| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Dalter UK Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Dalter UK Limited |
| Dalter UK Limited (Registered number: 07571025) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Income Statement | 8 |
| Other Comprehensive Income | 9 |
| Balance Sheet | 10 |
| Statement of Changes in Equity | 11 |
| Cash Flow Statement | 12 |
| Notes to the Cash Flow Statement | 13 |
| Notes to the Financial Statements | 14 |
| Dalter UK Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| & Statutory Auditors |
| Stafford House |
| Blackbrook Park Avenue |
| Taunton |
| Somerset |
| TA1 2PX |
| BANKERS: |
| 68 Above Bar Street |
| Southampton |
| Hampshire |
| SO14 7DS |
| SOLICITORS: |
| Ashford House |
| Grenadier Road |
| Exeter |
| Devon |
| EX1 3LH |
| Dalter UK Limited (Registered number: 07571025) |
| Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| Turnover increased by 9.8% during the year. This is a result of continued increases in sales volumes of existing and new products within the retail and manufacturing sectors which performed particularly well. |
| Increased purchase, haulage and storage costs impacted on our cost of sales, however due to the increase in sales this year, the gross profit margin increased from 1.6% in 2023 to 2.3% in 2024. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company is managing significant increases in energy, fuel, raw material and supply chain costs. To mitigate this open dialogue is ongoing with key customers so we hope that these can be appropriately managed even in the middle term. |
| The global situation, particularly with the war in Ukraine is quite unstable which may impact on supply chain of some products. For hard cheeses, a healthy stock remains available so the core range should be unaffected in the short term. |
| ON BEHALF OF THE BOARD: |
| Dalter UK Limited (Registered number: 07571025) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 31 December 2024. |
| FUTURE DEVELOPMENTS |
| The Directors continue to source new products to bring to the UK market and also increase market share by working with a wider range of customers. |
| The Directors do not foresee any supply chain issues as the product is manufactured well in advance. |
| The company purchases its products from its parent company in Italy, Dalter Alimentari SpA. |
| Amounts payable to the parent company (which have arisen from trading activities), are unsecured and repayable on demand. |
| The company is therefore reliant on the continued financial and operational support of its parent company to continue to trade. The Directors of the parent have confirmed they will continue to provide this support. |
| The Directors therefore consider it appropriate to prepare the accounts on a going concern basis. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
| The directors are responsible for monitoring financial risk. Appropriate policies have been developed and implemented to identify, evaluate and manage the key risks. |
| a) Price risk - The company is exposed to price risk as a result of its operations. Due to the standard practices of the company's customers the company has to quote competitive prices in order to win supply contracts. |
| b) Credit risk - The company has implemented policies that require appropriate credit checks on customers before contracts are entered into. The credit given to customers is subject to limits which are determined and reassessed by the directors. |
| c) Liquidity risk - The company is in a strong position and meets its day to day requirements through the support of its parent undertaking. Budgets and cash flow projections are prepared and regularly monitored to ensure that the company operate within these facilities. |
| d) Cash flow risk - The company addresses cash flow risk by carefully managing its working capital inflows and outflows. |
| e) Economic risk - The company's performance is directly impacted by the economic environment. In order to manage this risk the company strives to deliver competitively priced tenders to obtain supply contracts. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| Dalter UK Limited (Registered number: 07571025) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, A C Mole LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Dalter UK Limited |
| Opinion |
| We have audited the financial statements of Dalter UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors 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 Report of the Directors. |
| We have nothing to report in respect of the following matters where 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. |
| Report of the Independent Auditors to the Members of |
| Dalter UK Limited |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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. |
| Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| Identifying and assessing potential risks of material misstatement due to irregularities |
| We considered the following when identifying and assessing risks of material misstatement due to irregularities, |
| including fraud and non-compliance with laws and regulations: |
| - the legal and regulatory framework in which the company operates |
| - the nature of the sector in which the company operates |
| - the control environment and controls established to mitigate such risks |
| - the results of our enquiries of management about their identification and assessment of risks of irregularities |
| - discussions with the audit engagement team about where fraud might occur |
| - the incentives for fraud. |
| Laws and regulations which are considered to be significant to the company include those relating to the requirements |
| of financial reporting framework FRS102, the Companies Act 2006, UK tax legislation, food hygiene regulations, employment law and health and safety. In addition we consider other laws and regulation which may not directly impact the financial statements but may impact on the operation of the company. |
| As a result of these procedures we concluded, in accordance with International Auditing Standards, that a risk in relation |
| to the potential for management override of controls existed. |
| Audit responses to risks identified |
| We undertook audit procedures to respond to the risks identified, and designed our audit testing to respond to these |
| risks. The additional procedures we undertook included the following: |
| - gaining an understanding of the company's procedures for ensuring compliance with laws and regulations |
| - testing the appropriateness of journal entries and other adjustments |
| - considering whether accounting estimates were indicative of potential bias |
| - considering whether any transactions arose outside the normal course of business |
| - making enquiries of management |
| - corroborating our enquiries through review of Board Minutes and correspondence. |
| We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit. |
| 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 Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Dalter UK Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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. |
| for and on behalf of |
| Chartered Accountants |
| & Statutory Auditors |
| Stafford House |
| Blackbrook Park Avenue |
| Taunton |
| Somerset |
| TA1 2PX |
| Dalter UK Limited (Registered number: 07571025) |
| Income Statement |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 471,069 | 95,201 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 512,571 | 136,012 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL YEAR |
| Dalter UK Limited (Registered number: 07571025) |
| Other Comprehensive Income |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| Dalter UK Limited (Registered number: 07571025) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 7 |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 15 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Capital redemption reserve | 17 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Dalter UK Limited (Registered number: 07571025) |
| Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Total comprehensive income | - |
| Balance at 31 December 2024 |
| Dalter UK Limited (Registered number: 07571025) |
| Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | ( |
) |
| Finance costs paid | (92 | ) | - |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities | ( |
) |
| Cash flows from investing activities |
| Interest received |
| Net cash from investing activities |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
679,805 |
| Cash and cash equivalents at end of year | 2 | 490,527 | 212,558 |
| Dalter UK Limited (Registered number: 07571025) |
| Notes to the Cash Flow Statement |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Finance costs | 92 | - |
| Finance income | (4,541 | ) | (3,582 | ) |
| 515,173 | 139,602 |
| (Increase)/decrease in stocks | ( |
) |
| Increase in trade and other debtors | ( |
) | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations | ( |
) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 490,527 | 212,558 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 212,558 | 679,805 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 212,558 | 277,969 | 490,527 |
| 212,558 | 490,527 |
| Total | 212,558 | 277,969 | 490,527 |
| Dalter UK Limited (Registered number: 07571025) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Dalter UK Limited is a |
| General information |
| Dalter UK Limited is engaged in the importing and wholesaling of cheese. |
| The company is incorporated and domiciled in the UK. The address of its registered office is Regus 1, Emperor Way, Exeter Business Park, Exeter, Devon, United Kingdom, EX1 3QS. |
| Statement of compliance |
| These financial statements have been prepared in compliance with UK accounting standards including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Companies Act 2006. |
| The significant accounting policies adopted by the Company and applied consistently in the preparation of these financial statements are as follows: |
| 2. | ACCOUNTING POLICIES |
| Basis of preparation |
| These financial statements have been prepared on the going concern basis, under the historical cost convention, as modified by certain financial assets and liabilities measured at fair value. |
| The financial statements are prepared in Sterling which is the functional currency of the company. |
| The company purchases its products from its parent company in Italy, Dalter Alimentari SpA. |
| Amounts payable to the parent company (which have arisen from trading activities), are unsecured and repayable on demand. |
| The company is therefore reliant on the continued financial and operational support of its parent company to continue to trade. |
| The Directors of the parent have confirmed they will continue to provide this support. The Directors therefore consider it appropriate to prepare the accounts on a going concern basis. |
| Turnover |
| Revenue from the sale of cheese, net of trade discounts and value added tax is recognised at fair value of the consideration received or receivable, when the significant risks and rewards of ownership have passed to the buyer, usually on dispatch of the goods. |
| All revenue relates to the sale of goods. |
| Intangible assets |
| Intangible fixed assets are initially recognised at cost. |
| Amortisation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Computer software | - | Over 5 years on cost |
| Tangible fixed assets |
| Tangible fixed assets are initially recognised at cost. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Fixtures and fittings | - | 15% on reducing balance |
| Computer equipment | - | Over 3 years on cost |
| Dalter UK Limited (Registered number: 07571025) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks comprise goods held for resale. Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete items. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value comprises the actual or estimated selling price less all further costs to completion or to be incurred in selling and distribution. |
| Stock also includes stock in transit from group companies and suppliers, where legal title has passed to the company. |
| At the end of each reporting period, stock is assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to sell and an impairment charge is recognised in the income statement. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the 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. |
| Foreign currencies |
| i) Functional and presentational currency |
| Items included in the financial statements of the company are measured using the currency of the primary economic environment in which the company operates ("the functional currency"). The financial statements are presented in Sterling, which is the company's functional and presentation currency. |
| ii) Transactions and balances |
| Foreign currency transactions are translated into the functional currency using the spot rates at the dates of the transactions. |
| At each year end, foreign currency monetary items are translated using the closing rate. |
| Foreign exchange gains and losses are presented in the income statement within administrative expenses. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate. |
| Dalter UK Limited (Registered number: 07571025) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash and cash equivalents |
| Cash and cash equivalents include cash in hand, deposits and other short-term highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| Bank overdrafts are shown within current liabilities on the balance sheet. |
| In the cash flow statement, 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. |
| Leasing commitments |
| Rentals payable under operating leases are charged in the income statement on a straight line basis over the lease term. |
| Distribution to equity holders |
| Dividends to company shareholders are recognised in the financial statements in the period in which the dividends are approved by the company shareholders. These amounts are recognised in the statement of changes in equity. |
| Financial instruments |
| The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties. |
| Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost. |
| Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
| Critical accounting judgements and estimates |
| The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. |
| Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
| The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. Having given due consideration to the estimates and assumptions that form part of the carrying amounts of assets and liabilities within the financial statements, the directors are of the opinion that there are no material judgements or estimates. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 2 | 2 |
| Management | 2 | 2 |
| Administrative | 4 | 4 |
| The directors of the company are considered to be the key management personnel of the company. |
| Directors' remuneration is disclosed below. |
| Dalter UK Limited (Registered number: 07571025) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 3. | EMPLOYEES AND DIRECTORS - continued |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Computer software amortisation |
| Auditors remuneration |
| Auditors' remuneration for taxation and other services |
| Foreign exchange differences | ( |
) |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Corporation tax interest |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit |
| UK corporation tax has been charged at 25% . |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Depreciation in excess of capital allowances |
| Change in tax rate | - | 6,317 |
| Marginal rate relief | - | (1,238 | ) |
| Accelerated capital allowances movement | (2,492 | ) | 6,681 |
| Disallowable expenses | 171 | - |
| Total tax charge | 126,878 | 38,310 |
| Dalter UK Limited (Registered number: 07571025) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 7. | INTANGIBLE FIXED ASSETS |
| Computer |
| software |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| Amortisation for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 8. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 9. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stock |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors | 659 | - |
| Directors' current accounts | 534 | 534 |
| VAT |
| Called up share capital not paid |
| Accrued income |
| The fair values of trade and other debtors approximate to their carrying amounts. |
| Dalter UK Limited (Registered number: 07571025) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to parent undertakings |
| Corporation tax |
| Social security and other taxes |
| Other creditors and accruals |
| Amounts owed to parent undertakings are unsecured, interest free and are repayable on demand. |
| 12. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 13. | SECURED DEBTS |
| The bank has a debenture charge over all assets of the company. At 31 December 2024 £nil (2023: £nil) was owed to the bank. |
| 14. | FINANCIAL INSTRUMENTS |
| The company has the following financial instruments: |
| Notes | 2024 | 2023 |
| £ | £ |
| Financial assets that are debt instruments measured at amortised cost |
| Trade debtors | 10 | 7,946,006 | 7,205,606 |
| Directors' current accounts | 10 | 534 | 534 |
| Called up share capital not paid | 10 | 5 | 5 |
| 7,946,545 | 7,206,145 |
| Financial liabilities measured at amortised cost |
| Trade creditors | 11 | 778,042 | 926,531 |
| Amounts owed to parent undertakings | 11 | 8,158,586 | 6,922,106 |
| 8,936,628 | 7,848,637 |
| 15. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 3,452 | 5,944 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Provided during year | ( |
) |
| Balance at 31 December 2024 |
| Dalter UK Limited (Registered number: 07571025) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted and issued: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary shares | £1 | 5 | 5 |
| The Ordinary shares are non redeemable and hold full rights in respect of voting. The shares entitle the holder to full participation in respect of equity and in the event of a winding up of the company. |
| 17. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 January 2024 | 1,048,650 |
| Profit for the year |
| At 31 December 2024 | 1,434,251 |
| 18. | ULTIMATE PARENT COMPANY |
| Dalter Alimentari SpA (incorporated in Italy) is the ultimate parent company. |
| Dalter Alimentari SpA is the parent undertaking of the smallest and largest group of undertakings to consolidate these financial statements at 31 December 2024. |
| The registered office of the parent company is Via Val d'Enza, 134, 42049 Sant'llario d'Enza RE, Italy. Copies of the consolidated accounts can be obtained from this address. |
| 19. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023: |
| 2024 | 2023 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| All advances and credits to directors are interest free. |
| 20. | RELATED PARTY DISCLOSURES |
| 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 its parent company, as it is a wholly owned subsidiary. |
| 21. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |