLE FOODS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
DIRECT TABLE FOODS LIMITED
 
 
COMPANY INFORMATION


Directors
G Avrain 
A Clarke 
J Cornes 
N Taylor 




Company secretary
G Avrain



Registered number
01816960



Registered office
Saxham Business Park
Little Saxham

Bury St Edmunds

Suffolk

IP28 6RX




Independent auditor
MHA
Statutory Auditors

11 Merus Court

Meridian Business Park

Leicester

LE19 1RJ




Bankers
HSBC
1 Cemetary Square

Birmingham

B1 1HQ




Solicitors
Shakespeare Martineau LLP
Two Colton Square

Leicester

Leicestershire

LE1 1QH





 
DIRECT TABLE FOODS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 10
Independent Auditor's Report
 
11 - 14
Statement of Comprehensive Income
 
15
Balance Sheet
 
16 - 17
Statement of Changes in Equity
 
18
Notes to the Financial Statements
 
19 - 36


 
DIRECT TABLE FOODS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The principal activity of the Company during the year was meat purchasing and processing with a focus on bacon and sausages.

Business review
 
Turnover has decreased by £20,064,797 (-12.3%) during the year from £163,341,294 in 2023 to £143,276,497 in 2024. This is the direct result of volumes being moved to fellow group companies during the year. 
 
Gross profit margins increased from 6.7% in 2023 to 7.8% in 2024, thanks to fantastic Christmas trade results and a restructure of the labour workforce to drive further efficiencies. 
 
Operating profit margin improved from 0.4% to 1.5% in 2023 and 2024 respectively, due to increased focus on costs. This was offset by inflation on materials, energy, transport and labour.
 
The directors will seek to improve profitability further with additional investment in the site and ongoing focus on costs and efficiencies.

Principal risks and uncertainties
 
The directors have assessed the principal risks and uncertainties as listed below:
Credit risk and price risk
The Company sources its products from a number of suppliers and is exposed to changes in the market prices of its commodities. To mitigate increases in prices, the Company continues to source its products from a number of different suppliers and periodically reviews its agreements with suppliers to ensure these are on commercially favourable terms.
Liquidity risk
The Company is financed with appropriate long-term and short-term finance to match the needs of the business. 

Financial key performance indicators
 
Key performance indicators used by the Company are as follows:
Turnover, Gross Profit Margin, Profit on Ordinary activities before taxation.
The non-financial key performance indicators of the Company are prime yield percentage, customer service performance levels, kilos produced per man-hour and whether the Company continues to pass food health & safety audits, which it continually does.
Cash flow is also closely monitored and measured.

Page 1

 
DIRECT TABLE FOODS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
In accordance with section 172 of the Companies Act 2006, the Board acknowledges its duties and responsibilities to act, individually and collectively, in good faith, on behalf of the Company in a way to promote the success of the Company for the benefit of its key stakeholders. 
In doing so having regard, amongst other matters to:
a. The likely consequences of any decision in the long term;
b. The interests of the Company's employees;
c. The need to foster the Company's business relationships with suppliers, customers and others;
d. The impact of the Company's operations on the community and the environment;
e. The desirability of the Company maintaining a reputation for high standards of business conducted; and
f. The need to act fairly between members of the Company.
a. The likely consequences of any decision in the long term
The directors understand the business and environment in which it operates. This is key to understanding the likely consequences of any long term decisions. There is a clear plan for growth which ensures they continue to sell quality products, satisfying customer and shareholder needs, amongst other stakeholders. Continually improving environmental performance and operating methods in line with key laws and regulations are integral and fundamental parts of the business strategy. This strategy is key to ensuring the Company is delivering on their duty of care for the benefit of future generations. 
b. The interests of the Company's employees
The directors recognise that the employees are key to the business and its success. What makes them different is their approach to relationships, which extends past expected customer focus, to all their employees. Employee welfare and wellbeing is of utmost importance and they ensure all employees work in a safe and healthy environment and this is supported through regular external health and safety compliance checks. The directors regularly engage with employees through internal communication methods. When making decisions, the directors consider which course of action best delivers the Company strategy in the long term, taking into consideration all stakeholders of the Company, including the employees.
c. The need to foster the Company's business relationships with suppliers, customers and others
The directors recognise that building relationships with suppliers and customers is also key to the success of the business. Their objective is to become a key partner, delivering quality products each time. This can only be achieved if they are also building relationships with their key suppliers. The directors recognised that working with suppliers and customers is also key to ensuring the impact to the environment is minimised.
d. The impact of the Company's operations on the community and the environment 
The Company recognises the importance of minimising the impact of their operations on the community and environment.
e. The desirability of the Company maintaining a reputation for high standards of business conduct
The Company is committed to improving quality and reducing any environmental impact, as noted above. This ensures that their reputation with the local community is maintained. 
f. The need to act fairly between members of the Company
When making decisions, the directors consider which course of action best delivers the Company strategy in the long term, taking into consideration all stakeholders of the Company. 

Page 2

 
DIRECT TABLE FOODS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


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



................................................
G Avrain
Director

Date: 2 April 2025

Page 3

 
DIRECT TABLE FOODS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Results and dividends

The profit for the year, after taxation, amounted to £2,907,157 (2023 - £839,874).

There were no dividends paid in the year (2023 - £Nil).

Directors

The directors who served during the year were:

G Avrain 
A Clarke 
J Cornes 
N Taylor 

Environmental matters
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
The Companies Act 2006 (Strategic Report and Directors' Report) Regulation 2018 requires Direct Table Foods Limited to disclose annual UK energy consumption and Greenhouse Gas emissions from SECR regulated sources. Energy and Greenhouse Gas emissions have been independently calculated by the ESG division of Inspired Energy PLC.
This report (including the Scope 1, 2 and 3 consumption and CO2e emissions data) has been developed and calculated using the GHG Protocol – A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004); Greenhouse Gas Protocol –Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019). Government Emissions Factor Database 2023 version 1.1 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for the reporting period 01/01/2024 – 31/12/2024.
All consumption data for Direct Table Foods Limited was complete for the reporting period. Therefore, no estimations were required.
Market-based emissions were calculated by utilising the CO2e emission factor or fuel mix (a breakdown of various renewable and non-renewable energy sources that compose the total energy supplied) published by each supplier Direct Table Foods Limited had Limited procured from. This was calculated against the total amount of energy Direct Table Foods Limited had consumed throughout FY2024 by each supplier.

Page 4

 
DIRECT TABLE FOODS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Consumption (kWh) and Greenhouse Gas emissions (tCO2e) totals
Scope 1:  Emissions associated with gas usage and transportation fuels (under the company's control).
Scope 2: Emissions associated with the consumption of purchased electricity are presented on both a location based (using country average electricity emission factors) and market based (considering any purchased renewable generated electricity) approach.
Scope 3: Company's value chain emissions, divided into 15 categories, as established by the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting & Reporting Standard. Under SECR this is limited to emissions resulting from sources not directly owned by the Direct Table Foods Limited. For example, grey fleet business travel undertaken in employee-owned vehicles only.
Totals
The total consumption (kWh) figures for energy supplies reportable by Direct Table Foods Limited are as follows:
 
Utility and Scope
2024 Consumption kWh UK
2023 Consumption kWh UK
Scope 1 Total
1,847,527
2,532,796
Gaseous & Other Fuels (Scope 1)
1,687,258
2,370,131
Transportation (Scope 1)
160,269
162,665
Scope 2 Total
10,574,992
11,080,269
Grid-Supplied Electricity (Scope 2)
10,574,992
11,080,269
Scope 3 Total
463,053
420,869
Transportation (Scope 3)
463,053
420,869
Total
12,885,572
14,033,934

The total emissions t(CO2e) figures for energy supplies reportable by Direct Table Foods Limited are as follows:

Utility and Scope
2024 Consumption tCO2e UK
2023 Consumption tCO2e UK
Scope 1 Total
467.36
682.32
Natural Gas and Other Fuels (Scope 1)
378.27
556.63
Refrigerants (Scope 1)
50.79
86.80
Transportation (Scope 1)
38.3
38.89
Scope 2 Total
2,189.55
2,294.44
Grid-Supplied Electricity (Scope 2)
2,189.55
2,294.44
Scope 3 Total
108.70
98.52
Transportation (Scope 3)
108.70
98.52
Total
2,765.61
3,075.28

Intensity Metrics
Intensity metrics based on revenue and tonnes of production have been calculated as follows:
 
Total Tonnage Produced - 28,475 (2023 - 33,673)

tCO2e / £m - 19.3 (2023 - 18.8)
tCO2e / tonne of production - 0.097 (2023 - 0.091) 
 

Market based:
Page 5

 
DIRECT TABLE FOODS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

tCO2e / £m - 25.9 (2023 - 21.9)
tCO2e / tonne of production - 0.13 (2023 - 0.11)

Energy Efficiency Improvements

Direct Table Foods is committed to year-on-year improvements in its operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years.

Measures Ongoing and Undertaken Through FY2024:

Diesel Generator Shutdown

The diesel generator was shut down on July 24, which improved energy efficiency by reducing fuel consumption and minimising environmental impact. This initiative has contributed to optimise energy use and enhance sustainability.

Improved Filter Maintenance

Improved filter maintenance for compressors has enhanced operational efficiency and reduced power losses. This initiative has minimised energy consumption and led to energy savings of about 1% to 2%.

Automated Chiller Controls

Automating chiller controls has led to reduced ice build-up, which can be difficult to detect without local monitoring. This initiative has assisted in making necessary adjustments that improve efficiency and prevent excessive energy use by preventing ice build-up, resulting in lower maintenance costs and significant energy savings.

Measures to be Addressed in FY2025:

Renewable Energy Contracts

The implementation of REGO across the group starting in April will enhance the group’s commitment to renewable energy, boost energy efficiency, and support sustainability goals by optimising energy usage and lowering carbon emissions.

Energy Monitoring and Optimisation Technologies

The implementation of advanced energy monitoring and optimisation technologies by Direct Table Foods Limited will be aimed at significantly enhancing operational efficiency. This initiative will focus on facilitating energy consumption, resulting in reduced costs and contributing to sustainability goals.

Future developments

Going forward the directors aim to continue to grow the business whilst keeping a tight control over costs.

Page 6

 
DIRECT TABLE FOODS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial instruments

The directors have significant experience in the sector and have developed review procedures and control systems to effectively manage the exposure of the entity to price risk, credit risk, liquidity risk and cash flow risk. The Company's principal financial instruments comprise of bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the Company's operations and to finance the Company's operations. Due to the nature of the financial instruments used by the Company there is no exposure to price risk. The liquidity risk in respect of these is managed by way of a funding strategy set by the directors which includes setting operating limits to liquidity risk exposure. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Employee involvement

The Company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on various factors affecting the performance of the Company. This is achieved through formal and informal meetings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.

Page 7

 
DIRECT TABLE FOODS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Engagement with suppliers, customers and others

Employees
Our employees contribute to a positive working culture and healthy working environment and are paramount to the success of the business. The Company strives to be a responsible employer in our approach to pay and benefits, constantly engaging with the team to ascertain which training and development opportunities should be made available to improve both productivity as well as individual employees' potential within the business.
We continually invest in employee development and wellbeing to create and encourage an inclusive culture within the organisation. Employee appraisal programmes are being adopted which will encourage employee feedback and facilitate the opportunity for both employees and managers to agree on setting performance goals on a regular basis. Our culture invites different perspectives new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued and recognised for their hard work. 
Customers
Customers are at the centre of our business and it is essential that the commercial sales teams focus on building long-term partnerships with current and potential customers in order to fully understand their objectives and requirements.
Suppliers
The Company works with a wide range of suppliers both UK and continental and remains committed to being fair and transparent in dealings with all suppliers. The Company has procedures requiring due diligence of suppliers as to their internal governance. The Company has systems and processes in place to ensure suppliers are paid in a fair and timely manner. 
Community and environment
The Board's approach to social responsibility, diversity and the community is of high importance. Corporate social responsibility principles are part of our culture and decision-making process and we take a consultative approach focused on building long-term relationships and solving business problems.
Regulators
We work closely with all industry sector regulators, Trade Associations and relevant Government Departments in an open and proactive manner in order to help develop regulations that meet the needs of all our stakeholders. The Board's intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards and good governance expected of a business like Direct Table Foods Limited.

Disabled employees

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitude of the applicant concerned. In the event of employees becoming disabled every effort is made to ensure that their employment with the Company continues and that appropriate training is arranged. It is the policy of the Company that training, career development and promotion of disabled persons should, as far as possible, be identical with that of other employees.

Page 8

 
DIRECT TABLE FOODS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Post balance sheet events

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

Auditor

The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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 judgements and accounting estimates that are reasonable and prudent;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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.

Page 9

 
DIRECT TABLE FOODS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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





................................................
G Avrain
Director

Date: 2 April 2025

Saxham Business Park
Little Saxham
Bury St Edmunds
Suffolk
IP28 6RX

Page 10

 
DIRECT TABLE FOODS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DIRECT TABLE FOODS LIMITED
 

Opinion


We have audited the financial statements of Direct Table Foods Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor'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 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 11

 
DIRECT TABLE FOODS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DIRECT TABLE FOODS LIMITED (CONTINUED)


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 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 9, 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 12

 
DIRECT TABLE FOODS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DIRECT TABLE FOODS LIMITED (CONTINUED)


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:
•  Enquiry of management and those charged with governance around actual, potential or suspected               litigation, claims, non-compliance with applicable laws and regulations and fraud;
•  Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with         laws and regulations;
•  Performing audit work over the risk of management override, including testing of journal entries and other   adjustments for appropriateness, evaluating the business rationale of significant transactions outside the      normal course of business and reviewing accounting estimates for bias;
•  Reviewing of financial statements disclosures and testing to supporting documentation to assess                  compliance with applicable laws and regulations; and
•  Discussions amongst the engagement team in relation to how and where fraud might occur in the                financial statements and any potential indicators of fraud.



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.


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 Auditor's Report.


Page 13

 
DIRECT TABLE FOODS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DIRECT TABLE FOODS 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 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.





Shelley Harvey FCCA (Senior Statutory Auditor)
  
for and on behalf of MHA, Statutory Auditor
 
Leicester, United Kingdom
 

2 April 2025
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 14

 
DIRECT TABLE FOODS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
143,276,497
163,341,294

Cost of sales
  
(132,435,350)
(152,340,657)

Gross profit
  
10,841,147
11,000,637

Distribution costs
  
(5,080,221)
(6,588,747)

Administrative expenses
  
(3,946,919)
(4,101,627)

Other operating income
 5 
372,357
389,881

Operating profit
 6 
2,186,364
700,144

Interest receivable and similar income
 10 
481,684
259,955

Interest payable and similar expenses
 11 
(17,039)
(26,822)

Profit before tax
  
2,651,009
933,277

Tax on profit
 12 
256,148
(93,403)

Profit for the financial year
  
2,907,157
839,874

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 19 to 36 form part of these financial statements.

Page 15

 
DIRECT TABLE FOODS LIMITED
REGISTERED NUMBER: 01816960

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
-

Tangible assets
 14 
24,828,883
29,299,498

  
24,828,883
29,299,498

Current assets
  

Stocks
 15 
5,660,577
6,318,150

Debtors: amounts falling due within one year
 16 
26,665,938
32,328,611

Cash at bank and in hand
 17 
28,301,995
13,652,386

  
60,628,510
52,299,147

Current liabilities
  

Creditors: amounts falling due within one year
 18 
(21,717,768)
(20,510,029)

Net current assets
  
 
 
38,910,742
 
 
31,789,118

Total assets less current liabilities
  
63,739,625
61,088,616

Provisions for liabilities
  

Deferred tax
 19 
(1,507,930)
(1,764,078)

  
 
 
(1,507,930)
 
 
(1,764,078)

Net assets
  
62,231,695
59,324,538


Capital and reserves
  

Called up share capital 
 20 
685,049
685,049

Share premium account
  
240,805
240,805

Capital redemption reserve
  
84,999
84,999

Profit and loss account
  
61,220,842
58,313,685

  
62,231,695
59,324,538


Page 16

 
DIRECT TABLE FOODS LIMITED
REGISTERED NUMBER: 01816960
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
G Avrain
Director

Date: 2 April 2025

The notes on pages 19 to 36 form part of these financial statements.

Page 17

 
DIRECT TABLE FOODS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
685,049
240,805
84,999
57,473,811
58,484,664


Comprehensive income for the year

Profit for the year
-
-
-
839,874
839,874



At 1 January 2024
685,049
240,805
84,999
58,313,685
59,324,538


Comprehensive income for the year

Profit for the year
-
-
-
2,907,157
2,907,157


At 31 December 2024
685,049
240,805
84,999
61,220,842
62,231,695


The notes on pages 19 to 36 form part of these financial statements.

Share premium account
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Capital redemption reserve
The statutory, non-distributable reserve into which amounts were transferred following the redemption of the Company's own shares.
 
Profit and loss account
Includes all current and prior year retained profits and losses. All amounts are distributable.
 

Page 18

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Direct Table Foods Limited is a private company, limited by shares, domiciled in England and Wales, registration number 01816960. The registered office is Saxham Business Park, Little Saxham, Bury St   Edmunds, Suffolk, IP28 6RX.
The principal activity of the Company during the year continues to be that of meat purchasing and processing with a focus on bacon and sausages.

2.Accounting policies

 
2.1

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.
After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial information. The directors therefore believe the Company has the ability to continue as a going concern for the next 12 months. 

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of CPC Foods Limited as at 31 December 2024 and these financial statements may be obtained from Oak House, Heyford Close, Aldermans Green, Coventry, CV2 2QB.

Page 19

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Lease incentives are recognised over the lease term on a straight line basis.

 
2.5

Interest income

Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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.

 
2.7

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 the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 20

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.9

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.

 
2.10

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 21

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold buildings
-
4% straight line
Land
-
Not depreciated
Plant and equipment
-
10% to 20% straight line
Computer equipment
-
33.3% straight line
Assets under construction
-
Not depreciated

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 the Statement of Comprehensive Income.

 
2.11

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 is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

 
2.12

Debtors

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

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

 
2.14

Creditors

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

Page 22

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

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 Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include 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 the Statement of Comprehensive Income) 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 Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
 
Page 23

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)


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 the Statement of Comprehensive Income. 

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 impairment reversal is recognised in the Statement of Comprehensive Income.

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 Statement of Comprehensive Income). 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 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.

 
Page 24

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Derecognition of financial liabilities

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
(ii) Stocks provisioning
The Company continues to slice and package pork and is exposed to changes in the market prices of pork commodities. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the stocks provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
(iii) Impairment of assets
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Page 25

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

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


2024
2023
£
£

Commercial Sales
138,498,671
156,967,569

Intercompany Sales
4,777,826
6,373,725

143,276,497
163,341,294


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
142,323,800
161,629,515

Rest of Europe
952,697
1,711,779

143,276,497
163,341,294



5.


Other operating income

2024
2023
£
£

Rental income
372,357
389,881

372,357
389,881



6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Depreciation
2,495,000
2,691,778

(Profit)/loss on sale of tangible assets
(134,618)
5,983

Other operating lease rentals
202,051
1,325,010

Page 26

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor and its associates:


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
27,000
27,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

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


2024
2023
£
£

Wages and salaries
13,762,744
14,829,538

Social security costs
1,306,622
1,487,542

Cost of defined contribution scheme
374,702
404,014

15,444,068
16,721,094


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


        2024
        2023
            No.
            No.







Office management
87
87



Production and distribution
365
428

452
515

Page 27

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
392,922
384,975

Company contributions to defined contribution pension schemes
10,723
10,335

403,645
395,310


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £226,680 (2023 - £227,571).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,365 (2023 - £6,135).


10.


Interest receivable

2024
2023
£
£


Bank interest receivable and similar income
481,684
259,955

481,684
259,955


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable and similar charges
17,039
26,822

17,039
26,822

Page 28

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
-
33,662


Total current tax
-
33,662

Deferred tax


Origination and reversal of timing differences
(256,148)
59,741

Total deferred tax
(256,148)
59,741


Tax on profit
(256,148)
93,403



 
Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,651,009
933,277


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
662,752
219,320

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,835
263

Capital allowances for year in excess of depreciation
348,063
403,813

Other timing differences leading to an decrease in taxation
(10,547)
(6,181)

Unrelieved tax losses carried forward
(122,228)
(479,966)

Group relief
(1,138,023)
(43,846)

Total tax charge for the year
(256,148)
93,403

Page 29

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


Factors that may affect future tax charges

There are no factors to note that may affect future tax changes. 
BEPS 2.0 Pillar Two Legislation 
Direct Table Foods Limited is part of a group that operates in a number of jurisdictions. The effective tax rate for the financial year 2024 was 0% (2023 - 10%) as a result of Capital allowances, Utilised tax losses and Group relief claims.
For periods that commenced on or after 1 January 2024, new tax legislation has been applied to ensure the effective tax rate of the UK companies within the group will be at least 15%, subject to various complex calculations. This is in line with the minimum taxation rules announced by the G7 and progressed by the OECD Inclusive Framework on Base Erosion and Profit Shifting. These rules have been implemented in the UK via the Domestic Top Up Tax legislation during the year.
Historically Direct Table Foods Limited’s effective rate has been below 15% but the company has assessed its exposure to Domestic Top Up Tax to be immaterial. In addition, Direct Table Foods Limited is taking advantage of the temporary deferred tax exemption within the “International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)” in relation to the current year and retrospectively in accordance with IAS 8. This means the Company does not recognise deferred tax assets and liabilities related to OECD pillar two income taxes and does not disclose information about them.

Page 30

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets




Computer software

£



Cost


At 1 January 2024
297,208



At 31 December 2024

297,208



Amortisation


At 1 January 2024
297,208



At 31 December 2024

297,208



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 31

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets





Freehold land and buildings
Plant and equipment
Computer equipment
Assets under construction
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024 (as previously stated)
28,347,871
33,133,205
1,733,526
2,237,753
65,452,355


Prior Year Adjustment
5,101,695
(5,143,752)
339,268
-
297,211


At 1 January 2024 (as restated)
33,449,566
27,989,453
2,072,794
2,237,753
65,749,566


Additions
-
-
-
125,323
125,323


Disposals
-
(1,522,677)
-
(833,821)
(2,356,498)


Transfers between classes
-
20,000
11,667
(31,667)
-



At 31 December 2024

33,449,566
26,486,776
2,084,461
1,497,588
63,518,391



Depreciation


At 1 January 2024 (as previously stated)
14,827,224
19,967,853
1,357,780
-
36,152,857


Prior Year Adjustment
-
-
297,211
-
297,211


At 1 January 2024 (as restated)
14,827,224
19,967,853
1,654,991
-
36,450,068


Charge for the year on owned assets
1,193,107
1,116,254
185,639
-
2,495,000


Disposals
-
(255,560)
-
-
(255,560)



At 31 December 2024

16,020,331
20,828,547
1,840,630
-
38,689,508



Net book value



At 31 December 2024
17,429,235
5,658,229
243,831
1,497,588
24,828,883



At 31 December 2023
18,622,342
8,021,600
417,803
2,237,753
29,299,498

A prior year adjustment has been recognised to reclassify a number of individual fixed assets to more appropriate asset classes. There has been no impact to the Net Book Value of fixed assets as at 31 December 2023. 

Page 32

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Stocks

2024
2023
£
£

Raw materials and consumables
1,968,843
2,932,383

Work in progress (goods to be sold)
2,646,924
1,433,862

Finished goods and goods for resale
1,044,810
1,951,905

5,660,577
6,318,150



16.


Debtors

2024
2023
£
£


Trade debtors
25,073,221
29,716,610

Amounts owed by Group undertakings
506,623
1,614,657

Other debtors
620,077
515,735

Prepayments and accrued income
466,017
481,609

26,665,938
32,328,611



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
28,301,995
13,652,386

28,301,995
13,652,386


Page 33

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
12,722,807
13,404,201

Amounts owed to Group undertakings
3,794,406
2,816,621

Other taxation and social security
307,106
384,644

Other creditors
1,286,078
949,737

Accruals and deferred income
3,607,371
2,954,826

21,717,768
20,510,029


The Company is party to a cross guarantee agreement with HSBC between CPC Foods Limited, Pro-Pak Foods Limited, Tican (Chilled) Limited, Beckett's Foods Limited, Riverway Foods Limited, C&K Meats Limited, Cheale Meats Limited, Peddars Pigs Limited and Direct Table Foods Limited. The cross guarantee covers the net overdraft facility of the aforementioned entities and is secured by a debenture including a fixed and floating charge over the assets of the Company. 

Page 34

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Deferred taxation




2024


£






At beginning of year
1,764,078


Charged to the Statement of Comprehensive Income
256,148



At end of year
1,507,930

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,631,288
1,864,329

Pension surplus
(123,358)
(100,251)

1,507,930
1,764,078


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



579,124 (2023 - 579,124) Ordinary A shares of £1.00 each
579,124
579,124
105,925 (2023 - 105,925) Ordinary B shares of £1.00 each
105,925
105,925

685,049

685,049



21.


Capital commitments


At 31 December 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
-
7,825

-
7,825

Page 35

 
DIRECT TABLE FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Commitments under operating leases

At 31 December 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
147,674
-

Later than 1 year and not later than 5 years
526,587
-

674,261
-


23.


Related party transactions

The Company has taken advantage of the exemption available under FRS102 33.1A not to disclose transactions with wholly owned subsidiaries of the Group.
 
No transactions requiring disclosure.
Total key management personnel remuneration for the period was £403,645 (2023: £395,310).

24.


Controlling party

During the year and up to the 27 December 2024, the Company's immediate parent was Tican Process Holdings Limited, incorporated in England and Wales with the intermediate parent being Tican Fresh Meat A/S (copies of the consolidated financial statements of Tican Fresh Meat A/S may be obtained from its offices at Strandvejen 6 7700 Thisted, Denmark). On the 27 December 2024, following a group restructure, the immediate and intermediate parent company was CPC Foods Limited. 

The ultimate parent Company and controlling party during the year and as at 31 December 2024 remained unchanged and was Tönnies Holding Gmbh & Co. KG, incorporated in Germany. 
CPC Foods Limited is the parent of the smallest and largest Group of which the Company is a member and for which Group financial statements are prepared and are publically available.

 
Page 36