Registration number:
County Foods Limited
for the Year Ended 31 January 2025
County Foods Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
County Foods Limited
Company Information
|
Director |
Doron Krips |
|
Registered office |
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|
Registered number |
05042969 (England & Wales) |
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Auditors |
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County Foods Limited
Strategic Report for the Year Ended 31 January 2025
The director presents his strategic report for the year ended 31 January 2025.
Principal activity
The principal activity of the company is wholesale of meat and meat products.
Fair review of the business
Whilst the year provided many challenges driven by external factors both globally and nationally. The Company reported Sales growth and increased profits for the year. A healthy cash position has been retained with no external borrowings. Growth was generated by the company continuing to build on its existing sales base whilst also expanding geographically with the addition of new customers relationships. Stock levels increased during the year driven by higher demand and customer growth.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
12,205,035 |
11,376,564 |
|
Gross profit |
£ |
2,305,587 |
2,193,001 |
|
Gross profit margin |
% |
19 |
19 |
Principal risks and uncertainties
Increases in the Living Wage and increased National Insurance contributions will impact the businesses operating costs. To counteract this, improved operating processes and investment in the IT infrastructure is planned. Inflationary pressures remain within the catering industry although they are lower than the previous financial year. The increased risk in customer sustainability primarily driven by increased overheads and employment costs remains but this risk continues to be mitigated by maintaining a robust credit control process.
Approved and authorised by the
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......................................... |
County Foods Limited
Director's Report for the Year Ended 31 January 2025
The director presents his report and the financial statements for the year ended 31 January 2025.
Director of the company
The director who held office during the year was as follows:
Dividends
Interim dividends per share were paid as follows:
£0.4283 per ordinary share on 31st December 2024 totalling £200,000.
Future developments
Continued investment in people and equipment ensuring that the company continues to meet customer requirements whilst increasing turnover and maintaining margins. The cash resource in the business is used to provide working capital and capital additions.
Disclosure of information to the auditors
The director has taken 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. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Approved and authorised by the
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......................................... |
County Foods Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
County Foods Limited
Independent Auditor's Report to the Members of County Foods Limited
Opinion
We have audited the financial statements of County Foods Limited (the 'company') for the year ended 31 January 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 January 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor 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 director's 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
County Foods Limited
Independent Auditor's Report to the Members of County Foods Limited (continued)
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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• |
We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate.
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We obtained an understanding of how the company are complying with those legal and regulatory frameworks by making inquires to the management and we corroborated our inquiries through our review or board reports. |
County Foods Limited
Independent Auditor's Report to the Members of County Foods Limited (continued)
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We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur. |
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Audit procedures performed by the engagement team included: |
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Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; |
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Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
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Challenging assumptions and judgements made by management in its significant accounting estimates; |
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and |
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Assessing the extent of compliance with the relevant law and regulations. |
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Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
Cobham Road
Ferndown Industrial Estate
Wimborne
Dorset
BH21 7SF
County Foods Limited
Profit and Loss Account for the Year Ended 31 January 2025
|
Note |
2025 |
2024 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
544,365 |
435,279 |
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
- |
( |
|
|
769 |
(1,043) |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
County Foods Limited
Statement of Comprehensive Income for the Year Ended 31 January 2025
|
2025 |
2024 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
County Foods Limited
(Registration number: 05042969)
Balance Sheet as at 31 January 2025
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Note |
2025 |
2024 |
|
|
Fixed assets |
|||
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Intangible assets |
|
- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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|
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|
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
|
|
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Total assets less current liabilities |
|
|
|
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Provisions for liabilities |
( |
( |
|
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
467,002 |
467,002 |
|
|
Capital redemption reserve |
467,000 |
467,000 |
|
|
Retained earnings |
1,177,323 |
978,389 |
|
|
Shareholders' funds |
2,111,325 |
1,912,391 |
Approved and authorised by the
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County Foods Limited
Statement of Changes in Equity for the Year Ended 31 January 2025
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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|
At 1 February 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 January 2025 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Retained earnings |
Total |
|
|
At 1 February 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 January 2024 |
467,002 |
467,000 |
978,389 |
1,912,391 |
County Foods Limited
Statement of Cash Flows for the Year Ended 31 January 2025
|
Note |
2025 |
2024 |
|
|
Cash flows from operating activities |
|||
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Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
(Profit)/loss on disposal of tangible assets |
( |
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
- |
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
( |
|
|
Decrease/(increase) in trade debtors |
|
( |
|
|
Increase in trade creditors |
|
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Acquisition of intangible assets |
( |
- |
|
|
Net cash flows from investing activities |
( |
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
- |
( |
|
|
Proceeds from bank borrowing draw downs |
- |
( |
|
|
Payments to finance lease creditors |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Amount introduced/withdrawn by directors |
|
|
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 February |
|
|
|
|
Cash and cash equivalents at 31 January |
1,171,809 |
1,051,333 |
|
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
|
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)
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2 |
Accounting policies (continued) |
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 provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives at the following rates:
|
Asset class |
Depreciation method and rate |
|
Freehold |
No depreciation charged |
|
Leasehold |
1% Straight Line |
|
Plant & Machinery |
25% Reducing Balance |
|
Motor Vehicles |
25% Reducing Balance |
|
Fixtures & Fittings |
25% Reducing balance/3 Years straight line |
Foreign currency transactions and balances
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Leases
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)
|
2 |
Accounting policies (continued) |
Tax
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax
liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Intangible assets
Internally generated software under development is measured at cost.
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 |
|
Internally generated software |
Asset under development - 0% |
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.
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)
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2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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 subsequently measured at amortised cost using the effective interest method.
Defined contribution pension obligation
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
The analysis of the company's turnover for the year by class of business is as follows:
|
2025 |
2024 |
|
|
Fresh meats |
|
|
|
Frozen & ambient |
|
|
|
|
|
The analysis of the company's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Foreign exchange losses |
|
|
|
Hire of plant and machinery |
|
|
|
Operating lease expense - other |
|
|
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
- |
|
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Head count |
|
|
|
|
|
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
66,787 |
69,108 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from changes in tax rates and laws |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax (decrease)/increase from effect of capital allowances and depreciation |
( |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
HMRC interest |
|
|
|
Deferred tax |
|
( |
|
Total tax charge |
|
|
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)
|
Intangible assets |
|
Internally generated software development costs |
Total |
|
|
Cost or valuation |
||
|
Additions acquired separately |
|
|
|
At 31 January 2025 |
|
|
|
Amortisation |
||
|
Carrying amount |
||
|
At 31 January 2025 |
|
|
|
Tangible assets |
|
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 February 2024 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 31 January 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 February 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 31 January 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 January 2025 |
|
|
|
|
|
At 31 January 2024 |
|
|
|
|
Included within the net book value of land and buildings above is £Nil (2024 - £Nil) in respect of freehold land and buildings.
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)
|
Stocks |
|
2025 |
2024 |
|
|
Stocks |
|
|
|
Debtors |
|
Current |
2025 |
2024 |
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
VAT |
70,818 |
43,625 |
|
Prepayments |
|
|
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Directors' loan accounts |
|
- |
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Income tax liability |
126,108 |
158,363 |
|
|
|
|
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 February 2024 |
|
|
|
Additional provisions |
|
|
|
At 31 January 2025 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
467,002 |
|
467,002 |
|
Reserves |
Retained earnings
The profit and loss reserve represents cumulative profits and losses, net of dividends paid.
Capital redemption reserve
The capital redemption reserve represents the value of own shares purchased from previous shareholders.
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividend of £ |
|
|
||
|
Analysis of changes in net debt |
|
At 1 February 2024 |
Cash flows |
At 31 January 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
1,051,333 |
120,476 |
1,171,809 |
|
|
|
|
|
|
|
|||
County Foods Limited
Notes to the Financial Statements for the Year Ended 31 January 2025 (continued)
|
Related party transactions |
Summary of transactions with other related parties
During the year ended 31 January 2025, rent was charged to County Foods Limited by the directors pension company 'County Foods Executive Pension Scheme' of £106,167 (2024: £88,729).
During the prior year, County Foods Limited sold the 20% ownership of Unit 1-3 Fleets Industrial Estate to the directors pension company 'County Foods Executive Pension Scheme' for £341,000.