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Registered number: 09680718









THE MAE DELI LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
THE MAE DELI LIMITED
 
 
COMPANY INFORMATION


Directors
E Mills 
M Mills 
K Boyens 
A Ferbus 
J Frandsen 




Registered number
09680718



Registered office
250 Tottenham Court Road

London

W1T 7QZ




Independent auditors
Nyman Libson Paul LLP
Statutory Auditors & Chartered Accountants

124 Finchley Road

London

NW3 5JS





 
THE MAE DELI LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Income and Retained Earnings
 
 
9
Statement of Financial Position
 
 
10
Notes to the Financial Statements
 
 
11 - 25


 
THE MAE DELI LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The Directors present the strategic report of The MAE Deli Limited (“the company”) for the year ended 31 December 2024.

Principal activity
The company manufacturers, markets and distributes natural, plant-based food products as well as a membership for a digital wellness app, available in numerous geographical locations.

Business review and KPI analysis
 
2024 was another year of significant growth for our company. Our growth came from the continued category leading performance of our core snacking lines. We continued to make investments in our membership platform through our new website, as well as adding additional content and features to our App.
During the year, the group disposed of its operation relating to “Plants by Deliciously Ella” and the ‘’Media Business’’ brand to other companies within the group, which were subsequently demerged from the group. The group’s remaining companies and operations were acquired by the Hero AG group.
The comparatives for 2023 include 3 months worth of trade for our App business, which moved from Deliciously Ella Limited in October 2023

Principal risks and uncertainties
 
Financial risks
The company has continued to show that through the shocks of Brexit, Covid, high inflation and supply chain dislocations, it has great resilience. We remain exposed to general consumer confidence fluctuations, but brand positioning has provided good insulation. 
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss to the other party by failing to discharge an obligation. The company’s policies are aimed at minimising such losses and require that deferred terms are only granted to customers who demonstrate satisfactory creditworthiness.
Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Group mitigates liquidity risk by carefully managing cash generation from its operations. At present, no working capital facilities are utilised. 
Cash flow risk
Cash flow risk is the risk of exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability. The Group aims to manage cash flow risk by monitoring and reviewing working capital closely.
Currency risk
The Group has a relatively small level of foreign currency transactions, on both receipts and payments, and therefore has not yet adopted any forward currency contracts or hedging policies as the risk is deemed to be low.
Inflation risk
The company is exposed to inflation from prices charged by third-party suppliers and logistics providers, as well as wages and other overheads. The company will always review commercial agreements and renegotiate terms where necessary to mitigate the impacts of inflation.

 
Page 1

 
THE MAE DELI LIMITED
 

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

Supply Chain risk
Brexit, COVID-19, and the war in Ukraine have provided the Group with a number of supply challenges; however, the ongoing focus on profitable growth, strong relationships with our partners, and a diversified portfolio has helped reduce the impact on performance.


This report was approved by the board on 7 August 2025 and signed on its behalf.


M Mills
Director

Page 2

 
THE MAE DELI LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors

The directors who served during the year were:

E Mills 
M Mills 
K Boyens (appointed 14 September 2024)
A Ferbus (appointed 14 September 2024)
J Frandsen (appointed 14 September 2024)

Results and dividends

The profit for the year, after taxation, amounted to £1,558,487 (2023 - £1,452,882).

Dividends from The MAE Deli Limited to M&E Mills Holdings Limited were £462,912 (2023: £933,228).

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.

Future developments

We are committed to producing delicious, natural, plant-based food, and remain very confident about the long term prospects of the business. We have a number of core product ranges in category-leading positions, with a huge amount of distribution growth still to pursue, both in the UK and internationally. Our ability to innovate rapidly against a growing trend to eat more plant-based food leaves us in a strong position to grow both of our product brands.

Page 3

 
THE MAE DELI LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsNyman Libson Paul LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 August 2025 and signed on its behalf.
 





M Mills
Director

Page 4

 
THE MAE DELI LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MAE DELI LIMITED
 

Opinion


We have audited the financial statements of The MAE Deli Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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 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 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

 
THE MAE DELI LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MAE DELI LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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

 
THE MAE DELI LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MAE DELI LIMITED (CONTINUED)


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 an Auditors' 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:

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:
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance 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 Auditors' Report.


Page 7

 
THE MAE DELI LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE MAE DELI 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 Auditors' 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.





Richard Paul (Senior Statutory Auditor)
for and on behalf of
Nyman Libson Paul LLP
Statutory Auditors & Chartered Accountants
124 Finchley Road
London
NW3 5JS

15 August 2025
Page 8

 
THE MAE DELI LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024

Continuing operations
Discontinued operations
Total
Continuing operations
Discontinued operations
Total
2024
2024
2024
2023
2023
2023
Note
£
£
£
£
£
£

  

Turnover
 3 
20,322,035
3,267,950
23,589,985
16,293,741
3,946,062
20,239,803

Cost of sales
  
(12,459,596)
(2,996,316)
(15,455,912)
(10,926,057)
(3,337,067)
(14,263,124)

Gross profit
  
7,862,439
271,634
8,134,073
5,367,684
608,995
5,976,679

Administrative expenses
  
(4,162,829)
(571,314)
(4,734,143)
(2,254,083)
(1,861,354)
(4,115,437)

Exceptional other operating charges
  
(1,836,827)
(17,764)
(1,854,591)
(127,496)
(10,249)
(137,745)

Operating profit
 4 
1,862,783
(317,444)
1,545,339
2,986,105
(1,262,608)
1,723,497

Interest receivable and similar income
  
5
-
5
3,055
-
3,055

Interest payable and similar expenses
  
(15,745)
-
(15,745)
(993)
-
(993)

Profit before tax
  
1,847,043
(317,444)
1,529,599
2,988,167
(1,262,608)
1,725,559

Tax on profit
 11 
28,888
-
28,888
(272,677)
-
(272,677)

Profit after tax
  
1,875,931
(317,444)
1,558,487
2,715,490
(1,262,608)
1,452,882

  

  

Retained earnings at the beginning of the year
  
1,167,403
647,749

Profit for the year
  
1,558,487
1,452,882

Dividends declared and paid
  
(462,912)
(933,228)

Retained earnings at the end of the year
  
2,262,978
 
1,167,403
The notes on pages 11 to 25 form part of these financial statements.

Page 9

 
THE MAE DELI LIMITED
REGISTERED NUMBER: 09680718

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
 14 
401,856
405,156

Tangible fixed assets
 15 
202,999
180,503

  
604,855
585,659

Current assets
  

Stocks
  
1,709,453
1,441,076

Debtors: amounts falling due within one year
 16 
6,128,954
4,097,113

Bank and cash balances
  
470,434
758,052

  
8,308,841
6,296,241

Creditors: amounts falling due within one year
 17 
(4,722,199)
(3,760,298)

Net current assets
  
 
 
3,586,642
 
 
2,535,943

Total assets less current liabilities
  
4,191,497
3,121,602

Creditors: amounts falling due after more than one year
 18 
-
(14,912)

Provisions for liabilities
  

Deferred tax
 20 
(28,509)
(39,277)

Net assets
  
4,162,988
3,067,413


Capital and reserves
  

Called up share capital 
 21 
20
20

Share premium account
  
1,899,990
1,899,990

Profit and loss account
  
2,262,978
1,167,403

  
4,162,988
3,067,413


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2025.

M Mills
Director

The notes on pages 11 to 25 form part of these financial statements.

Page 10

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The MAE Deli Limited is a private company limited by shares incorporated in England and Wales. The registered office is 250 Tottenham Court Road, London, W1T 7QZ.

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.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Hero AG as at 31 December 2024 and these financial statements may be obtained from Hero AG, Karl Roth-Strasse 8, CH-5600 Lenzburg, Switzerland.

 
2.3

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, with the full financial support from its parent company. 
The directors have prepared cashflow projections for the company covering a period of at least 12 months from the date of approval of these financial statements and the directors consider that the company will be able to operate within its available facilities. Therefore, the financial statements have been prepared on a going concern basis, which the directors believe to be appropriate. 

Page 11

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP, rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
The company also generates revenue from subscription services, which comprise subscription fees from customers. Subscription service arrangements are generally non-cancellable and do not provide refunds to customers in the event of cancellations or any other right of return.
Revenue from subscriptions is recognised on a rateable basis over the contractual subscription term of the arrangement beginning on the date that service is made available to the customer. Invoices raised in advance of services being rendered are recorded as deferred income.
Commissions payable relating to subscription revenue are accounted for on the same basis as above.
 

 
2.6

Operating leases: the company as lessee

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

Page 12

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial, and financial feasibility can be demonstrated.
The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives of 5 years.
 

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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 reporting 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 reporting 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 reporting date.


Page 13

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

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 Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.12

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.13

Intangible fixed assets other than goodwill

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Software
-
5
years
Development costs
-
5
years

 
2.14

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is 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:

Leasehold land and buildings
-
10% - 20%
Plant and equipment
-
20%
Fixtures and fittings
-
20%
Computer equipment
-
20%

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 14

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is not applied to assets under construction, as they are not yet in a condition ready for their intended use.

 
2.15

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment.
 

 
2.17

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.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to/from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


 
2.20

Dividends

Equity dividends are recognised when they become legally payable.

Page 15

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Turnover

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


2024
2023
£
£

Products
21,118,751
19,064,045

App revenue
2,471,234
1,175,758

23,589,985
20,239,803


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
20,213,536
17,505,015

Rest of the world
3,376,449
2,734,788

23,589,985
20,239,803



4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
45,852
74,508

Other operating lease rentals
103,884
95,058

58,032
20,550


5.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
30,110
20,000

Page 16

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Employees

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


2024
2023
£
£

Wages and salaries
1,722,535
1,754,376

Social security costs
206,312
180,039

Cost of defined contribution scheme
64,780
66,510

1,993,627
2,000,925




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


        2024
        2023
            No.
            No.







Employees
38
58


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
75,589
11,942

Company contributions to defined contribution pension schemes
24,000
11,400

99,589
23,342


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


8.


Key management personnel

The directors of the company are recognised as being the key management personnel of the company. It is these individuals who together hold joint responsibility for planning, directing and controlling the activities of the company






Page 17

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
5
3,055


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
347
993

Other loan interest payable
10,548
-

Other interest payable
4,850
-

15,745
993


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
-
287,297

Adjustments in respect of previous periods
(41,391)
(27,029)


Group taxation relief
23,271
-


(18,120)
260,268

Total current tax
(18,120)
260,268

Deferred tax


Origination and reversal of timing differences
(10,768)
12,409

Tax on profit
 
(28,888)
 
272,677
Page 18

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,529,599
1,725,559


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
382,400
405,506

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,134
1,400

Capital allowances for year in excess of depreciation
6,562
(16,861)

Exceptional expenses relating to sale of trade and assets
(268,813)
-

Adjustments to tax charge in respect of prior periods
(41,391)
(27,029)

Other timing differences leading to an increase (decrease) in taxation
(10,768)
12,660

Changes in provisions leading to an increase (decrease) in the tax charge
(6,988)
11,563

Group relief
(118,295)
(114,562)

Group taxation relief
23,271
-

Total tax charge for the year
(28,888)
272,677


12.


Dividends

2024
2023
£
£


Dividends paid
462,912
933,228

Page 19

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Exceptional items

2024
2023
£
£


Discontinued stock write-off
33,892
137,745

Waiver of intercompany loan
654,443
-

Loss on sale of trade and assets
122,334
-

Costs associated with the sale of trade and assets
699,000
-

Other exceptional costs
344,922
-

1,854,591
137,745

The exceptional items relate to a rebrand and a product line that has been discontinued, a waiver of an intercompany loan, the loss on the sale of trade and assets relating to the plants and media operations, associated costs relating to the sale and various exceptional costs incurred during the year.


14.


Intangible assets




Development costs
Software
Total

£
£
£



Cost


At 1 January 2024
434,716
42,713
477,429


Additions - internal
220,910
-
220,910


Disposals
(80,456)
-
(80,456)



At 31 December 2024

575,170
42,713
617,883



Amortisation


At 1 January 2024
49,018
23,255
72,273


Charge for the year on owned assets
160,224
10,196
170,420


On disposals
(26,666)
-
(26,666)



At 31 December 2024

182,576
33,451
216,027



Net book value



At 31 December 2024
392,594
9,262
401,856



At 31 December 2023
385,698
19,458
405,156



Page 20
 


 
THE MAE DELI LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


15.


Tangible fixed assets






Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computer equipment
Assets under constructions
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
9,455
121,260
34,696
112,489
-
277,900


Additions
-
21,712
1,243
8,957
78,805
110,717


Disposals
-
(21,244)
(6,386)
(42,026)
-
(69,656)



At 31 December 2024

9,455
121,728
29,553
79,420
78,805
318,961



Depreciation


At 1 January 2024
1,523
43,686
6,691
45,497
-
97,397


Charge for the year on owned assets
873
34,876
6,194
16,897
-
58,840


Disposals
-
(18,703)
(2,913)
(18,659)
-
(40,275)



At 31 December 2024

2,396
59,859
9,972
43,735
-
115,962



Net book value



At 31 December 2024
7,059
61,869
19,581
35,685
78,805
202,999



At 31 December 2023
7,932
77,574
28,005
66,992
-
180,503

Page 21
 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           15.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
7,059
7,932

7,059
7,932


Payments made for equipments not yet in use by the year-end have been classified as assets under construction. Accordingly, no depreciation has been charged on these assets.


16.


Debtors

2024
2023
£
£


Trade debtors
2,638,604
2,314,336

Amounts owed by group undertakings
2,813,489
1,128,436

Other debtors
372,842
343,179

Prepayments
304,019
311,162

6,128,954
4,097,113



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loan
-
10,000

Trade creditors
1,556,458
1,988,438

Amounts owed to group undertakings
1,979,421
-

Corporation tax
-
190,038

Other taxation and social security
53,880
142,988

Other creditors
20,640
141,421

Accruals
1,111,800
1,287,413

4,722,199
3,760,298


Page 22

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loan
-
14,912



19.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
10,000

Amounts falling due 2-5 years

Bank loans
-
14,912

-
24,912



20.


Deferred taxation




2024


£






At beginning of year
(39,277)


Credit to profit or loss
10,768



At end of year
(28,509)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
28,509
39,277

Page 23

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,000 Ordinary shares shares of £0.01 each
20
20



22.


Discontinued operations

During Septemeber 2024, The MAE Deli Limited sold the 'Plants by Deliciosuly Ella' trade and assets to another company within the group, M&E Mills Chilled Manufacturing Limited. 

£


Proceeds
(92,000)

(92,000)

Net assets disposed of:


Tangible fixed assets
17,524

Intangible fixed assets
94,267

Stocks
113,861

Debtors
252,239

Creditors
(263,557)

 
 
(214,334)

Loss on disposal before tax
(122,334)

The net inflow of cash in respect of the sale is as follows:

£


Consideration
92,000

Net inflow of cash
92,000


23.


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 £64,780 (2023 - £66,510). Contributions totalling £11,807 (2023 - £33,325) were payable to the fund at the reporting date and are included in creditors.

Page 24

 
THE MAE DELI LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Related party transactions

The company has taken advantage of the exemptions provided by Section 33 of Financial Reporting Standard 102 from the requirement to disclose transactions undertaken or balances carried forward as at the reporting date between the company and its fellow wholly-owned group undertakings.


25.


Controlling party

The immediate parent undertaking is M&E MIlls Holdings Ltd by virtue of a 100% interest in the total issued share capital of The MAE Deli Ltd. M&E Mills Holdings Ltd is incorporated in England and Wales, whose registered office is located at 250 Tottenham Court Road, London, W1T 7QZ.
The ultimate parent undertaking largest group to connsolidate these financial statements is Hero AG, a company registered in Switzerland. Copies of the Hero AG consolidated financial statements are available from Hero AG, Karl Roth-Strasse 8, CH-5600 Lenzburg, Switzerland.
 
Page 25