Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-282024-12-28falseThe principal activity of the company continued to be that of wholesale of food, mainly cheese, and drink products.false132024-01-0113truefalsefalse 02038859 2024-01-01 2024-12-28 02038859 2023-01-01 2023-12-31 02038859 2024-12-28 02038859 2023-12-31 02038859 2023-01-01 02038859 1 2024-01-01 2024-12-28 02038859 1 2023-01-01 2023-12-31 02038859 5 2024-01-01 2024-12-28 02038859 5 2023-01-01 2023-12-31 02038859 d:Director1 2024-01-01 2024-12-28 02038859 d:Director2 2024-01-01 2024-12-28 02038859 d:RegisteredOffice 2024-01-01 2024-12-28 02038859 e:PlantMachinery 2024-01-01 2024-12-28 02038859 e:PlantMachinery 2024-12-28 02038859 e:PlantMachinery 2023-12-31 02038859 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-28 02038859 e:MotorVehicles 2024-01-01 2024-12-28 02038859 e:MotorVehicles 2024-12-28 02038859 e:MotorVehicles 2023-12-31 02038859 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-28 02038859 e:FurnitureFittings 2024-01-01 2024-12-28 02038859 e:FurnitureFittings 2024-12-28 02038859 e:FurnitureFittings 2023-12-31 02038859 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-28 02038859 e:ComputerEquipment 2024-01-01 2024-12-28 02038859 e:ComputerEquipment 2024-12-28 02038859 e:ComputerEquipment 2023-12-31 02038859 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-28 02038859 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-28 02038859 e:CurrentFinancialInstruments 2024-12-28 02038859 e:CurrentFinancialInstruments 2023-12-31 02038859 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-28 02038859 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02038859 e:ReportableOperatingSegment1 2024-01-01 2024-12-28 02038859 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 02038859 e:UKTax 2024-01-01 2024-12-28 02038859 e:UKTax 2023-01-01 2023-12-31 02038859 e:ShareCapital 2024-12-28 02038859 e:ShareCapital 2023-12-31 02038859 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-28 02038859 e:RetainedEarningsAccumulatedLosses 2024-12-28 02038859 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02038859 e:RetainedEarningsAccumulatedLosses 2023-12-31 02038859 e:RetainedEarningsAccumulatedLosses 2023-01-01 02038859 e:AcceleratedTaxDepreciationDeferredTax 2024-12-28 02038859 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02038859 e:OtherDeferredTax 2024-12-28 02038859 e:OtherDeferredTax 2023-12-31 02038859 d:FRS102 2024-01-01 2024-12-28 02038859 d:Audited 2024-01-01 2024-12-28 02038859 d:FullAccounts 2024-01-01 2024-12-28 02038859 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-28 02038859 e:WithinOneYear 2024-12-28 02038859 e:WithinOneYear 2023-12-31 02038859 e:BetweenOneFiveYears 2024-12-28 02038859 e:BetweenOneFiveYears 2023-12-31 02038859 2 2024-01-01 2024-12-28 02038859 f:PoundSterling 2024-01-01 2024-12-28 iso4217:GBP xbrli:pure

Registered number: 02038859
















MARATHON FOOD LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 28 DECEMBER 2024


































img4f16.png


MARATHON FOOD LIMITED

 
COMPANY INFORMATION


DIRECTORS
Y Borgne 
J Le Bris 




REGISTERED NUMBER
02038859



REGISTERED OFFICE
27 Commercial Road

London

N18 1TP




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






MARATHON FOOD LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Statement of income and retained earnings
 
9
Statement of financial position
 
10
Statement of cash flows
 
11
Analysis of net debt
 
12
Notes to the financial statements
 
13 - 24



MARATHON FOOD LIMITED

 
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 DECEMBER 2024

INTRODUCTION
 
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.

BUSINESS REVIEW
 
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.

PRINCIPAL RISKS AND UNCERTAINTIES
 
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.

FINANCIAL KEY PERFORMANCE INDICATORS
 
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Page 1


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.


Y Borgne
Director

Page 2


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.

RESULTS AND DIVIDENDS

The profit for the period, after taxation, amounted to £232,329 (2023:£575,072).

DIRECTORS

The directors who served during the period were:

Y Borgne 
J Le Bris 

FUTURE DEVELOPMENTS

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.

DISCLOSURE OF INFORMATION TO AUDITORS

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 auditors are 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 auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming LLPwill 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.
 






Y Borgne
Director

Date: 3 April 2025

27 Commercial Road
London
N18 1TP

Page 3


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 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.

Page 4


MARATHON FOOD LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARATHON FOOD LIMITED
OPINION


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 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 28 December 2024 and of its profit for the 52 weeks then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Auditors' 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 5


MARATHON FOOD LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARATHON FOOD 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 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.


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 6


MARATHON FOOD LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MARATHON FOOD LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

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


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.
Page 7


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.


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 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.






Craig Sullivan FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

7 April 2025
Page 8


MARATHON FOOD LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 28 DECEMBER 2024

52 weeks ended
28 December
Year ended
31 December
2024
2023
Note
£
£

  

Turnover
 4 
6,217,169
12,519,296

Cost of sales
  
(4,843,559)
(10,533,805)

Gross profit
  
1,373,610
1,985,491

Administrative expenses
  
(1,117,766)
(1,194,488)

Operating profit
  
255,844
791,003

Interest receivable and similar income
 7 
55,149
-

Interest payable and similar expenses
 8 
-
(8,083)

Profit before tax
  
310,993
782,920

Tax on profit
 9 
(78,664)
(207,848)

Profit after tax
  
232,329
575,072

  

  

Retained earnings at the beginning of the period/year
  
6,548,833
5,973,761

Profit for the period/year
  
232,329
575,072

Retained earnings at the end of the period/year
  
6,781,162
6,548,833
There was no other comprehensive income for 2024 (2023: £Nil).

The notes on pages 13 to 24 form part of these financial statements.

Page 9


MARATHON FOOD LIMITED
REGISTERED NUMBER:02038859

STATEMENT OF FINANCIAL POSITION
AS AT 28 DECEMBER 2024

28 December
31 December
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
60,347
75,838

  
60,347
75,838

Current assets
  

Stocks
 11 
1,433,207
1,659,646

Debtors: amounts falling due within one year
 12 
681,686
895,950

Cash at bank and in hand
 13 
4,911,555
4,307,173

  
7,026,448
6,862,769

Creditors: amounts falling due within one year
 14 
(290,767)
(370,915)

Net current assets
  
 
 
6,735,681
 
 
6,491,854

Total assets less current liabilities
  
6,796,028
6,567,692

Provisions for liabilities
  

Deferred tax
 15 
(14,864)
(18,857)

  
 
 
(14,864)
 
 
(18,857)

Net assets
  
6,781,164
6,548,835


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
6,781,162
6,548,833

  
6,781,164
6,548,835


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





Y Borgne
Director

Date: 3 April 2025

The notes on pages 13 to 24 form part of these financial statements.

Page 10


MARATHON FOOD LIMITED


STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 28 DECEMBER 2024

52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
232,329
575,072

Adjustments for:

Depreciation of tangible assets
16,406
20,091

Loss on disposal of tangible assets
-
342

Interest paid
-
8,083

Interest received
(55,149)
-

Taxation charge
78,664
207,848

Decrease in stocks
226,439
780,774

Decrease/(increase) in debtors
352,097
(126,207)

(Increase)/decrease in amounts owed by groups
(274,856)
4,004,869

Increase/(decrease) in creditors
74,907
(1,481,207)

Corporation tax (paid)
(100,689)
(1,032,590)

Net cash generated from operating activities

550,148
2,957,075


Cash flows from investing activities

Purchase of tangible fixed assets
(915)
(7,545)

Interest received
55,149
-

Net cash from investing activities

54,234
(7,545)

Cash flows from financing activities

Interest paid
-
(8,083)

Net cash used in financing activities
-
(8,083)

Net increase in cash and cash equivalents
604,382
2,941,447

Cash and cash equivalents at beginning of period
4,307,173
1,365,726

Cash and cash equivalents at the end of period
4,911,555
4,307,173


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
4,911,555
4,307,173

4,911,555
4,307,173


The notes on pages 13 to 24 form part of these financial statements.

Page 11


MARATHON FOOD LIMITED


ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 28 DECEMBER 2024




At 1 January 2024
Cash flows
At 28 December 2024
£

£

£

Cash at bank and in hand

4,307,173

604,382

4,911,555



4,307,173
604,382
4,911,555

The notes on pages 13 to 24 form part of these financial statements.

Page 12


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

1.


GENERAL INFORMATION

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

 
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 following principal accounting policies have been applied:

  
2.2

FINANCIAL REPORTING STANDARD 102- REDUCED DISCLOSURE EXEMPTIONS

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.

 
2.3

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

  
2.4

REVENUE

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.

 
2.5

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.8

CURRENT AND DEFERRED TAXATION

The tax expense for the period 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 reporting 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 reporting 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 reporting date.


 
2.9

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.

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:

Plant and machinery
-
20%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
3
years straight line

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.

Page 15


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
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 first in, first out basis. 

At each reporting 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.

 
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.

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


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)


2.15
FINANCIAL INSTRUMENTS (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.


3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of the estimation means that actual outcomes could differ from those estimates. Whilst there is a level of assumption on these judgements, the director feels these are unlikely to have a significant effect on, or cause material error to the amounts recognised in the financial statements.
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.
 

Page 17


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

4.


TURNOVER

52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£

Sales
6,217,169
12,519,296

6,217,169
12,519,296


All turnover arose within the United Kingdom.


5.


AUDITORS' REMUNERATION

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


6.


EMPLOYEES

Staff costs were as follows:


52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£

Wages and salaries
498,731
529,703

Social security costs
47,410
45,454

Cost of defined contribution scheme
9,830
9,603

555,971
584,760


The average monthly number of employees, including directors, during the period was 13 (2023:13).


7.


INTEREST RECEIVABLE

52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£


Bank interest receivable
55,149
-

55,149
-

Page 18


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

8.


INTEREST PAYABLE AND SIMILAR EXPENSES

52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£


Other interest payable
-
8,083

-
8,083


9.


TAXATION


52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
82,657
187,326

Adjustments in respect of previous periods
-
23,845


TOTAL CURRENT TAX
82,657
211,171

DEFERRED TAX


Origination and reversal of timing differences
(3,993)
(2,835)

Changes to tax rates
-
(488)

TOTAL DEFERRED TAX
(3,993)
(3,323)


TAX ON PROFIT
78,664
207,848
Page 19


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024
 
9.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE PERIOD/YEAR

The tax assessed for the period/year is higher than (2023:higher than) the standard rate of corporation tax in the UK of 25% (2023:23.52%). The differences are explained below:

52 weeks ended
28 December
Year ended
31 December
2024
2023
£
£


Profit on ordinary activities before tax
310,993
782,920


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023:23.52%)
77,748
184,228

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
999
431

Adjustments to tax charge in respect of prior periods
-
23,357

Remeasurement of deferred tax for changes in tax rates
(83)
(168)

TOTAL TAX CHARGE FOR THE PERIOD/YEAR
78,664
207,848


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 20


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

10.


TANGIBLE FIXED ASSETS







Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



COST 


At 1 January 2024
128,464
101,139
79,724
1,936
311,263


Additions
563
-
352
-
915


Disposals
(63,464)
(37,089)
(28,854)
-
(129,407)



At 28 December 2024

65,563
64,050
51,222
1,936
182,771



DEPRECIATION


At 1 January 2024
105,651
69,891
59,035
848
235,425


Charge for the period on owned assets
4,075
7,812
4,017
502
16,406


Disposals
(63,464)
(37,089)
(28,854)
-
(129,407)



At 28 December 2024

46,262
40,614
34,198
1,350
122,424



NET BOOK VALUE



At 28 December 2024
19,301
23,436
17,024
586
60,347



At 31 December 2023
22,813
31,248
20,689
1,088
75,838


11.


STOCKS

28 December
31 December
2024
2023
£
£

Finished goods and goods for resale
1,433,207
1,659,646

1,433,207
1,659,646


Page 21


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

12.


DEBTORS

28 December
31 December
2024
2023
£
£


Trade debtors
391,570
733,082

Amounts owed by group undertakings
119,801
-

Other debtors
100,881
82,849

Prepayments and accrued income
69,434
80,019

681,686
895,950



13.


CASH AND CASH EQUIVALENTS

28 December
31 December
2024
2023
£
£

Cash at bank and in hand
4,911,555
4,307,173

4,911,555
4,307,173



14.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28 December
31 December
2024
2023
£
£

Trade creditors
233,012
153,639

Amounts owed to group undertakings
-
155,055

Other taxation and social security
4,048
20,998

Accruals and deferred income
53,707
41,223

290,767
370,915


Page 22


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

15.


DEFERRED TAXATION






2024


£






At beginning of year
(18,857)


Charged to profit or loss
3,993



AT END OF YEAR
(14,864)

The provision for deferred taxation is made up as follows:

28 December
31 December
2024
2023
£
£


Accelerated capital allowances
(15,087)
(19,045)

Short term timing differences
223
188

(14,864)
(18,857)


16.


PENSION COMMITMENTS

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 £9,830 (2023: £9,603). Contributions totalling £2,166 (2023: £1,840) were payable to the fund at the reporting date and are included in creditors.


17.


COMMITMENTS UNDER OPERATING LEASES

At 28 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

28 December
31 December
2024
2023
£
£


Not later than 1 year
160,000
160,000

Later than 1 year and not later than 5 years
160,000
320,000

320,000
480,000

Page 23


MARATHON FOOD LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 DECEMBER 2024

18.


RELATED PARTY TRANSACTIONS

The company has taken advantage of the exemption included within FRS102 s33.1A not to disclose transactions with other wholly owned members of the group.

During the year the company made sales of £1,530,317 (2023: £8,527,397) to non-wholly owned group undertakings. At the year end the amount owed from non-wholly owned group undertakings is £ 119,801 (2023: amount owed to £155,055) which is repayable on demand.


19.


PARENT UNDERTAKING

The immediate parent company is Marathon Collective Limited, a company registered in England and Wales.
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.

Page 24