Company registration number 04697167 (England and Wales)
J & R FOOD SERVICE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
J & R FOOD SERVICE LIMITED
COMPANY INFORMATION
Directors
Mr J R Whitechurch
Mr J L Whitechurch
Mr P Barnes
Mrs J J Whitechurch
Mrs N J Whitechurch
Secretary
Mr P Barnes
Company number
04697167
Registered office
3 Fair Oak Close
Exeter Airport Business Park
Clyst Honiton
Exeter
EX5 2UL
Auditor
Streets Audit LLP
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
Bankers
HSBC
Ground Floor
Stratus House
Emperor Way
Exeter
EX1 3QS
J & R FOOD SERVICE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10 - 11
Statement of cash flows
13
Notes to the financial statements
14 - 26
J & R FOOD SERVICE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
The directors present the strategic report for the year ended 31 October 2024.
Fair review of the business
Turnover for the year saw a notable increase, rising by just under £2 million compared to the previous year, reflecting ongoing growth in customer demand and successful market expansion. However, profit margins were adversely impacted by heightened competitor activity and general cost increases within the foodservice industry. Profit before tax reduced from £1.14 million to £677,000, largely due to increased labour costs and reduced margins.
Despite these challenges, the company maintained high operational standards, delivering on its commitment to next-day delivery for orders placed by 10pm and seeing continued growth in APP-based orders. Our customer-first approach remains a key driver of performance and retention. Investments in technology and infrastructure during the year have positioned the company well for future resilience and efficiency.
Looking forward to 2025, the company has a clear strategy for sustainable growth and operational efficiency:
These developments are intended to offset rising operational costs and improve long-term profitability.
Principal risks and uncertainties
The company recognises several key risks that could impact performance:
Rising operational costs, particularly in labour, fuel, and utilities, which may affect margins if not controlled effectively
J & R FOOD SERVICE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
To mitigate these risks, the company continues to:
After careful evaluation of these risks and the business's ongoing performance, the Directors consider it appropriate to prepare the financial statements as a going concern basis.
Mr J R Whitechurch
Director
14 June 2025
J & R FOOD SERVICE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
Principal activities
The principal activity of the company in the year under review was that of suppliers of a full range of frozen, ambient, fresh and chilled products to the food service industry.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £424,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J R Whitechurch
Mr J L Whitechurch
Mr P Barnes
Mrs J J Whitechurch
Mrs N J Whitechurch
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr J R Whitechurch
Director
14 June 2025
J & R FOOD SERVICE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.
J & R FOOD SERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF J & R FOOD SERVICE LIMITED
- 5 -
Opinion
We have audited the financial statements of J & R Food Service Limited (the 'company') for the year ended 31 October 2024 which comprise the statement of income and retained earnings, the balance sheet, 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:
give a true and fair view of the state of the company's affairs as at 31 October 2024 and of its profit 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.
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.
J & R FOOD SERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J & R FOOD SERVICE LIMITED
- 6 -
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:
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, 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.
J & R FOOD SERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J & R FOOD SERVICE LIMITED
- 7 -
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
- Enquiry of management and those charged with governance regarding the company’s policies and procedures to prevent and detect fraud, as well as their awareness of any known or suspected instances of fraud or non-compliance.
- Reviewing minutes of board meetings and management reports to identify any unusual transactions or patterns, and to evaluate whether any internal issues were flagged.
- Performing journal entry testing with a particular focus on manual entries, unusual account combinations, or those posted late in the period, to identify potential management override of controls.
- Analytical procedures and trend analysis over revenue, cost of sales, gross profit margins, and expenses, to highlight unexpected variances that may indicate irregularities.
- Substantive testing of income and expenditure, including verification of supporting documents such as invoices, purchase orders, and bank statements, to ensure validity and appropriateness.
- Assessing the risk of fraud in revenue recognition, particularly where sales cut-off or rebates and discounts could be used to misstate performance.
- Testing compliance with laws and regulations, including a review of correspondence with HMRC and Companies House, and consideration of any penalties, litigation, or tax investigations.
- Assessing related party transactions for transparency and proper disclosure, especially where loans and payments were made to companies under common control or directors.
- Reviewing provisions and estimates made by management — such as depreciation, stock obsolescence, and deferred tax — to evaluate for bias or manipulation.
We designed our procedures to respond to the risk of material misstatement in the financial statements, whether due to fraud or error, but our audit cannot guarantee that all instances of fraud or non-compliance will be identified.
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.
J & R FOOD SERVICE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF J & R FOOD SERVICE LIMITED
- 8 -
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.
Shane Cann BA(Hons) ACA FCCA CTA
Senior Statutory Auditor
For and on behalf of Streets Audit LLP
8 July 2025
Chartered Accountants
Statutory Auditor
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
J & R FOOD SERVICE LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
19,585,326
17,649,044
Cost of sales
(13,851,558)
(12,056,766)
Gross profit
5,733,768
5,592,278
Administrative expenses
(5,048,153)
(4,417,208)
Operating profit
4
685,615
1,175,070
Interest receivable and similar income
8
32,564
17,257
Interest payable and similar expenses
9
(40,882)
(43,290)
Profit before taxation
677,297
1,149,037
Tax on profit
10
(171,789)
(261,422)
Profit for the financial year
505,508
887,615
Retained earnings brought forward
2,501,100
2,026,485
Dividends
11
(424,000)
(413,000)
Retained earnings carried forward
2,582,608
2,501,100
J & R FOOD SERVICE LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,216,634
1,354,227
Investments
14
600
600
1,217,234
1,354,827
Current assets
Stocks
15
1,121,503
1,091,347
Debtors
16
1,922,709
1,743,788
Cash at bank and in hand
876,801
1,079,579
3,921,013
3,914,714
Creditors: amounts falling due within one year
17
(1,895,126)
(1,907,854)
Net current assets
2,025,887
2,006,860
Total assets less current liabilities
3,243,121
3,361,687
Creditors: amounts falling due after more than one year
18
(384,475)
(525,670)
Provisions for liabilities
Deferred tax liability
21
271,638
330,517
(271,638)
(330,517)
Net assets
2,587,008
2,505,500
Capital and reserves
Called up share capital
23
400
400
Share premium account
3,980
3,980
Capital redemption reserve
20
20
Retained earnings
2,582,608
2,501,100
Total equity
2,587,008
2,505,500
J & R FOOD SERVICE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 14 June 2025 and are signed on its behalf by:
Mr J R Whitechurch
Director
Company Registration No. 04697167
J & R FOOD SERVICE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024
- 12 -
Share capital
Share premium account
Capital redemption reserve
Retained earnings
Total
£
£
£
£
£
Balance at 1 November 2022
400
3,980
20
2,026,485
2,030,885
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
-
-
887,615
887,615
Dividends
-
-
-
(413,000)
(413,000)
Balance at 31 October 2023
400
3,980
20
2,501,100
2,505,500
Year ended 31 October 2024:
Profit and total comprehensive income for the year
-
-
-
505,508
505,508
Dividends
-
-
-
(424,000)
(424,000)
Balance at 31 October 2024
400
3,980
20
2,582,608
2,587,008
J & R FOOD SERVICE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
1
867,417
872,677
Interest paid
(40,882)
(43,290)
Income taxes paid
(357,429)
(230,994)
Net cash inflow from operating activities
469,106
598,393
Investing activities
Purchase of tangible fixed assets
(223,499)
(518,586)
Proceeds from disposal of tangible fixed assets
14,661
6,742
Interest received
31,782
16,388
Net cash used in investing activities
(177,056)
(495,456)
Financing activities
Repayment of bank loans
(50,000)
(68,498)
New finance lease obligations
145,044
255,884
Payment of finance leases obligations
(231,139)
(240,060)
Dividends paid
(358,733)
(332,885)
Net cash used in financing activities
(494,828)
(385,559)
Net decrease in cash and cash equivalents
(202,778)
(282,622)
Cash and cash equivalents at beginning of year
1,079,579
1,362,201
Cash and cash equivalents at end of year
876,801
1,079,579
The notes on pages 14 to 26 form part of these financial statements.
J & R FOOD SERVICE LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 14 -
1
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
505,508
887,615
Adjustments for:
Taxation charged
171,789
261,422
Finance costs
40,882
43,290
Investment income
(32,564)
(17,257)
Loss on disposal of tangible fixed assets
15,426
25,601
Depreciation and impairment of tangible fixed assets
331,005
359,669
Movements in working capital:
Increase in stocks
(30,156)
(5,799)
Increase in debtors
(206,043)
(647,643)
Increase/(decrease) in creditors
71,570
(34,221)
Cash generated from operations
867,417
872,677
2
Analysis of changes in net funds
1 November 2023
Cash flows
31 October 2024
£
£
£
Cash at bank and in hand
1,079,579
(202,778)
876,801
Borrowings excluding overdrafts
(129,166)
50,000
(79,166)
Obligations under finance leases
(655,334)
86,095
(569,239)
295,079
(66,683)
228,396
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 15 -
3
Accounting policies
Company information
J & R Food Service Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3 Fair Oak Close, Exeter Airport Business Park, Clyst Honiton, Exeter, EX5 2UL.
3.1
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.
3.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
3.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life. Where the company is unable to make a reliable estimate of useful life, goodwill is amortised over a period not exceeding 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
3
Accounting policies
(Continued)
- 16 -
3.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the period of the lease
Plant and equipment
25% on reducing balance and 5% on cost
Fixtures and fittings
10% on cost
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
3.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
3.6
Stocks
Stocks are stated at the lower of cost and net realisable value after making allowance for slow moving and obsolete stock items, plus those overheads that have been incurred in bringing the stocks to their present location and condition.
3.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
3
Accounting policies
(Continued)
- 17 -
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.
3.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 income statement, 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.
3.9
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.
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
3
Accounting policies
(Continued)
- 18 -
3.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
3.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Depreciation of owned tangible fixed assets
159,488
155,651
Depreciation of tangible fixed assets held under finance leases
171,517
204,019
Profit on disposal of tangible fixed assets
(24,919)
(923)
Operating lease charges
2,206
1,183
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For services
Audit of the financial statements of the company
11,500
6,500
Auditors' remuneration for non audit work
12,696
12,599
24,196
19,099
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 19 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
5
5
Staff
83
76
Total
88
81
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
2,048,228
1,735,716
Social security costs
179,458
146,193
Pension costs
67,412
59,594
2,295,098
1,941,503
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
79,666
73,616
Pension contributions to money purchase schemes
27,507
27,375
107,173
100,991
The number of directors to whom retirement benefits were accruing was 3 (2023: 3).
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 20 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
13,185
Other interest income
19,379
17,257
Total income
32,564
17,257
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
9,816
12,837
Other finance costs:
Interest on finance leases and hire purchase contracts
31,066
30,453
40,882
43,290
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
230,668
232,397
Deferred tax
Origination and reversal of timing differences
(58,879)
29,025
Total tax charge
171,789
261,422
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
10
Taxation
(Continued)
- 21 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
677,297
1,149,037
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.52%)
169,324
258,738
Tax effect of expenses that are not deductible in determining taxable profit
1,036
840
Permanent capital allowances in excess of depreciation
56,450
(32,945)
Adjustments in respect of financial assets
3,858
5,764
Deferred tax adjustments in respect of prior years
(58,879)
29,025
Taxation charge for the year
171,789
261,422
11
Dividends
2024
2023
£
£
Interim paid
424,000
413,000
12
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2023 and 31 October 2024
412,985
Amortisation and impairment
At 1 November 2023 and 31 October 2024
412,985
Carrying amount
At 31 October 2024
At 31 October 2023
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 22 -
13
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
200,514
1,155,385
149,456
10,341
1,544,700
3,060,396
Additions
2,882
36,190
475
3,215
180,737
223,499
Disposals
(28,889)
(69,879)
(98,768)
At 31 October 2024
203,396
1,162,686
149,931
13,556
1,655,558
3,185,127
Depreciation and impairment
At 1 November 2023
88,373
600,601
126,113
3,988
887,094
1,706,169
Depreciation charged in the year
24,210
96,150
5,925
2,392
202,328
331,005
Eliminated in respect of disposals
(27,834)
(40,847)
(68,681)
At 31 October 2024
112,583
668,917
132,038
6,380
1,048,575
1,968,493
Carrying amount
At 31 October 2024
90,813
493,769
17,893
7,176
606,983
1,216,634
At 31 October 2023
112,141
554,784
23,343
6,353
657,606
1,354,227
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
178,875
192,242
Motor vehicles
474,448
555,525
653,323
747,767
14
Fixed asset investments
2024
2023
£
£
Unlisted investments
600
600
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 23 -
15
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,121,503
1,091,347
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,208,617
1,017,866
Other debtors
645,718
681,180
Prepayments and accrued income
68,374
44,742
1,922,709
1,743,788
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
50,000
50,000
Obligations under finance leases
20
213,930
208,830
Trade creditors
1,323,910
1,264,110
Corporation tax
105,636
232,397
Other taxation and social security
57,393
46,938
Other creditors
94,865
53,545
Accruals and deferred income
49,392
52,034
1,895,126
1,907,854
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
29,166
79,166
Obligations under finance leases
20
355,309
446,504
384,475
525,670
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
18
Creditors: amounts falling due after more than one year
(Continued)
- 24 -
The hire purchase liability is secured upon the tangible asset to which it relates.
HSBC Bank UK plc hold an unlimited debenture incorporating a fixed and floating charge over the assets of the company and a personal guarantee from two of the directors.
19
Loans and overdrafts
2024
2023
£
£
Bank loans
79,166
129,166
Payable within one year
50,000
50,000
Payable after one year
29,166
79,166
The long-term loans are secured by fixed and floating charges over the company assets.
20
Hire purchase obligations
2024
2023
Future minimum payments due under hire purchase contracts:
£
£
Within one year
213,930
208,830
In two to five years
355,309
446,504
569,239
655,334
21
Deferred taxation
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
271,638
330,517
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
21
Deferred taxation
(Continued)
- 25 -
2024
Movements in the year:
£
Liability at 1 November 2023
330,517
Credit to profit or loss
(58,879)
Liability at 31 October 2024
271,638
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
67,412
59,594
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Shares of £1 each
100
100
100
100
B Shares of £1 each
200
200
200
200
C Shares of £1 each
100
100
100
100
400
400
400
400
J & R FOOD SERVICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 26 -
24
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
199,348
183,027
Between two and five years
5,347
23,570
204,695
206,597
25
Related party transactions
During the year, the company paid rent of £151,000 (2023: £144,000) to a company under the control of the directors. As at the year end, the company was due £10,528 (2023: £10,528). The loans are interest free and carry no fixed terms of repayment.
During the year, the company made sales of £nil (2023: £5,681) from a company under the control of a close family member of the directors. As at the year end, the company was due £103,435 (2023: £83,854). This loan is interest free and carries no fixed terms of repayment.
During the year, a loan was provided to a company under the control of the directors. As at the year end, the company was due £517,136 (2023: £556,493). This loan includes interest charged at 3.5% and is repayable over a term of 25 years.
During the year, the company paid rent to the directors of £89,000 (2023: £84,000).
26
Directors' transactions
During the year, the directors received advances of £425,999 (2023: £240,954). As at the year end, the directors were owed £64,377 by the company (2023: £27,014) and one director owed £1,043 to the company (2023: £26,952). Interest has been charged at the official rate of interest on overdrawn balances during the year. The loans carry no fixed terms of repayment.
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