Company registration number 05534540 (England and Wales)
DACSA LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
DACSA LIMITED
COMPANY INFORMATION
Directors
Miss Araceli Ciscar Garcia
Mr Ricardo Ciscar Garcia
Company number
05534540
Registered office
Crosby Road South
Liverpool
L21 4PF
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
DACSA LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 26
DACSA LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the period ended 30 September 2024.

Review of the business

Business model

The business procures maize from outside the UK. The maize is milled in the UK premises in Liverpool and sold onto customers throughout the UK. The company seeks to add value through the quality of its products and its relationships with both its raw material suppliers and its customers.

 

Business review and results

The company has reported total turnover for the 9-month period ended 30 September 2024 of £55,290,488. The companies gross profit margin changed from 12.70% in 2023 to 19.58%. The directors report a pre-tax profit for the period of £1,141,961 (2023: £4,024,807 loss).

 

The company faced challenges during the previous year as a result of the drought in Argentina. The key objective for the business was to ensure all commitments to its customers were met, and this was achieved, although it required sacrificing margins.

 

Looking ahead, the drought in Argentina has been overcome and the company achieved profits in 2024 and expects to achieve profits in the coming years.

 

Key performance indicators

Key performance indicators continue to be used throughout the business. The company's focus is on improvements in gross margin and reducing operating costs, supported by robust cash flow monitoring.

 

Principal risks and uncertainties

Price risk

The market continues to be highly competitive and so it is important to be prepared to obtain the best supplies in quality and price.

 

Foreign exchange risk

The company has a number of customers whom it invoices in US dollars. The effect of any exchange rate variance is mitigated partially by the fact that the company also purchases the vast majority of its raw materials in US dollars.

 

The uncertainty of the foreign currency markets make it difficult for the directors to assess the likely impact of future movements in the US Dollar to sterling exchange rate. However, the use of hedging instruments assists in minimising exposure.

 

Credit risk

The company looks at the trading history of any new customers before allowing any trade to take place. Any potential customers with poor or no trading history are required to pay on delivery for initial orders. The company’s established customers' credit terms are monitored on a regular basis which provides the directors’ with comfort over this area.

 

Liquidity risk

The company manages liquidity risk by maintaining adequate reserves and by monitoring forecasts and actual cash flows.

 

Beyond the financial control measures also non-financial performance indicators are of central importance for the company's performance. They relate to the company's relationships with customers and employees. DACSA Limited employed an average of 35 staff in 2024 (2023: 37).

Principal risks and uncertainties

Future developments

The company aims to continue to grow its market share in the industry and continue to increase turnover and margin. The company’s mission is to maintain the highest quality, safety and efficacy in all products whilst creating sustainable value for our customers.

DACSA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
Section 172 Reporting

This is an overview of how Directors performed their duty to promote the success of the company under section 172 of the Companies Act 2006.

Duty to promote the success of the Company

In executing our strategy, Directors must act in accordance with a set of general duties detailed in section 172 of the Companies Act 2006. These general duties include a duty to promote the success of the Company, and specifically, to act in a way that the Director considers, in good faith, would be most likely to promote the success of the Company for the benefit of its shareholders as a whole and, in doing so, having regard (amongst other matters) to the:

 

This statement has been prepared in accordance with the requirements of The Companies (Miscellaneous Reporting) Regulations 2018, which require the Company to describe how the Directors have had regard to the matters set out in section 172 of the Companies Act 2006 during the financial year under review. It is noted that the Directors have always acted in accordance with such duties in their decision making and they will continue to do so. Considering the additional disclosure requirements, we have set out in the strategic report how the Directors have fulfilled their duties during the period ended 30 September 2024.

Having regard to the likely consequences of any decisions in the long-term
The Board cultivates strong relationships with key stakeholders so that it is well placed and sufficiently informed to take their considerations into account when making decisions and assessing any likely long-term impact of those decisions.

Having regard to the interest of the Company’s employees
The Board understands that the Group’s employees are fundamental to its long-term success. The health, safety and well-being of the employees are of paramount importance alongside the provision of an ethical workplace. The Group engages in an active way with its employees.

Having regard to the need to foster the Company's business relationships with suppliers, customers, and others.
Fostering positive business relationships with key stakeholders, such as suppliers and customers is also important to the success of the Group’s business. The Board has been and continues to support the business in its relationships with key suppliers and customers. Our business has heavily invested in their relationships with suppliers and customers throughout the period ended 30 September 2024.

DACSA LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -

Having regard to the impact of the Company’s operations on the community and environment
In their decision making, the Directors need to have regard to the impact of the Company’s operations on the community and environment. The Board plays a constructive role in tackling issues through engagement and investment.

It is important for the long-term future of our business that we protect and enhance the environment. Climate change will affect how much non-renewable energy is available, and the stakeholders are rightly concerned about the resilience of supplies and are looking to companies to adapt and take the necessary steps to reduce their climate change risk. We are committed to reducing our carbon footprint and contribution to climate change where economically viable.

Having regards to the desirability of the Company maintaining a reputation for high standards of business conduct

Customer fulfilment and customer satisfaction are essential for us to consistently deliver a high-quality service. The Board recognises that culture, values, and standards are key contributors to how a company creates and sustains value over the longer-term, to enable it to maintain a reputation for high standards of business conduct which guide and assist in the Board’s decision making, and in doing so, help promote the Company’s success, recognising, amongst other things, the likely consequences of any decision in the long-term and wider stakeholder considerations.

The standards set by the Board mandate certain requirements and behaviours with regards to the activities of the Directors, the Group’s employees and others associated with the Group.

Having regard to the need to act fairly between shareholders of the Company

The Company has one class of ordinary shares, which have the same rights as regards voting, distributions and on a liquidation. Management are shareholders in the Company. On this basis the Board feels that the executive Directors are fully aligned with the shareholders.

On the basis of the above, the members of the Board consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole (having regard to the stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006) in the decisions taken during the period ended 30 September 2024.

On behalf of the board

Miss Araceli Ciscar Garcia
Director
16 May 2025
DACSA LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -

The directors present their annual report and financial statements for the period ended 30 September 2024.

Principal activities

The principal activity of the company during the year was that of mill work producing maize products.

Results and dividends

The results for the period are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

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

Miss Araceli Ciscar Garcia
Mr Ricardo Ciscar Garcia
Future developments

The strategic report contains details of future developments.

Auditor

Sumer Auditco Limited was appointed as auditor to the company and is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

Under the Companies (Directors' Report) and Limited Liabilities Partnerships (Energy & Carbon Report) Regulations 2019, we are mandated to disclosure our energy use and associated greenhouse gas emissions. These disclosures are set out below.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
15,736,826
16,011,846
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
-
-
-
-
Scope 2 - indirect emissions
- Electricity purchased
3,093.44
3,733.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
3,093.44
3,733.00
Intensity ratio
Tonnes CO2e per £100,000 turnover
5.804
4.335
DACSA LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 5 -
Quantification and reporting methodology

We have followed the 2020 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £100,000 of turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

We have continued to use steam along side electricity. The amount of CO2e per tonne attributable to steam included in the report is 55.18 of 2,300.31 (2022: 53.77 of 1,996.12).

Statement of directors' responsibilities

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

 

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

 

 

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

Statement of disclosure to auditor

The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the company's auditor is unaware; and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

On behalf of the board
Miss Araceli Ciscar Garcia
Director
16 May 2025
DACSA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DACSA LIMITED
- 6 -
Opinion

We have audited the financial statements of Dacsa Limited (the 'company') for the period ended 30 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

DACSA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DACSA LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Companies Act 2006, Health and Safety at Work Act, Employment Law and the The Foods Standards Act.

DACSA LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DACSA LIMITED (CONTINUED)
- 8 -

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

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

Use of our report

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

Alex Hesketh
Senior Statutory Auditor
For and on behalf of Sumer Auditco Limited
16 May 2025
Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
DACSA LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 9 -
9-month period
ended
Year ended
30 September
31 December
2024
2023
Notes
£
£
Turnover
3
55,290,488
86,106,901
Cost of sales
(44,462,812)
(75,169,606)
Gross profit
10,827,676
10,937,295
Administrative expenses
(7,787,332)
(12,007,659)
Operating profit/(loss)
4
3,040,344
(1,070,364)
Interest receivable and similar income
7
7,266
37,190
Interest payable and similar expenses
8
(1,723,149)
(2,991,633)
Amounts written off investments
9
(182,500)
-
Profit/(loss) before taxation
1,141,961
(4,024,807)
Tax on profit/(loss)
10
442,335
278,978
Profit/(loss) for the financial period
1,584,296
(3,745,829)

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

DACSA LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,669,231
4,750,770
Investments
13
-
0
120,000
5,669,231
4,870,770
Current assets
Stocks
14
13,319,256
11,473,604
Debtors
15
12,750,573
11,710,506
Cash at bank and in hand
357,490
1,087,660
26,427,319
24,271,770
Creditors: amounts falling due within one year
16
(31,933,388)
(30,567,560)
Net current liabilities
(5,506,069)
(6,295,790)
Total assets less current liabilities
163,162
(1,425,020)
Creditors: amounts falling due after more than one year
17
(650,000)
(800,000)
Provisions for liabilities
19
(740,194)
(586,308)
Net liabilities
(1,227,032)
(2,811,328)
Capital and reserves
Called up share capital
21
1,000
1,000
Profit and loss reserves
(1,228,032)
(2,812,328)
Total equity
(1,227,032)
(2,811,328)
The financial statements were approved by the board of directors and authorised for issue on 16 May 2025 and are signed on its behalf by:
Miss Araceli Ciscar Garcia
Director
Company Registration No. 05534540
DACSA LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1,000
933,501
934,501
Year ended 31 December 2023:
Loss and total comprehensive income
-
(3,745,829)
(3,745,829)
Balance at 31 December 2023
1,000
(2,812,328)
(2,811,328)
Period ended 30 September 2024:
Profit and total comprehensive income
-
1,584,296
1,584,296
Balance at 30 September 2024
1,000
(1,228,032)
(1,227,032)
DACSA LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
26
7,716,413
(5,510,733)
Interest paid
(1,723,149)
(2,991,633)
Income taxes paid
-
0
(316,032)
Net cash inflow/(outflow) from operating activities
5,993,264
(8,818,398)
Investing activities
Purchase of tangible fixed assets
(1,282,233)
(1,232,910)
Proceeds on disposal of tangible fixed assets
-
0
8,087
Amounts written off investments
(62,500)
-
0
Interest received
7,266
37,190
Net cash used in investing activities
(1,337,467)
(1,187,633)
Financing activities
Repayment of bank loans
(5,241,405)
6,960,662
Net cash (used in)/generated from financing activities
(5,241,405)
6,960,662
Net decrease in cash and cash equivalents
(585,608)
(3,045,369)
Cash and cash equivalents at beginning of period
(743,520)
2,301,849
Cash and cash equivalents at end of period
(1,329,128)
(743,520)
Relating to:
Cash at bank and in hand
357,490
1,087,660
Bank overdrafts included in creditors payable within one year
(1,686,618)
(1,831,180)
DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 13 -
1
Accounting policies
Company information

Dacsa Limited is a limited company domiciled and incorporated in England. The registered office is Crosby Road South, Liverpool, L21 4PF.

 

The Company’s principal activities are detailed in the Directors' report. The nature of the Company’s operations are detailed in the Strategic report.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

During the year Dacsa Limited changed it's year end to 30 September 2024. This is to bring the financial year end in line with that of its parent company. Therefore this report only covers a nine month period making the comparatives not entirely comparable with the previous years figures.

1.4
Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired is capitalised, classified as an asset on the balance sheet and amortised over its estimated useful life up to a maximum of 10 years. This length of time is presumed to be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.6
Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold
15 - 35 years straight line
Assets under construction
nil
Plant and machinery
5 - 20 years straight line
Fixtures, fittings & equipment
4 - 12 years straight line
Motor vehicles
3 - 5 years straight line

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

1.7
Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.8
Impairment of fixed assets

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

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

 

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

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

1.9
Stocks

Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is determined using the weighted average cost basis and comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Cash at bank and in hand

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

1.11
Financial instruments

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

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets

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

Other financial assets

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

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

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

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measured at fair value.

Other financial liabilities

Other financial liabilities, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

 

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

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

Derecognition of financial liabilities

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

1.12
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.13
Derivatives

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

 

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

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.14
Taxation

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

DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

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

 

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

 

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

1.16
Retirement benefits

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

 

The best estimate of the expenditure required to settle an obligation for termination benefits is recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The amount charged to the profit and loss account represents the contributions payable to the scheme in respect of the accounting period.

1.17
Foreign exchange

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

DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.18

Dividend

Dividends are only recognised as a liability at that date to the extent that they are declared prior to the year end. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements.

2
Judgements and key sources of estimation uncertainty

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

 

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

 

The directors do not consider there to be any sources of estimation uncertainty which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Turnover and other revenue

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

2024
2023
£
£
Turnover analysed by class of business
Sale of maize products
55,290,488
86,106,901
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
55,290,488
86,106,901
2024
2023
£
£
Other revenue
Interest income
7,266
37,190
4
Operating profit/(loss)
2024
2023
Operating profit/(loss) for the period is stated after charging:
£
£
Exchange losses
165,550
1,774,460
Depreciation of owned tangible fixed assets
363,772
244,510
Amortisation of intangible assets
-
65,205
DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 19 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and its associates:
£
£
For audit services
Audit of the company's financial statements
21,000
42,150

Non-audit fees paid to the company's auditor was £2,151 (2023: £10,000).

6
Employees

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

2024
2023
Number
Number
Number of production staff
26
28
Number of administrative staff
9
9
Total
35
37

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,687,180
2,273,929
Social security costs
169,448
236,378
Pension costs
87,340
125,845
1,943,968
2,636,152

Directors emoluments are paid by the ultimate parent undertaking. Details of these costs can be found in the financial statements of Maicerias Espanolas SA. The total remuneration of the managers, who are considered to be the key management personnel of the Company, was £85,182 (2023: £108,971).

 

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Bank deposits
7,266
11,075
Other interest income
-
0
26,115
Total income
7,266
37,190
DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
7
Interest receivable and similar income
(Continued)
- 20 -

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
7,266
11,075
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
147,680
229,634
Other finance costs:
Other interest
1,575,469
2,761,999
1,723,149
2,991,633
9
Amounts written off investments
2024
2023
£
£
Amounts written off current loans
(182,500)
-
10
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(18,090)
Deferred tax
Origination and reversal of timing differences
(442,335)
(260,888)
Total tax credit
(442,335)
(278,978)
DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 21 -

The charge for the period can be reconciled to the profit/(loss) per the profit and loss account as follows:

2024
2023
£
£
Profit/(loss) before taxation
1,141,961
(4,024,807)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
285,490
(764,713)
Tax effect of expenses that are not deductible in determining taxable profit
78,839
12,775
Tax effect of utilisation of tax losses not previously recognised
(646,324)
-
0
Unutilised tax losses carried forward
428,971
514,219
Adjustments in respect of prior years
-
0
(18,090)
Permanent capital allowances in excess of depreciation
(146,976)
(23,169)
Deferred tax movement
(442,335)
-
0
Taxation for the period
(442,335)
(278,978)

An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. This will increase the company's future current tax charge accordingly. The deferred tax liabilities at 31 December 2023 and 31 December 2022 have been calculated based on these rates.

11
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 30 September 2024
1,110,033
Amortisation and impairment
At 1 January 2024 and 30 September 2024
1,110,033
Carrying amount
At 30 September 2024
-
0
At 31 December 2023
-
0
DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 22 -
12
Tangible fixed assets
Land and buildings leasehold
Assets under construction
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
3,019,883
540,459
5,519,358
201,033
2,248
9,282,981
Additions
34,632
1,171,525
64,408
11,668
-
0
1,282,233
Transfers
-
0
(872,936)
872,936
-
0
-
0
-
0
At 30 September 2024
3,054,515
839,048
6,456,702
212,701
2,248
10,565,214
Depreciation and impairment
At 1 January 2024
1,384,508
-
0
3,074,130
71,325
2,248
4,532,211
Depreciation charged in the period
72,811
-
0
272,095
18,866
-
0
363,772
At 30 September 2024
1,457,319
-
0
3,346,225
90,191
2,248
4,895,983
Carrying amount
At 30 September 2024
1,597,196
839,048
3,110,477
122,510
-
0
5,669,231
At 31 December 2023
1,635,375
540,459
2,445,228
129,708
-
0
4,750,770
13
Fixed asset investments
2024
2023
£
£
Unlisted investments
-
0
120,000

 

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
120,000
Impairment
(120,000)
At 30 September 2024
-
Carrying amount
At 30 September 2024
-
At 31 December 2023
120,000
DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 23 -
14
Stocks
2024
2023
£
£
Raw materials and consumables
12,774,103
10,574,483
Finished goods and goods for resale
545,153
899,121
13,319,256
11,473,604
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,901,329
8,072,220
Corporation tax recoverable
759,071
759,071
Other debtors
1,987,145
2,301,722
Prepayments and accrued income
159,277
229,963
11,806,822
11,362,976
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 19)
943,751
347,530
Total debtors
12,750,573
11,710,506
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
20,639,326
25,875,293
Trade creditors
912,247
942,467
Amounts owed to group undertakings
9,616,224
2,471,868
Taxation and social security
54,826
82,907
Accruals and deferred income
710,765
1,195,025
31,933,388
30,567,560

Amounts owed to group undertakings totalling £9,616,224 (2023: £2,471,868) incur interest and are repayable on demand.

DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 24 -
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
650,000
800,000
18
Loans and overdrafts
2024
2023
£
£
Bank loans
19,602,708
24,844,113
Bank overdrafts
1,686,618
1,831,180
21,289,326
26,675,293
Payable within one year
20,639,326
25,875,293
Payable after one year
650,000
800,000

 

The long term loan has been borrowed over a period of 6 years with repayments beginning after the first year. The effective rate of interest on the loan is 3.95% per annum.

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
ACAs
740,194
586,308
-
-
Tax losses
-
-
943,751
347,530
740,194
586,308
943,751
347,530
2024
Movements in the period:
£
Liability at 1 January 2024
238,778
Credit to profit or loss
(442,335)
Asset at 30 September 2024
(203,557)
DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 25 -
20
Retirement benefit schemes
Defined contribution schemes

The Company operates a defined contribution pension scheme for all qualifying employees in the United Kingdom. The assets of the scheme are held separately from those of the Company in an independently administered fund. The contributions payable by the Company charged to profit or loss amounted to £87,340 (2023: £125,845).

21
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary Shares of £1 each
1,000
1,000
22
Related party transactions

The company has taken advantage of the exemption available in accordance with FRS 102 (33.1A) not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

23
Financial commitments, guarantees and contingent liabilities

The company is party to multilateral cross guarantees with Maicerías Españolas S.A. and DACSA POLSKA Sp. z o.o. The total liability covered by the guarantees is £29,212,120 / €35,000,000 (2023: £34,160,588 / €39,410,000).

24
Operating lease commitments

At the reporting end date the company had outstanding commitments for total future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
59,632
58,433
Between two and five years
207,788
204,350
In over five years
2,020,833
2,058,333
2,288,253
2,321,116
25
Controlling party

The company is a wholly owned subsidiary of Maicerias Espanolas SA, a company incorporated in Spain with its registered office at Ctra Barcelona K.m 5, 46132 Almassera (Valencia). Maicerias Espanolas SA is owned by the directors of DACSA Limited.

 

The smallest and largest group of companies, of which the company is a member that produces consolidated financial statements is Maicerias Espoanolas SA, a company incorporated in Spain.

 

The ultimate controlling party is Maicerias Espanolas SA, Ctra Barcelona K.m 5, 46132 Almassera (Valencia), Spain.

DACSA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 26 -
26
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit/(loss) for the period after tax
1,584,296
(3,745,829)
Adjustments for:
Taxation credited
(442,335)
(278,978)
Finance costs
1,723,149
2,991,633
Investment income
(7,266)
(37,190)
Amortisation and impairment of intangible assets
-
0
65,205
Depreciation and impairment of tangible fixed assets
363,772
244,510
Other gains and losses
182,500
-
Movements in working capital:
Increase in stocks
(1,845,652)
(2,349,515)
Increase in debtors
(443,846)
(591,521)
Increase/(decrease) in creditors
6,601,795
(1,809,048)
Cash generated from/(absorbed by) operations
7,716,413
(5,510,733)
27
Analysis of changes in net debt
1 January 2024
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,087,660
(730,170)
357,490
Bank overdrafts
(1,831,180)
144,562
(1,686,618)
(743,520)
(585,608)
(1,329,128)
Borrowings excluding overdrafts
(24,844,113)
5,241,405
(19,602,708)
(25,587,633)
4,655,797
(20,931,836)
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