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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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CPC FOODS LIMITED
COMPANY INFORMATION
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CPC FOODS LIMITED
CONTENTS
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CPC FOODS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal activity of the Company continued to be that of a holding company. The principal activity of the Group was that of animal rearing, animal slaughter, meat processing and packaging.
The Group turnover in 2024 totalled £291.5m, which was an increase of £21.7m (8.0%) from 2023.
The Group recorded a loss after tax of £3.1m from a loss of £7.7m in 2023. During the year, the Group completed several acquisitions. The results of the acquired subsidiaries have been included in the consolidated financial statements from their respective dates of acquisition. These acquisitions have had a direct impact on the increase in Group turnover for the period. In October 2024, the Group acquired 50.0001% of the share capital of Peddars Pigs Limited, thereby obtaining control of the Company. Peddars Pigs Limited is primarily engaged in pig rearing for the food industry. The acquisition is considered strategically beneficial to the Group, as it improves operational efficiency within the supply chain. 100% of the share capital of Tican (UK) Holdings Limited and its subsidiaries, Tican UK limited and Tican (Chilled) Limited were acquired in December 2024. The principal acitivty of the Tican group is that of wholesale distribution of meat, meat products and provisions. 100% of the share capital of Tican Process Holdings Limited and its subsidiaries, Direct Table Foods Limited and Pro-Pak Foods Limited were acquired in December 2024. The principal activities of Direct Table Foods Limited and Pro-Pak Foods Limited are that of meat purchasing and processing with a focus on bacon and sausages and manufacturing chilled ready meals for the retail and convenience sectors respectively. The market remained volatile during the period, characterised by fluctuations in raw material costs, foreign exchange rates, and energy prices. Although the Group maintained an increased focus on cost management, these efforts were partially offset by inflationary pressures across materials, energy, transportation, and labour. The Group continues to make investments in its factories and will seek to improve profitability with additional investment in the equipment used, improved revenue streams and ongoing focus on costs and efficiencies.
The Directors have assessed the principal risks and uncertainties as listed below.
Credit risk and price risk The Group sources it products from a number of suppliers and is exposed to changes in the market prices of its commodities. To mitigate increases in prices the Group continues to source its products from a number of different suppliers and periodically reviews its agreements with suppliers to ensure these are on commercially favourable terms. The Group faces constant pressure from customers to reduce prices, highlighting the importance of commodity buying prices. This also places additional pressure on margins. To mitigate this risk, the Group continues to undertake perpetual cost review processes to make savings where possible. Additionally the Group provides for liabilities from customers in proportion to the risk they are exposed to on a percentage basis. New credit customers are only accepted after they have been approved by the credit controller. Liquidity risk The Group is financed with appropriate long-term and short-term finance to match the needs of the business.
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CPC FOODS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Key performance indicators used by the Group are as follows;
- Turnover; - Gross profit margin; and - Profit on ordinary activities before taxation. Details of the key performance indicators are shown on the face of the Statement of Comprehensive Income. Other key performance indicators The non-financial key performance indicator of the Group, is the Group continuing to pass food health & safety audits which it continues to do so. Directors' statement of compliance with duty to promote the success of the Group Section S172 (1) Statement During the year, the Directors have had regard to the matters set out in S172 (1) (a) to (f) of the Companies Act 2006 whilst performing their duties. Whilst making decisions the directors ensure that they have acted in good faith, in a way they believe would promote the success of the Group for the benefit of its members as a whole. Specifically, the Directors have considered the following:- a. The likely consequences of any decision in the long term; b. The interests of the Group's employees; c. The need to foster the Group's business relationships with suppliers, customers and others; d. The impact of the Group's operations on the community and the environment; e. The desirability of the Group maintaining a reputation for high standards of business conduct; and f. The need to act fairly between members of the Group. S172 (1) (a) The likely consequences of any decision in the long term The Directors understand the business and the environment in which it operates. This is key to understanding the likely consequences of any long term decisions. There is a clear plan for growth which ensures they continue to sell quality products, satisfying customer and shareholder needs, amongst other stakeholders. Continually improving environmental performance and operating methods in line with key laws and regulations are integral and fundamental parts of the business strategy. This strategy is key to ensuring the Group is delivering on their duty of care for the benefit of future generations. S172 (1) (b) The interests of the Group's employees The Directors recognise that the employees are key to the business and its success. What makes them different is their approach to relationships, which extends past the expected customer focus, to all their employees. Employee welfare and wellbeing is of upmost importance and they ensure all employees work in a safe and healthy environment and this is supported through regular external health and safety compliance checks. The Directors regularly engage with employees through internal communication methods. When making decisions, the Directors consider which course of action best delivers the Group strategy in the long term, taking into consideration all stakeholders of the Group, including the employees. S172 (1) (c) The need to foster the Group's business relationships with suppliers, customers and others The Directors recognise that building relationships with suppliers and customers is also key to the success of the business. Their objective is to become a key partner, delivering quality products each time. This can only be achieved if they are also building relationships with their key suppliers. The Directors recognise that working with suppliers and customers is also key to ensuring the impact to the environment is minimised.
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CPC FOODS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
S172 (1) (d) The impact of the Group's operations on the community and the environment
CPC Foods Limited recognise the importance of minimising the impact of their operations on the community and environment. S172 (1) (e) The desirability of the Group maintaining a reputation for high standards of business conduct The Group is committed to improving quality and reducing any environmental impact, as noted above. This ensures that their reputation within the local community is maintained. S172 (1) (f) The need to act fairly between members of the Group When making decisions, the Directors consider which course of action best delivers the Group strategy in the long term, taking into consideration all stakeholders of the Group.
This report was approved by the board and signed on its behalf.
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CPC FOODS 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.
The loss for the year, after taxation and minority interests, amounted to £3,170,398 (2023 - loss £7,820,488).
There were no dividends paid in the year under review (2023 - £Nil).
The directors who served during the year were:
Environmental matters CPC Foods Limited, Riverway Foods Holdings Limited, Riverway Foods Limited, Cheale Meats Limited, Peddars Pigs Limited, Tican Process Holdings Limited, Tican UK Limited and Tican (UK) Holdings Limited are exempt from the requirement to disclose SECR information. The below disclosures relate to Beckett's Foods Limited, Direct Table Foods Limited, Pro-Pak Foods Limited, C & K Meats Limited and Tican (Chilled) Limited. The Companies qualifying for SECR will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Companies qualifying for SECR have complied with all applicable legislation and regulations. The Companies Act 2006 (Strategic Report and Directors' Report) Regulation 2018 requires companies qualifying for SECR reporting to disclose annual UK energy consumption and Greenhouse Gas emissions from SECR regulated sources. Energy and Greenhouse Gas emissions have been independently calculated by the ESG division of Inspired Energy plc. This report (including the Scope 1, 2 and 3 consumption and CO2e emissions data) has been developed and calculated using the GHG Protocol – A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004); Greenhouse Gas Protocol – Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO, 2018; ISO, 2019); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019). Government Emissions Factor Database 2024 version 1.1 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for the reporting period. All consumption data for the qualifying companies was complete for the reporting period. Therefore, no estimations were required. Market-based emissions were calculated by utilising the CO2e emission factor or fuel mix (a breakdown of various renewable and non-renewable energy sources that compose the total energy supplied) published by each supplier. This was calculated against the total amount of energy each company had consumed throughout the reporting period by each supplier. Consumption (kWh) and Greenhouse Gas emissions (tCO2e) totals Scope 1: Emissions associated with gas usage and transportation fuels (under the company's control). Scope 2: Emissions associated with the consumption of purchased electricity are presented on both a location based (using country average electricity emission factors) and market based (considering any purchased renewable generated electricity) approach.
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CPC FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Scope 3: Company's value chain emissions, divided into 15 categories, as established by the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting & Reporting Standard. Under SECR this is limited to emissions resulting from sources not directly owned by the Companies qualifying for SECR. For example, grey fleet business travel undertaken in employee-owned vehicles only.
The total consumption (kWh) figures for energy supplies reportable by Beckett's Foods Limited, C & K Meats Limited, Direct Table Foods Limited, Pro-Pak Foods Limited and Tican (Chilled) Limited are as follows:
The total emissions t(CO2e) figures for energy supplies reportable by Beckett's Foods Limited, C & K Meats Limited, Direct Table Foods Limited, Pro-Pak Foods Limited and Tican (Chilled) Limited are as follows:
Intensity metrics
Intensity metrics based on tonnes of production have been calculated as follows: Total Tonnage Produced - 90,474** (2023 * - 70,959)
Total tCO2e (location based) - 8,857.12** (2023 * - 6,276.16)
Total tCO2e (market based) - 10,070.55** (2023 * - 6,879.13)
Location Based:
tCO2e / tonne of production - 0.098** (2023 * - 0.088)
Market based: tCO2e / tonne of production - 0.111** (2023 * - 0.097)
** Direct Table Foods Limited, Pro-Pak Foods Limited and Tican (Chilled) Limited joined the group on the 27 December 2024 therefore 2 days have been included.
* 2023 figures have been restated due to Riverway Foods Limited voluntarily disclosing in prior year but not in scope for FY 2024.
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CPC FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Energy efficiency improvements: The Group is committed to year-on-year improvements in its operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years. Measures ongoing and undertaken through FY2024: Diesel Generator Shutdown The diesel generator at Direct Table Foods LImited was shut down in July 24, which improved energy efficiency by reducing fuel consumption and minimising environmental impact. This initiative has contributed to optimise energy use and enhance sustainability. Improved Filter Maintenance Improved filter maintenance for compressors at Direct Table Foods Limited has enhanced operational efficiency and reduced power losses. This initiative has minimised energy consumption and led to energy savings of about 1% to 2%. Automated Chiller Controls Automating chiller controls has led to reduced ice build-up at Direct Table Foods Limited, which can be difficult to detect without local monitoring. This initiative has assisted in making necessary adjustments that improve efficiency and prevent excessive energy use by preventing ice build-up, resulting in lower maintenance costs and significant energy savings. Upgradation of Lighting System Pro-Pak Foods has been working consistently on upgrading the lighting system aimed at enhancing energy efficiency. This initiative already has and further will lead to reduced power consumption, lower operational costs, and contribute to a more sustainable environment. Review of HVAC Performance The HVAC (Heating, ventilation, and air conditioning) system is under review to improve efficiency, reduce energy consumption, and enhance operations at Pro-Pak Foods Limited. This evaluation identifies ways to increase energy efficiency, minimise waste, and implement sustainable solutions to lower costs and environmental impact. Screw Press Replacement A replacement screw press has been used to resolve the inefficiencies of the existing screw press, which had struggled to effectively remove solids, leading to higher energy consumption and reduced operational efficiency at C&K Meats Limited. This will help in reducing the energy requirements and increasing overall energy efficiency. Installation of LED Lights The installation of fifty LED lighting units has been successfully completed at Beckett's Foods Limited, replacing the outdated lighting system. This upgrade improves lighting quality, increases energy efficiency, and reduces power consumption, leading to a more sustainable and cost effective lighting solution.
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CPC FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Reduction in Fleet Size The fleet at Tican (Chilled) Limited has been streamlined to enhance operational efficiency by reducing the number of vehicles and incorporating smaller lorries. These changes not only improve fuel efficiency and cost-effectiveness but also support Tican (Chilled)’s sustainability goals and adaptation to evolving logistical requirements. Improved Telematics in the Fleet The delivery vehicles within the fleet of Tican (Chilled) Limited have been upgraded with advanced telematics hardware and software to improve driver behaviour monitoring and efficiency. This advancement supports better fuel savings through detailed performance tracking and optimised fleet management. Implementing Route Optimisation Route optimisation was conducted at Tican (Chilled) Limited by reviewing all current daily delivery runs with routing software to enhance operational efficiency. The analysis aimed to improve route planning and ensure maximum effectiveness in routing. Installation of New Solar Panels New and efficient solar panels have been installed at the Boston site of Tican (Chilled) Limited. These solar panels will help to improve energy efficiency and sustainability at the location. Measures to be Addressed in FY2025: Renewable Energy Contracts The implementation of REGO across the Group starting in April will enhance the Group’s commitment to renewable energy, boost energy efficiency, and support sustainability goals by optimising energy usage and lowering carbon emissions. Energy Monitoring and Optimisation Technologies The implementation of advanced energy monitoring and optimisation technologies by Direct Table Foods Limited will be aimed at significantly enhancing operational efficiency. This initiative will focus on facilitating energy consumption, resulting in reduced costs and contributing to sustainability goals. Investment in Steam Trap Technology Pro-Pak Foods will invest in energy measurement and optimisation to enhance steam trap technology. This will minimise maintenance costs, optimise steam usage, and reduce energy consumption. Upgradation to Glycol refrigerators All R404 refrigerators at C&K Meats Limited will be upgraded to glycol-operated systems to enhance energy efficiency and significantly reduce global warming potential (GWP). This improvement will optimise heat transfer, decreases energy consumption, and supports sustainability efforts. Implementing a new Steriliser system Existing sterilisation systems will introduce advanced, energy efficient technology, which will reduce water consumption and energy consumption, enhance efficiency, and promote sustainability at C&K Meats Limited.
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CPC FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Solar Panel Cleaning and Servicing Solar panel cleaning and servicing will be crucial for optimising energy efficiency at C&K Meats Limited. By removing debris and ensuring the panels perform at their highest capacity, they will maximise energy output. Replacement of Mains Electric Transformer The existing mains electric transformer will be replaced at C&K Meats Limited to meet the increased energy demands resulting from site expansion. The new transformer will enhance power capacity, improve energy efficiency, reduce waste, and support sustainability objectives. Installation of Weather Station The installation of a weather station at Beckett's Foods Limited aims to monitor conditions affecting solar and wind energy generation, enhancing efficiency and optimising renewable resource use. Water Flush Monitoring The implementation of water flush monitoring at Beckett's Foods Limited intends to assess the benefits of water harvesting and improve energy efficiency by optimising usage and reducing treatment demands. Utilisation of Telematics Software Telematics software will enable the use of metrics derived from telematics data to improve driver behaviour at Tican (Chilled) Limited. This data-driven approach will also contribute to improved driving efficiency and overall performance. Installation of Door Insulation Curtains Door insulation curtains will be installed at Tican (Chilled) Limited to insulate and draught-proof all doors used to enter and exit the fridges at both warehouse sites. This initiative will ensure enhanced temperature regulation and energy efficiency across both sites. Encouraging Energy Efficiency among Personnel Personnel behaviours will be addressed to embed energy efficiency as a core responsibility for all personnel within the group, ensuring energy-conscious practices amongst them.
Going forward the Directors aim to continue to grow the business whilst keeping a tight control over costs.
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CPC FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors have significant experience in the sector and have developed review procedures and control systems to effectively manage the exposure of the entity to price risk, credit risk, liquidity risk and cash flow risk. The Group's principal financial instruments comprise of bank balances, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the Group's operations and to finance the Group's operations. The liquidity risk in respect of these is managed by way of a funding strategy set by the Directors which includes setting operating limits to liquidity risk exposure. Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The Group places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on various factors affecting the performance of the Group. This is achieved through formal and informal meetings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.
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CPC FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Employees
Our employees contribute to a positive working culture and healthy working environment and are paramount to the success of the business. The Group strives to be a responsible employer in our approach to pay and benefits, constantly engaging with the team to ascertain which training and development opportunities should be made available to improve both productivity as well as individual employees' potential within the business. We continually invest in employee development and well-being to create and encourage an inclusive culture within the organisation. Employee appraisal programmes encourage employee feedback and facilitate the opportunity for both employees and managers to agree on setting performance goals on a regular basis. Our culture invites different perspectives new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued and recognised for their hard work. Customers Customers are at the centre of our business and it is essential that the commercial sales teams focus on building long-term partnerships with current and potential customers in order to fully understand their objectives and requirements. Suppliers The Group works with a wide range of suppliers both UK and continental and remains committed to being fair and transparent in dealings with all suppliers. The Group has procedures requiring due diligence of suppliers as to their internal governance. The Group has systems and processes in place to ensure suppliers are paid in a fair and timely manner. Community and environment The Board's approach to social responsibility, diversity and the community is of high importance. Corporate social responsibility principles are part of our culture and decision-making process and we take a consultative approach focused on building long-term relationships and solving business problems. Regulators We work closely with all industry sector regulators, trade associations and relevant government departments in an open and proactive manner in order to help develop regulations that meet the needs of all our stakeholders. The Director's intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards and good governance expected of the Group.
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CPC FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Directors' insurance and indemnities The Directors have the benefit of the indemnity provisions contained in the Group’s Articles of Association (‘Articles’), and the Group has maintained throughout the year directors’ and officers’ liability insurance for the benefit of the Group, the Directors and its officers. The Group has entered into qualifying third party indemnity arrangements for the benefit of all its Directors in a form and scope which comply with the requirements of the Companies Act 2006 and which were in force throughout the year and remain in force.
On the 22 April 2025, CPC Foods Limited acquired 50.0001% of the share capital of Porcus Pig Care Limited. From this date, CPC Foods Limited owned a controlling share of Porcus Pig Care Limited.
There have been no other significant events affecting the Group since the year end. Going Concern After reviewing the Group's forecasts and projections, the Directors have a reasonable expectation that the Group has adequate resources and support to continue in operational existence for the foreseeable future. The Group therefore continues to adopt the going concern basis in preparing its financial information. Financial support from the wider group has been obtained which confirms their intent to support CPC Foods Limited and not reseek repayment of loans for a period of 12 months from the signing of the financial statements, where this would impact the going concern status of the Group. The Directors therefore believe the Group has the ability to continue as a going concern for the next 12 months.
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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CPC FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the board and signed on its behalf.
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CPC FOODS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPC FOODS LIMITED
We have audited the financial statements of CPC Foods Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including 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).
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 Group 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.
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 Group's or the parent 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.
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CPC FOODS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPC FOODS LIMITED (CONTINUED)
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 Report. 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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CPC FOODS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPC FOODS LIMITED (CONTINUED)
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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙Enquiry of management and those charged with governance around actual, potential or suspected litigation, claims, non-compliance with applicable laws and regulations and fraud;
∙Enquiry of entity staff in tax and compliance functions and external advisors to identify any instances of non- compliance with laws and regulations;
∙Performing audit work over the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing the financial statements disclosures and testing these to supporting documentation to assess compliance with applicable laws and regulations; and
∙Discussions amongst the engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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CPC FOODS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CPC FOODS LIMITED (CONTINUED)
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 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.
for and on behalf of
MHA, Statutory Auditors
Leicester, United Kingdom
Date: MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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CPC FOODS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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CPC FOODS LIMITED
REGISTERED NUMBER: 07592875
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
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CPC FOODS LIMITED
REGISTERED NUMBER: 07592875
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 27 to 58 form part of these financial statements.
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CPC FOODS LIMITED
REGISTERED NUMBER: 07592875
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
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CPC FOODS LIMITED
REGISTERED NUMBER: 07592875
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 27 to 58 form part of these financial statements.
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