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REGISTERED NUMBER: 04110336 (England and Wales)















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: Mr M G Robinson
Mr S D Owen
Ms G R Clark
Ms H Reed





SECRETARY: Mr M G Robinson





REGISTERED OFFICE: 2 Clayton Wood Court
West Park
Leeds
West Yorkshire
LS16 6QW





REGISTERED NUMBER: 04110336 (England and Wales)





AUDITORS: Harris & Co Limited
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:





Mr M G Robinson - Director


1 May 2025

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 £10 per share was paid on 31 December 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £ 50,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr M G Robinson
Mr S D Owen
Ms G R Clark
Ms H Reed

Other changes in directors holding office are as follows:

Mr J E Lee - resigned 1 July 2024

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:





Mr M G Robinson - Director


1 May 2025

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.




Tom Garner CA CTA (Senior Statutory Auditor)
for and on behalf of Harris & Co Limited
Chartered Accountants & Statutory Auditor
Marland House
13 Huddersfield Road
Barnsley
South Yorkshire
S70 2LW

1 May 2025

M J Petfoods & Proteins Limited (Registered number: 04110336)

Statement of Comprehensive
Income
for the Year Ended 31 December 2024

2024 2023
Notes £    £    £   

TURNOVER 4 22,338,209 20,958,417

Cost of sales 17,566,773 17,385,441
GROSS PROFIT 4,771,436 3,572,976

Distribution costs 798,338 764,557
Administrative expenses 2,305,436 1,945,887
3,103,774 2,710,444
OPERATING PROFIT 6 1,667,662 862,532

Interest receivable and similar income 9,353 5,920
PROFIT BEFORE TAXATION 1,677,015 868,452

Tax on profit 7 440,019 208,372
PROFIT FOR THE FINANCIAL YEAR 1,236,996 660,080

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,236,996

660,080

M J Petfoods & Proteins Limited (Registered number: 04110336)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 285,471 328,838
Investments 10 27,716 27,716
313,187 356,554

CURRENT ASSETS
Stocks 11 1,324,302 1,431,581
Debtors 12 2,368,914 1,891,172
Cash at bank and in hand 2,862,096 2,271,691
6,555,312 5,594,444
CREDITORS
Amounts falling due within one year 13 2,400,105 2,678,489
NET CURRENT ASSETS 4,155,207 2,915,955
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,468,394

3,272,509

PROVISIONS FOR LIABILITIES 15 71,368 62,479
NET ASSETS 4,397,026 3,210,030

CAPITAL AND RESERVES
Called up share capital 16 5,000 5,000
Retained earnings 17 4,392,026 3,205,030
SHAREHOLDERS' FUNDS 4,397,026 3,210,030

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by:





Mr M G Robinson - Director


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 5,000 2,594,950 2,599,950

Changes in equity
Dividends - (50,000 ) (50,000 )
Total comprehensive income - 660,080 660,080
Balance at 31 December 2023 5,000 3,205,030 3,210,030

Changes in equity
Dividends - (50,000 ) (50,000 )
Total comprehensive income - 1,236,996 1,236,996
Balance at 31 December 2024 5,000 4,392,026 4,397,026

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 1,162,463 1,181,416
Tax paid (468,836 ) -
Net cash from operating activities 693,627 1,181,416

Cash flows from investing activities
Purchase of tangible fixed assets (62,744 ) (9,694 )
Movement in group balances 169 50,150
Interest received 9,353 5,920
Net cash from investing activities (53,222 ) 46,376

Cash flows from financing activities
Amount withdrawn by directors - (8,314 )
Equity dividends paid (50,000 ) (50,000 )
Net cash from financing activities (50,000 ) (58,314 )

Increase in cash and cash equivalents 590,405 1,169,478
Cash and cash equivalents at
beginning of year

2

2,271,691

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 1,677,015 868,452
Depreciation charges 106,111 118,614
Finance income (9,353 ) (5,920 )
1,773,773 981,146
Decrease/(increase) in stocks 107,279 (165,314 )
(Increase)/decrease in trade and other debtors (477,742 ) 218,488
(Decrease)/increase in trade and other creditors (240,847 ) 147,096
Cash generated from operations 1,162,463 1,181,416

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
2,271,691 590,405 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - straight line over 3 years
Motor vehicles - straight line over 3 years

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 1,520,822 1,301,174
Social security costs 152,743 121,000
Other pension costs 28,422 24,226
1,701,987 1,446,400

The average number of employees during the year was as follows:
2024 2023

Production 27 25
Administrative 13 12
40 37

2024 2023
£    £   
Directors' remuneration 373,044 395,768
Directors' pension contributions to money purchase schemes 5,941 6,490

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 103,747 100,000
Pension contributions to money purchase schemes 1,321 1,321

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 296,880 193,964
Depreciation - owned assets 106,111 118,614
Auditors' remuneration 15,750 12,500
Auditors' remuneration for non audit work 3,016 4,700
Foreign exchange differences 9,142 35,000

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 431,130 218,836

Deferred tax 8,889 (10,464 )
Tax on profit 440,019 208,372

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 1,677,015 868,452
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 23.521%)

419,254

204,269

Effects of:
Expenses not deductible for tax purposes 9,923 1,212
Income not taxable for tax purposes - (10,464 )
Depreciation in excess of capital allowances 10,842 25,619
Utilisation of tax losses - (12,264 )
Total tax charge 440,019 208,372

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 50,000 50,000

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 851,805 28,652 32,662 913,119
Additions 61,021 1,723 - 62,744
At 31 December 2024 912,826 30,375 32,662 975,863
DEPRECIATION
At 1 January 2024 533,729 27,444 23,108 584,281
Charge for year 94,774 1,783 9,554 106,111
At 31 December 2024 628,503 29,227 32,662 690,392
NET BOOK VALUE
At 31 December 2024 284,323 1,148 - 285,471
At 31 December 2023 318,076 1,208 9,554 328,838

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 27,716
NET BOOK VALUE
At 31 December 2024 27,716
At 31 December 2023 27,716

The Company's investments at the Balance Sheet date in the share capital of companies include the following:

M J Europe Limited
Registered office: 2 Clayton Wood Court, West Park, Leeds, England, LS16 6QW
Nature of business: Wholesale of grain,seeds and animal feeds
%
Class of shares: holding
Ordinary 100.00

11. STOCKS
2024 2023
£    £   
Finished goods 1,324,302 1,431,581

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 1,941,313 1,856,909
Other debtors 371,306 350
Prepayments and accrued income 56,295 33,913
2,368,914 1,891,172

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,597,329 1,777,143
Amounts owed to group undertakings 71,989 71,820
Corporation tax 181,130 218,836
Social security and other taxes 46,220 46,599
VAT 4,645 14,136
Other creditors 325,292 390,268
Accruals and deferred income 173,500 159,687
2,400,105 2,678,489

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 42,931 42,931
Between one and five years 123,911 157,342
In more than five years - 9,500
166,842 209,773

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 71,368 62,479

Deferred
tax
£   
Balance at 1 January 2024 62,479
Charge to Statement of Comprehensive Income during year 8,889
Balance at 31 December 2024 71,368

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 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.