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Registered number: 02269053










CASTELL HOWELL FOODS LIMITED










GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
CASTELL HOWELL FOODS LIMITED
 
 
COMPANY INFORMATION


Directors
David Brian Jones 
Christopher Ronald Dennis 
Haydn Christopher Pugh (appointed 7 May 2024)
James Nigel Owen Williams 
Matthew Trevor Lewis 
Simon Martin Jones 
Richard John Davies 
Kathryn Mary Jones (resigned 9 April 2024)




Company secretary
James Nigel Owen Williams



Registered number
02269053



Registered office
Cross Hands Food Park

Cross Hands

Llanelli

Carmarthenshire

SA14 6SX




Independent auditor
MHA

Swansea

SA7 9FS







 
CASTELL HOWELL FOODS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 10
Directors' report
11 - 13
Independent auditor's report
14 - 18
Consolidated statement of comprehensive income
19 - 20
Consolidated balance sheet
20 - 21
Company balance sheet
22 - 23
Consolidated statement of changes in equity
24
Company statement of changes in equity
25
Consolidated statement of cash flows
26 - 27
Consolidated analysis of net debt
28
Notes to the financial statements
29 - 52


 
CASTELL HOWELL FOODS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction

The directors present their strategic report for the year ended 31 October 2024.
The Castell Howell Group consists of the following companies:
Company       Activity
Castell Howell Foods Limited    Wholesale and distribution of food and related products
Celtica Foods Limited     Butchery division
Farmfresh Fillings Limited     Fresh goods division
Celtic Coast Fish Company Limited   Fish division
Llandeilo Bakers Limited     Bakery division
Upton Farm Frozen Food Limited   Wholesale and distribution of frozen food 
Bwydydd Conwy Limited     Dormant
The key financial highlights are as follows:
 

2024
2023
2022
2021

£000
£000
£000
£000





Turnover
230,785
201,229
166,004
111,554





Turnover growth
14.68%
21.22%
48.81%
8.82%





Gross profit margin
28.15%
29.16%
30.51%
29.21%





Operating profit
16,092
17,236
13,818
8,748





Operating profit margin
6.97%
8.56%
8.32%
7.84%

Page 1

 
CASTELL HOWELL FOODS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Business review
 
Despite the poor weather during much of spring and summer 2024, coupled with the ongoing effects of food, energy, and labour inflation on customers, group turnover increased by £30m (15%) on 2023, reaching £231m for the year. The core food wholesale company saw significant gains in public sector contracts during the first half of the year, as well as particularly strong growth in the hospitality and catering sectors across North Wales. Profit before tax however decreased from £17.3m to £15.8m, a reduction partly due to a near 20% increase in labour costs, around half of which was attributable to an increase in headcount, and also as a result of reduced gross margin. The latter reflected the higher proportion of public sector trade and the need to increase pricing support across the core customer base to mitigate the ongoing inflationary cost pressures.
In April 2024, the group acquired Upton Farm Frozen Foods Ltd, based in Pembroke Dock, which extends our reach into South Pembrokeshire. Upton continues to operate as a separate entity within the Castell Howell group, joining other associate companies including, Celtica Foods, Celtic Coast Fish, Farmfresh Cooked Meats  and Llandeilo Bakers. These businesses have made significantly  increased contributions to group profitability and have further enhanced the uniqueness of our product offering, complimenting our extensive range of Welsh products as well as the wider UK and international product offering. 
Although sales growth has been strong, the Company has faced increasing constraints due to a shortage of warehouse space. To address this, we purchased the freeholds of Ty Gelert at Porthmadog and Merthyr Cold Stores during the year. Work is also nearing completion on a new maintenance facility and additional lorry parking at Cross Hands. In total, over £11m has been invested in new assets, including £4.2m in additions to the vehicle fleet.
The outlook for the 2025 financial year ahead remains positive, with significant opportunities for growth across all areas of operation. However, profits are expected to decline moderately due to continued pressure on margins and labour costs. Specifically, the increase in the employer National Insurance (NI) rate and the reduction in the NI threshold, are expected to raise labour costs by approximately 2.5%. We are actively exploring various ways to mitigate the impact of these increases on the group including the introduction of salary sacrifice on employee pension contributions. However, improved productivity through continued process improvements and strategic investments in capacity and technology, including the adoption of AI to automate certain processes, is expected to provide the most effective mitigation to increasing labour costs in the long run, with work on these initiatives already underway.
Subject to planning permission, we anticipate beginning construction of a new 90,000 square foot warehouse at Cross Hands by the end of 2025. This will provide long-term capacity for our hub operation and, alongside the premises at Porthmadog and Merthyr, will alleviate the current space constraints. Additionally, land was  acquired at the start of the 2025 financial year at Cross Hands Business Park, designated for additional cooked meats processing capacity.
 

Page 2

 
CASTELL HOWELL FOODS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Principal risks and uncertainties
 The group's activities are subject to certain risks which are monitored closely by the directors.
 
Risk Area
Nature of risk
Actions to mitigate/reduce
Operational


Buisness continuity
A nationwide crisis, such seen in recent years with the coronavirus pandemic, could significantly impact a range of areas, such as customer demand, availability of goods from suppliers and supply of labour. Supplies to customers could be put at risk if extensive damage was done to the warehouses or to the group's IT or phone systems.
 
The group has a robust business continuity plan which is regularly reviewed and has demonstrated during the course of the pandemic that it can act swiftly and robustly to deal with unexpected challenges.
State of the economy
Although inflationary pressures arising from the effects of the Russia/Ukraine war on food and energy prices have reduced, the impact of the increases across the supply chain and on customers remain, as well as the knock-on effect on labour costs, exacerbated by the recent employer NI increases.
The group is committed to providing competitive pricing to customers who have seen significant rises as a result of the effects of price inflation and higher labour costs. It has entered into a flexible purchasing arrangement in its energy which allows it to fix future pricing selectively when market conditions are favourable to do so. It remains committed to providing a fair and competitive wage rate and is proactive in promoting the group and the food industry in general as an attractive place to work.

Page 3

 
CASTELL HOWELL FOODS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Competitive environment and customer risk
The trading environment is always competitive and bad debts inevitably occur from time to time. The post pandemic trading environment has been strong although the cumulative effects of higher food, energy and labour costs arising from the inflationary effects of the Russia/Ukraine war and the impact of the pandemic and Brexit on labour supply,  increases the potential for bad debts. The group has a number of large private and public sector customers which would affect profitability in the short term if they were lost.
The group will always experience competition but has increased its available market through geographical expansion into North Wales and the West of England and has also increased its overall market share by selectively tendering for public sector work and also by introducing sales to the public through the Cash and Carry and Click and Collect during the pandemic. The group's future strategy will continue to be focussed on organic growth, increasing market penetration in all its areas of operation. No single customer accounts for more than 2% of customer sales. The public sector by now accounts for 22% of sales however this is made up of several separately operated contracts.

Product safety and quality
A breach of standards would affect reputation and potentially lead to lost custom and penalties.
The maintenance of high food safety standards is of paramount importance to the business.  The directors have introduced a comprehensive quality assurance programme which are accredited by external bodies to ensure that hygiene standards are monitored regularly on all of the product lines and that all suppliers are accredited.
 
Workplace health and safety
The group operates warehouses and vehicles and therefore has the potential for accidents and injuries.
Safety is an overriding priority and is actively promoted as such by the board. Health and Safety policies and adherence are continuously promoted and are an integral part of the workplace culture.
 
Price and supply of raw materials
Increasing prices can erode profit margins pending passing on of the increases. The group has seen the impact of the Russia/Ukraine war on prices in however price increases can also arise due to other supply restrictions such as occurred during the pandemic or factors such as weather events or exchange rate movements or by increased market demand.
 
The group endeavours to ensure that it buys as well as possible and makes every effort to run its business as efficiently as possible to minimise the need to pass on price increases. 
Page 4

 
CASTELL HOWELL FOODS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Financial


Interest rates and currency
The group has loan borrowings although did not require any cashflow borrowings during the year. Significant increases in interest rates would impact on the cost of borrowing for future investments as well as current borrowings. A fall in the value of Sterling against the Euro in particular would lead to cost price increases.
Loan borrowing is linked to base rate. Exchange rate fluctuations are a risk, the company seeks to mitigate the risk by maintaining a reserve of Euros in bank deposits and where invoiced in sterling by overseas suppliers, by entering into fixed price contracts. Strong trading performance in recent years has seen cash balances generated and has reduced the ratio of loan borrowings to net assets at the year end to 5.4%.
 
Credit
The group offers credit to customers subject to meeting set criteria. The group could experience bad debts when customers fail or cashflow can be impacted due to delayed payment. 
The group has a robust credit checking process before credit is approved and a proactive credit control team that endeavour to pick up on customer difficulties early in order to minimise bad debt exposure. Late payment is targeted and customers are encouraged to stay within terms with sanctions introduced as appropriate to each situation that arises.
 
Liquidity
The group currently does not have any cashflow borrowings, however significant capital outlays on vehicles and premises during 2024 along with the share purchase of an exiting shareholder could  lead to a need  to increased borrowings.
The directors have sophisticated financial reporting systems in place to manage cashflow and trading performance ensure they comply with all covenants and maintain a close working relationship with their bankers. There is a significant capacity to borrow as the current loan to net asset ratio is only 5.4%.
 
People
The group is committed to recruiting and retaining the best available people with the right abilities and attitude throughout the organisation.
The group has a strong training and values culture which is reinforced at all levels of the organisation through training and by example. Succession planning is in place to ensure continuity at all management levels.

Section 172(1) statement
 
This section sets out how the Board of Directors have performed their duty under section 172 of the Companies Act 2006 and specifically how the Board have acting in good faith to promote the success of the company and group as a whole, having regard to all the company and group's stakeholders.

Page 5

 
CASTELL HOWELL FOODS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

The Castell Howell ethos
 
Castell Howell is a family run company, operating for over 30 years. Our ethos has always been to maximise the benefit of the company and group's activities and success for its wider stakeholders, rather than just its shareholders' interests. This is considered in both short-term operational decisions and the company's longer term plans.

Our stakeholders

The group's key stakeholders are its:
1. Employees
2. Customers
3. Suppliers
4. The local community
5. The local environment
6. Shareholders
The Board's decision making process and strategy setting considers not only the financial impact of decisions on the group, but the impact of such on the group's key stakeholders. Separate communication to shareholders is unnecessary as all shareholders are directors of the company. Where there are conflicts of interests of decisions between different stakeholder groups, the Board priorities the interests of long term financial stability and employee interests.
Our customers and suppliers are key stakeholders and the Board fosters relationships by:
- Promoting customer care and quality of service throughout the group;
- Ensuring a wide range of product lines, with sales representatives proactively advising on new products and      alternatives;
- Promoting product and menu development;
- Seeking to source products from local suppliers and promoting Welsh produce;
- Maintaining a balance between fair procurement and pricing policies whilst maintaining competitive selling
prices.
Supporting the local community has always been a key aim of the group, with regular donations and sponsorship being paid to local community groups and sporting teams. The Castell Howell Foods Charitable Foundation was registered within the year and this charity has well defined objectives under a number of key pillars, to support various groups within the community. The group has made a donation of £250,000 to the charity, in addition to its ongoing regular donations to local community groups.

Major decisions within the year

In April, the Company acquired Upton Farm Frozen Foods Ltd, based in Pembroke Dock, which extends our reach into South Pembrokeshire. Upton continues to operate as a separate entity within the Castell Howell group, joining other associate companies including, Celtica Foods, Celtic Coast Fish, Farmfresh Cooked Meats and Llandeilo Bakers. These businesses have made significantly increased contributions to group profitability and have further enhanced the uniqueness of our product offering, complimenting our extensive range of Welsh products as well as the wider UK and international product offering. 

Page 6

 
CASTELL HOWELL FOODS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Financial instruments

The group's principal financial instruments comprise bank balances, bank loans, trade debtors and creditors, directors' loans and finance lease agreements. The main purpose of these instruments is to raise funds for the group's operations and to finance the group's operations.
The use of financial derivatives is governed by policies approved by the board of directors. The group does not use financial derivatives for speculative purposes.
In respect of loans, these comprise loans to and from the directors and loans from financial institutions. The interest rate on the loans from financial institutions is variable, but the monthly repayments are fixed.
The group is a lessee in respect of financed leased assets. The liquidity risk in respect of these is managed in the same way as loans.
The group is exposed to price risk as a result of its operations, in particular adverse fluctuations in food and fuel prices.
Financial instrument risks and their management/mitigation are set out in the summary of principal risks and uncertainties, above. 

Future developments

The group is in the process of completing its maintenance shed and  transport yard and is proposing to construct and develop a new warehouse at Cross Hands,  with plans to build  a new cooked meats factory.
Subject to planning permission, we anticipate beginning construction of a new 75,000 square foot warehouse at Cross Hands by the end of 2025. This will provide long-term capacity for our hub operation and, alongside the premises at Porthmadog and Merthyr, will alleviate the current space constraints. Additionally, land has been acquired at the start of the new financial year at Cross Hands Business Park, designated for additional cooked meats processing capacity.

Employee involvement

Equal opportunities
The group is committed to promoting equal opportunities in employment. Job applicants will receive equal treatment regardless of age, disability, gender reassignment, marital or civil partner status, pregnancy or maternity, race, colour, nationality, ethnic or national origin, religion or belief, sex or sexual orientation.
Employment of disabled persons
Initial employment and progression within the group is solely on the basis of personal ability and competence. All practicable steps will be taken to accommodate disabled persons when considering applications for employment, training and progression within the group.
Harassment
The group operates a policy that it or its employees will not unlawfully discriminate against or harass other people including current and former staff, job applicants, clients, customers, suppliers and visitors. This applies in the workplace and outside the workplace. This includes sexual harassment and other unwanted conduct.
Communication
The group will take every step to communicate to all staff with particular respect to its products, services, and plans for the future, etc. It also encourages staff to express their views in terms of suggestions and opinions.

Page 7

 
CASTELL HOWELL FOODS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

ENERGY AND CARBON REPORTING

Castell Howell's operational landscape is defined by a network of distribution hubs and a Cash & Carry facility, all of which are integral to providing our customers with the best service possible. 
It's important to note that whilst our manufacturing sites are diligently tracked for environmental impact, they currently fall below the reporting threshold. However, due to the continuous growth within our manufacturing operations, we envisage that future iterations of our carbon reporting and reduction plans will include detailed progress and initiatives within these sites as we recognise their environmental impact will likely become more significant. Therefore, the data captured within our current emission reports focuses on our distribution and Cash & Carry operations only. 
At the heart of our operations lies the Cross Hands headquarters, a facility that operates 24 hours a day. This continuous operation naturally translates to significant energy consumption across a range of equipment. Notably, the building's infrastructure relies on a decentralised control system, meaning that HVAC and other plant items operate either continuously or via localised, manual controls. However, we have implemented key efficiency measures. For instance, office air conditioning units are now equipped with motion sensors,  reducing energy waste by deactivating fan coils during periods of inactivity. Furthermore, automated lighting systems have been installed at the dry goods store, freezers, offices and main office corridors. The refrigeration infrastructure at Cross Hands, essential for maintaining our frozen and chilled storage, operates 24/7. To mitigate energy losses, high-speed automatic doors have been installed, and continuous dehumidification systems have optimised freezer defrosting cycles. It is also important to note that the Cross Hands site is the hub for the largest proportion of our lorry fleet. Fuel usage from these vehicles, across all sites, is tracked by the litre, via electronic tank monitoring, and/or fuel card transactions.
Our satellite depots, strategically located in St Martins (near Oswestry), Avonmouth, Merthyr, and Porthmadog, play a crucial role in our distribution network. With the exception of our Merthyr site, these locations function primarily as cross-docking facilities for our articulated lorries, which transport goods from our HQ overnight. Consequently, St Martins, Avonmouth, and Porthmadog house minimal refrigerant compliances due to their limited need for significant stock storage. Environmental data for these locations is primarily captured through electricity and water usage monitoring. It's worth noting that a significant portion of the workforce at these depots comprises drivers and sales representatives, and each of these sites also maintains a fleet of lorries to facilitate distribution.
Our Merthyr depot, fully acquired in FY 23/24, differs from our other cross-docking sites as it also possesses significant stocking abilities, including ambient, refrigerated, and freezer storage. Due to this acquisition, much of the development work to implement energy-efficient technologies, mirroring the successful initiatives at our Cross Hands headquarters and Carmarthen Cash & Carry facility, is currently ongoing during the 24/25 financial year. This investment will allow for greater control over the environmental impact of this facility as these upgrades are rolled out.
For our 2023/2024 SECR report, we have calculated two intensity metrics to allow for a comparison of our energy consumption and carbon emissions over time. Comparative to the previous reporting year(s), we have seen a small decrease in both metrics. The smaller than expected decrease is due to enhanced data collation accuracy, particularly with the petrol fuel element.
We recognise we are on a journey of continuous improvement with our internal data collation and reporting processes. This improved accuracy and clarity allows us to establish a more robust and reliable baseline for future reporting. 
Looking ahead, we are committed to reducing our energy consumption and carbon emissions. We are pleased to announce that our carbon accounting partners, Auditel, are finalising our revised short, medium, and long-term carbon reduction plans. These plans will provide a clear roadmap to help us systematically lower our intensity metrics year on year, ensuring sustainable progress towards our environmental goals.
 
Page 8

 
CASTELL HOWELL FOODS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

ENERGY AND CARBON REPORTING (Continued)
Reporting Methodology
All calculations within this report have been conducted in accordance with the Greenhouse Gas (GHG) Protocol Corporate Accounting and Reporting Standard. The methodology adheres to the five fundamental principles of carbon accounting: Accuracy, Transparency, Completeness, Relevance, and Consistency. Activity data has been comprehensively collected across all relevant sources, and emissions have been calculated using the UK Government’s Department for Energy Security and Net Zero (DESNZ) conversion factors for company reporting of greenhouse gas emissions (version 2024).
 
Financial Year 2023/24









Energy use
Litres
KWH
Defre Conversion rate
kg Co2e
Fuel Diesel
1,892,398
18,719,048
2.513
4,755,200
Fuel Petrol
73,853
662,386
2.084
153,939
Fuel Propane
3,953kg
55,344
2.998
11,850
Fuel Oil
23,404
228,873
2.540
59,450
Fuel Natural Gas
n/a
38,186
0.183
6,984
Energy from National Grid
n/a
3,457,711
0.207
715,919
Refrigerant loss r404a
9.40kg
0
3,943.000
37,064
Refrigerant loss r410a
5.00kg
0
1,924.000
9,620
Refrigerant loss r449a
50.35kg
0
1,396.000
70,289
Refrigerant loss r452a
4.80kg
0
2,139.000
10,267
Total

23,161,547

5,830,581





By KG Weight sold (71,564,391kg)

0.324

0.081
By £ Value (228,395,628)

0.101

0.026





Tonnes CO2e by £m of sales



25.53
Page 9

 
CASTELL HOWELL FOODS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

ENERGY AND CARBON REPORTING (Continued)
 
Financial Year 2022/23









Energy use
Litres
KWH
Defre Conversion rate
kg Co2e
Fuel Diesel
1,606,052
15,900,668
2.5121
4,045,547
Fuel Petrol
37,995
340,928
2.0975
80,044
Fuel Propane
3,619kg
50,668
2.9976
10,848
Fuel Oil
36,911
360,959
2.5402
93,759
Fuel Natural Gas
n/a
36,867
0.1829
6,742
Energy from National Grid
n/a
3,433,767
0.2071
703,503
Refrigerant loss r404a
31.12kg
0
3,943
122,706
Refrigerant loss r410a
6.50kg
0
1,924
12,506
Refrigerant loss r449a
76.85kg
0
1,397
107,359
Refrigerant loss r452a
7.60kg
0
2,140
33,384
Total

20,123,858

5,216,398





By KG Weight sold (63,598,455kg)

0.316

0.082
By £ Value (£200,122,327)

0.101

0.021





Tonnes CO2 by £m of sales



26.07





This report was approved by the board on 14 July 2025 and signed on its behalf.



James Nigel Owen Williams
Director

Page 10

 
CASTELL HOWELL FOODS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

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

Directors' responsibilities statement

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 11

 
CASTELL HOWELL FOODS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Principal activity

The principal activities of the group in the year under review were:
Wholesale and distribution of food products:
Castell Howell Foods Limited
Upton Farm Frozen Foods Ltd
Bwydydd Conwy Limited (dormant in the current year)
Upton Farm Frozen Foods Limited
Manufacture, preparation and wholesale of food products:
Farmfresh Fillings Limited
Celtica Foods Limited
Llandeilo Bakers Limited
Celtic Coast Fish Company Limited

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £9,841 thousand (2023 - £11,584 thousand).

An interim dividend of £2,200 thousand (2023 - £nil) per share was paid during the year. 

Directors

The directors who served during the year were:

David Brian Jones 
Christopher Ronald Dennis 
Haydn Christopher Pugh (appointed 7 May 2024)
James Nigel Owen Williams 
Matthew Trevor Lewis 
Simon Martin Jones 
Richard John Davies 
Kathryn Mary Jones (resigned 9 April 2024)

Disclosure in the strategic report

Included in the group's strategic report is a review of the business, details in relation to the use of financial instruments, employee involvement including the employment of disabled persons, environmental policies, details of important events affecting the company since the year end, and a description of the principal risks and uncertainties facing the group. 

Engagement with employees

The Section 172(1) statement in the Strategic Report summarises stakeholder engagement matters.

Page 12

 
CASTELL HOWELL FOODS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Disclosure of information to auditor

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

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

Post balance sheet events

Further information is disclosed in Note 31 to the financial statements.

Auditor

The auditor, MHA, previously traded through the legal entity Macintyre Hudson LLP. In response to regulatory changes, Macintyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
The auditor, MHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 14 July 2025 and signed on its behalf.
 





James Nigel Owen Williams
Director

Page 13

 
CASTELL HOWELL FOODS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTELL HOWELL FOODS LIMITED
 

Opinion


We have audited the financial statements of CASTELL HOWELL FOODS LIMITED (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 October 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 October 2024 and of the Group's 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.


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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 14

 
CASTELL HOWELL FOODS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTELL HOWELL FOODS LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 15

 
CASTELL HOWELL FOODS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTELL HOWELL FOODS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 11, 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 Group's and the parent 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 Group or the parent 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 Group 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:

Detecting irregularities
The objectives of our audit in relation to fraud are as follows:
- to identify and assess the risks of material misstatement of the financial statements due to fraud;
- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses;
- and to respond appropriately to fraud or suspected fraud identified during the audit.
However, the primary responsibility for the prevention and detection of fraud rests with the directors.
Auditor's approach to assessing the risks of material mis statement due to irregularities, including fraud
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK.
We assessed the risks of material misstatement in respect of fraud and considered the extent to which non compliance with laws and regulations might have a material effect on the financial statements.
 
Audit procedures designed to respond to the risks of non compliance with laws and regulations
Based on the results of our risk assessment, we designed our audit procedures to identify non compliance with such laws and regulations identified above. We made enquiries of senior management of the group of companies to understand how the company is complying with those frameworks. Audit procedures performed by the engagement team also included a review of the financial statements disclosures to underlying supporting documentation.
 
Page 16

 
CASTELL HOWELL FOODS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTELL HOWELL FOODS LIMITED (CONTINUED)



Audit procedures designed to respond to the risks of fraud
We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by means of developing an understanding the company's controls and discussing with management the perceived risks and garnering where they considered there was susceptibility to fraud.
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud.
As well as adopting an attitude of professional scepticism, we have obtained information for use in identifying the risk of fraud when performing risk assessment procedures and performed the following procedures in light of the risk of fraud :
-  Discussion amongst the group engagement teams regarding the susceptibility of the client to fraud;
- Consideration of the risk of fraud when documenting and testing internal controls;
-  Enquiring of management how they: assess the risk of fraud; identify and respond to the risks of fraud;
-  Enquiring of management and directors whether they have any knowledge of actual or suspected fraud;
- Remaining alert to inconsistent or contradictory information and obtaining evidence to support information provided.
Management override of controls
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. The audit engagement team performed journal entry testing using a risk based approach and evaluated whether there was evidence of bias, with a focus on any journals indicating large or unusual transactions, non routine journals and journals processed for before and after the accounting reference date.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 17

 
CASTELL HOWELL FOODS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTELL HOWELL FOODS LIMITED (CONTINUED)


Use of our report
 

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





Rachel Doyle ACA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Statutory Auditor
Swansea, United Kingdom

14 July 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542) 
Page 18

 
CASTELL HOWELL FOODS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024


2024
2023
Note
£000
£000

  

Turnover
 4 
230,785
201,229

Cost of sales
  
(165,811)
(142,547)

Gross profit
  
64,974
58,682

Distribution costs
  
(16,016)
(13,333)

Administrative expenses
  
(33,391)
(28,381)

Other operating income
  
525
268

Operating profit
 5 
16,092
17,236

Interest receivable and similar income
 8 
115
346

Interest payable and similar expenses
 9 
(397)
(246)

Profit before taxation
  
15,810
17,336

Tax on profit
 10 
(4,314)
(4,302)

Profit for the financial year
  
11,496
13,034

  

Profit attributable to non-controlling interest
  
(1,655)
(1,450)

Total comprehensive income for the year
  
9,841
11,584

Profit for the year attributable to:
  

Non-controlling interests
  
1,655
1,450

Owners of the parent Company
  
9,841
11,584

  
11,496
13,034

The notes on pages 29 to 52 form part of these financial statements.

Page 19

 
CASTELL HOWELL FOODS LIMITED
 

CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Intangible assets
 12 
830
(236)

Tangible assets
 13 
29,955
22,265

Investments
 14 
92
92

  
30,877
22,121

Current assets
  

Stocks
 15 
16,165
13,364

Debtors: amounts falling due within one year
 16 
36,795
26,804

Cash at bank and in hand
  
8,265
17,352

  
61,225
57,520

Creditors: amounts falling due within one year
 17 
(28,849)
(22,073)

Net current assets
  
 
 
32,376
 
 
35,447

Total assets less current liabilities
  
63,253
57,568

Creditors: amounts falling due after more than one year
 18 
(765)
(4,696)

Provisions for liabilities
  

Deferred taxation
 21 
(2,851)
(2,136)

  
 
 
(2,851)
 
 
(2,136)

Net assets
  
59,637
50,736

Page 20

 
CASTELL HOWELL FOODS LIMITED
REGISTERED NUMBER: 02269053
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

2024
2023
Note
£000
£000

Capital and reserves
  

Called up share capital 
 22 
250
250

Profit and loss account
 23 
51,750
44,442

Equity attributable to owners of the parent Company
  
52,000
44,692

Non-controlling interests
  
7,637
6,044

  
59,637
50,736


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 July 2025.




James Nigel Owen Williams
Director

Page 21

 
CASTELL HOWELL FOODS LIMITED
REGISTERED NUMBER: 02269053

COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£000
£000

Fixed assets
  

Tangible assets
 13 
24,329
17,038

Investments
 14 
3,209
51

  
27,538
17,089

Current assets
  

Stocks
 15 
13,335
11,023

Debtors: amounts falling due within one year
 16 
35,954
26,500

Cash at bank and in hand
  
7,154
16,690

  
56,443
54,213

Creditors: amounts falling due within one year
 17 
(29,764)
(21,846)

Net current assets
  
 
 
26,679
 
 
32,367

Total assets less current liabilities
  
54,217
49,456

  

Creditors: amounts falling due after more than one year
 18 
(765)
(4,252)

Provisions for liabilities
  

Deferred taxation
 21 
(2,200)
(1,592)

  
 
 
(2,200)
 
 
(1,592)

Net assets
  
51,252
43,612

Page 22

 
CASTELL HOWELL FOODS LIMITED
REGISTERED NUMBER: 02269053
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

2024
2023
Note
£000
£000


Capital and reserves
  

Called up share capital 
 22 
250
250

Profit and loss account brought forward
  
43,362
31,792

Profit for the year
  
9,840
11,570

Dividends paid

  

(2,200)
-

Profit and loss account carried forward
  
51,002
43,362

  
51,252
43,612


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 July 2025.


James Nigel Owen Williams
Director

The notes on pages 29 to 52 form part of these financial statements.

Page 23
 

 
CASTELL HOWELL FOODS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024



Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£000
£000
£000
£000
£000



At 1 November 2022
250
32,858
33,108
4,594
37,702





Profit for the year
-
11,584
11,584
1,450
13,034





At 1 November 2023
250
44,442
44,692
6,044
50,736





Profit for the year
-
9,841
9,841
1,655
11,496


Excess consideration on acquisition
-
(395)
(395)
-
(395)


Transfer of Non-controlling interest in the year
-
62
62
(62)
-


Dividends paid
-
(2,200)
(2,200)
-
(2,200)



At 31 October 2024
250
51,750
52,000
7,637
59,637



The notes on pages 29 to 52 form part of these financial statements.

Page 24

 

 
CASTELL HOWELL FOODS LIMITED


 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024



Called up share capital
Profit and loss account
Total equity


£000
£000
£000



At 1 November 2022
250
31,792
32,042





Profit for the year
-
11,570
11,570





At 1 November 2023
250
43,362
43,612



Comprehensive income for the year


Profit for the year
-
9,840
9,840


Dividends paid
-
(2,200)
(2,200)



At 31 October 2024
250
51,002
51,252



The notes on pages 29 to 52 form part of these financial statements.

Page 25
 
CASTELL HOWELL FOODS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£000
£000

Cash flows from operating activities

Profit for the financial year
11,496
13,034

Adjustments for:

Amortisation of intangible assets
234
-

Depreciation of tangible assets
3,736
3,140

Profit on disposal of tangible assets
(111)
(175)

Government grants
-
(20)

Interest paid
397
246

Interest received
(115)
(346)

Taxation charge
4,314
4,302

(Increase) in stocks
(2,802)
(1,981)

(Increase) in debtors
(16,437)
(3,023)

Increase in creditors
3,217
1,868

Corporation tax (paid)
(2,787)
(2,702)

Interest paid
(281)
(202)

Hire purchase interest
(116)
(44)

Assets acquired
1,464
-

Net cash generated from operating activities

2,209
14,097


Cash flows from investing activities

Purchase of tangible fixed assets
(11,508)
(4,197)

Sale of tangible fixed assets
193
191

Purchase of unlisted and other investments
(3,158)
-

Sale of short-term unlisted investments
-
2,029

Interest received
115
346

Net cash from investing activities

(14,358)
(1,631)
Page 26

 
CASTELL HOWELL FOODS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024


2024
2023

£000
£000



Cash flows from financing activities

Repayment of loans
(424)
(244)

Repayment of/new finance leases
(694)
(785)

Dividends paid
(2,200)
-

Amounts introduced by directors
14,527
60

Amounts withdrawn by directors
(8,147)
(5,910)

Government grant received
-
20

Net cash used in financing activities
3,062
(6,859)

Net (decrease)/increase in cash and cash equivalents
(9,087)
5,607

Cash and cash equivalents at beginning of year
17,352
11,745

Cash and cash equivalents at the end of year
8,265
17,352


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,265
17,352

8,265
17,352


The notes on pages 29 to 52 form part of these financial statements.

Page 27

 
CASTELL HOWELL FOODS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024






At 1 November 2023
Cash flows
Acquisition and disposal of subsidiaries
Other non-cash changes
At 31 October 2024
£000

£000

£000

£000

£000

Cash at bank and in hand

17,352

(10,062)

975

-

8,265

Debt due after 1 year

(3,280)

-

-

3,280

-

Debt due within 1 year

(395)

423

-

(3,280)

(3,252)

Finance leases

(2,067)

695

-

-

(1,372)


11,610
(8,944)
975
-
3,641

The column ‘Acquisition and disposal of subsidiaries’ includes the cash and bank balances acquired as part of the acquisition of Upton Farm Frozen Foods Limited during the year. No borrowings or lease liabilities were assumed as part of this transaction.
The column ‘Other non-cash changes’ includes the reclassification of a loan from non-current to current liabilities, in line with the terms of the loan agreement and the related disclosures within the financial statements.

The notes on pages 29 to 52 form part of these financial statements. 

Page 28

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Castell Howell Foods Limited is a limited company, limited by shares, and incorporated in England and Wales. The registered number and office is:
Registered number: 02269053
Registered office: Cross Hands Food Park
   Cross Hands
   Carmarthenshire
                      SA14 6SX
        
The company and group’s principal activities are disclosed in the Group Strategic Report.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The financial statements are presented in Sterling (£) and have been rounded to the nearest pound.
The following principal accounting policies have been applied:

  
2.2

Basis of consolidation

The group financial statements consolidate the financial statements of the company and its subsidiary undertakings. No profit and loss account is presented for Castell Howell Foods Limited, as permitted by section 408 of the Companies Act 2006.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities.
Subsidiary undertakings have been included in the group financial statements using the equity method of accounting. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group. Intra-group transactions are eliminated on consolidation.
In the parent company financial statement, investments in subsidiaries are accounted for at cost less impairment.

Page 29

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

  
2.3

Joint ventures

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual agreement are treated as joint ventures. Joint ventures are accounted for using the equity method.
In the parent company financial statement, investments in subsidiaries are accounted for at cost less impairment.

  
2.4

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

  
2.5

Turnover and revenue recognition

Turnover is the amount derived from ordinary activities and stated after trade discounts, other sales taxes and net of VAT.
Revenue is recognised on the despatch of goods to customers or the provision of a service.
Overrider income and retrospective discount income is recognised when the group becomes entitled to the income or credit and the amount can be estimated reliably.

  
2.6

Goodwill

Positive goodwill is capitalised and classed as an asset on the balance sheet and amortised on a straight-line basis over its useful economic life. Annual reviews are carried out to identify impairment. Positive goodwill is amortised over its useful estimated economic life of 5 or 3.25 years.
Negative goodwill arising from the excess of the fair value of assets acquired over acquisition costs is also recognised and deducted from positive goodwill on the balance sheet.

  
2.7

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. 

Page 30

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

  
2.8

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and impairment provisions. No depreciation is charged in relation to assets not brought into use at the balance sheet date. No depreciation is provided on freehold land.
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - Straight line over 20 or 40 years 
Leasehold property - Over the life of the lease
Plant and machinery - Straight line and reducing balance at various rates
Motor vehicles  - Straight line over 5 years
Fixtures and fittings - Straight line and reducing balance at various rates
Computer equipment - Straight line and reducing balance at various rates
Improvements to -  Over the life of the property to which they relate
property 
Finance costs which are directly attributable to the construction of tangible fixed assets are capitalised as part of the cost of those assets.  The commencement of capitalisation begins when both finance costs and expenditure for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress.  Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

  
2.9

Government grants

Government grants are recognised as assets at such time that there is reasonable assurance that the company will comply with the conditions attached to the grant and that the grant will be received. Grants are measured at the fair value of the asset receivable.
Grants are recognised as income once any performance related conditions are met. Where grants are received in advance of the revenue recognition criteria being met, they are recognised as deferred income.

  
2.10

Stocks

Stocks are stated at the lower of cost and selling price less costs to completion.
Goods purchased for resale are valued at purchase price less discounts where applicable. Retrospective discounts and overriders are factored into cost price when there is sufficient certainty that such discounts are receivable. Manufactured goods are valued at purchase cost plus conversion costs, based on a normal level of activity.
Provision is made for obsolete and slow moving items where appropriate.

Page 31

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

  
2.11

Financial instruments

Financial assets and financial liabilities are recognised when the group becomes a party to the contractual provisions of the instrument.
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 group after deducting all of its liabilities.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a finance transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments that are classified as payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, the group transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the group, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled, or expires.
Equity instruments
Equity instruments issued by the group are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

Page 32

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

  
2.12

Current and deferred taxation

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

  
2.13

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

  
2.14

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.  Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. 
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. 
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. 

  
2.15

Pension costs and other post-retirement benefits

The group operates a defined contribution scheme for its employees. The amount charged to the income statement in respect of pension contributions and other post retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments at the balance sheet date.

Page 33

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

  
2.16

Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts are shown as borrowings within current liabilities.
Cash held in 90 days or more notice deposit accounts is treated as current asset investments.

  
2.17

Going Concern

The directors have carried out an extensive review of the group's ability to continue as a going concern, in light of the impact of the cost of living crisis and the resulting potentially significant impacts on the group's customers, employees and suppliers.
The group has reported a strong trading performance and cash generation within 2023/24 and post year end trading has continued positively. However, the directors appreciate the wide ranging impacts if the current economic uncertainty and the potential impact on the group's ability to maintain sales levels and keep costs under control.
The directors utilise complex rolling forecast models that enable multiple sensitivities and scenarios to be considered and current and projected performance is actively monitored and used to shape operational and strategic decisions.
The group is reliant upon the ongoing support of its lenders, but the directors have not received any indication that this support will not be ongoing.
Having assessed the information available and the most likely range of future events, the directors have assessed that the group will have sufficient resources to continue trading as a going concern over the next 12 months.

  
2.18

Unlisted investments

Investments in the share capital of companies are accounted for at cost less impairment.

Page 34

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 which 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 only effects that period or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.
Impairment of fixed assets
Assets are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the income statement.
Useful economic lives of the fixed assets
Each class of assets is reviewed to identify the expected usage and longevity, expected physical wear and tear and any other factors that would impact upon the assessed useful economic lives of the asset classes. Depreciation rates are reviewed each year.
Exceptional items
Where the group incurs costs or is entitled to income which the directors consider are outside the scope of normal operating activities or usually material to the accounts in terms of size of incidence, then such amounts are classified as exceptional items and disclosed separately on the face of the income statements and described further in a separate note to the accounts.

Page 35

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£000
£000

Wholesale and distribution
223,083
193,935

Manufacture and conversion
7,702
7,294

230,785
201,229


2024
2023
£000
£000

United Kingdom
230,785
201,229

230,785
201,229


All turnover arose within the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£000
£000

Hire of plant and machinery
234
271

Exchange differences
(11)
148

Other operating leases
511
503

Goodwill amortisation
234
4

Profit on disposal of fixed assets
(111)
(175)

Auditors remuneration
87
59

Government grants
-
(20)

Auditors remuneration- taxation services
6
6

Auditors remuneration- other non audit services
10
30

Vehicle leasing
645
625

Depreciation- owned assets
2,718
1,706

Depreciation- assets on hire purchase
1,018
1,434

Page 36

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

6.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Wages and salaries
27,958
23,303
23,194
19,531

Social security costs
2,856
2,315
2,447
1,982

Cost of defined contribution scheme
1,277
1,024
1,070
855

32,091
26,642
26,711
22,368


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Distribution
458
408
458
408



Sales
139
135
139
135



Manufacturing / Preparation
125
97
-
-



Management / Administration
127
115
102
88

849
755
699
631


7.


Directors' remuneration

2024
2023
£000
£000

Directors' emoluments
745
746

Group contributions to defined contribution pension schemes
54
52

799
798


During the year retirement benefits were accruing to 6 directors (2023 - 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £141 thousand (2023 - £135 thousand).

Page 37

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Interest receivable

2024
2023
£000
£000


Other interest receivable
115
346

115
346


9.


Interest payable and similar expenses

2024
2023
£000
£000


Bank interest payable
223
202

Finance leases and hire purchase contracts
116
44

Other interest payable
58
-

397
246


10.


Taxation


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
3,599
3,075


Total current tax
3,599
3,075

Deferred tax


Origination and reversal of timing differences
715
1,227

Total deferred tax
715
1,227


Tax on profit
4,314
4,302
Page 38

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as the standard rate of corporation tax in the UK of 25% (2023 - 22.5%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
15,868
17,335


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.5%)
3,967
3,900

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
122
109

Depreciation on non qualifying assets
141
87

Capital allowances for year in excess of depreciation
53
-

Super-deduction
-
(36)

Impact of changes in tax rates
-
233

Deferred tax asset not recognised
-
5

Other differences leading to an increase (decrease) in the tax charge
31
4

Total tax charge for the year
4,314
4,302


11.


Dividends

2024
2023
£000
£000


Dividends paid (Ordinary shares of £1 each)
2,200
-

2,200
-

Page 39

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


Intangible assets

Group





Goodwill
Negative goodwill
Total

£000
£000
£000



Cost


At 1 November 2023
45
(237)
(192)


Additions
1,300
-
1,300



At 31 October 2024

1,345
(237)
1,108



Amortisation


At 1 November 2023
44
-
44


Charge for the year
234
-
234



At 31 October 2024

278
-
278



Net book value



At 31 October 2024
1,067
(237)
830



At 31 October 2023
1
(237)
(236)



Page 40

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Tangible fixed assets

Group






Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings

£000
£000
£000
£000
£000



Cost or valuation


At 1 November 2023
15,164
306
8,555
17,342
302


Additions
5,337
-
1,873
4,242
19


Disposals
-
-
(45)
(380)
-



At 31 October 2024

20,501
306
10,383
21,204
321



Depreciation


At 1 November 2023
3,656
256
4,097
11,271
199


Charge for the year
396
23
996
2,241
46


Disposals
-
-
(14)
(329)
-



At 31 October 2024

4,052
279
5,079
13,183
245



Net book value



At 31 October 2024
16,449
27
5,304
8,021
76



At 31 October 2023
11,508
50
4,458
6,071
103
Page 41

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

           13.Tangible fixed assets (continued)


Computer equipment
Improve- ments to property
Total

£000
£000
£000



Cost or valuation


At 1 November 2023
139
109
41,917


Additions
13
24
11,508


Disposals
-
-
(425)



At 31 October 2024

152
133
53,000



Depreciation


At 1 November 2023
98
75
19,652


Charge for the year
21
13
3,736


Disposals
-
-
(343)



At 31 October 2024

119
88
23,045



Net book value



At 31 October 2024
33
45
29,955



At 31 October 2023
41
34
22,265

Freehold property with a carrying value of £9,300,847 (2023 -  £9,631,945) has been pledged as security for liabilities.
Cumulative finance costs capitalised included in the cost of tangible fixed assets amount to £144,183 (2023 -  £144,183).
The net book value of tangible fixed assets includes £1,935,122 (2023  -  £2,221,220) in respect of assets held under hire purchase contracts.

Page 42

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

           13.Tangible fixed assets (continued)


Company






Freehold property
Plant and machinery
Motor vehicles
Total

£000
£000
£000
£000

Cost or valuation


At 1 November 2023
12,565
4,161
17,358
34,084


Additions
5,337
811
3,940
10,088


Disposals
-
-
(380)
(380)



At 31 October 2024

17,902
4,972
20,918
43,792



Depreciation


At 1 November 2023
3,250
2,509
11,287
17,046


Charge for the year
314
343
2,089
2,746


Disposals
-
-
(329)
(329)



At 31 October 2024

3,564
2,852
13,047
19,463



Net book value



At 31 October 2024
14,338
2,120
7,871
24,329



At 31 October 2023
9,315
1,652
6,071
17,038

Freehold property with a carrying value of £7,188,184 (2023 -  £7,437,363) has been pledged as security for liabilities.
Cumulative finance costs capitalised included in the cost of tangible fixed assets amount to £144,183 (2023 -  £144,183).
The net book value of tangible fixed assets includes £1,935,122 (2023  -  £2,221,220) in respect of assets held under hire purchase contracts.




Page 43

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


Fixed asset investments

Group





Unlisted investments
Investment in joint ventures
Total

£000
£000
£000



Cost or valuation


At 1 November 2023
51
41
92



At 31 October 2024
51
41
92




Company





Investments in subsidiary companies
Unlisted investments
Total

£000
£000
£000



Cost or valuation


At 1 November 2023
-
51
51


Additions
3,158
-
3,158



At 31 October 2024
3,158
51
3,209





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Upton Farm Frozen Foods Limited
England and Wales
Ordinary
100%

The aggregate of the share capital and reserves as at 31 October 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves £000
Profit/(Loss) £000

Upton Farm Frozen Foods Limited
1,732
311

Page 44

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

Joint venture


The following was a joint venture of the Company:


Name

Registered office

Holding

Celtic Pride Limited
England and Wales
33.33%



15.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Finished goods and goods for resale
16,165
13,364
13,335
11,023

16,165
13,364
13,335
11,023



16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Trade debtors
16,743
14,004
16,348
14,083

Other debtors
19,066
11,406
18,719
11,215

Prepayments and accrued income
543
951
444
759

Tax recoverable
443
443
443
443

36,795
26,804
35,954
26,500


Group
Debtors include amounts of £567,306 (2023 - £567,306) which are due after one year.
Company
Debtors include amounts of £567,306 (2023 - £567,306) which are due after one year.
These amounts consist of loans advanced by the group/company, the terms of repayment of which range between 3 and 10 years and which are subject to interest at an average rate of 1.67% p.a over base rate.

Page 45

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank loans
3,251
395
2,806
314

Trade creditors
19,410
16,066
21,722
16,568

Corporation tax
2,445
1,976
1,780
1,613

Other taxation and social security
701
603
562
514

Obligations under finance lease and hire purchase contracts
607
651
607
651

Other creditors
96
25
67
-

Accruals and deferred income
2,339
2,357
2,220
2,186

28,849
22,073
29,764
21,846


The balances above are repayable within one year and are not interest bearing with the exception of bank loans and hire purchase facilities.

Page 46

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

18.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Bank loans
-
3,281
-
2,836

Net obligations under finance leases and hire purchase contracts
765
1,415
765
1,416

765
4,696
765
4,252



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000


Bank loans
3,251
3,676
2,806
3,150

Hire purchase contracts
1,372
2,067
1,372
2,067

4,623
5,743
4,178
5,217

Details of security provided:

The bank loans and overdrafts are secured as follows:
The first legal charge over the group’s land and property, as set out in the fixed assets note.
A cross guarantee and debenture granted by Castell Howell Foods Limited, Celtica Foods Limited and Farmfresh Fillings Limited.
Hire purchase contracts are secured on the assets to which they relate.



Page 47

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Amounts falling due within one year

Bank loans
3,251
395
2,806
314


3,251
395
2,806
314

Amounts falling due 1-2 years

Bank loans
-
3,281
-
2,836


-
3,281
-
2,836

Amounts falling due 2-5 years


3,251
3,676
2,806
3,150


Bank loans are repayable in equal monthly instalments and are subject to an interest rates of 1.95% over LIBOR.


20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Within one year
607
651
607
651

Between 1-5 years
765
1,416
765
1,416

1,372
2,067
1,372
2,067

Page 48

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

21.


Deferred taxation


Group



2024


£000






At beginning of year
(2,136)


Charged to profit or loss
(715)



At end of year
(2,851)

Company


2024


£000






At beginning of year
(1,592)


Charged to profit or loss
(608)



At end of year
(2,200)

Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Accelerated capital allowances
(2,809)
(2,087)
(2,156)
(1,537)

Gains rolled over
(82)
(82)
(82)
(82)

Losses
1
2
-
-

Other timing differences
39
31
38
27

(2,851)
(2,136)
(2,200)
(1,592)

It is not possible to accurately determine the net reversal of deferred tax assets and liabilities in the forthcoming financial period in relation to acccelerated capital allowances and other timing differences. The deferred tax in relation to rolled over disposal gains is not expected to reverse in the next twelve months.

Page 49

 
CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

22.


Share capital

2024
2023
£000
£000
Allotted, called up and fully paid



246,078 (2023 - 250,100) Ordinary shares of £1.00 each
246
250
4,022 (2023 - Nil ) Ordinary A shares of £1.00 each
4
-

250

250

The called up share capital represents the nominal value of shares that have been issued by the company. Ordinary £1 shares carry full rights with regard to voting, payment of dividends and the distribution of capital on winding up. 
During the year 4,022 Ordinary shares were reclassified as Ordinary A shares by special resolution. 
Ordinary A £1 shares carry no voting rights, no rights to the payments of dividends, no rights to receive notice of and/or attend, speak or vote at general meetings, nor to vote on written resolutions and no rights to distributions on the winding up of the company. The Ordinary A £1 shares carry the right to an additional payment.


23.


Reserves

Profit and loss account

Retained earnings includes all current and prior period retained profits and losses.


24.


Contingent liabilities

Castell Howell is the guarantor of Cwmgwili Enterprise Limited. The maximum liability under this guarantee is £12,000,000 (2023 - £Nil).
Parent company guarantee
The parent company has guaranteed all the outstanding liabilities of the subsidiary Upton Farm Frozen Foods Limited (Registered no. 02029111) to which it is subject to at the balance sheet date until they are satisfied in full. Therefore Upton Farm Frozen Foods Limited is exempt from the requirements of the Companies Act 2006 in relation to the audit of the individual financial statements by virtue of s479A of the Act.


25.


Non- controlling interests

Castell Howell Foods Limited controls its subsidiary companies, as it exercises dominant influence over the subsidiaries and the group is managed on an unified basis and also has legal control over Upton Farm Frozen Foods Limited by virtue of it's 100% shareholding in the company. 
However, legal control of the other subsidiary companies is vested with the shareholders of those companies. As such, the non-controlling interest in the subsidiary companies equates to 100% of the profits and losses generated by the subsidiary companies and 100% of their net assets at the reporting date.

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CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

26.


Capital commitments




At 31 October 2024 the Group and Company had capital commitments as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Contracted for but not provided in these financial statements
3,441
1,633
3,425
1,633

3,441
1,633
3,425
1,633


27.


Pension commitments

The company operates two separate defined contribution pension schemes for its directors and staff. The assets of the schemes are held separately from those of the company in independently administered funds. Contribution totalling £166,749 (2023 - £134,677) were payable to the funds at the year end.


28.


Commitments under operating leases

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


Group
Group
Company
Company
2024
2023
2024
2023
£000
£000
£000
£000

Not later than 1 year
563
500
557
494

Later than 1 year and not later than 5 years
931
505
719
482

Later than 5 years
-
5
-
5

1,494
1,010
1,276
981


29.


Transactions with directors

During the period, amounts advanced to directors totalled £8,146,670 (2023 - £5,909,945), and amounts repaid totalled £14,537,876 (2023 - £59,290). 
 
Amounts advanced to directors relate to the personal expenditure of directors met by the company plus cash drawings; amounts repaid relate to the introduction of funds into the company and dividends credited.
At the balance sheet date, the directors owed the group £55,198 (2023 - £6,446,405). Loans to directors are interest free, unsecured, and repayable on demand.

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CASTELL HOWELL FOODS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

30.


Related party transactions


2024
2023

£000
£000
Entities over which the entity has control, joint    control or significant influence:


Amount due from / (to) related party
(98)
141

Key management personnel of the entity or its    parent (in the aggreagte)


Salaries (including pension contributions)
1,226
1,040

Other related parties


Sales
849
818
Purchases
1,316
1,229
Loans advanced
12,802
1,200
Loans repaid
(13)
(170)
Amount due from related party
15,541
2,853


31.


Post balance sheet events

Since the balance sheet date, the following post balance sheet events have occurred:
1. The company has further invested in its tangible fixed assets, acquiring new assets costing £6.3m.
2. The company has further invested £1.76m on the transport yard and maintenance shed.
3. The company has also decided to develop the size of the new warehouse from 75,000 square foot to 90,000 square foot. 
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