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FOR THE PERIOD ENDED 28 DECEMBER 2024
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MARATHON FOOD LIMITED
COMPANY INFORMATION
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MARATHON FOOD LIMITED
CONTENTS
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MARATHON FOOD LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2024
The directors present their Strategic report and business review, which includes the principal risks and uncertainties of the business, key performance indicators and future developments.
The company is engaged in the importation of Cypriot, Greek and other Mediterranean food and drinks for distribution in to the UK market. The company has a mixed sales base including larger distributors, wholesalers as well as independent ethnic retailers and restaurants.
The company's market continues to be very challenging with changes in consumer behaviour accelerated from the covid pandemic and the UK cost of living crisis. The company continues to look at growth in product range to unlock new customers and markets for the future. Following quality issues with a supplier the company made the decision to step back from a key piece of industrial business, this resulted in a reduction in revenue from £12,519,296 to £6,217,169 and profit after tax of £575,072 to £232,329. Whilst this was a challenging decision in the short term, the company prides itself on supplying to the highest quality standards possible for its customers, which in the longer term, will serve the company well. Despite the challenges in the market and the overall drop in financial performance the company remains resilient and with inflation cooling, the company is ready to capitalise on future opportunities.
The management team continually review, monitor and evaluate the risks the company is facing with a range of formal processes including weekly sales reviews, monthly management reviews, quarterly forecasting and quarterly board meetings.
Consumer behaviour The local retail sales sector has slowly been declining with younger consumers choosing to shop at national retailers, whose ethnic range has continued to expand, but also acts as a one stop shop. The covid pandemic and cost of living crisis in the UK have also meant that a lot of local retailers have seen soaring costs, with their only option to pass on these costs. This has eroded consumers' brand loyalty, further pushing consumers to the larger retailers. The company has expanded its product offering during the year to some success, helping to offset some of the decline in the market. Having several other sales sectors means the company can also devote the required resources to help grow some of these, focusing further on foodservice and industrial business to help mitigate any continuing decline in local retail sales. Credit risk The company’s credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers, and for a limited number of customers the company has protection against the default of those debts by using a credit insurer.
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MARATHON FOOD LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 28 DECEMBER 2024
This report was approved by the board on 3 April 2025 and signed on its behalf.
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MARATHON FOOD LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2024
The directors present their report and the financial statements for the 52 week period ended 28 December 2024.
The profit for the period, after taxation, amounted to £232,329 (2023:£575,072).
The directors who served during the period were:
Whilst a drop against prior years, the results within the period are in line with expectations following the business review. The board’s alignment on the quality decision around the company’s largest Halloumi supplier were clear, and the effects of that are shown in performance.
However the signs for the future remain positive, the company has improved relationships with a wider supplier base increasing its competitiveness. This has allowed the company to re-engage with key customers following the decision to step back from business in previous years, again, something the company targeted in the longer term business review.
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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MARATHON FOOD LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 DECEMBER 2024
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 judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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.
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MARATHON FOOD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARATHON FOOD LIMITED
We have audited the financial statements of Marathon Food Limited (the 'Company') for the 52 weeks ended 28 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows, the Analysis of net debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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MARATHON FOOD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARATHON FOOD LIMITED (CONTINUED)
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 52 weeks 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.
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.
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MARATHON FOOD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARATHON FOOD LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:
∙The nature of the industry and sector, control environment and business performance;
∙Results of our enquiries of management and directors in relation to their own identification and assessment of the risks of irregularities within the Compant; and;
∙Any matters we identified having obtained and reviewed the Company's documentation amd their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override .
We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included health and safety regulations, employment legislation and data protection laws. Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙Challenging assumptions and judgements made by management in their significant accoutning estimates;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙Performing analytical procedures to identify and unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board minutes; and
∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also communicated identified laws and regulations and potential fraud risks to all team members involved in the engagement and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit.
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MARATHON FOOD LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARATHON FOOD LIMITED (CONTINUED)
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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MARATHON FOOD LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 28 DECEMBER 2024
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MARATHON FOOD LIMITED
REGISTERED NUMBER:02038859
STATEMENT OF FINANCIAL POSITION
AS AT 28 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 24 form part of these financial statements.
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MARATHON FOOD LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 DECEMBER 2024
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MARATHON FOOD LIMITED
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 28 DECEMBER 2024
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Marathon Food Limited is a Company limited by shares incorporated in England and Wales. The registered office is 27 Commercial Road, London, United Kingdom, N18 1TP.
2.ACCOUNTING POLICIES
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 ther Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Marathon Collective Limited as at 28 December 2024 and these financial statements may be obtained from Companies House.
Functional and presentation currency
Transactions and balances
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
2.ACCOUNTING POLICIES (continued)
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods described below.
Depreciation is provided on the following basis:
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.
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
2.ACCOUNTING POLICIES (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of financial position 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement
Page 16
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
2.ACCOUNTING POLICIES (continued)
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.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
The following are key areas of the accounts which require the use of management estimates and judgements: Stock provision Managements view is that there is no requirement for a stock provision due to the length in life of the products and use by dates and sell by dates. Whilst there is a degree of uncertainty around this estimate managment view this as a prudent approach when calculating the value of stock at the year end.
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 18
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 19
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
9.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 21
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
Page 22
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £
Page 23
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MARATHON FOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
The immediate parent company is
Marathon Collective Limited, a company incorporated in England and Wales, is the smallest and largest group of which the company is a member and for which group financial statements are prepared. Consolidated financial statements are available from 27 Commercial Road, London, United Kingdom, N18 1TP.
The ultimate controlling party is Compagnie Laita, 4 Rue Becquerel, Brest, France, 29200. A company registered in France.
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