REGISTERED NUMBER: 00559337 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

JOHN A TAYLOR & SONS LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Cash Flow Statement

14

Notes to the Financial Statements

15

DIRECTORS:

Mr R Auerbach

Mrs C Auerbach

SECRETARY:

Mr R Auerbach

REGISTERED OFFICE:

1 Penta Court

Station Road

Borehamwood

Hertfordshire

WD6 1SL

REGISTERED NUMBER:

00559337 (England and Wales)

AUDITORS:

MGR SD Limited

Chartered Accountants

Statutory Auditors

55 Loudoun Road

St John's Wood

London

NW8 0DL

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The company specialise in providing tailor-made solutions for the food industry, since 1952. It offers end-to-end services, including specification setting and design, leveraging its global network to source the optimal solution, manage procurement, coordinate transportation, and ensure final delivery to its clients.

Supported by its know reputation, solid financials and global presence, the company has managed to successfully secured deliveries for its clients, helping to maintain uninterrupted production even during periods of global shortages.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company recognises the following key risks and uncertainties:

The Company operates in a highly competitive market characterized by a limited number of suppliers and a concentrated customer base, both of which wield considerable influence over pricing. As a consequence, the Company maintains relatively low gross margins and relies on the delivery of unique customer service standards to distinguish itself within the market and maintain its profitability

Operating as an active participant in the United Kingdom and international markets, the Company faces continually evolving regulatory frameworks across various jurisdictions and is committed to maintaining strict compliance with all relevant legal and trading obligations.

Operating within a highly competitive market, the company's sustained success is closely linked to its operational efficiency, which is largely dependent on a core group of highly skilled personnel.

The company is subject to financial risks stemming from its financial assets and liabilities, particularly in relation to fluctuations in foreign exchange rates. In response, the company has implemented structured and proactive risk management measures to effectively mitigate these exposures.

A pronounced decline in commodity prices poses a risk to the company's revenue and overall profitability. Although this exposure is partially mitigated through diversification across its commodity portfolio, sensitivity to global pricing dynamics remains an unavoidable aspect of the business environment.

FINANCIAL PERFORMANCE AND KPIS YEAR ON YEAR

The financial year ending 31 December 2024 marked a strong performance for the Company. Turnover increased by 35% compared to the previous year to £59 million, driven by favorable market conditions. Gross margins declined compared to 2023, as the company remained committed to client support by absorbing a portion of the global price increases. The increase in operational profit also reflected the company's improved resource utilisation and strong cost management practices.

Current assets increased to £19.7 million by 16%, primarily due to a higher cash balance of £11 million maintained to help mitigate uncertainty during this period. Current liabilities (creditors: amounts falling due within one year) rose by 11% to £13.3 million.

The company has reinforced its capital structure by enhancing its capital reserve fund, achieved through the additional reduction of redeemable preferred shares by £0.4 million.

Capital and reserves at 31 December 2024 stood at £6.3 millions, an increase of 27% year over year.

DIRECTORS' ACKNOWLEDGEMENT

The Board would like to thank all employees for their continued commitment and professionalism throughout the year. The Company remains focused on delivering sustainable value to all stakeholders while maintaining a disciplined approach to risk and growth.

MODERN SLAVERY STATEMENT

The company is committed to preventing modern slavery and human trafficking in all its business activities and supply chains. We recognise the risks associated with the agricultural and produce sectors and take steps to ensure that the sourcing and supply of products are conducted ethically and responsibly.

ON BEHALF OF THE BOARD:

Mr R Auerbach - Director

11 August 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors during the year under review were:

Mr R Auerbach

Mrs C Auerbach

The directors holding office at 31 December 2024 did not hold any beneficial interest in the issued share capital of the company at 1 January 2024 or 31 December 2024.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, MGR SD Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R Auerbach - Director

11 August 2025

Opinion

We have audited the financial statements of John A Taylor & Sons Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

These matters were discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Simon Sefton (Senior Statutory Auditor)

for and on behalf of MGR SD Limited

Chartered Accountants

Statutory Auditors

55 Loudoun Road

St John's Wood

London

NW8 0DL

11 August 2025

TURNOVER

3

59,680,042

44,153,348

Cost of sales

(56,596,076

)

(41,357,527

)

GROSS PROFIT

3,083,966

2,795,821

Distribution costs

(231,648

)

(223,296

)

Administrative expenses

(950,890

)

(914,473

)

OPERATING PROFIT

5

1,901,428

1,658,052

Interest receivable and similar income

434,491

302,354

PROFIT BEFORE TAXATION

2,335,919

1,960,406

Tax on profit

6

(594,861

)

(472,017

)

PROFIT FOR THE FINANCIAL YEAR

1,741,058

1,488,389

PROFIT FOR THE YEAR

1,741,058

1,488,389

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,741,058

1,488,389

FIXED ASSETS

Tangible assets

7

36,803

55,208

Investments

8

137

137

36,940

55,345

CURRENT ASSETS

Debtors

9

8,727,758

8,684,939

Cash at bank and in hand

11,009,368

8,359,620

19,737,126

17,044,559

CREDITORS

Amounts falling due within one year

10

(13,399,306

)

(12,070,803

)

NET CURRENT ASSETS

6,337,820

4,973,756

TOTAL ASSETS LESS CURRENT LIABILITIES

6,374,760

5,029,101

PROVISIONS FOR LIABILITIES

12

(27,606

)

(23,005

)

NET ASSETS

6,347,154

5,006,096

CAPITAL AND RESERVES

Called up share capital

13

600,014

1,000,014

Capital redemption reserve

14

1,900,000

1,500,000

Retained earnings

14

3,847,140

2,506,082

SHAREHOLDERS' FUNDS

6,347,154

5,006,096

The financial statements were approved by the Board of Directors and authorised for issue on 11 August 2025 and were signed on its behalf by:

Mr R Auerbach - Director

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 January 2023

2,500,014

2,517,693

-

5,017,707

Changes in equity

Total comprehensive income

-

(11,611

)

1,500,000

1,488,389

Issue of share capital

(1,500,000

)

-

-

(1,500,000

)

Balance at 31 December 2023

1,000,014

2,506,082

1,500,000

5,006,096

Changes in equity

Total comprehensive income

-

1,341,058

400,000

1,741,058

Issue of share capital

(400,000

)

-

-

(400,000

)

Balance at 31 December 2024

600,014

3,847,140

1,900,000

6,347,154

Cash flows from operating activities

Cash generated from operations

17

3,735,439

3,277,920

Tax paid

(467,416

)

(266,835

)

Net cash from operating activities

3,268,023

3,011,085

Cash flows from investing activities

Interest received

434,491

302,354

Net cash from investing activities

434,491

302,354

Cash flows from financing activities

Amount withdrawn by directors

(93,869

)

120,912

Share redemption

(400,000

)

(1,500,000

)

Net cash from financing activities

(493,869

)

(1,379,088

)

Increase in cash and cash equivalents

3,208,645

1,934,351

Cash and cash equivalents at beginning of year

18

7,742,545

5,808,194

Cash and cash equivalents at end of year

18

10,951,190

7,742,545

1.	STATUTORY INFORMATION

John A Taylor & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (normally on the dispatch of the goods), the amount of the revenue can be measured reliably, it is probable that the economic benefits associated with the transaction can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 10% on cost

Motor vehicles - 20% on cost

Financial instruments

Derivative financial instruments - Forward contracts

Forward foreign currency contracts are initially recognised at fair value on the date the contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of contracts are recognised in profit or loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs

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.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24

31.12.23

£

£

United Kingdom

21,856,043

15,344,911

Europe

2,607,434

4,680,576

Rest of World

35,216,565

24,127,861

59,680,042

44,153,348

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

518,860

429,099

Social security costs

57,540

45,577

Other pension costs

77,575

157,033

653,975

631,709

The average number of employees during the year was as follows:

31.12.24

31.12.23

Executive directors

2

2

Administration

5

4

Sales

1

1

8

7

31.12.24

31.12.23

£

£

Directors' remuneration

95,266

89,708

5.	OPERATING PROFIT

The operating profit is stated after charging:

31.12.24

31.12.23

£

£

Other operating leases

117,292

101,457

Depreciation - owned assets

18,405

18,405

Auditors' remuneration

30,000

27,500

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

590,260

467,416

Deferred tax

4,601

4,601

Tax on profit

594,861

472,017

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit before tax

2,335,919

1,960,406

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

583,980

490,102

Effects of:

Expenses not deductible for tax purposes

1,679

2,114

Depreciation in excess of capital allowances

4,601

4,601

Deferred tax charge

4,601

4,601

Standard rate of 19% applicable until 31 March 2023

-

(29,401

)

Total tax charge

594,861

472,017

UK corporation tax has been charged at 25% (2023 - 25%).

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

35,425

92,018

127,443

DEPRECIATION

At 1 January 2024

35,425

36,810

72,235

Charge for year

-

18,405

18,405

At 31 December 2024

35,425

55,215

90,640

NET BOOK VALUE

At 31 December 2024

-

36,803

36,803

At 31 December 2023

-

55,208

55,208

8.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 January 2024

and 31 December 2024

137

NET BOOK VALUE

At 31 December 2024

137

At 31 December 2023

137

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

8,462,973

8,420,171

Other debtors

225,656

225,656

Prepayments and accrued income

39,129

39,112

8,727,758

8,684,939

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts (see note 11)

58,178

617,075

Trade creditors

12,213,132

9,942,391

Taxation

279,983

467,439

Social security and other taxes

42,502

41,175

VAT

378,348

535,314

Other creditors

59,795

59,822

Directors' current accounts

117,318

211,187

Accruals and deferred income

250,050

196,400

13,399,306

12,070,803

11.

LOANS

An analysis of the maturity of loans is given below:

31.12.24

31.12.23

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

58,178

617,075

12.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

27,606

23,005

Deferred

tax

£

Balance at 1 January 2024

23,005

Charge to Income Statement during year

4,601

Balance at 31 December 2024

27,606

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

374

Ordinary

1

374

374

599,640

Redeemable Preference

1

599,640

999,640

600,014

1,000,014

14.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 January 2024

2,506,082

1,500,000

4,006,082

Profit for the year

1,741,058

1,741,058

Purchase of own shares

(400,000

)

400,000

-

At 31 December 2024

3,847,140

1,900,000

5,747,140

15.	RELATED PARTY DISCLOSURES

R Auerbach is the director of the company.

During the year the company paid rent of £80,109 (2023: £80,427) for its business premises to R Auerbach.

The balance due to R Auerbach at 31 December 2024 was £117,318 (2023: 211,187).

R Auerbach redeemed 400,000 of £1 preference shares during the year.

Key management personnel comprise the directors, a sales director and a financial controller. Disclosure of directors' remuneration is provided in Note 4.

16.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr R Auerbach.