REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2024 |
for |
M J Petfoods & Proteins Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 December 2024 |
for |
M J Petfoods & Proteins Limited |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Contents of the Financial Statements |
for the Year Ended 31 December 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Independent Auditors' Report | 6 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Cash Flow Statement | 13 |
Notes to the Financial Statements | 14 |
M J Petfoods & Proteins Limited |
Company Information |
for the Year Ended 31 December 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditor |
Marland House |
13 Huddersfield Road |
Barnsley |
South Yorkshire |
S70 2LW |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Strategic Report |
for the Year Ended 31 December 2024 |
The directors present their strategic report for the year ended 31 December 2024. |
REVIEW OF BUSINESS |
The directors continued with their strategy of reducing reliance on the historic high volume, low margin business on which the company has historically relied. Continued development of the processing and manufacturing site brought improved stability and margins during the year which the directors believe will assist the business to continue to grow and prosper in the coming years. |
The group operates within a sector which is subject to economic forces and legislative requirements within the United Kingdom, Europe and further afield. Whilst this poses certain challenges, the directors also believe opportunities exist within the market that the business can exploit given its strengths and market knowledge. |
Turnover increased by 7% to £22,338,209 (2023: £20,958,417) and the gross profit margin has increased to 21.4% (2023: 17.0%), resulting in an increase in gross profit in the year to £4,771,436 (2023: £3,572,976). Profit before tax also increased to £1,677,015 in the year (2023: £868,452). |
The directors are confident that the business is in a strong position in its chosen markets to enable it to prosper in the future. The business remains well capitalised and in a strong position from which to continue with the overriding strategy of improving the quality of turnover and margins returned by the business. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company operates within a sector which is subject to economic forces within the United Kingdom, Europe and further afield. |
Raw material costs fluctuate depending on availability and exchange rates. The directors have built knowledge of the industry over many years and, where possible seek to use such fluctuations to the advantage of the business. |
FINANCIAL RISK MANAGEMENT |
The Company’s operations expose it to a variety of financial risks that include the effects of changes in commodity prices, credit risk, cash flow risk, liquidity risk, and foreign exchange risk. The Company seeks to limit the adverse effects on it's financial performance by monitoring the impact of these and addressing them accordingly. |
Price Risk |
The Company carries out research into sales prices charged in the market for similar products and incorporates this information into its business plans. |
Foreign currency risk |
Where the company has transactions denominated in foreign currency and so is exposed to exchange rate risk, it manages this risk by keeping under review the need for forward contracts in the appropriate foreign currency as required. |
Credit risk |
The company has implemented policies that require appropriate credit checks on potential customers before credit sales are made. |
Cash flow risk |
Management regularly reviews cash expectations and actual cash performance against forecasts. |
Liquidity risk |
The Company has no long-term bank borrowings or deposits. |
FUTURE DEVELOPMENTS |
Given the progress made and despite the uncertainties referred to above, the directors remain confident that the company is in a strong position to rise to such challenges and continue to grow and prosper. |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Strategic Report |
for the Year Ended 31 December 2024 |
KEY PERFORMANCE INDICATORS |
We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and EBITDA. |
ON BEHALF OF THE BOARD: |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Report of the Directors |
for the Year Ended 31 December 2024 |
The directors present their report with the financial statements of the Company for the year ended 31 December 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the Company in the year under review was that of ingredient manufacturing and wholesale supply to the petfood industry. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 December 2024 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Company's auditors are aware of that information. |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Report of the Directors |
for the Year Ended 31 December 2024 |
AUDITORS |
The auditors, Harris & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Independent Auditors' Report to the Members of |
M J Petfoods & Proteins Limited |
Opinion |
We have audited the financial statements of M J Petfoods & Proteins Limited (the 'Company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the Company's affairs as at 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Auditors' Report thereon. |
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. |
In connection with our audit of the financial statements, 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 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 the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Independent Auditors' Report to the Members of |
M J Petfoods & Proteins Limited |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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. |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- | Enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to: |
- |
Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- |
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- |
The internal controls established to mitigate risk related to fraud or non-compliance with laws & regulations; |
- | Obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key legal and regulatory frameworks that we determined were the most significant are those that relate to the reporting framework FRS 102, the Companies Act 2006 and the relevant UK tax compliance regulations. In addition, the Company has to comply with laws and regulations relating to its operations, including health and safety, pet food safety, employees, data protection and anti-bribery. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. |
Independent Auditors' Report to the Members of |
M J Petfoods & Proteins Limited |
Audit response to risks identified |
Our procedures to respond to risks identified included the following: |
- | Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations; |
- | Enquiring of management concerning actual and potential litigation and claims; |
- | Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risk of material misstatement due to fraud; and |
- | In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing the judgements used in accounting estimates to assess whether these may be indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
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. |
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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditor |
Marland House |
13 Huddersfield Road |
Barnsley |
South Yorkshire |
S70 2LW |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Statement of Comprehensive |
Income |
for the Year Ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
3,103,774 | 2,710,444 |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Balance Sheet |
31 December 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Statement of Changes in Equity |
for the Year Ended 31 December 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2024 |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Cash Flow Statement |
for the Year Ended 31 December 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Movement in group balances |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Amount withdrawn by directors | - | (8,314 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase in cash and cash equivalents |
Cash and cash equivalents at beginning of year |
2 |
1,102,213 |
Cash and cash equivalents at end of year |
2 |
2,862,096 |
2,271,691 |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Finance income | (9,353 | ) | (5,920 | ) |
1,773,773 | 981,146 |
Decrease/(increase) in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
(Decrease)/increase in trade and other creditors | ( |
) |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2024 |
31/12/24 | 1/1/24 |
£ | £ |
Cash and cash equivalents | 2,862,096 | 2,271,691 |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 2,271,691 | 1,102,213 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/1/24 | Cash flow | At 31/12/24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,271,691 | 590,405 | 2,862,096 |
2,271,691 | 2,862,096 |
Total | 2,271,691 | 590,405 | 2,862,096 |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Notes to the Financial Statements |
for the Year Ended 31 December 2024 |
1. | STATUTORY INFORMATION |
M J Petfoods & Proteins Limited is a |
The presentation and functional currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Consolidated accounts |
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group. |
Going concern |
At the time of approving the financial statements, the directors have prepared forecasts and considered other events, and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates that affect the amounts reported for assets and liabilities as the balance sheet date and amounts reported for revenues and expenses during the year. |
The following judgements have had the most significant effect on amounts recognised in the financial statements: |
Useful economic lives and residual values of tangible fixed assets |
The directors regularly review the useful economic lives and residual values of tangible fixed assets based in their assessment of appropriate lives for similar asset classes, and estimated residual values at the end of their economic lives. |
Stock provision |
Provision is made for obsolete stock. This requires management's best estimate of the expected future use of stock. |
Turnover |
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. |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
All fixed assets are initially recorded at cost. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over and above its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss. Reversals of impairment are also recorded in the profit and loss. Cost is valued using the weighted average cost method and includes all purchase, transport and handling costs bringing stocks to their present location and condition. |
Financial instruments |
The company has adopted the provisions set out in sections 11 and 12 of FRS 102 in the recognition and measurement of financial instruments. All financial instruments are initially measured at the original transaction price, less associated costs. For subsequent measurement, basic financial instruments are measured at amortised cost in accordance with section 11 of FRS 102. Other financial instruments that are not considered basic and that are material to the financial statements are measured at fair value through profit or loss in accordance with section 12 of FRS 102. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
3. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
4. | TURNOVER |
Turnover represents amounts earned on goods and services provided during the year and derives from the provision of goods falling within the company's ordinary activities. In the opinion of the directors, there are no different class of turnover. |
5. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production | 27 | 25 |
Administrative | 13 | 12 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange differences |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( |
) |
Total tax charge | 440,019 | 208,372 |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2024 |
and 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
The Company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 2 Clayton Wood Court, West Park, Leeds, England, LS16 6QW |
Nature of business: |
% |
Class of shares: | holding |
11. | STOCKS |
2024 | 2023 |
£ | £ |
Finished goods |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 4,645 | 14,136 |
Other creditors |
Accruals and deferred income |
14. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 January 2024 |
Charge to Statement of Comprehensive Income during year |
Balance at 31 December 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 5,000 | 5,000 |
M J Petfoods & Proteins Limited (Registered number: 04110336) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2024 |
17. | RESERVES |
The only reserves included in the financial statements are retained earnings accumulating annually as a result of net profit less tax and dividends. |
18. | ULTIMATE PARENT COMPANY |
MS Pet Food Group Limited is regarded by the directors as being the Company's ultimate parent company. |
The company is a subsidiary of MS Pet Food Group Limited, a company incorporated in England and Wales. |
19. | RELATED PARTY DISCLOSURES |
During the year M J Petfoods & Proteins Limited sold goods and services totalling £123,812 (2023: £6,893) and purchased goods and services totalling £669,034 (2023: £1,069,728) from other related parties. |
The amount due from these companies to M J Petfoods & Proteins Limited at 31 December 2024 was £413,505 (2023: £1,978) and is included within debtors due within one year. |
The amount owed to these companies by M J Petfoods & Proteins Limited at 31 December 2024 was £325,292 (2023: £485,051) and is included within creditors due within one year. |
20. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr M G Robinson. |
The ultimate controlling company is MS Pet Food Group Limited. |