Company registration number 01071486 (England and Wales)
JOSEPH HELER LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
JOSEPH HELER LIMITED
COMPANY INFORMATION
Directors
M J Heler
G J Heler
Secretary
R W Lucas
Company number
01071486
Registered office
The Laurels Farm
Hatherton
Nantwich
Cheshire
CW5 7PE
Auditor
Afford Bond Holdings Limited
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
JOSEPH HELER LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9
Notes to the financial statements
10 - 23
JOSEPH HELER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Review of the business

In recent years the company has continued to evolve with strategic investment and diversifications in both the UK and mainland Europe.

 

Strategic investment includes new technologies and capability as the business looks to meet the needs of all its stakeholders. 2022 saw a major strategic restructuring with the transition of its secondary processing activities to a new site. This has delivered a broad range of cheese packing capabilities which the company can provide to delight its customers.

Principal risks and uncertainties

The Company’s commitment to producing top-quality products, new services, investments and continuous improvement ensures it is well placed to adapt to a changing and challenging marketplace.

 

The market environment continues to be competitive and the Directors will further seek long-term contractual arrangements with customers to provide a stable trading environment for the Company. Energy markets have stabilised more so in 2024 and the Directors continue to hedge energy by buying further into the future to provide supply and price surety in a market which is highly sensitive to global shocks.

Development and performance

The directors have strategies in place to try to ensure growth in turnover and profitability over the coming years and are confident of future prospects.

Key performance indicators

The directors monitor closely all aspects of the Company's activities on a daily basis and consider the key performance indicators to be those that communicate the financial performance and strength of the Company as a whole, being turnover, gross margin and shareholders funds as disclosed in the financial statements.

Promoting the success of the company

The Board of directors consider, both individually and collectively, that they have acted in ways that they believe in good faith to be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and other matters set out in S172(1) of the Act) in the decisions they made during the period ended 31 December 2024.

We recognise our colleagues as a key asset and aim to be a responsible employer in our approach to the pay and benefits our employees receive. The health, safety and wellbeing of our colleagues are of the highest importance and ensuring this is maintained is a key consideration in how we do business.

Caring for our customers is fundamental to the success of our business and we endeavour to serve them to the very best of our ability both in terms of our direct customers and the ultimate consumers of our products. We are committed to ensuring that all the food we sell is safe to eat and offers a high quality and delightful experience for our consumers.

We also aim to act responsibly and fairly in our engagement with suppliers, regulators, bankers and insurers. We respond quickly and fully to queries from regulators, bankers, insurers if queries arise.

As the board of directors, our intention is always to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance. We recognise that the maintenance of our good reputation, founded on responsible behaviour, is fundamental to our continuing ability to achieve profitable growth for the benefit of our stakeholders in the future.

JOSEPH HELER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

G J Heler
Director
9 May 2025
JOSEPH HELER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

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

Principal activities
The principal activity of the company continued to be that of the production and distribution of cheese and dairy products.
Results and dividends

The results for the year are set out on page 8.

The directors do not recommend payment of a final dividend.
Directors

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

M J Heler
G J Heler
Future developments

The directors anticipate that the Company will continue to grow despite the competitive landscape it operates in and are positive of its future prospects.

Auditor

In accordance with the Company's Articles, a resolution proposing that Afford Bond Holdings Limited be reappointed as auditors of the company will be put at a General Meeting.

Statement of disclosure to auditor
(a) so far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware, and

(b) they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
On behalf of the board
G J Heler
Director
9 May 2025
JOSEPH HELER LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

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

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

JOSEPH HELER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOSEPH HELER LIMITED
- 5 -
Opinion

We have audited the financial statements of Joseph Heler Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

JOSEPH HELER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOSEPH HELER LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our procedures are developed based on risks identified from our knowledge of the entity, its environment, the significant laws and regulations governing its activities and of the related parties and service organisations connected with it. We also consider how the systems and controls the entity has put in place over its activities might mitigate risks identified.

Audit response to risks identified

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we undertook procedures which included, but were not limited to:

 

- Enquiry of management, those charged with governance around actual and potential litigation and claims.

- Reviewing minutes of meetings of those charged with governance.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

JOSEPH HELER LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JOSEPH HELER LIMITED (CONTINUED)
- 7 -

Use of our report

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

Paul Edwards FCCA CTA (Senior Statutory Auditor)
For and on behalf of Afford Bond Holdings Limited, Statutory Auditor
Chartered Accountants
31 Wellington Road
Nantwich
Cheshire
CW5 7ED
12 May 2025
JOSEPH HELER LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Year
Period
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
136,553,027
174,823,996
Cost of sales
(128,056,844)
(171,771,680)
Gross profit
8,496,183
3,052,316
Administrative expenses
(1,299,605)
(2,400,912)
Other operating income
739
1,395
Operating profit
4
7,197,317
652,799
Interest receivable and similar income
8
38,649
80,385
Interest payable and similar expenses
9
(3,487,310)
(3,885,167)
Profit/(loss) before taxation
3,748,656
(3,151,983)
Tax on profit/(loss)
10
(890,080)
682,694
Profit/(loss) for the financial year
2,858,576
(2,469,289)
Retained earnings brought forward
19,609,089
22,078,378
Retained earnings carried forward
22,467,665
19,609,089

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

JOSEPH HELER LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
31,651
33,487
Tangible assets
12
11,441,631
11,697,096
11,473,282
11,730,583
Current assets
Stocks
13
39,129,735
41,393,257
Debtors
14
35,903,449
27,454,168
Cash at bank and in hand
500,127
278,276
75,533,311
69,125,701
Creditors: amounts falling due within one year
15
(59,896,280)
(56,894,383)
Net current assets
15,637,031
12,231,318
Total assets less current liabilities
27,110,313
23,961,901
Creditors: amounts falling due after more than one year
16
(2,713,283)
(2,973,632)
Provisions for liabilities
Deferred tax liability
19
929,365
379,180
(929,365)
(379,180)
Net assets
23,467,665
20,609,089
Capital and reserves
Called up share capital
22
1,000,000
1,000,000
Profit and loss reserves
22,467,665
19,609,089
Total equity
23,467,665
20,609,089
The financial statements were approved by the board of directors and authorised for issue on 9 May 2025 and are signed on its behalf by:
G J Heler
Director
Company registration number 01071486 (England and Wales)
JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

Joseph Heler Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Laurels Farm, Hatherton, Nantwich, Cheshire, CW5 7PE.

1.1
Reporting period

In the prior period, the company extended its accounting period so as to end on 31 December 2023 to bring the financial year end in line with fellow group entities. Amounts shown in the statement of income and retained earnings therefore show 15 months for the comparatives. The current period is the 12 months to 31 December 2024.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of MGH Corporation Limited. These consolidated financial statements are available from its registered office, Laurels Farm, Hatherton, Nantwich, Cheshire CW5 7PE.

1.3
Turnover

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

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -

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

1.4
Intangible fixed assets other than goodwill

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

 

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

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

Patents
20 years straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Land and buildings leasehold
4% straight line
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

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

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

 

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

JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -

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

1.7
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

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

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

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

Other financial assets

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

JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

 

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

 

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

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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

JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.  The deferred tax balance has been discounted.
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.15
Leases

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

 

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

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

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Cheese and dairy products
136,553,027
174,823,996
JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 16 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
116,839,633
150,393,731
Other EC countries
19,150,297
24,388,555
Rest of the world
563,097
41,710
136,553,027
174,823,996
2024
2023
£
£
Other revenue
Interest income
38,649
80,385
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
50,167
(32,738)
Depreciation of owned tangible fixed assets
958,573
891,996
Depreciation of tangible fixed assets held under finance leases
135,837
587,907
Profit on disposal of tangible fixed assets
(11,500)
(263,050)
Amortisation of intangible assets
1,836
1,960
Operating lease charges
219,640
285,589
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
12,000
10,000
6
Employees

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

2024
2023
Number
Number
Selling and distribution
15
11
Production
140
179
Administration
18
18
Total
173
208
JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,220,254
8,938,702
Social security costs
790,060
1,052,042
Pension costs
322,856
368,600
6,333,170
10,359,344
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
4,752
859,698
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
440,588

As total directors' remuneration was less than £200,000 in the current year, no disclosure is provided for that year.

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
38,649
80,385
9
Interest payable and similar expenses
2024
2023
£
£
Interest on invoice finance arrangements
3,192,802
3,749,443
Interest on finance leases and hire purchase contracts
294,508
135,724
3,487,310
3,885,167
JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
765,071
-
0
Adjustments in respect of prior periods
(425,176)
(235,879)
Total current tax
339,895
(235,879)
Deferred tax
Origination and reversal of timing differences
550,185
(446,815)
Total tax charge/(credit)
890,080
(682,694)

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

2024
2023
£
£
Profit/(loss) before taxation
3,748,656
(3,151,983)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
937,164
(787,996)
Tax effect of expenses that are not deductible in determining taxable profit
7,303
12,700
Adjustments in respect of prior years
(425,176)
(235,879)
Effect of change in corporation tax rate
184,118
230,933
Permanent capital allowances in excess of depreciation
-
0
(12,807)
Depreciation on assets not qualifying for tax allowances
43,908
55,807
Other differences
142,763
54,548
Taxation charge/(credit) for the year
890,080
(682,694)
JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
11
Intangible fixed assets
Patents
£
Cost
At 1 January 2024 and 31 December 2024
36,699
Amortisation and impairment
At 1 January 2024
3,212
Amortisation charged for the year
1,836
At 31 December 2024
5,048
Carrying amount
At 31 December 2024
31,651
At 31 December 2023
33,487
12
Tangible fixed assets
Land and buildings leasehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
5,027,270
21,678,704
764,865
132,168
27,603,007
Additions
-
0
744,996
90,671
8,778
844,445
Disposals
-
0
-
0
-
0
(19,353)
(19,353)
Transfers
17,300
(623,279)
377,756
-
0
(228,223)
At 31 December 2024
5,044,570
21,800,421
1,233,292
121,593
28,199,876
Depreciation and impairment
At 1 January 2024
2,148,353
13,286,199
435,753
35,606
15,905,911
Depreciation charged in the year
175,631
799,639
96,012
23,128
1,094,410
Eliminated in respect of disposals
-
0
-
0
-
0
(13,853)
(13,853)
Transfers
-
0
(228,223)
-
0
-
0
(228,223)
At 31 December 2024
2,323,984
13,857,615
531,765
44,881
16,758,245
Carrying amount
At 31 December 2024
2,720,586
7,942,806
701,527
76,712
11,441,631
At 31 December 2023
2,878,917
8,392,505
329,112
96,562
11,697,096
JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Tangible fixed assets
(Continued)
- 20 -

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

2024
2023
£
£
Plant and machinery
3,799,416
5,373,062
13
Stocks
2024
2023
£
£
Raw materials and consumables
436,110
519,312
Finished goods and goods for resale
38,693,625
40,873,945
39,129,735
41,393,257
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,943,078
16,549,224
Corporation tax recoverable
463,560
740,692
Amounts owed by group undertakings
14,292,442
7,773,121
Other debtors
901,355
1,227,896
Prepayments and accrued income
1,303,014
1,163,235
35,903,449
27,454,168
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
41,950,691
43,393,469
Obligations under finance leases
18
262,486
948,036
Trade creditors
10,888,739
7,456,125
Amounts owed to group undertakings
4,794,004
2,486,944
Taxation and social security
178,392
247,718
Other creditors
111,499
52,679
Accruals and deferred income
1,710,469
2,309,412
59,896,280
56,894,383
JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
15
Creditors: amounts falling due within one year
(Continued)
- 21 -

Included within bank loans is £41,950,691 (2023: £43,393,469) due to the discount factoring company. The discount factoring balance and bank overdraft are secured by a fixed charge over the fixed assets and stock of the company and a floating charge over all other property assets and rights of the company owned now or in the future which are not subject to an effective fixed charge under the debenture or any other security held by the bank.

 

Liabilities under hire purchase and finance agreements are secured on the assets concerned.

16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
2,700,385
2,962,871
Government grants
20
12,898
10,761
2,713,283
2,973,632
17
Loans and overdrafts
2024
2023
£
£
Bank loans
41,950,691
43,393,469
Payable within one year
41,950,691
43,393,469
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
262,486
1,003,240
In two to five years
2,700,385
2,962,621
2,962,871
3,965,861
Less: future finance charges
-
0
(54,954)
2,962,871
3,910,907

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

JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
929,365
962,221
Tax losses
-
(583,041)
929,365
379,180
2024
Movements in the year:
£
Liability at 1 January 2024
379,180
Charge to profit or loss
550,185
Liability at 31 December 2024
929,365
20
Government grants
2024
2023
£
£
Arising from government grants
12,898
10,761
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
322,856
368,600

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
5,000,000
5,000,000
5,000,000
5,000,000
Issued and fully paid
Ordinary shares of £1 each
1,000,000
1,000,000
1,000,000
1,000,000
JOSEPH HELER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
23
Ultimate controlling party

The company's immediate and ultimate parent company is MGH Corporation Limited. The registered office of MGH Corporation Limited is Laurels Farm, Hatherton, Nantwich, Cheshire, CW5 7PE.

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