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Registration number: 04685174

Prepared for the registrar

Esland South Limited

Annual Report and Financial Statements

for the Year Ended 30 November 2024

 

Esland South Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Esland South Limited

Company Information

Directors

M J Calderbank

J F Palmer

Registered office

Suites 1 & 5 Riverside Business Centre
Foundry Lane
Milford
Belper
Derbyshire
DE56 0RN

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Esland South Limited

(Registration number: 04685174)
Balance Sheet as at 30 November 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

75,065

110,804

 

75,065

110,804

Current assets

 

Debtors

6

7,966,869

6,922,919

Cash at bank and in hand

 

65,924

16,887

 

8,032,793

6,939,806

Creditors: Amounts falling due within one year

7

(23,095)

(18,078)

Net current assets

 

8,009,698

6,921,728

Net assets

 

8,084,763

7,032,532

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

8,084,663

7,032,432

Total equity

 

8,084,763

7,032,532

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 May 2025 and signed on its behalf by:
 


M J Calderbank
Director

 

Esland South Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suites 1 & 5 Riverside Business Centre
Foundry Lane
Milford
Belper
Derbyshire
DE56 0RN

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

The company has not presented a cash flow statement on the grounds that the company is a wholly owned subsidiary and a group cash flow statement is included in the financial statements of the ultimate parent company.

Name of parent of group

These financial statements are consolidated in the financial statements of Picnic Topco Limited.

The financial statements of Picnic Topco Limited may be obtained from Companies House.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Esland South Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

Tax

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

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

25% on cost

Plant and machinery

25% on cost

Fixtures and fittings

25% on cost

Motor vehicles

25% on cost

Computer equipment

33% on cost

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Esland South Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
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 financing 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.

 

Esland South Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

Financial instruments (continued)

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

2024
 No.

2023
 No.

Average number of employees

47

48

 

4

Intangible assets

Goodwill
 £

Cost

At 1 December 2023 and at 30 November 2024

125,000

Amortisation

At 1 December 2023 and at 30 November 2024

125,000

Carrying amount

At 1 December 2023 and at 30 November 2024

-

 

Esland South Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

 

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 December 2023

101,669

102,579

60,252

264,500

Additions

18,421

5,895

-

24,316

Disposals

-

(484)

(15,568)

(16,052)

At 30 November 2024

120,090

107,990

44,684

272,764

Depreciation

At 1 December 2023

41,125

68,603

43,968

153,696

Charge for the year

27,536

18,404

13,890

59,830

Eliminated on disposal

-

(484)

(15,343)

(15,827)

At 30 November 2024

68,661

86,523

42,515

197,699

Carrying amount

At 30 November 2024

51,429

21,467

2,169

75,065

At 30 November 2023

60,544

33,976

16,284

110,804

 

6

Debtors

2024
 £

2023
 £

Trade debtors

344,072

436,878

Amounts owed by group undertakings

7,605,898

6,476,076

Deferred tax assets

16,899

9,965

 

7,966,869

6,922,919

 

7

Creditors

2024
 £

2023
 £

Due within one year

Other creditors

23,095

18,078

 

8

Contingent liabilities

The company is bound by an intra-group cross guarantee in respect of bank debt with other members of the group, headed by its parent undertaking at the balance sheet date, Picnic Topco Limited. The amount guaranteed is £60,746,279 (2023 - £54,395,479).

 

Esland South Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

 

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

-

56,583

The amount of non-cancellable operating lease payments recognised as an expense during the year was £133,456 (2023 - £163,212).

 

10

Parent and ultimate parent undertaking

The company's immediate parent is The Esland Group Limited, incorporated in England and Wales.

 The ultimate parent is Picnic Topco Limited, incorporated in England and Wales, which is controlled by August Equity Partners IV GP Limited, which is registered in England and Wales. There is considered to be no single ultimate controlling party.

 

11

Disclosure under Section 444(5B) CA 2006 relating to the independent auditor's report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company’s Profit and Loss account or a copy of the Directors’ Report. Accordingly, the Independent Auditors’ Report has also been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 14 May 2025 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.