Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312025-05-132025-05-132024-12-312025-05-13true2024-01-01truetruetruefalseNo description of principal activityfalse165143truefalse 02770891 2024-01-01 2024-12-31 02770891 2023-01-01 2023-12-31 02770891 2024-12-31 02770891 2023-12-31 02770891 2023-01-01 02770891 1 2024-01-01 2024-12-31 02770891 1 2023-01-01 2023-12-31 02770891 d:CompanySecretary1 2024-01-01 2024-12-31 02770891 d:Director1 2024-01-01 2024-12-31 02770891 d:Director7 2024-01-01 2024-12-31 02770891 d:Director8 2024-01-01 2024-12-31 02770891 d:Director9 2024-01-01 2024-12-31 02770891 d:RegisteredOffice 2024-01-01 2024-12-31 02770891 e:Buildings 2024-01-01 2024-12-31 02770891 e:Buildings 2024-12-31 02770891 e:Buildings 2023-12-31 02770891 e:Buildings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02770891 e:Buildings e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 02770891 e:Buildings e:LongLeaseholdAssets 2024-01-01 2024-12-31 02770891 e:Buildings e:LongLeaseholdAssets 2024-12-31 02770891 e:Buildings e:LongLeaseholdAssets 2023-12-31 02770891 e:Buildings e:ShortLeaseholdAssets 2024-01-01 2024-12-31 02770891 e:PlantMachinery 2024-01-01 2024-12-31 02770891 e:PlantMachinery 2024-12-31 02770891 e:PlantMachinery 2023-12-31 02770891 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02770891 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 02770891 e:MotorVehicles 2024-01-01 2024-12-31 02770891 e:MotorVehicles 2024-12-31 02770891 e:MotorVehicles 2023-12-31 02770891 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02770891 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 02770891 e:FurnitureFittings 2024-01-01 2024-12-31 02770891 e:FurnitureFittings 2024-12-31 02770891 e:FurnitureFittings 2023-12-31 02770891 e:FurnitureFittings e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02770891 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 02770891 e:ComputerEquipment 2024-01-01 2024-12-31 02770891 e:ComputerEquipment 2024-12-31 02770891 e:ComputerEquipment 2023-12-31 02770891 e:ComputerEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02770891 e:ComputerEquipment e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 02770891 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02770891 e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 02770891 e:Goodwill 2024-12-31 02770891 e:Goodwill 2023-12-31 02770891 e:CurrentFinancialInstruments 2024-12-31 02770891 e:CurrentFinancialInstruments 2023-12-31 02770891 e:Non-currentFinancialInstruments 2024-12-31 02770891 e:Non-currentFinancialInstruments 2023-12-31 02770891 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 02770891 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 02770891 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 02770891 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 02770891 f:UnitedKingdom 2024-01-01 2024-12-31 02770891 f:UnitedKingdom 2023-01-01 2023-12-31 02770891 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 02770891 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 02770891 f:RestWorldOutsideUK 2024-01-01 2024-12-31 02770891 f:RestWorldOutsideUK 2023-01-01 2023-12-31 02770891 e:UKTax 2024-01-01 2024-12-31 02770891 e:UKTax 2023-01-01 2023-12-31 02770891 e:ShareCapital 2024-12-31 02770891 e:ShareCapital 2023-12-31 02770891 e:ShareCapital 2023-01-01 02770891 e:RevaluationReserve 2024-01-01 2024-12-31 02770891 e:RevaluationReserve 2024-12-31 02770891 e:RevaluationReserve 2023-01-01 2023-12-31 02770891 e:RevaluationReserve 2023-12-31 02770891 e:RevaluationReserve 2023-01-01 02770891 e:OtherMiscellaneousReserve 2024-01-01 2024-12-31 02770891 e:OtherMiscellaneousReserve 2024-12-31 02770891 e:OtherMiscellaneousReserve 2023-01-01 2023-12-31 02770891 e:OtherMiscellaneousReserve 2023-12-31 02770891 e:OtherMiscellaneousReserve 2023-01-01 02770891 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02770891 e:RetainedEarningsAccumulatedLosses 2024-12-31 02770891 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02770891 e:RetainedEarningsAccumulatedLosses 2023-12-31 02770891 e:RetainedEarningsAccumulatedLosses 2023-01-01 02770891 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 02770891 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 02770891 e:RetirementBenefitObligationsDeferredTax 2024-12-31 02770891 e:RetirementBenefitObligationsDeferredTax 2023-12-31 02770891 d:OrdinaryShareClass1 2024-01-01 2024-12-31 02770891 d:OrdinaryShareClass1 2024-12-31 02770891 d:OrdinaryShareClass1 2023-12-31 02770891 d:FRS102 2024-01-01 2024-12-31 02770891 d:Audited 2024-01-01 2024-12-31 02770891 d:FullAccounts 2024-01-01 2024-12-31 02770891 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02770891 e:WithinOneYear 2024-12-31 02770891 e:WithinOneYear 2023-12-31 02770891 e:BetweenOneFiveYears 2024-12-31 02770891 e:BetweenOneFiveYears 2023-12-31 02770891 e:HirePurchaseContracts e:WithinOneYear 2024-12-31 02770891 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 02770891 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-12-31 02770891 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 02770891 5 2024-01-01 2024-12-31 02770891 g:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02770891










C & K MEATS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
C & K MEATS LIMITED
 
 
COMPANY INFORMATION


Directors
J Cornes 
S Daisley 
G Avrain 
A Clarke 




Company secretary
G Avrain



Registered number
02770891



Registered office
Oak House
Heyford Close

Aldermans Green Industrial Estate

Coventry

CV2 2QB




Independent auditor
MHA
Statutory Auditors

11 Merus Court

Meridian Business Park

Leicester

LE19 1RJ





 
C & K MEATS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Directors' Report
 
4 - 8
Independent Auditor's Report
 
9 - 12
Statement of Comprehensive Income
 
13
Balance Sheet
 
14 - 15
Statement of Changes in Equity
 
16
Notes to the Financial Statements
 
17 - 38


 
C & K MEATS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The principal activity of the Company continued to be that of the slaughter of animals and packaging of meat. 

Business review
 
The Company is committed to maintain and develop modern methods of humane killing of animals with high focus taken on animal welfare and high standards of meat quality. The Company continues to invest in the factory premises and equipment used.
The abattoir holds a full EC license and is BRC (The British Retail Consortium) accredited. In addition to this the abattoir is also compliant with Red Tractor, Freedom Food, and the Soil Association standards.
The Company is dedicated to ensuring that animals are kept in an as stress free an environment as possible and that animal welfare standards are maintained at a high level. A fully qualified veterinary professional and five meat inspectors are in attendance at all times of the operation
Turnover has increased by £13,571,299 (+20.5%) during the year from £66,093,516 in 2023 to £79,664,815 in 2024. This has been driven by the increase in animals being processed in the year.
Gross profit margins increased from 15.3% in 2023 to 17.6% in 2024, continued investments are made in the factory and increased focus on costs, yield and productivity.
Operating loss improved from -6.2% to -1.2% in 2023 and 2024 respectively thanks to proactive management and mitigation of cost inflation.
The directors will seek to improve profitability further with additional investment in the equipment used, improved revenue streams and ongoing focus on costs and efficiencies.

Principal risks and uncertainties
 
The Company is exposed to the risks that faces the meat industry, such risks which are generally outside of the control of the Company, include unforeseen changes in purchase and selling prices, poor harvests having an impact on feed price and disease to livestock. The Company has a trusted, long standing farming supply base which partly mitigates the risks associated with pig price fluctuations and raw material supply.
Credit risk and price risk
The Company is exposed to changes in the market prices of its commodities. To mitigate increases in prices, the Company continues to source its products from a number of different suppliers and periodically reviews its agreements with suppliers to ensure these are on commercially favourable terms.
The Company faces constant pressure from customers to reduce prices, highlighting the importance of commodity buying prices. This also places additional pressure on margins. To mitigate this risk, the Company continues to undertake perpetual cost review processes to make savings where possible. New credit customers are only accepted after they have been approved by the credit controller.
Liquidity risk
The Company is financed with appropriate long-term and short-term finance to match the needs of the business.
 

Page 1

 
C & K MEATS LIMITED
 

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

Financial key performance indicators
 
Key performance indicators used by the Company are as follows;
- Turnover;
- Gross profit margin; and
- Profit on ordinary activities before taxation.
Details of the key performance indicators are shown in the Statement of Comprehensive Income.
Directors' statement of compliance with duty to promote the success of the Company
Section S172 (1) Statement
During the year, the directors have had regard to the matters set out in S172 (1) (a) to (f) of the Companies Act 2006 whilst performing their duties. Whilst making decisions the directors ensure that they have acted in good faith, in a way they believe would promote the success of the Company for the benefit of its members as a whole.
Specifically, the directors have considered the following:
a.  The likely consequences of any decision in the long term;
b.  The interests of the Company's employees;
c.  The need to foster the Company's business relationships with suppliers, customers and others;
d.  The impact of the Company's operations on the community and the environment;
e.  The desirability of the Company maintaining a reputation for high standards of business conduct; and
f.   The need to act fairly between members of the Company.
S172 (1) (a) The likely consequences of any decision in the long term
The directors understand the business and the environment in which it operates. This is key to understanding the likely consequences of any long term decisions. There is a clear plan for growth which ensures they continue to sell quality products, satisfying customer and shareholder needs, amongst other stakeholders. Continually improving environmental performance and operating methods in line with key laws and regulations are integral and fundamental parts of the business strategy. This strategy is key to ensuring the Company is delivering on their duty of care for the benefit of future generations. 
S172 (1) (b) The interests of the Company's employees
The directors recognise that the employees are key to the business and its success. What makes them different is their approach to relationships, which extends past the expected customer focus, to all their employees. Employee welfare and wellbeing is of upmost importance and they ensure all employees work in a safe and healthy environment and this is supported through regular external health and safety compliance checks. The directors regularly engage with employees through internal communication methods. When making decisions, the directors consider which course of action best delivers the company strategy in the long term, taking into consideration all stakeholders of the Company, including the employees.
S172 (1) (c) The need to foster the Company's business relationships with suppliers, customers and others
The directors recognise that building relationships with suppliers and customers is also key to the success of the business. Their objective is to become a key partner, delivering quality products each time. This can only be achieved if they are also building relationships with their key suppliers. The directors recognise that working with suppliers and customers is also key to ensuring the impact to the environment is minimised.


 
Page 2

 
C & K MEATS LIMITED
 

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


S172 (1) (d) The impact of the Company's operations on the community and the environment
C & K Meats Limited recognise the importance of minimising the impact of their operations on the community and environment.
S172 (1) (e) The desirability of the Company maintaining a reputation for high standards of business conduct
The Company is committed to improving quality and reducing any environmental impact, as noted above. This ensures that their reputation within the local community is maintained.
S172 (1) (f) The need to act fairly between members of the Company
When making decisions, the directors consider which course of action best delivers the Company strategy in the long term, taking into consideration all stakeholders of the Company. 

Other key performance indicators
 
The non financial key performance indicator of the Company is whether the Company continues to pass animal and food health & safety audits, which it continually does.


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



................................................
G Avrain
Director

Date: 13 May 2025

Page 3

 
C & K MEATS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Results and dividends

The loss for the year, after taxation, amounted to £1,875,986 (2023 - loss £4,547,266).

Directors

The directors who served during the year were:

J Cornes 
S Daisley 
G Avrain 
A Clarke 

Environmental matters
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
The Companies Act 2006 (Strategic Report and Directors' Report) Regulation 2018 requires C & K Meats Limited to disclose annual UK energy consumption and Greenhouse Gas emissions from SECR regulated sources. Energy and Greenhouse Gas emissions have been independently calculated by the ESG division of Inspired Energy PLC.
This report (including the Scope 1 and 2 consumption and CO2e emissions data) has been developed and calculated using the GHG Protocol – A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004); Greenhouse Gas Protocol –Scope 2 Guidance (World Resources Institute, 2015);ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019). Government Emissions Factor Database 2024 version 1.0 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for the reporting period 01/01/2024 – 31/12/2024.
Estimations were undertaken to cover missing billing periods for properties directly invoiced to C & K Meats Limited. These were calculated on a kWh/day pro-rata basis at the meter level. All estimations equated to 0.04% of reported consumption.
Market-based emissions were calculated using supplier-specific fuel mixes. An emissions factor of 0.0002960 tCO2/kWh was applied to electricity supplied by Npower.
The client generates electricity through their own solar PV with 66,870 kWh generated in 2024 compared to 90,118 kWh in 2023. These are included in the Scope 2 Electricity totals; however the self-generated electricity has 0 carbon emissions associated with it.

Page 4

 
C & K MEATS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Consumption (kWh) and Greenhouse Gas emissions (tCO2e) totals
Scope 1:  Emissions associated with gas usage and transportation fuels (under the company's control).
Scope 2: Emissions associated with the consumption of purchased electricity are presented on both a location based (using country average electricity emission factors) and market based (considering any purchased renewable generated electricity) approach.
Scope 3: Company's value chain emissions, divided into 15 categories, as established by the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting & Reporting Standard. Under SECR this is limited to emissions resulting from sources not directly owned by the C & K Meats Limited. For example, grey fleet business travel undertaken in employee-owned vehicles only.
Totals
The total consumption (kWh) figures for energy supplies reportable by C & K Meats Limited are as follows:

Utility and Scope
2024 Consumption kWh UK
2023 Consumption kWh UK
Scope 1 Total
6,239,349
5,072,661
Natural Gas, Other Fuels and Refrigerants (Scope 1)
5,953,536
4,745,214
Transportation (Scope 1)
285,813
327,447
Scope 2 Total
4,169,717
3,897,656
Grid-Supplied Electricity (Scope 2)
4,102,847
3,807,538
Self-Generation (Scope 2)
66,870
90,118
Scope 3 Total
134,744
59,568
Transportation (Scope 3)
134,744
59,568
Total
10,543,810
9,029,885
 
The total emissions (tCO2e) figures for energy supplies reportable by C & K Meats Limited are as follows:
 
Utility and Scope
2024 Emissions tCO2e UK
2023 Emissions tCO2e UK
Scope 1 Total
4,840.21
2,404.85
Natural Gas and Other Fuels (Scope 1)
1,088.90
873.49
Refrigerants (Scope 1)
3,683.97
1,453.68
Transportation (Scope 1)
67.34
77.69
Scope 2 Total
849.49
788.44
Grid-Supplied Electricity (Scope 2)
849.49
788.44
Scope 3 Total
30.03
13.40
Transportation (Scope 3)
30.03
13.40
Total
5,719.74
3,206.69

Intensity Metric
Intensity metrics based on tonnes of production have been calculated. Results of this analysis is as follows:
Total tonnage produced - 44,210 (2023 - 24,955)
Location based:
tCO2e / tonne of production - 0.13 (2023 - 0.13)
 
Page 5

 
C & K MEATS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Market based:
tCO2e / tonne of production - 0.14 (2023 - 0.14)
Energy Efficiency Improvements
C & K Meats Limited is committed to year-on-year improvements in its operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years.
Measures undertaken in FY2024:
Screw press replacement
A replacement screw press has been used to resolve the inefficiencies of the existing screw press, which had struggled to effectively remove solids, leading to higher energy consumption and reduced operational efficiency. This will help in reducing the energy requirements and increasing overall energy efficiency.
Measures to be addressed in FY2025:
Upgradation to glycol refrigerators
All R404 refrigerators will be upgraded to glycol-operated systems to enhance energy efficiency and significantly reduce global warming potential (GWP). This improvement will optimise heat transfer, decreases energy consumption, and supports sustainability efforts.
Implementing a new steriliser system
Existing sterilisation systems will introduce advanced, energy-efficient technology, which will reduce water and energy consumption, enhance efficiency, and promote sustainability.
Solar Panel cleaning and servicing
Solar panel cleaning and servicing will be crucial for optimising energy efficiency. By removing debris and ensuring the panels perform at their highest capacity, they will maximise energy output.
Replacement of mains electric transformer
The existing mains electric transformer will be replaced to meet the increased energy demands resulting from site expansion. The new transformer will enhance power capacity, improve energy efficiency, reduce waste, and support sustainability objectives.

Future developments

Going forward the directors' aim to continue to grow the business whilst keeping a tight control over costs.

Page 6

 
C & K MEATS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial instruments

The directors have significant experience in the sector and have developed review procedures and control systems to effectively manage the exposure of the entity to price risk, credit risk, liquidity risk and cash flow risk. The Company's principle financial instruments comprise of bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the Company's operations and to finance the Company's operations. Due to the nature of the financial instruments used by the Company there is no exposure to price risk. The liquidity risk in respect of these is managed by way of a funding strategy set by the directors which includes setting operating limits to liquidity risk exposure. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The credit liquidity risk is managed by ensuring sufficient funds are available to meet amounts due. 

Engagement with suppliers, customers and others

The directors recognise that building relationships with suppliers and customers is also key to the success of the business. Their objective is to become a key partner, delivering quality products each time. This can only be achieved if they are also building relationships with their key suppliers. The directors recognise that working with suppliers and customers is also key to ensuring the impact to the environment is minimised.

Going concern

After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company have adequate resources and support to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial information. The parent entity, CPC Foods Limited and subsidiaries have confirmed their ongoing financial and operational support for C & K Meats Limited for a minimum period of 12 months from the approval of the financial statements. The Company and the Group have sufficient financial headroom within the bank overdraft facilities to continue to meet their liabilities and continue their operations. The directors therefore believe the Company has the ability to continue as a going concern for the next 12 months. 

Disclosure of information to auditor


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

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

Post balance sheet events

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

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 7

 
C & K MEATS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' responsibilities statement

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

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


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

make judgements and accounting estimates that are reasonable and prudent;

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

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.

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





................................................
G Avrain
Director

Date: 13 May 2025

Oak House
Heyford Close
Aldermans Green Industrial Estate
Coventry
CV2 2QB

Page 8

 
C & K MEATS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C & K MEATS LIMITED
 

Opinion


We have audited the financial statements of C & K Meats Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


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


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 9

 
C & K MEATS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C & K MEATS LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 8, 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 10

 
C & K MEATS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C & K MEATS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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


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

•  Enquiry of management and those charged with governance around actual, potential or suspected               litigation, claims, non-compliance with applicable laws and regulations and fraud;
•  Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with         laws and regulations;
•  Performing audit work over the risk of management override, including testing of journal entries and other   adjustments for appropriateness, evaluating the business rationale of significant transactions outside the      normal course of business and reviewing accounting estimates for bias;
•  Reviewing of financial statements disclosures and testing to supporting documentation to assess                  compliance with applicable laws and regulations; and
•  Discussions amongst the engagement team in relation to how and where fraud might occur in the                                                                                                                       financial statements and any potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 11

 
C & K MEATS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF C & K MEATS LIMITED (CONTINUED)


Use of our report
 

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





Shelley Harvey FCCA (Senior Statutory Auditor)
  
for and on behalf of MHA, Statutory Auditors
 
Leicester, United Kingdom
 

13 May 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
Page 12

 
C & K MEATS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
79,664,815
66,093,516

Cost of sales
  
(65,657,911)
(55,999,331)

Gross profit
  
14,006,904
10,094,185

Administrative expenses
  
(14,990,495)
(14,193,323)

Operating loss
 5 
(983,591)
(4,099,138)

Interest payable and similar expenses
 9 
(470,827)
(300,949)

Loss before tax
  
(1,454,418)
(4,400,087)

Tax on loss
 10 
(421,568)
(147,179)

Loss for the financial year
  
(1,875,986)
(4,547,266)

There were no recognised gains and losses for 2024 or 2023 other than those included in the Statement of Comprehensive Income.

There was no other comprehensive income for 2024 (2023 - £Nil).

The notes on pages 17 to 38 form part of these financial statements.

Page 13

 
C & K MEATS LIMITED
REGISTERED NUMBER: 02770891

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
-
-

Tangible assets
 12 
13,642,537
12,351,602

  
13,642,537
12,351,602

Current assets
  

Stocks
 13 
3,515,025
2,951,508

Debtors: amounts falling due within one year
 14 
8,250,409
13,594,517

Cash at bank and in hand
 15 
121,109
97,759

  
11,886,543
16,643,784

Current liabilities
  

Creditors: amounts falling due within one year
 16 
(32,191,647)
(34,197,952)

Net current liabilities
  
 
 
(20,305,104)
 
 
(17,554,168)

Total assets less current liabilities
  
(6,662,567)
(5,202,566)

Creditors: amounts falling due after more than one year
 17 
-
(5,583)

Provisions for liabilities
  

Deferred tax
 19 
(1,554,493)
(1,132,925)

  
 
 
(1,554,493)
 
 
(1,132,925)

Net liabilities
  
(8,217,060)
(6,341,074)


Capital and reserves
  

Called up share capital 
 20 
50,000
50,000

Revaluation reserve
  
788,650
806,176

Other reserves
  
24,000
24,000

Profit and loss account
  
(9,079,710)
(7,221,250)

  
(8,217,060)
(6,341,074)


Page 14

 
C & K MEATS LIMITED
REGISTERED NUMBER: 02770891
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

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




................................................
G Avrain
Director

Date: 13 May 2025

The notes on pages 17 to 38 form part of these financial statements.

Page 15

 
C & K MEATS LIMITED
 

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


Called up share capital
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
50,000
823,702
24,000
(2,691,510)
(1,793,808)


Comprehensive income for the year

Loss for the year
-
-
-
(4,547,266)
(4,547,266)

Transfer to/from profit and loss account
-
(17,526)
-
17,526
-



At 1 January 2024
50,000
806,176
24,000
(7,221,250)
(6,341,074)


Comprehensive income for the year

Loss for the year
-
-
-
(1,875,986)
(1,875,986)

Transfer to/from profit and loss account
-
(17,526)
-
17,526
-


At 31 December 2024
50,000
788,650
24,000
(9,079,710)
(8,217,060)


The notes on pages 17 to 38 form part of these financial statements.


Revaluation reserve
Revaluation reserves represent the revaluation of the land and property.
Other reserves
Other reserves represent the cumulative effect of revaluation of the investment property net of any deferred tax and are non distributable. 
Profit and loss account
Includes all current and prior year retained profits and losses. All amounts are distributable.

Page 16

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

C & K Meats Limited is a private company, limited by shares, domiciled in England and Wales, registration number 02770891. The registered office is Oak House, Heyford Close, Aldermans Green Industrial Estate, Coventry, CV2 2QB.
The principal activity of the Company continued to be that of the slaughter of animals and packaging of meat.

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.

After reviewing the Company's forecasts and projections, the directors have a reasonable expectation that the Company have adequate resources and support to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial information. The parent entity, CPC Foods Limited and subsidiaries have confirmed their ongoing financial and operational support for C & K Meats Limited for a minimum period of 12 months from the approval of the financial statements. The Company and the Group have sufficient financial headroom within the bank overdraft facilities to continue to meet their liabilities and continue their operations. The directors therefore believe the Company has the ability to continue as a going concern for the next 12 months. 

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

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 7 Statement of Cash Flows;
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 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of CPC Foods Limited as at 31 December 2024 and these financial statements may be obtained from Oak House, Heyford Close, Aldermans Green Industrial Estate, Coventry, West Midlands, CV2 2QB.

Page 17

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (£).

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 the Statement of Comprehensive Income 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 Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

 
2.4

Revenue

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

Sale of goods

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

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.

Page 18

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to the Statement of Comprehensive Income 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

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

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

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

 
2.9

Current and deferred taxation

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

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

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

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


Page 19

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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

Depreciation is provided on the following basis:

Freehold property
-
2% - 4% on cost
Commercial Land
-
Not depreciated
Improvements to property
-
2% - 10% on cost
Plant and machinery
-
4%, 5%, 10%, 20% and 50% on cost
Motor vehicles
-
25% on cost
Computer equipment
-
5% - 33% on cost

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 the Statement of Comprehensive Income.

Page 20

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Statement of Comprehensive Income.

 
2.13

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. Work in progress and finished goods include labour and attributable overheads.

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

 
2.14

Debtors

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

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

 
2.16

Creditors

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

Page 21

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

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 the Statement of Comprehensive Income.

 
2.18

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through the Statement of Comprehensive Income 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

 

Page 22

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 23

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
I
mpairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income. 
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of
Page 24

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the the Statement of Comprehensive Income.
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.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 25

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
(ii) Stocks provisioning
The Company continues to slaughter and package meat and is exposed to changes in the market prices of meat commodities. As a result it is necessary to consider the recoverability of the cost of stocks and the associated provisioning required. When calculating the stocks provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
(iii) Impairment of assets
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
75,383,954
61,810,241

Europe
2,551,784
2,792,678

Rest of the world
1,729,077
1,490,597

79,664,815
66,093,516


Page 26

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating loss

The operating loss is stated after charging:

2024
2023
£
£

Exchange differences
44,853
32,615

Other operating lease rentals
97,605
152,415

Depreciation - owned assets
1,334,574
1,179,746

Depreciation - financed assets
8,176
8,176


6.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
22,000
21,000

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.

Page 27

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

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


2024
2023
£
£

Wages and salaries
8,036,059
7,708,857

Social security costs
601,591
501,221

Cost of defined contribution scheme
104,138
89,350

8,741,788
8,299,428


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


        2024
        2023
            No.
            No.







Directors
4
4



Employees
161
139

165
143


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
110,001
108,626

Directors' pension costs
1,320
1,319

111,321
109,945


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
459,871
288,511

Finance leases and hire purchase contracts
10,956
12,438

470,827
300,949

Page 28

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
-

Adjustments in respect of previous periods
-
(195,933)


Total current tax
-
(195,933)

Deferred tax


Origination and reversal of timing differences
421,568
343,112

Total deferred tax
421,568
343,112


Taxation on profit on ordinary activities
421,568
147,179

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(1,454,418)
(4,400,087)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
(363,605)
(1,034,020)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,257
1,876

Capital allowances for year in excess of depreciation
60,089
166,198

Adjustments to tax charge in respect of prior periods
-
(195,933)

Other timing differences leading to an increase in taxation
1,221
-

Changes in provisions leading to an increase/(decrease) in the tax charge
9,296
(11,929)

Trading lossses carried forward
-
1,220,987

Group relief
709,310
-

Total tax charge for the year
421,568
147,179

Page 29

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There are no factors to note that may affect future tax changes. 
BEPS 2.0 Pillar Two Legislation 
C & K Meats Limited is part of a group that operates in a number of jurisdictions. The effective tax rate for the financial year 2024 was 0% (2023: 0%) as a result of losses made in the year and tax losses brought forward and carried forward.
For periods that commenced on or after 1 January 2024, new tax legislation has been applied to ensure the effective tax rate of the UK companies within the group will be at least 15%, subject to various complex calculations. This is in line with the minimum taxation rules announced by the G7 and progressed by the OECD Inclusive Framework on Base Erosion and Profit Shifting. These rules have been implemented in the UK via the Domestic Top Up Tax legislation during the year.
Historically C & K Meats Limited’s effective rate has been below 15% but the company has assessed its exposure to Domestic Top Up Tax to be immaterial. In addition, C & K Meats Limited is taking advantage of the temporary deferred tax exemption within the “International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)” in relation to the current year and retrospectively in accordance with IAS 8. This means the company does not recognise deferred tax assets and liabilities related to OECD pillar two income taxes and does not disclose information about them.

Page 30

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
30,000



At 31 December 2024

30,000



Amortisation


At 1 January 2024
30,000



At 31 December 2024

30,000



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 31

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Tangible fixed assets





Freehold property
Commercial land
Plant and machinery
Motor vehicles
Improvement to Property

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,594,171
590,000
8,085,250
-
5,736,051


Additions
-
-
2,285,041
2,115
285,706



At 31 December 2024

1,594,171
590,000
10,370,291
2,115
6,021,757



Depreciation


At 1 January 2024
147,927
-
2,118,443
-
1,514,732


Charge for the year on owned assets
35,471
-
783,754
1,692
437,061


Charge for the year on financed assets
-
-
8,176
-
-



At 31 December 2024

183,398
-
2,910,373
1,692
1,951,793



Net book value



At 31 December 2024
1,410,773
590,000
7,459,918
423
4,069,964



At 31 December 2023
1,446,244
590,000
5,966,807
-
4,221,319
Page 32

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           12.Tangible fixed assets (continued)


Computer equipment
Total

£
£



Cost or valuation


At 1 January 2024
402,959
16,408,431


Additions
60,823
2,633,685



At 31 December 2024

463,782
19,042,116



Depreciation


At 1 January 2024
275,727
4,056,829


Charge for the year on owned assets
76,596
1,334,574


Charge for the year on financed assets
-
8,176



At 31 December 2024

352,323
5,399,579



Net book value



At 31 December 2024
111,459
13,642,537



At 31 December 2023
127,232
12,351,602

Page 33

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Stocks

2024
2023
£
£

Raw materials and consumables
3,515,025
2,951,508

3,515,025
2,951,508



14.


Debtors

2024
2023
£
£


Trade debtors
5,408,252
5,670,681

Amounts owed by group undertakings
1,865,824
7,037,649

Other debtors
408,874
503,115

Prepayments and accrued income
567,459
383,072

8,250,409
13,594,517



15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
121,109
97,759

Less: bank overdrafts
(26,254,844)
(27,442,107)

(26,133,735)
(27,344,348)


Page 34

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
26,254,844
27,442,107

Trade creditors
3,669,815
5,056,177

Amounts owed to group undertakings
1,034,251
442,952

Other taxation and social security
160,893
142,565

Obligations under finance lease and hire purchase contracts
5,770
13,748

Other creditors
249,093
178,527

Accruals and deferred income
816,981
921,876

32,191,647
34,197,952


HSBC hold a debenture, including a fixed charge over all present freehold and leasehold property, book and other debts, chattels, both present and future and a fixed floating charge over all assets and undertaking both present and future. 
The Company is party to a cross guarantee agreement with HSBC between CPC Foods Limited, Pro-Pak Foods Limited, Tican (Chilled) Limited, Beckett's Foods Limited, Riverway Foods Limited, C&K Meats       Limited, Cheale Meats Limited, Peddars Pigs Limited and Direct Table Foods Limited. The cross               guarantee covers the net overdraft facility of the aforementioned entities and is secured by a debenture      including a fixed and floating charge over the assets of the Company.
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate. 


17.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under finance leases and hire purchase contracts
-
5,583

-
5,583


HSBC hold a debenture, including a fixed charge over all present freehold and leasehold property, book and other debts, chattels, both present and future and a fixed floating charge over all assets and undertaking both present and future. 
The Company is party to a cross guarantee agreement with HSBC between CPC Foods Limited, Pro-Pak  Foods Limited, Tican (Chilled) Limited, Beckett's Foods Limited, Riverway Foods Limited, C&K Meats       Limited, Cheale Meats Limited, Peddars Pigs Limited and Direct Table Foods Limited. The cross               guarantee covers the net overdraft facility of the aforementioned entities and is secured by a debenture including a fixed and floating charge over the assets of the Company.
Obligations under finance lease and hire purchase contracts are secured against the assets to which they relate.  

Page 35

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
5,770
13,748

Between 1-5 years
-
5,583

5,770
19,331


19.


Deferred taxation




2024


£






At beginning of year
1,132,925


Charged to Statement of Comprehensive Income
421,568



At end of year
1,554,493

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,581,765
1,132,925

Provisions
(27,272)
-

1,554,493
1,132,925


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1.00 each
50,000
50,000


Page 36

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Capital commitments


At 31 December 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
247,735
34,680

247,735
34,680


22.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
51,692
97,605

Later than 1 year and not later than 5 years
42,861
88,360

94,553
185,965


23.


Related party transactions

The Company has taken advantage of the exemption available under FRS102 33.1A not to disclose transactions with wholly owned subsidiaries of the group.
Amounts paid to key management personnel during the year totalled £765,340 (2023: £547,073).
Transactions and balances with related parties are as follows:


2024
2023
£
£

Balances owed from other related parties
31,178
37,673
Balances owed to other related parties
937,508
-
Sales to other related parties
437,253
225,059
Purchases from other related parties
22,554,455
-
23,960,394
262,732



Page 37

 
C & K MEATS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Controlling party

The immediate parent company is CPC Foods Limited, a company incorporated in the United Kingdom. CPC Foods Limited holds the controlling interest in the Company.
CPC Foods Limited is controlled by Tonnies Holding GmbH & Co kg, a company incorporated in Germany.
CPC Foods Limited produces consolidated accounts which are publically available at Oak House, Heyford Close, Aldermans Green, Coventry, West Midlands, CV2 2QB.

 
Page 38