Caseware UK (AP4) 2024.0.164 2024.0.164 2024-10-312024-10-31falsefalse2023-11-01Manufacture of other food products not elsewhere classified5654falsefalse 04239336 2023-11-01 2024-10-31 04239336 2022-11-01 2023-10-31 04239336 2024-10-31 04239336 2023-10-31 04239336 2022-11-01 04239336 1 2023-11-01 2024-10-31 04239336 1 2022-11-01 2023-10-31 04239336 3 2023-11-01 2024-10-31 04239336 3 2022-11-01 2023-10-31 04239336 5 2023-11-01 2024-10-31 04239336 5 2022-11-01 2023-10-31 04239336 d:Director1 2023-11-01 2024-10-31 04239336 d:Director2 2023-11-01 2024-10-31 04239336 d:Director3 2023-11-01 2024-10-31 04239336 d:RegisteredOffice 2023-11-01 2024-10-31 04239336 e:Buildings e:ShortLeaseholdAssets 2023-11-01 2024-10-31 04239336 e:Buildings e:ShortLeaseholdAssets 2024-10-31 04239336 e:Buildings e:ShortLeaseholdAssets 2023-10-31 04239336 e:PlantMachinery 2023-11-01 2024-10-31 04239336 e:PlantMachinery 2024-10-31 04239336 e:PlantMachinery 2023-10-31 04239336 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04239336 e:FurnitureFittings 2023-11-01 2024-10-31 04239336 e:FurnitureFittings 2024-10-31 04239336 e:FurnitureFittings 2023-10-31 04239336 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04239336 e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04239336 e:CurrentFinancialInstruments 2024-10-31 04239336 e:CurrentFinancialInstruments 2023-10-31 04239336 e:CurrentFinancialInstruments e:WithinOneYear 2024-10-31 04239336 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 04239336 f:UnitedKingdom 2023-11-01 2024-10-31 04239336 f:UnitedKingdom 2022-11-01 2023-10-31 04239336 e:UKTax 2023-11-01 2024-10-31 04239336 e:UKTax 2022-11-01 2023-10-31 04239336 e:ShareCapital 2024-10-31 04239336 e:ShareCapital 2023-10-31 04239336 e:ShareCapital 2022-11-01 04239336 e:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 04239336 e:RetainedEarningsAccumulatedLosses 2024-10-31 04239336 e:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 04239336 e:RetainedEarningsAccumulatedLosses 2023-10-31 04239336 e:RetainedEarningsAccumulatedLosses 2022-11-01 04239336 e:OtherDeferredTax 2024-10-31 04239336 e:OtherDeferredTax 2023-10-31 04239336 d:OrdinaryShareClass1 2023-11-01 2024-10-31 04239336 d:OrdinaryShareClass1 2024-10-31 04239336 d:OrdinaryShareClass1 2023-10-31 04239336 d:FRS102 2023-11-01 2024-10-31 04239336 d:Audited 2023-11-01 2024-10-31 04239336 d:FullAccounts 2023-11-01 2024-10-31 04239336 d:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 04239336 g:PoundSterling 2023-11-01 2024-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04239336










FARMFRESH FILLINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
FARMFRESH FILLINGS LIMITED
 
 
COMPANY INFORMATION


Directors
David Brian Jones 
Richard John Davies 
James Nigel Owen Williams 




Registered number
04239336



Registered office
Unit G
Cross Hands Food Park

Carmarthenshire

SA14 6RZ




Independent auditor
MHA

Swansea

United Kingdom





 
FARMFRESH FILLINGS LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 27

 
FARMFRESH FILLINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Introduction
 
The Directors present their Strategic report for the year ended 31 October 2024.

Business review
 
The key financial highlights are as follows:


Key Financial highlights

2024
2023
2022
2021
2020
2019
        £
        £
        £
        £
        £
        £

Turnover

12,494,508

11,629,034

8,427,631
 
6,217,226
 
6,391,556

8,691,324

Gross Profit(Before Labour Costs)

4,450,777

3,666,208

2,889,827
 
2,294,094
 
2,231,417

3,033,931

Gross Profit Margin(%)

36

32

33
 
37
 
35

35

Operating Profit

1,495,857

837,785

553,870
 
609,719
 
111,176

5,569

Net Assets

2,845,520

1,744,015

1,109,815
 
658,619
 
170,866

96,448


The financial year has marked a period of notable growth for Farmfresh Fillings Ltd, with turnover rising from £11,629,034 to £12,494,508.  This strong performance is further reflected in a significant increase in profit before tax, which grew from £830,585 to £1,489,857.  Several key factors have contributed to this enhanced profitability.  The company responded proactively to increases in raw material costs by adjusting prices to protect margins.  Additionally, the company maintained its staffing levels while improving the utilisation of its existing workforce, resulting in increased efficiency and effective cost control.
While the company is well positioned for continued growth, we remain mindful of upcoming challenges that may impact profitability.  Notably, increases in employer costs – particularly those related to the rising National Minimum Wage and Employer National Insurance Contributions – are expected to place upward pressure on overheads.  Managing these rising costs through improved efficiency and thoughtful pricing will be important to keeping our financial performance strong in the year ahead.

Principal risks and uncertainties
 
Looking ahead, FarmFresh Fillings Ltd anticipates some challenges, particularly the rise in the national minimum wage and the increase in employer national insurance contributions. To mitigate some of the impact of rising national insurance payments, the company will be introducing a pension salary sacrifice scheme. Furthermore, the company will continue to closely monitor gross margins to ensure they remain as profitable as possible, given the volatility in market conditions. Despite these challenges, the company remains confident in its ability to navigate the changing economic environment while maintaining its commitment to growth and profitability.

Page 1

 
FARMFRESH FILLINGS LIMITED
 

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

Financial Instruments
 
The company's principal financial instruments comprise bank balances, trade creditors and debtors. The
main purpose of these instruments is to raise funds for the company's operations and to finance the company's
operations.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to
customers and the regular monitoring of amounts outstanding for both time and credit risk. Trade creditors
liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The company is exposed to price risk as a result of its operations, in particular fluctuations in meat prices. The
company manages price risk by reviewing the price of goods with various suppliers ensuring that they are
receiving a competitive price and that price increases are passed onto the customer. The company also reviews
the market prices to ensure that they remain competitive.

Going Concern
 
The company is in a strong financial position at the balance sheet date and projected ongoing trading levels and
profitability has been reviewed by the directors. Management utilise rolling projection models, as sensitised for
various economic uncertainties and anticipated customer demand.
Projected profitability and cash flow for the remainder of the financial year to October 2025 and beyond are
considered to be satisfactory and the directors consider the company to be a going concern.


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



James Nigel Owen Williams
Director

Page 2

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

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


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

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

Results and dividends

The profit for the year, after taxation, amounted to £1,101,505 (2023 - £634,200).

No dividends will be distributed for the year ended 31 October 2024.

Directors

The directors who served during the year were:

David Brian Jones 
Richard John Davies 
James Nigel Owen Williams 

Principal activity

The principal activity of the company in the year under review was the manufacturing of food products.

Disclosure in strategic report

Included in the company's strategic report is a review of the business, details in relation to the risk management policies in respect of financial instruments and a description of the principal risks and uncertainties facing the company.

Page 3

 
FARMFRESH FILLINGS 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's auditor is unaware, and

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

Post balance sheet events

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

Auditor

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

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





James Nigel Owen Williams
Director
Page 4

 
FARMFRESH FILLINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMFRESH FILLINGS LIMITED
 

Opinion


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


In our opinion the financial statements:


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


Basis for opinion


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


Conclusions relating to going concern


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


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


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


Page 5

 
FARMFRESH FILLINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMFRESH FILLINGS LIMITED (CONTINUED)


Other information


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


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

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


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


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


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
FARMFRESH FILLINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMFRESH FILLINGS LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- Enquiry of management and those charged with governance around actual, potential or suspected litigation,  claims, non-compliance with applicable laws and regulations and fraud. 
- Review of legal and professional fees for evidence of legal work undertaken or fines/penalties incurred.
- Enquiry of entity staff in compliance functions and external advisors to identify any instances of non-compliance with laws and regulations. 
- Reviewing of financial statements disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness; 
- evaluating the business rationale of significant transactions outside the normal course of business; and
- An assessment of the methodologies used in order to calculate the estimate/provision at the year end for evidence of bias.
- The accounting policy was checked to the financial reporting standards where necessary and confirmed to be appropriate;
- Reviewing accounting estimates for bias;
- Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud;
- Discussions with management over any potential or suspected fraud.
- Performing audit work over the recognition of revenue on dispatch of goods occurring at the year end to provide assurance over cut-off;
- Performing substantive tests of detail over the completeness/existence of income within the financial system;
- Performing audit work on the design and implementation of key controls around the recording of income.


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.


Other matters 
 

The financial statements for the year ended 31 October 2023 were unaudited.


Page 7

 
FARMFRESH FILLINGS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FARMFRESH FILLINGS 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 8

 
FARMFRESH FILLINGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,494,508
11,629,034

Cost of sales
  
(8,043,731)
(7,962,826)

Gross profit
  
4,450,777
3,666,208

Distribution costs
  
(75,465)
(84,376)

Administrative expenses
  
(2,896,289)
(2,760,268)

Other operating income
 5 
16,834
16,221

Operating profit
 6 
1,495,857
837,785

Interest payable and similar expenses
 8 
(6,000)
(7,200)

Profit before tax
  
1,489,857
830,585

Tax on profit
 9 
(388,352)
(196,385)

Profit for the financial year
  
1,101,505
634,200

The notes on pages 14 to 27 form part of these financial statements.

Page 9

 
FARMFRESH FILLINGS LIMITED
REGISTERED NUMBER: 04239336

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 10 
1,416,230
1,373,625

  
1,416,230
1,373,625

Current assets
  

Stocks
 11 
527,256
600,015

Debtors: amounts falling due within one year
 12 
2,875,372
1,954,138

Cash at bank and in hand
 13 
44,881
171,131

  
3,447,509
2,725,284

Creditors: amounts falling due within one year
 14 
(1,755,445)
(2,111,326)

Net current assets
  
 
 
1,692,064
 
 
613,958

Total assets less current liabilities
  
3,108,294
1,987,583

Provisions for liabilities
  

Deferred tax
 15 
(262,774)
(243,568)

  
 
 
(262,774)
 
 
(243,568)

Net assets
  
2,845,520
1,744,015


Capital and reserves
  

Called up share capital 
 16 
100
100

Profit and loss account
  
2,845,420
1,743,915

  
2,845,520
1,744,015


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 14 to 27 form part of these financial statements.

Page 10
 

 
FARMFRESH FILLINGS LIMITED


 

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



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 November 2022
100
1,109,715
1,109,815



Comprehensive income for the year


Profit for the year
-
634,200
634,200





At 1 November 2023
100
1,743,915
1,744,015



Comprehensive income for the year


Profit for the year
-
1,101,505
1,101,505



At 31 October 2024
100
2,845,420
2,845,520



The notes on pages 14 to 27 form part of these financial statements.

Page 11
 
FARMFRESH FILLINGS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,101,505
634,200

Adjustments for:

Depreciation of tangible assets
277,220
252,415

Interest paid
6,000
7,200

Taxation charge
388,352
196,385

Decrease/(increase) in stocks
72,759
(63,641)

(Increase) in debtors
(921,233)
(428,361)

(Decrease)/increase in creditors
(584,737)
134,521

Corporation tax (paid)
(140,292)
(6,075)

Net cash generated from operating activities

199,574
726,644


Cash flows from investing activities

Purchase of tangible fixed assets
(319,824)
(650,076)

Net cash from investing activities

(319,824)
(650,076)

Cash flows from financing activities

Interest paid
(6,000)
(7,200)

Net cash used in financing activities
(6,000)
(7,200)

Net (decrease)/increase in cash and cash equivalents
(126,250)
69,368

Cash and cash equivalents at beginning of year
171,131
101,763

Cash and cash equivalents at the end of year
44,881
171,131


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
44,881
171,131

44,881
171,131


The notes on pages 14 to 27 form part of these financial statements.

Page 12

 
FARMFRESH FILLINGS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024




At 1 November 2023
Cash flows
At 31 October 2024
£

£

£

Cash at bank and in hand

171,131

(126,250)

44,881

Debt due within 1 year

(573,837)

-

(573,837)


(402,706)
(126,250)
(528,956)

The notes on pages 14 to 27 form part of these financial statements.

Page 13

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Farmfresh Fillings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information Page.
The presentation currency of the financial statements is the Pound Sterling (£).
Monetary amounts in these financiall statements are rounded to the nearest £.

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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Turnover

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 dispatch of goods to customers.
Rental income is recognised evenly over the period to which it relates.

 
2.3

Pensions

Defined contribution pension plan

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

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

Page 14

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

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

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

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

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


 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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

Depreciation is provided on the following basis:

Short-term leasehold property
-
on cost, 20% on cost and 10% on cost
Plant and machinery
-
at varying rates on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 15

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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

 
2.7

Debtors

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

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.10

Research & development

Expenditure on research and development is written off in the year in which it is occured.

  
2.11

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
 

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes
Page 16

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

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

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

Basic financial liabilities

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

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 17

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

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

Derecognition of financial liabilities

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

Page 18

 
FARMFRESH FILLINGS 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 company's accounting policies, the directors are required to make judgments, 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.
Provisions for stock
Provisions are made for slow moving and obsolete stock, based on the directors' understanding, expectations of future sales and historic trends.
Trade debtor provisions
Provisions are made for trade debtors which are potentially irrecoverable, based on the directors' understanding, knowledge of customers and historic trends.
Exceptional items
Where the company incurs costs or is entitled to income which the directors consider are either outside the scope of normal operating activities or unusually material to the accounts in terms of size or incidence, then such amounts are classified as exceptional items and disclosed separately on the face of the income statement and described further in a separate note to the accounts.


4.


Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
12,494,508
11,629,034

12,494,508
11,629,034


Page 19

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Other operating income

2024
2023
£
£

Rents receivable
16,834
16,221

16,834
16,221



6.


Operating profit

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Hire of plant and machinery
24,557
54,314

Depreciation - owned assets
277,219
252,415

Audit Fee
13,000
-

Auditor's remuneration-other
1,800
-

Auditor's remuneration-taxation services
960
-

Rent
98,834
97,179

Page 20

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Employees

Staff costs were as follows:


2024
2023
£
£

Wages and salaries
1,536,378
1,394,226

Social security costs
144,065
123,610

Cost of defined contribution scheme
72,188
61,906

1,752,631
1,579,742


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


        2024
        2023
            No.
            No.







Management / Administration
11
8



Production / Labour
45
46

56
54

During the year, the directors received no remuneration for their services (2023: £nil).


8.


Interest payable and similar expenses

2024
2023
£
£


Other interest payable
6,000
7,200

6,000
7,200

Page 21

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
369,146
140,292


369,146
140,292


Total current tax
369,146
140,292

Deferred tax


Origination and reversal of timing differences
19,206
56,093

Total deferred tax
19,206
56,093


Tax on profit
388,352
196,385

Factors affecting tax charge for the year

The tax assessed for the year is higher than the standard rate of corporation tax in the UK of 25% (2023 - 22.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,506,725
830,585


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
376,681
187,030

Effects of:


Capital allowances for year in excess of depreciation
11,671
288

Adjustments to tax charge in respect of prior periods
-
3,884

Movement in deferred tax
-
5,183

Total tax charge for the year
388,352
196,385


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 November 2023
411,403
3,309,624
205,736
3,926,763


Additions
-
317,928
1,896
319,824



At 31 October 2024

411,403
3,627,552
207,632
4,246,587



Depreciation


At 1 November 2023
361,029
2,038,807
153,301
2,553,137


Charge for the year on owned assets
22,926
241,488
12,806
277,220



At 31 October 2024

383,955
2,280,295
166,107
2,830,357



Net book value



At 31 October 2024
27,448
1,347,257
41,525
1,416,230



At 31 October 2023
50,374
1,270,816
52,435
1,373,625


11.


Stocks

2024
2023
£
£

Raw materials and finished goods
527,256
600,015

527,256
600,015


Page 23

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


Debtors

2024
2023
£
£


Trade debtors
2,712,121
1,696,598

Other debtors
113,128
226,882

Prepayments and accrued income
50,123
30,658

2,875,372
1,954,138



13.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
44,881
171,131

44,881
171,131



14.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
573,837
573,837

Trade creditors
543,484
1,047,831

Corporation tax
369,146
140,292

Other taxation and social security
34,353
32,022

Other creditors
9,761
9,052

Accruals and deferred income
224,864
308,292

1,755,445
2,111,326


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

Page 24

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Deferred taxation




2024


£






Balance at 1 November 2023
(243,568)


Accelerated capital allowances
(19,206)



Balance at 31 October 2024
(262,774)

2024
2023
£
£


Accelerated capital allowances
(262,774)
(243,568)

(262,774)
(243,568)


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary Shares shares of £1.00 each
100
100



17.


Contingent liabilities

There is a cross guarantee in favour of Barclays Bank Plc in place, between the company, Castell Howell Foods Limited and Celtica Foods Limited. The total liability covered in this cross guarantee and not included within these accounts at the year end was £3,279,617 (2023: £3,629,597). The company would be liable for this maximum sum should the lender company default.


18.


Reserves

2024
£
At 1 November 2023

1,743,915

Profit/(Loss) for the year

1,101,505

At 31 October 2024
2,845,420


Page 25

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

19.


Capital commitments

There is a capital commitment at the year end of £8,800. (2023: £53,351).


20.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £72,188 (2023 - £61,906). Contributions totalling £9,760 (2023 - £9,052) were payable to the fund at the balance sheet date and are included in creditors.


21.Other financial commitments

The total commitment to pay operating leases amounted to £20,500 (2023: £20,500).


22.


Related Party Disclosures

Entities with control, joint control or significant influence over the entity


2024
2023
£
£



Sales
7,430,598
6,794,283

Purchases
3,740,956
34,441,545

Amount due from related party
(227,903)
(771,491)

10,943,651
40,464,337


2024
2023
£
£

Companies under common control


Sales
821,124
475,765

Purchases
25,352
148,078

Amount owed from related parties at balance sheet date
1,343,773
560,614

During the year, a total of key management personnel compensation of £86,456 (2023 - £107,009) was paid.

Page 26

 
FARMFRESH FILLINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

23.


Controlling party

The controlling party is D B Jones.
The company's results are incorporated into the consolidated financial statements of Castell Howell Foods Limited, whose registered office is the same as the company's.

 
Page 27