Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312025-05-012025-05-012024-10-312025-05-01ASCO Foods is in the import and distribution of Filipino, Thai, Vietnamese, Cambodian, and other South East and Far East Asian ambient and frozen foods.false35falsefalse2023-11-0142false 04095454 2022-11-01 2023-10-31 04095454 2023-11-01 2024-10-31 04095454 2024-10-31 04095454 2023-10-31 04095454 2022-11-01 04095454 1 2023-11-01 2024-10-31 04095454 1 2022-11-01 2023-10-31 04095454 5 2023-11-01 2024-10-31 04095454 5 2022-11-01 2023-10-31 04095454 d:CompanySecretary1 2023-11-01 2024-10-31 04095454 d:Director1 2023-11-01 2024-10-31 04095454 d:Director2 2023-11-01 2024-10-31 04095454 d:Director3 2023-11-01 2024-10-31 04095454 d:RegisteredOffice 2023-11-01 2024-10-31 04095454 e:Buildings 2023-11-01 2024-10-31 04095454 e:Buildings 2024-10-31 04095454 e:Buildings 2023-10-31 04095454 e:Buildings e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04095454 e:PlantMachinery 2023-11-01 2024-10-31 04095454 e:PlantMachinery 2024-10-31 04095454 e:PlantMachinery 2023-10-31 04095454 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04095454 e:MotorVehicles 2023-11-01 2024-10-31 04095454 e:MotorVehicles 2024-10-31 04095454 e:MotorVehicles 2023-10-31 04095454 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04095454 e:FurnitureFittings 2023-11-01 2024-10-31 04095454 e:FurnitureFittings 2024-10-31 04095454 e:FurnitureFittings 2023-10-31 04095454 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04095454 e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04095454 e:CurrentFinancialInstruments 2024-10-31 04095454 e:CurrentFinancialInstruments 2023-10-31 04095454 e:Non-currentFinancialInstruments 2024-10-31 04095454 e:Non-currentFinancialInstruments 2023-10-31 04095454 e:CurrentFinancialInstruments e:WithinOneYear 2024-10-31 04095454 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 04095454 e:Non-currentFinancialInstruments e:AfterOneYear 2024-10-31 04095454 e:Non-currentFinancialInstruments e:AfterOneYear 2023-10-31 04095454 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-10-31 04095454 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-10-31 04095454 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-10-31 04095454 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-10-31 04095454 e:ReportableOperatingSegment1 2023-11-01 2024-10-31 04095454 e:ReportableOperatingSegment1 2022-11-01 2023-10-31 04095454 f:UnitedKingdom 2023-11-01 2024-10-31 04095454 f:UnitedKingdom 2022-11-01 2023-10-31 04095454 f:RestEuropeOutsideUK 2023-11-01 2024-10-31 04095454 f:RestEuropeOutsideUK 2022-11-01 2023-10-31 04095454 e:UKTax 2023-11-01 2024-10-31 04095454 e:UKTax 2022-11-01 2023-10-31 04095454 e:ShareCapital 2023-11-01 2024-10-31 04095454 e:ShareCapital 2024-10-31 04095454 e:ShareCapital 2022-11-01 2023-10-31 04095454 e:ShareCapital 2023-10-31 04095454 e:ShareCapital 2022-11-01 04095454 e:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 04095454 e:RetainedEarningsAccumulatedLosses 2024-10-31 04095454 e:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 04095454 e:RetainedEarningsAccumulatedLosses 2023-10-31 04095454 e:RetainedEarningsAccumulatedLosses 2022-11-01 04095454 e:AcceleratedTaxDepreciationDeferredTax 2024-10-31 04095454 e:AcceleratedTaxDepreciationDeferredTax 2023-10-31 04095454 d:OrdinaryShareClass1 2023-11-01 2024-10-31 04095454 d:OrdinaryShareClass1 2024-10-31 04095454 d:OrdinaryShareClass1 2023-10-31 04095454 d:FRS102 2023-11-01 2024-10-31 04095454 d:Audited 2023-11-01 2024-10-31 04095454 d:FullAccounts 2023-11-01 2024-10-31 04095454 d:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 04095454 e:Subsidiary1 2023-11-01 2024-10-31 04095454 e:Subsidiary1 1 2023-11-01 2024-10-31 04095454 e:WithinOneYear 2024-10-31 04095454 e:WithinOneYear 2023-10-31 04095454 e:BetweenOneFiveYears 2024-10-31 04095454 e:BetweenOneFiveYears 2023-10-31 04095454 e:MoreThanFiveYears 2024-10-31 04095454 e:MoreThanFiveYears 2023-10-31 04095454 e:HirePurchaseContracts e:WithinOneYear 2024-10-31 04095454 e:HirePurchaseContracts e:WithinOneYear 2023-10-31 04095454 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-10-31 04095454 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-10-31 04095454 6 2023-11-01 2024-10-31 04095454 g:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 04095454







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024


ASCO FOODS LIMITED






































img7176.png                        

 


ASCO FOODS LIMITED
 


 
COMPANY INFORMATION


Directors
S S Chadha 
R S Chadha 
A S Chadha 




Company secretary
S S Chadha



Registered number
04095454



Registered office
Units 7 & 8
Amersham Commercial Park Raans Road

Amersham

Buckinhamshire

HP6 6JY




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

95 Gresham Street

London

EC2V 7AB





 


ASCO FOODS LIMITED
 



CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Analysis of net debt
15
Notes to the financial statements
16 - 30


 


ASCO FOODS LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Principal activity
 
The company's principal activities continued to be those of importer and wholesale distributors of Oriental foods and drinks.

Business review and financial key performance indicators
 
Asco Foods is in the import and distribution of Filipino, Thai, Vietnamese, Cambodian, and other Southeast and Far East Asian ambient and frozen foods.

The Directors of Asco Foods consider turnover and profit to be the key KPI's for the company. Turnover for the year was £41,046,219  (2023: £42,161,450), whilst the profit before tax was £2,873,923 (2023: £5,948,973). 

A review of the year has shown that turnover has decreased as result of a more difficult trading environment, along with additional pressures arising from increasing transportation costs due to global events in the Red Sea causing significant disruption on deliveries.

As the sole distributor of several recognised brands in the UK, we intend to continue to capitalise on the popularity of these products and have ensured that we have sufficient stock to meet the needs of our growing customer base.

Towards the end of year under review, and in recognition of consumers behaviour, Management has continued to pursue the company’s strategy focused on growth, particularly for the drinks segment and expanding our partnership of distribution channels.

The Directors of Asco Foods consider increased turnover and profitability the key KPI’s for the company. For profitability, profit before tax is reported in the income statement and is used. To sustain this growth and manage increased costs effectively, it's essential to continually assess our business strategy, monitor financial performance, and adjust our operations as necessary. This may involve optimising our cost structure, ensuring that our marketing efforts continue to yield results, and maintaining a close watch on market trends to stay competitive and ahead of the competition. 

1. Growing Customer Profile:
In the current period, the business continues to grow our trading with several national operators across retail, hospitality and wholesale. These partners will continue to be key drivers to growth in turnover. 

2. Marketing Initiatives: 
Securing new sales via marketing initiatives and exhibitions contributed to increasing brand awareness amongst the consumer base. Our marketing efforts were successful in attracting new customers and generating sales opportunities.

3. Increased Costs: 
It's not uncommon for businesses to incur increased costs as they scale and adapt to new market conditions. These costs are closely monitored to ensure the business continues to meet it goals in terms of growth and profitability. 

4. Increased Employee Headcount:
Throughout the year, the number of staff remained relatively stable, with only minor fluctuations. Management continues to perform strategic analysis of the need to make senior appointments in the business to realise the growth plan set out.  

Principal risks and uncertainties
 
The directors of the business and the execution of the company’s strategy is subject to a few risks. There are several contracts and key agency agreements for the supply of key products and brands which the company is a party, and these are managed to ensure that actions can be taken to mitigate any risks that arise. During the year under review, the business is optimistic of the opportunities and is also mindful of the economic conditions that our customers operate under. The company is also exposed to the challenging market conditions due to foreign exchange rate volatility, commodity price increases, continued disruption in supply chains and fluctuating energy prices. Coupled with the financial turbulence arising from political events in the UK, the overall effect has been to create an uncertain macro-economic outlook. How this uncertainty will manifest itself in future consumer spending has yet to be fully understood.

The company operates in the wholesale market where there are constant new entrants and strong competition. The directors maintain a proactive sourcing, sales and marketing process to ensure that its products and brands receive the attention that they require to support the growth of the business.

Page 1

 


ASCO FOODS LIMITED
 



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

Directors' statement of compliance with duty to promote the success of the Company
 
Directors Duties

The directors of the company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the Companies Act 2006 which is summarized as follows:

A directors of a company must act in the way they consider, in good faith, would be most likely to promise the success of the company for the benefit of the shareholders as a whole and, in doing so have regards (amongst other matters) to:

The likely consequences of any decision in the long term.
The interest of the company’s employees.
The need to foster the company’s business relations with suppliers, customers, and others.
The impact of the company's operations on the community and environment.
The desirability of the company maintaining a reputation for high standard of business conduct.
The need to act daily as between shareholders of the company.

Our mission and how we strive to achieve it
Our mission is to be the leading supplier of the Oriental food products we distribute in the UK, to achieve this, we engage with our stakeholders regularly.
Our objective is to maintain and grow our loyal and satisfied customer based which is served by our engaged and motivated staff supplying market leading products from our suppliers.
Decisions are taken on a day-to-day basis by the management team and the management team meets to review the operating performance on a monthly basis and to consider and make key decisions.
Engagement with Stakeholders
In order to discharge the directors’ duties under Section 172 of the Companies Act, key stakeholders are considered throughout the directors’ decision making process.  It is the firm belief that the ongoing success of the company has been a result of engaging and collaborating key stakeholders.
Employees
The Directors are committed to recruiting and retaining engaged and motivated employees who are willing and able to contribute to the success of the business. The company continually review salary benchmarks to ensure the salaries are competitive and reflective of the local conditions.
Suppliers
The Directors with many years of experience have developed a network of suppliers who are able to supply the range and quality of product our customers require. 
Customers 
Most customer trade with us on a regular basis to make their purchases, so engaging them with our sales representatives has developed strong bonds between them and staff.

Page 2

 


ASCO FOODS LIMITED
 



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

Financial key performance indicators
 
The Directors of Asco Foods consider turnover and profit to be the key KPI's for the company. A review of the year has shown that turnover has decreased as result of a more difficult trading environment, along with additional pressures arising from increasing transportation costs due to global events in the Red Sea causing significant disruption on deliveries.

As the sole distributor of several recognised brands in the UK, we intend to continue to capitalise on the popularity of these products and have ensured that we have sufficient stock to meet the needs of our growing customer base. Towards the end of year under review, and in recognition of consumers behaviour, Management has continued to pursue the company’s strategy focused on growth, particularly for the drinks segment and expanding our partnership of distribution channels.

The Directors of Asco Foods consider increased turnover and profitability the key KPI’s for the company. For profitability, profit before tax is reported in the income statement and is used. To sustain this growth and manage increased costs effectively, it's essential to continually assess our business strategy, monitor financial performance, and adjust our operations as necessary. This may involve optimising our cost structure, ensuring that our marketing efforts continue to yield results, and maintaining a close watch on market trends to stay competitive and ahead of the competition. 

Other key performance indicators
 
The Directors review the following other KPIs to gauge the non-financial performance of the company: 

Staff turnover to measure employee satisfaction and ensure we have engaged and skilled and trained workforce. 
Volume of activity with our suppliers to assess their level of engagement with us. 
Customer retention and satisfaction. 


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



S S Chadha
Director

Date: 1 May 2025

Page 3

 


ASCO FOODS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

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

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

Results and dividends

The profit for the year, after taxation, amounted to £2,097,751 (2023 - £4,383,571).

The directors approved and paid £492,720 in dividends (2023: £387,000). The directors are proposing to pay an amount of £nil post year end.

Directors

The directors who served during the year were:

S S Chadha 
R S Chadha 
A S Chadha 

Future developments

The external commercial environment is expected to remain competitive in 2025. The directors remain confident that the company will be able to maintain and improve on its current level of performance in the future.
The company will face challenges arising primarily from continued disruption in the global supply chains and higher cost inflation, which are expected to continue for the foreseeable future. The directors will maintain policies to adapt to these changing conditions and to ensure the companies long term future.
We continue to invest in the development of our major brands and in the development of new products for our operations.  The directors regard the investment in new product development as integral to the continuing success of the business and ensuring that we are able to continue to meet the needs of our customers. 
The directors do not foresee any changes to the principal activity of the company.

Page 4

 


ASCO FOODS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Financial instruments

Financial risk management is disclosed within principle risks are uncertainties within the Strategic Report.
 

Engagement with employees

The Directors are committed to recruiting and retaining engaged and motivated employees who are willing and able to contribute to the success of the business. The company continually review salary benchmarks to ensure the salaries are competitive and reflective of the local conditions.

Engagement with suppliers, customers and others

Suppliers
The Directors with many years of experience have developed a network of suppliers who are able to supply the range and quality of product our customers require. 
Customers
Most customer trade with us on a regular basis to make their purchases, so engaging them with our sales representatives has developed strong bonds between them and staff.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Company's greenhouse gas emissions and energy consumption for the year are 49,438 Kg C02e (2023: 50,724 Kg C02e) and 212,177 kWh (2023: 218,549 kWh) .

To calculate the greenhouse gas (GHG) emissions based on 212,177 kWh of electricity, an average  emission factor was obtained for electricity, which equated to 0.233 kg CO2e per kWh.

As the above emissions predominantly relate to the warehousing of goods to service the Company's customers the greenhouse gas emissions can be expressed as 2.1 Kg C02e per square foot of storage space (2023: 2.1 Kg C02e per square foot).

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

The directors do not consider there are any important events affecting the company after balance sheet date.

Auditor

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

Page 5

 


ASCO FOODS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

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





S S Chadha
Director

Date: 1 May 2025

Page 6

 


ASCO FOODS LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASCO FOODS LIMITED

Opinion


We have audited the financial statements of Asco Foods Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Other information


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


We have nothing to report in this regard.


Page 7

 


ASCO FOODS LIMITED


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

Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 


ASCO FOODS LIMITED


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

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
 
Companies Act 2006
UK Tax Legislation
Financial Reporting Standard 102; and
UK employment legislation
 
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
Challenging assumptions and judgements made by management in the application of accounting estimates.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
Posting of unusual journals and complex transactions
Use of management override or control to manipulate accounting estimates or cause the company to enter into transactions not in it's best interest.
 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 9

 


ASCO FOODS LIMITED


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

Use of our report
 

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





Sarah Hallam FCCA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
95 Gresham Street
London
EC2V 7AB

1 May 2025
Page 10

 


ASCO FOODS LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
41,046,219
42,161,450

Cost of sales
  
(30,501,410)
(30,191,158)

Gross profit
  
10,544,809
11,970,292

Distribution costs
  
(1,129,368)
(908,980)

Administrative expenses
  
(6,209,845)
(4,894,960)

Other operating income
  
2,866
-

Operating profit
 5 
3,208,462
6,166,352

Interest payable and similar expenses
 9 
(334,539)
(217,379)

Profit before tax
  
2,873,923
5,948,973

Tax on profit
 10 
(776,172)
(1,565,402)

Profit for the financial year
  
2,097,751
4,383,571

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 30 form part of these financial statements.

Page 11

 


ASCO FOODS LIMITED
REGISTERED NUMBER:04095454



BALANCE SHEET
AS AT 31 OCTOBER 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
1,938,441
2,132,857

Investments
 12 
84
-

  
1,938,525
2,132,857

Current assets
  

Stocks
 13 
11,798,801
9,771,812

Debtors: amounts falling due within one year
 14 
4,680,946
5,143,679

Cash at bank and in hand
 15 
1,491,287
1,007,577

  
17,971,034
15,923,068

Creditors: amounts falling due within one year
 16 
(10,150,912)
(9,684,987)

Net current assets
  
 
 
7,820,122
 
 
6,238,081

Total assets less current liabilities
  
9,758,647
8,370,938

Creditors: amounts falling due after more than one year
 17 
(426,760)
(611,770)

Provisions for liabilities
  

Deferred tax
 20 
(91,238)
(123,550)

  
 
 
(91,238)
 
 
(123,550)

Net assets
  
9,240,649
7,635,618


Capital and reserves
  

Called up share capital 
 21 
102
102

Profit and loss account
 22 
9,240,547
7,635,516

  
9,240,649
7,635,618


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




S S Chadha
Director

Date: 1 May 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 12

 


ASCO FOODS LIMITED
 



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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 November 2022
102
3,638,945
3,639,047


Comprehensive income for the year

Profit for the year (as restated)
-
4,383,571
4,383,571
Total comprehensive income for the year (as restated)
-
4,383,571
4,383,571


Contributions by and distributions to owners

Dividends: Equity capital
-
(387,000)
(387,000)


Total transactions with owners
-
(387,000)
(387,000)



At 1 November 2023 (as restated)
102
7,635,516
7,635,618


Comprehensive income for the year

Profit for the year
-
2,097,751
2,097,751
Total comprehensive income for the year
-
2,097,751
2,097,751


Contributions by and distributions to owners

Dividends: Equity capital
-
(492,720)
(492,720)


Total transactions with owners
-
(492,720)
(492,720)


At 31 October 2024
102
9,240,547
9,240,649


The notes on pages 16 to 30 form part of these financial statements.

Page 13

 


ASCO FOODS LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,097,751
4,383,571

Adjustments for:

Depreciation of tangible assets
201,496
156,321

Interest paid
334,539
217,379

Taxation charge
776,172
1,565,402

(Increase) in stocks
(2,026,989)
(4,932,559)

Decrease/(increase) in debtors
462,733
(2,372,401)

Increase in creditors
1,508,478
1,173,869

(Decrease)/increase in provisions
(32,312)
-

Corporation tax (paid)
(1,933,616)
(449,245)

Net cash generated from operating activities

1,388,252
(257,663)


Cash flows from investing activities

Purchase of tangible fixed assets
(7,080)
(355,358)

Purchase of share in subsidiaries
(84)
-

Net cash from investing activities

(7,164)
(355,358)

Cash flows from financing activities

New secured loans
-
1,312,726

Repayment of loans
602,221
(561,690)

Repayment of other loans
40,209
-

Repayment of/new finance leases
(436,368)
241,155

Dividends paid
(492,720)
(387,000)

Interest paid
(334,539)
(217,379)

Net cash used in financing activities
(621,197)
387,812

Net increase/(decrease) in cash and cash equivalents
759,891
(225,209)

Cash and cash equivalents at beginning of year
528,498
753,707

Cash and cash equivalents at the end of year
1,288,389
528,498


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,491,287
1,007,577

Bank overdrafts
(202,898)
(479,079)

1,288,389
528,498


The notes on pages 16 to 30 form part of these financial statements.

Page 14

 


ASCO FOODS LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024




At 1 November 2023
Cash flows
At 31 October 2024
£

£

£

Cash at bank and in hand

1,007,577

483,710

1,491,287

Bank overdrafts

(479,079)

276,181

(202,898)

Debt due after 1 year

(326,764)

326,764

-

Debt due within 1 year

(4,273,364)

(969,194)

(5,242,558)

Finance leases

(361,658)

81,755

(279,903)


(4,433,288)
199,216
(4,234,072)

The notes on pages 16 to 30 form part of these financial statements.

Page 15

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

ASCO Foods Limited is a private limited company incorporated and domiciled in England & Wales.  The registered address is Units 7 & 8, Amersham Commercial Park Raans Road, Amersham, Buckinghamshire, HP6 6JY.
The principal activity of the company during the year was the distribution of food and drink products with a variety of speciality products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

Going concern

The company meets its day to day working capital requirements through its cash reserves and borrowings.  The company retains net assets £ 9,240,649 (2023 - £ 7,635,618) at the balance sheet date. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 16

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 17

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
25 Years
Plant and machinery
-
5 Years
Motor vehicles
-
5 Years
Fixtures and fittings
-
5 Years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

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

 
2.11

Debtors

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

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

Creditors

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

Page 18

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make consistent judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There are no significant judgements or estimates to be disclosed in the current year.

Page 19

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Turnover

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


2024
2023
£
£

Sale of goods
41,046,219
42,161,450

41,046,219
42,161,450


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
40,794,568
42,011,182

European
251,651
150,268

41,046,219
42,161,450



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(152,822)
(495,501)


6.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
34,000
31,650

Fees payable to the Company's auditor and its associates in respect of:

Taxation compliance services
1,950
1,850

All non-audit services not included above
6,500
4,350

Page 20

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Employees

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


2024
2023
£
£

Wages and salaries
2,082,539
1,780,453

Social security costs
194,048
144,787

Cost of defined contribution scheme
37,244
28,020

2,313,831
1,953,260


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


        2024
        2023
            No.
            No.







Direct Staff
21
25



Administrators
14
3



Sales
7
7

42
35


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
281,963
282,219

Company contributions to defined contribution pension schemes
3,963
3,963

285,926
286,182


During the year retirement benefits were accruing to 3 directors (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £80,000 (2023 - £80,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).

Page 21

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
266,065
162,028

Other loan interest payable
40,208
37,083

Mortgage interest payable
28,266
18,268

334,539
217,379


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
808,484
1,499,863


808,484
1,499,863


Total current tax
808,484
1,499,863

Deferred tax


Origination and reversal of timing differences
(32,312)
65,539

Total deferred tax
(32,312)
65,539


Taxation on profit on ordinary activities
776,172
1,565,402
Page 22

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.52%). The differences are explained below:

As restated
2024
2023
£
£


Profit on ordinary activities before tax
2,873,923
5,948,973


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
718,481
1,339,709

Effects of:


Expenses not deductible for tax purposes
44,191
1,656

Capital allowances for year in excess of depreciation
13,500
5,431

Fixed asset differences
-
11,850

Adjustments to tax charge in respect of prior periods
-
206,756

Total tax charge for the year
776,172
1,565,402


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 November 2023
2,282,267
390,800
332,946
242,872
3,248,885


Additions
-
7,080
-
-
7,080


Disposals
-
(5,535)
-
-
(5,535)



At 31 October 2024

2,282,267
392,345
332,946
242,872
3,250,430



Depreciation


At 1 November 2023
628,845
255,858
24,223
207,102
1,116,028


Charge for the year on owned assets
71,422
51,844
66,590
11,640
201,496


Disposals
-
(5,535)
-
-
(5,535)



At 31 October 2024

700,267
302,167
90,813
218,742
1,311,989



Net book value



At 31 October 2024
1,582,000
90,178
242,133
24,130
1,938,441



At 31 October 2023
1,653,422
134,942
308,723
35,770
2,132,857

Finance leases

The net book value of assets in relation to finance leases is £302,030 (2023: £361,658)


12.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
84



At 31 October 2024
84




Page 24

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

ASCO Foods Europe Limited
Suite 7 The Courtyard, 
Carmanhall Road, 
Sandyford, Dublin 18, 
Ireland,
D18 NW62
Ordinary
 100%

The aggregate of the share capital and reserves as at 31 October 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name
Aggregate of share capital and reserves

Asco Foods Europe Limited
84


13.


Stocks

As restated
2024
2023
£
£

Finished goods
11,798,801
9,771,812

11,798,801
9,771,812



14.


Debtors

2024
2023
£
£


Trade debtors
4,188,711
4,464,202

Amounts owed by group undertakings
1,880
-

Other debtors
300,138
451,482

Prepayments and accrued income
190,217
227,995

4,680,946
5,143,679


Page 25

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,491,287
1,007,577

Less: bank overdrafts
(202,898)
(479,079)

1,288,389
528,498



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
202,898
479,079

Bank loans
4,533,430
3,823,184

Other loans
490,389
450,180

Trade creditors
3,733,973
2,650,843

Corporation tax
322,517
1,479,961

Other taxation and social security
49,342
46,580

Obligations under finance leases
71,882
76,652

Other creditors
279,610
156,191

Accruals and deferred income
466,871
522,317

10,150,912
9,684,987


The following liabilities were secured:

2024
2023
£
£



Bank overdrafts and bank loans
4,736,328
4,277,955

Obligations under finance leases
71,182
76,652

4,807,510
4,354,607

Details of security provided:

The finance leases are secured on the assets to which they relate. Bank loans and overdrafts are secured on a fixed and floating charge over the assets of the company, where bank loans include a commercial mortgage, the mortgage is secured over the freehold property. 

Page 26

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
218,739
326,764

Obligations under finance leases
208,021
285,006

426,760
611,770


The following liabilities were secured:

2024
2023
£
£



Bank loans
218,739
326,764

Obligations under finance leases
208,021
285,006

426,760
611,770

Details of security provided:

The finance leases are secured on the assets to which they relate to. Bank loans and overdrafts are secured on a fixed and floating charge over the assets of the company, where bank loans include a commercial mortgage. The mortgage is secured over the freehold property. 

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
-
30,488

-
30,488



Page 27

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

18.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
4,533,430
3,823,184

Other loans
490,389
450,180


5,023,819
4,273,364


Amounts falling due after more than one year

Bank loans
218,739
296,276


218,739
296,276

Amounts falling due after more than 5 years

Bank loans
-
30,488

-
30,488

5,242,558
4,600,128



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
71,182
76,652

Between 1-5 years
208,021
287,826

279,203
364,478


20.


Deferred taxation




2024


£






At beginning of year
(123,550)


Charged to profit or loss
32,312



At end of year
(91,238)

Page 28

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
20.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(91,238)
(123,550)

(91,238)
(123,550)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



102 (2023 - 102) Ordinary shares shares of £1.00 each
102
102



22.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated Profit/Losses.


23.


Prior year adjustment

During the current year a prior period error was identified whereby year end stock at 31 October 2023 was overvalued by £918,770. As a result profit as at 31 October 2023 was overstated by £918,770 and has inflated our retained earnings figure by the same amount. This error was caused by the incorrect inclusion of sugar tax levy on products held at year end and so does represent an error given the information available at the time of preparing the 31 October 2023 financial statements. The prior period stock value has been restated, reducing the year end value by £918,770 with a corresponding increase in purchases.


24.


Pension commitments

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme is £11,498 (2023: £7,563). 

Page 29

 


ASCO FOODS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

25.


Commitments under operating leases

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
616,788
-

Later than 1 year and not later than 5 years
2,467,157
-

Later than 5 years
2,467,157
-

5,551,102
-


26.


Related party transactions

A family member of the directors has provided the company with a loan which had a current year value of £490,389 (2023: £450,180). The loan is repayable on request and the interest charged is on a simple basis across the total facility amount at 3% over the bank base. The interest paid/accrued thus far amounts to  40,208 (2023:  37,083).  

 
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