ACCOUNTS - Final Accounts preparation

AUDITORS' REMUNERATION

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

Registered number: 11427292

KEPAK HUDDERSFIELD LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

KEPAK HUDDERSFIELD LIMITED

CONTENTS

	Page
Company Information	1
Strategic Report	2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 7
Profit and Loss Account	8
Statement of Financial Position	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Analysis of Net Debt	12
Notes to the Financial Statements	13 - 19

KEPAK HUDDERSFIELD LIMITED

COMPANY INFORMATION

DIRECTORS	Simon Walker
	Robert Grogan
	John Horgan


COMPANY SECRETARY	Walter Martin


REGISTERED NUMBER	11427292


REGISTERED OFFICE	The Snackhouse
	St. Georges Park
	Kirkham
	Preston
	PR4 2DZ


INDEPENDENT AUDITORS	HSOC Accountants Limited
	Chartered Accountants & Registered Auditors
	90 George’s Street Upper
	Dun Laoghaire
	Co. Dublin


BANKERS	Allied Irish Banks
	City Business Centre
	26 Finsbury Square
	London
	EC2A 1DS


SOLICITORS	Forbes Solicitors
	Oak House
	28 Sceptre Way
	Walton Summit
	Preston
	Lancashire
	PR5 6AW

Page 1

KEPAK HUDDERSFIELD LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

BUSINESS REVIEW

The Company's turnover was £Nil (2023 - £10,103,997). Net assets at 31 December 2024 amounted to £79,264 (2023 - £79,264). The Company ceased trading as a meat proceesor in 2020 and began wholesaling food in 2021. In 2020, the Directors had disposed of the majority of the assets and discharged in full most of the third party liabilities of the business.

PRINCIPAL RISKS AND UNCERTAINTIES

Economic Risk
The Company’s trading is significantly influenced by (i) the availability and pricing of high quality beef and lamb stocks, (ii) the risk of increased interest rates and/or inflation having an adverse impact on served markets, (iii) the risk of unrealistic increases in wages or infrastructural cost impacting adversely on competitiveness of the Company and its principal customers and (iv) the risk of adverse exchange movements. The Company actively manages its purchasing activity by innovative product sourcing to ensure an adequate supply of stocks to meet market requirements. These risks are also managed by strict control of costs. Foreign exchange exposure is actively managed using both forward foreign exchange contracts and currency contracts.
Competition Risk
The Company has traditionally been at risk from competitors, using tactics such as predatory pricing, looking to damage key customer relationships. The Directors of the Company manage competition risk through paying close attention to customer service levels and by distinguishing the Company from our competitors through innovation of both products and services.
Environmental Risk
The Company is continually at risk from the various animal and human health scares that are linked to food. In recent years, this has included foot and mouth disease, avian flu and BSE. The Company has developed product quality and traceability systems to minimise the potential risks from all known sources.
Financial Risk
The Company has budgetary and financial reporting procedures, supported by appropriate key performance indicators, to manage credit, liquidity and other financial risk.

FINANCIAL KEY PERFORMANCE INDICATORS

The Directors are in the process of compiling a set of Financial KPI's for the Company.

Page 2

KEPAK HUDDERSFIELD 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' 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 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £NIL (2023 - £71,344).

No dividends or transfers to reserves are recommended by the Directors (2023 - £Nil).

DIRECTORS

The Directors who served during the year were:

Simon Walker

Robert Grogan

John Horgan

FUTURE DEVELOPMENTS

It is the intention of the Directors to continue to develop the activities of the Company.

Page 3

KEPAK HUDDERSFIELD 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 auditors, HSOC Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

Robert Grogan

Director

Date: 21 March 2025

Page 4

KEPAK HUDDERSFIELD LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KEPAK HUDDERSFIELD LIMITED

OPINION

We have audited the financial statements of Kepak Huddersfield Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its result 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

KEPAK HUDDERSFIELD LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KEPAK HUDDERSFIELD 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 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.

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; or

∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime

Page 6

KEPAK HUDDERSFIELD LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KEPAK HUDDERSFIELD LIMITED (CONTINUED)

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.

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:

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.

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 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.

Hugh McGeown, FCA (Senior Statutory Auditor)

for and on behalf of

HSOC Accountants Limited

Chartered Accountants & Registered Auditors

21 March 2025

Page 7

KEPAK HUDDERSFIELD LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	-	10,103,997
Cost of sales		-	(9,694,149)
GROSS PROFIT		-	409,848
Distribution costs		-	(93,634)
Administrative expenses		-	(212,577)
OPERATING PROFIT		-	103,637
Interest payable and similar expenses	7	-	(36,293)
PROFIT BEFORE TAX		-	67,344
Tax on profit	8	-	4,000
PROFIT FOR THE FINANCIAL YEAR		-	71,344

The Company has not traded during the year. During this period, the Company received no income and incurred no expenditure and therefore made neither profit or loss.

Page 8

KEPAK HUDDERSFIELD LIMITED

REGISTERED NUMBER: 11427292

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


CURRENT ASSETS
Debtors: amounts falling due within one year	9	105,584		108,430
Cash at bank and in hand	10	661		2,270
		106,245		110,700
Creditors: amounts falling due within one year	11	(26,981)		(31,436)
NET CURRENT ASSETS			79,264		79,264
TOTAL ASSETS LESS CURRENT LIABILITIES			79,264		79,264

NET ASSETS			79,264		79,264

CAPITAL AND RESERVES
Called up share capital	13	100	100
Profit and loss account		79,164	79,164
		79,264	79,264

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Robert Grogan

Director

Date: 21 March 2025

The notes on pages 13 to 19 form part of these financial statements.

Page 9

KEPAK HUDDERSFIELD LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	100	7,820	7,920
COMPREHENSIVE INCOME FOR THE YEAR
Profit for the year	-	71,344	71,344
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-	71,344	71,344

At 1 January 2024	100	79,164	79,264
TOTAL COMPREHENSIVE INCOME FOR THE YEAR	-	-	-
AT 31 DECEMBER 2024	100	79,164	79,264

The notes on pages 13 to 19 form part of these financial statements.

Page 10

KEPAK HUDDERSFIELD LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the financial year	-	71,344
ADJUSTMENTS FOR:
Taxation charge	-	(4,000)
Interest paid	-	36,293
Decrease in stocks	-	1,809,046
(Increase)/decrease in debtors	(154)	149,762
Decrease in amounts owed by groups	3,000	2,284,549
(Decrease) in creditors	(4,455)	(248,739)
Increase/(decrease)) in amounts owed to groups	-	(4,073,236)
NET CASH GENERATED FROM OPERATING ACTIVITIES	(1,609)	25,019


CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid	-	(36,293)
NET CASH USED IN FINANCING ACTIVITIES	-	(36,293)
(DECREASE) IN CASH AND CASH EQUIVALENTS	(1,609)	(11,274)
Cash and cash equivalents at beginning of year	2,270	13,544
CASH AND CASH EQUIVALENTS AT THE END OF YEAR	661	2,270

CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:
Cash at bank and in hand	661	2,270
	661	2,270

The notes on pages 13 to 19 form part of these financial statements.

Page 11

KEPAK HUDDERSFIELD LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	At 31 December 2024
£	£	£

Cash at bank and in hand	2,270	(1,609)	661
	2,270	(1,609)	661

The notes on pages 13 to 19 form part of these financial statements.

Page 12

KEPAK HUDDERSFIELD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

The Company is limited by shares and incorporated in the United Kingdom, having its registered office at The Snackhouse, St. Georges Park, Kirkham, Preston, PR4 2DZ. The Company's registered number is 11427292. The Company's principal activity is the wholesale trading of food.

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 (see note 3).

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The accounts have been prepared under the going concern basis as the Company’s intermediate parent undertaking, Kepak Holdings, has confirmed it will continue to provide financial support to enable the Company to meet its liabilities as they fall due.

2.3

REVENUE RECOGNITION

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 13

KEPAK HUDDERSFIELD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.5

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.6

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, loans to related parties and investments in ordinary shares.

2.7

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.

2.8

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.9

TAXATION

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 14

KEPAK HUDDERSFIELD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make certain estimates and assumptions that affect the reported profits, assets and liabilities. Assumptions include, but are not limited to, the following areas:
Provision for Risks and Liabilities:
A provision is recognised in the balance sheet when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits would be required to settle the obligation.
If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the time value of money and, where appropriate, the risks specific to the liability.

TURNOVER

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	-	10,103,997
	-	10,103,997

Fees payable to the Company's auditors for the audit of the Company's financial statements

2,000

EMPLOYEES

The Company has no employees other than the Directors, who did not receive any remuneration (2023 - £Nil).

Page 15

KEPAK HUDDERSFIELD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2024	2023
		£	£

Bank interest payable	-	728
Loans from group undertakings	-	35,565
	-	36,293

CORPORATION TAX
Adjustments in respect of previous periods	-	(4,000)
	-	(4,000)

TOTAL CURRENT TAX	-	(4,000)

	DEFERRED TAX
	TOTAL DEFERRED TAX	-	-


	TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES	-	(4,000)

Profit on ordinary activities before tax

67,344

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	-	15,826
EFFECTS OF:
Adjustments to tax charge in respect of prior periods	-	(4,000)
Group relief	-	(15,826)
TOTAL TAX CHARGE FOR THE YEAR	-	(4,000)

Page 16

KEPAK HUDDERSFIELD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.TAXATION (CONTINUED)

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

In 2021 an increase in the corporation tax rate to 25% with effect from 1 April 2023 was substantively enacted. The 23.5% rate used above reflects 9 months of this new rate and 3 months of the previous rate of 19%.

DEBTORS

					2024	2023
					£	£


Amounts owed by group undertakings	105,063	108,063
Other debtors and prepayments	521	367
	105,584	108,430

All amounts fall due within one year.

10.	CASH AND CASH EQUIVALENTS
		2024	2023
		£	£

Cash at bank and in hand	661	2,270
	661	2,270

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KEPAK HUDDERSFIELD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2024	2023
		£	£

Trade creditors	-	27
Other creditors and accruals	26,981	31,409
	26,981	31,436

The repayment terms of trade creditors vary between on demand and sixty days. No interest is payable on trade creditors.
Tax and social insurance are subject to the terms of the relevant legislation. Interest accrues on late payment at the rate of 0.02% per day in Ireland and 3% per annum in the U.K. No interest was due at the financial year end date.
The terms of the accruals are based on the underlying contracts.
Amounts owed to one specific group undertaking are unsecured, interest bearing and repayable on demand.
Other amounts included within creditors not covered by specific note disclosures are unsecured, interest free and repayable on demand.

12.	FINANCIAL INSTRUMENTS
		2024	2023
		£	£

	FINANCIAL ASSETS
	Financial assets measured at amortised cost	106,385	108,063

	FINANCIAL LIABILITIES
	Financial liabilities measured at amortised cost	(26,981)	(31,436)

	Financial assets measured at amortised cost comprise cash at bank and in hand, amounts owed by group undertakings and other debtors.
	Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings and other creditors.

Page 18

KEPAK HUDDERSFIELD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	SHARE CAPITAL
		2024	2023
		£	£

AUTHORISED, ALLOTTED, CALLED UP AND FULLY PAID

100 (2023 - 100) Ordinary shares of £1.00 each	100	100

14.	TRANSACTIONS WITH DIRECTORS

There were no transactions with Directors.

15.	RELATED PARTY TRANSACTIONS
	The Company has availed of the exemption under Section 33 of FRS 102 not to disclose transactions between wholly-owned group companies. The Directors are considered to be the key management personnel of the Company. The Directors are not paid any remuneration by the Company.

16.	CONTROLLING PARTY

The Company's parent is Kepak Holdings; the ultimate holding company is Kingate Investments Unlimited, an unlimited company incorporated in the Isle of Man.

Page 19