Company registration number 05169232 (England and Wales)
HECK! FOOD LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
HECK! FOOD LIMITED
COMPANY INFORMATION
Directors
Mr A C Keeble
Mrs D J Keeble
Mr W M McDavid
Mr S A Campbell
Secretary
Mrs D J Keeble
Company number
05169232
Registered office
Berry Hills
Kirklington
Bedale
DL8 2NL
Auditor
Azets Audit Services Limited
Triune Court
Monks Cross Drive
York
YO32 9GZ
HECK! FOOD LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
HECK! FOOD 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
HECK! FOOD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

Scope 3 emissions

 

The Company is in the second year of measuring Scope 3 emissions. Measuring our Scope 3 emissions represents a crucial step in our sustainability journey. By quantifying and understanding Scope 3 emissions, we can make informed decisions to reduce our carbon footprint, contribute to environmental preservation, and align with global sustainability goals. The practical framework developed has enabled us to embark on a path of emissions reduction, supplier collaboration, and continued commitment to sustainability, ultimately advancing the cause of environmental responsibility within the food and beverage industry.

 

The directors' primary objectives are to continue to develop the brand with quality and innovative products increasing turnover and profitability, whilst maintaining the Company ethos.

 

The strategy to support this includes the development of personnel, consideration of additional product areas, commitment to marketing and connections with consumers through social media, web site and shows and investment in above the line Advertising.

 

Like all organisations, we face a range of risks that could hinder the successful implementation and delivery of strategic objectives. Managing these risks effectively is critical to our success.

 

Principal risks and uncertainties

The Board of Directors regularly reviews and assesses potential risks to the Company. The Board uses risk registers to capture the likelihood and impact of risks together with any relevant mitigation.

 

The Company’s activities expose it to various risks including Strategic Risk, Commercial Risk, Financial Risk and Operational Risk. As an independent premium food manufacturer, the company seeks to minimise exposure to Financial and Operational Risks particularly in the areas of product quality, food safety, legal compliance, and health & safety.

 

Commercial Risks

Reliance on Key Customers - The company works at scale with most of the large food retailers in the UK. A loss of a major customer would be significant. We built strong partnership models with customers with specific account managers dedicated to each team. We also invest in market leading quality processes with high food integrity.

 

Raw Material Cost Inflation/ Margin Pressure - The company is susceptible to raw material inflation. The company continues to develop a proactive procurement process and developing commercial models with some retailers to mitigate the impact.

 

Changing Consumer Demand - Changes in consumer attitudes to health and evolving market trends could create a risk to sales growth. We invest in our market research and continue to develop vegan and plant-based options.

 

Financial Risks

Data Security & Cyber Crime - The company is reliant on integrated IT systems to support the business, hence susceptible to potential cyber risks and data security breaches. This risk has increased with the use of AI. We collaborated with our IT Support to improve and develop our IT security as well as constantly increasing staff awareness on both cyber crime and data security. A major upgrade of our IT infrastructure is in the pipeline.

 

Financial Control & Liquidity - Failure of business to generate cash as expected could damage the company. We monitor cashflow every day.

 

Operational Risks

Food Safety & Integrity - The company is subject to rigorous and changing food safety regulations and legislation. Compliance failure could lead to significant reputational, financial, or legal risk. We have invested in robust, capable technical functions and adhere to the highest food safety standards. Stringent policies and controls are implemented with all staff trained in our procedures.

 

Reliance on Key Equipment - There is a manufacturing capability risk if there were a significant breakdown of specific plant & machinery. Specific mitigation is in place and monitored by the engineering manager. Contingency spares are held onsite.

HECK! FOOD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

Catastrophic Events (Fire or Flood) - There is a risk of disruption to manufacturing operations should the company suffer a fire, flood, or other disaster. The company employs competent management teams and maintains an operational contingency plan which is reviewed by the board.

 

Health & Safety - The company is at risk to any hazard that can result in harm, injury or death to employees or people we engage to provide services. We maintain a strong Health & Safety culture. The Health & Safety function has been very instrumental in leading our Covid-19 risk mitigation activity.

 

Impact of Cost of living and inflation

High inflation continues to put pressure on the company in particular and the industry in general relating to food prices and volatility of costs.

 

Mitigation

On the onset of the inflationary pressures in financial year 2023, the board’s first goal was to stabilise the business. This was successfully achieved in financial year 2024. The second goal, currently in progress, is to rebuild our profitability and returns. Final goal is to reinvigorate our growth trajectory.

On behalf of the board

Mrs D J Keeble
Director
19 December 2024
HECK! FOOD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

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

Principal activities

The principal activity of the company continued to be that of the production of food products.

Results and dividends

The results for the year are set out on page 9.

The directors do not recommend payment of a dividend.

Directors

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

Mr A C Keeble
Mrs D J Keeble
Mr W M McDavid
Mr S A Campbell
Auditor

The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

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
Mrs D J Keeble
Director
19 December 2024
HECK! FOOD LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 5 -

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.

HECK! FOOD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HECK! FOOD LIMITED
- 6 -
Opinion

We have audited the financial statements of Heck! Food 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:

HECK! FOOD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HECK! FOOD LIMITED
- 7 -
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.

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.

HECK! FOOD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HECK! FOOD LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which 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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

Chris Woodroffe
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
20 December 2024
Chartered Accountants
Statutory Auditor
Triune Court
Monks Cross Drive
York
YO32 9GZ
HECK! FOOD LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
24,664,949
23,831,920
Cost of sales
(17,470,234)
(17,411,394)
Gross profit
7,194,715
6,420,526
Distribution costs
(1,002,125)
(941,108)
Administrative expenses
(5,867,907)
(5,240,665)
Other operating income
100,450
-
0
Operating profit
4
425,133
238,753
Interest receivable and similar income
6
13,002
-
0
Interest payable and similar expenses
7
(373,854)
(307,166)
Profit/(loss) before taxation
64,281
(68,413)
Tax on profit/(loss)
8
(161,784)
121,239
(Loss)/profit for the financial year
(97,503)
52,826

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

HECK! FOOD LIMITED
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
9
62,692
73,296
Tangible assets
10
6,009,211
6,018,204
Investments
11
2
2
6,071,905
6,091,502
Current assets
Stocks
12
598,675
625,691
Debtors
13
1,659,025
1,710,342
Cash at bank and in hand
1,338,543
886,641
3,596,243
3,222,674
Creditors: amounts falling due within one year
16
(3,506,373)
(3,140,645)
Net current assets
89,870
82,029
Total assets less current liabilities
6,161,775
6,173,531
Creditors: amounts falling due after more than one year
17
(3,309,706)
(3,342,832)
Provisions for liabilities
Deferred tax liability
18
235,000
178,216
(235,000)
(178,216)
Net assets
2,617,069
2,652,483
Capital and reserves
Called up share capital
21
50,667
50,667
Profit and loss reserves
2,566,402
2,601,816
Total equity
2,617,069
2,652,483
The financial statements were approved by the board of directors and authorised for issue on 19 December 2024 and are signed on its behalf by:
Mrs D J Keeble
Director
Company Registration No. 05169232
HECK! FOOD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
50,667
2,461,335
2,512,002
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
52,826
52,826
Credit to equity for equity settled share-based payments
20
-
87,655
87,655
Balance at 31 July 2023
50,667
2,601,816
2,652,483
Year ended 31 July 2024:
Loss and total comprehensive income for the year
-
(97,503)
(97,503)
Credit to equity for equity settled share-based payments
20
-
62,089
62,089
Balance at 31 July 2024
50,667
2,566,402
2,617,069
HECK! FOOD LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,938,381
568,850
Interest paid
(373,854)
(307,166)
Income taxes refunded
-
0
260,179
Net cash inflow from operating activities
1,564,527
521,863
Investing activities
Purchase of tangible fixed assets
(725,940)
(214,575)
Proceeds from disposal of tangible fixed assets
-
0
149,417
Interest received
13,002
-
0
Net cash used in investing activities
(712,938)
(65,158)
Financing activities
Proceeds from new bank loans
-
0
2,800,000
Repayment of bank loans
(271,319)
(2,061,477)
Payment of finance leases obligations
(70,101)
(214,560)
Dividends paid
(58,267)
(40,534)
Net cash (used in)/generated from financing activities
(399,687)
483,429
Net increase in cash and cash equivalents
451,902
940,134
Cash and cash equivalents at beginning of year
886,641
(53,493)
Cash and cash equivalents at end of year
1,338,543
886,641
HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
1
Accounting policies
Company information

Heck! Food Limited is a private company limited by shares incorporated in England and Wales. The registered office is Berry Hills, Kirklington, Bedale, DL8 2NL.

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 £1.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of Companies Act 2006 section 402, exempting the company from being required to prepare group accounts, on the basis that no subsidiary undertaking needs to be included in the consolidation. Under Companies Act 2006 section 405, the company's subsidiary undertakings; Veg With Edge Limited, The Great Heck Brewing Company Limited and The Yorkshire Sausage Co Limited are excluded from being consolidated on the grounds of materiality.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intangible asset
Straight line over 3 to 10 years
1.5
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.

HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Straight line over 5 to 25 years
Plant and equipment
Straight line over 3 to 10 years
Fixtures and fittings
Straight line over 3 to 10 years
Office Equipment
Straight line over 3 to 10 years
Motor vehicles
Straight line over 3 years

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Stocks

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
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.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
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.

1.12
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.

HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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.

1.14
Retirement benefits

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

1.15
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
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.

1.18
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.

1.19

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation and amortisation

The depreciation and amortisation polices have been set according to managements experience of the useful lives of a typical asset in each category, something which is reviewed annually. The depreciation and amortisation charged during the year was £826,331 (2023 - £868,960) which the directors feel is a fair reflection of the benefits derived from the consumption of the intangible and tangible fixed assets in use during the period.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Food products
24,664,949
23,831,920
HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
24,664,949
23,831,920
2024
2023
£
£
Other revenue
Interest income
13,002
-
Grants received
15,000
-
Sundry income
85,450
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(15,549)
(19,232)
Government grants
(15,000)
-
Fees payable to the company's auditor for the audit of the company's financial statements
17,000
15,995
Depreciation of owned tangible fixed assets
722,600
735,746
Depreciation of tangible fixed assets held under finance leases
93,127
122,610
Loss on disposal of tangible fixed assets
1,806
70,500
Amortisation of intangible assets
10,604
10,604
Share-based payments
62,089
87,655
Operating lease charges
157,648
60,366
5
Employees

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

2024
2023
Number
Number
Directors and Administration
16
15
Production and Distribution
75
86
Sales and Marketing
21
18
Total
112
119
HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,644,572
3,437,892
Social security costs
366,002
342,234
Pension costs
72,209
67,002
4,082,783
3,847,128
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,002
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,002
-
0
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
234,915
165,762
Interest on invoice finance arrangements
126,383
128,236
361,298
293,998
Other finance costs:
Interest on finance leases and hire purchase contracts
12,556
13,168
373,854
307,166
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(105,000)
Adjustments in respect of prior periods
105,000
-
0
Total current tax
105,000
(105,000)
HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
8
Taxation
2024
2023
£
£
(Continued)
- 21 -
Deferred tax
Origination and reversal of timing differences
56,784
(16,239)
Total tax charge/(credit)
161,784
(121,239)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
64,281
(68,413)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
16,070
(12,998)
Tax effect of expenses that are not deductible in determining taxable profit
335
1,354
Depreciation on assets not qualifying for tax allowances
35,263
21,779
Amortisation on assets not qualifying for tax allowances
2,651
-
0
Research and development tax credit
-
0
(105,000)
Effect of overseas tax rates
(259)
-
0
Under/(over) provided in prior years
105,000
-
0
Deferred tax on EMI scheme
-
0
(21,914)
Other
2,724
(4,460)
Taxation charge/(credit) for the year
161,784
(121,239)
9
Intangible fixed assets
Intangible asset
£
Cost
At 1 August 2023 and 31 July 2024
93,747
Amortisation and impairment
At 1 August 2023
20,451
Amortisation charged for the year
10,604
At 31 July 2024
31,055
Carrying amount
At 31 July 2024
62,692
At 31 July 2023
73,296
HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Office Equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 August 2023
4,193,929
5,767,441
277,221
264,430
172,501
10,675,522
Additions
247,011
294,805
4,176
23,529
239,019
808,540
Disposals
-
0
-
0
-
0
-
0
(9,000)
(9,000)
At 31 July 2024
4,440,940
6,062,246
281,397
287,959
402,520
11,475,062
Depreciation and impairment
At 1 August 2023
898,461
3,208,312
189,135
241,471
119,939
4,657,318
Depreciation charged in the year
165,301
557,648
34,354
17,262
41,162
815,727
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(7,194)
(7,194)
At 31 July 2024
1,063,762
3,765,960
223,489
258,733
153,907
5,465,851
Carrying amount
At 31 July 2024
3,377,178
2,296,286
57,908
29,226
248,613
6,009,211
At 31 July 2023
3,295,468
2,559,129
88,086
22,959
52,562
6,018,204

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
407,422
799,387
11
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
25
2
2
12
Stocks
2024
2023
£
£
Raw materials and consumables
442,149
492,758
Work in progress
29,039
28,288
Finished goods and goods for resale
127,487
104,645
598,675
625,691
HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,274,913
1,295,186
Corporation tax recoverable
-
0
105,000
Other debtors
174,558
105,181
Prepayments and accrued income
209,554
204,975
1,659,025
1,710,342

Trade debtors are financed by way of an invoice discounting facility, the facility is secured by a debenture over the assets of the company.

14
Loans and overdrafts
2024
2023
£
£
Bank loans
2,876,419
3,147,738
Payable within one year
243,717
440,443
Payable after one year
2,632,702
2,707,295

During the prior year the company took out a new loan totalling £2.8m repayable over a period of 240 months. Interest is charged at a fixed rate of 6.84%. The loan is secured with an unlimited debenture over the assets of the company and a first legal charge over commercial freehold property known as land at Leeming Lane Farm.

 

Also included within loans is an invoice financing facility, the balance at the year end was £168,133 (2023 - £369,780).

15
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
97,063
143,967
In two to five years
165,784
106,542
262,847
250,509
Less: future finance charges
(39,460)
(39,621)
223,387
210,888

Finance lease payments represent rentals payable by the company for certain items of plant and machinery and motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Amounts advanced under hire purchase agreements are secured against the assets to which they relate.

HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
14
243,717
440,443
Obligations under finance leases
15
77,414
134,549
Trade creditors
2,318,415
1,760,888
Taxation and social security
84,468
79,060
Dividends payable
58,267
116,534
Other creditors
47,260
39,831
Accruals and deferred income
676,832
569,340
3,506,373
3,140,645

Bank loans and overdrafts are secured as detailed in note 14.

17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
2,632,702
2,707,295
Obligations under finance leases
15
145,973
76,339
Accruals and deferred income
531,031
559,198
3,309,706
3,342,832

Bank loans and overdrafts are secured as detailed in note 14.

18
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
613,000
531,600
Tax losses
(312,000)
(303,165)
EMI scheme
(66,000)
(50,219)
235,000
178,216
HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
18
Deferred taxation
(Continued)
- 25 -
2024
Movements in the year:
£
Liability at 1 August 2023
178,216
Charge to profit or loss
56,784
Liability at 31 July 2024
235,000
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
72,209
67,002

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.

20
Share-based payment transactions
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 August 2023 and 31 July 2024
7,716
7,716
2.98
2.98

The options outstanding at 31 July 2024 all had an exercise price of £2.98 per share, and vested during the year. The share options are all exercisable as at the year end date.

The weighted average fair value of options granted in the year was determined using the Black-Scholes option pricing model. The Black-Scholes model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

Inputs were as follows:
2024
2023
Weighted average share price
37.80
37.80
Weighted average exercise price
2.98
2.98
Expected volatility
18.08
18.08
Expected life
3.00
3.00
Risk free rate
0.39
0.39
Expected dividends yields
0.69
0.69
Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £62,089 (2023 - £87,655) which related to equity settled share based payment transactions.

HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
380,002
380,002
38,000
38,000
Ordinary A shares of 10p each
126,668
126,668
12,667
12,667
506,670
506,670
50,667
50,667

All shares have equal voting rights. Dividends for each indiviudal class of share are payable at the discretion of the directors.

22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
128,337
65,660
Between two and five years
149,168
70,009
In over five years
-
0
4,800
277,505
140,469
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
525,400
513,379
Other information

D S Robinson & Son, a partnership owned by the family of a director, charged the Company £20,646 (2023 - £13,138) for rent and rates. The year end trade creditor balance was £7,330 (2023 - £7,223).

 

During the year Panoramic Growth Equity LLP, a partnership in which a director of the Company has an interest, charged fees to the Company amounting to £12,000 (2023 - £10,000).

24
Ultimate controlling party

The directors are of the opinion that the company has no ultimate controlling party.

HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
25
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
Veg With Edge Limited
England and Wales
Dormant company
Ordinary Shares
100.00
-
The Yorkshire Sausage Co. Limited
England and Wales
Dormant Company
Ordinary Shares
100.00
-
The Great Heck Brewing Company Limited
England and Wales
Dormant Company
Dormant company
Ordinary Shares
-
100.00
The registered office of the above company's subsidiaries is Berry Hills, Kirklington, Bedale, DL8 2NL
26
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
262,420
243,821
Company pension contributions to defined contribution schemes
2,642
2,642
265,062
246,463

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
107,633
104,892
Company pension contributions to defined contribution schemes
1,321
1,321
HECK! FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
27
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the year after tax
(97,503)
52,826
Adjustments for:
Taxation charged/(credited)
161,784
(121,239)
Finance costs
373,854
307,166
Investment income
(13,002)
-
0
Loss on disposal of tangible fixed assets
1,806
70,500
Amortisation and impairment of intangible assets
10,604
10,604
Depreciation and impairment of tangible fixed assets
815,727
858,356
Equity settled share based payment expense
62,089
87,655
Movements in working capital:
Decrease in stocks
27,016
184,846
Increase in debtors
(53,683)
(502,392)
Increase/(decrease) in creditors
649,689
(379,472)
Cash generated from operations
1,938,381
568,850
28
Analysis of changes in net debt
1 August 2023
Cash flows
New finance leases
31 July 2024
£
£
£
£
Cash at bank and in hand
886,641
451,902
-
1,338,543
Borrowings excluding overdrafts
(3,147,738)
271,319
-
(2,876,419)
Obligations under finance leases
(210,888)
70,101
(82,600)
(223,387)
(2,471,985)
793,322
(82,600)
(1,761,263)
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