Glendale Foods Limited 31/12/2024 iXBRL

Company registration number: 01906927

Glendale Foods Limited

Financial statements

2 October 2023 to 31 December 2024

Glendale Foods Limited

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of comprehensive income

Statement of financial position

Statement of changes in equity

Statement of cash flows

Notes to the financial statements

Glendale Foods Limited

Directors and other information


Directors	Mr P Burkitt	(Resigned 3 May 2024)
	Mr M Jones	(Resigned 3 May 2024)
	Mr A Somji	(Appointed 3 May 2024)
	Mr S A Somji	(Appointed 3 May 2024)
	Mr S D Whittaker	(Appointed 3 May 2024)
	Mr K A Somji	(Appointed 7 March 2025)
	Mr S Wood	(Appointed 7 March 2025)


Secretary	S Revill


Company number	01906927


Registered office	Glendale House
	Cobden Street
	Salford
	Manchester
	M6 6LX


Business address	Glendale House
	Cobden Street
	Salford
	Manchester
	M6 6LX


Auditor	Downham Morris & Co
	45/49 Greek Street
	Stockport
	Cheshire
	SK3 8AX




	Bankers	Lloyds Bank plc
		53 King Street
		Manchester
		M60 2ES

Glendale Foods Limited

Strategic report

Period 2 October 2023 to 31 December 2024

Principal activities

The principal activity of the company during the period was the manufacture and distribution of frozen food products.

Results and performance

During the extended financial period, the company performed effectively in a competitive and volatile environment where food & manufacturing industries in particular face unprecedented challenges including, but not limited to, inflation and interest rate increases. The company achieved turnover of £30,482,368 for the 2024 financial period. The increase in turnover levels occurs as a result of a three month extension to the company's financial period end to align with that of its ultimate parent undertaking. Consequently, the company achieved a gross margin of 30.5% and an operating profit of £593,822.

The company has achieved an acceptable level of profitability in the face of numerous economic challenges and this is a testament to the strength of management and team of staff.

The company achieved BRC Global Standard Grade AA approval at its production site in Salford.

The company continued to implement internal product development initiatives and supply chain analyses during the period in order to maximise operational effectiveness and efficiencies.

The company continues to focus on maintaining strong relationships with its core customer base.

Final dividends of £144,018 (2023: £277,541) were declared.

The directors are satisfied with performance levels in the 2024 financial period and look forward to growth during 2025.

Principal risks and uncertainties

The risks facing the company are assessed on an ongoing basis by the directors. They evaluate the likelihood and potential impact of each risk and ensure appropriate action is taken to mitigate them.

Financial risk

The company's objective of financial risk management is to reduce the impact of price fluctuations and other factors of uncertainty in financial markets on earnings, cash flows and statement of financial position, as well as to ensure sufficient liquidity and working capital exists.

Credit risk

The company monitors credit risk closely and considers that its current policy on credit checks meets its objectives of managing exposure in this area.

The company has no significant concentration of credit risk with exposure spread over a large number of customers.

Liquidity risk

The company manages liquidity risk by ensuring that its day-to-day working capital requirements are met via availability of sufficient liquid funds and by having a balanced maturity profile of long-term debt.

Fraud

The company has a strong control framework in respect of potential fraud or other dishonest behaviour which is regularly reviewed by the directors and senior management.

Product safety

The quality and safety of our products is of the highest importance and there are stringent controls in place to ensure product safety and integrity. Food hygiene practices are extremely important and are monitored through regular audits to ensure compliance with the relevant standards.

Key Performance Indicators

The directors monitor sales orders, associated expenditure and bank payments on a regular basis and interim management accounts are produced for review by the board for the purpose of performance analysis.

The directors consider that the company's key performance indicators are measured by turnover, profit margins and profit levels.

Going concern

The company continues to improve its levels of trade and production at sustainable margins though the UK economy continues to face growth and inflationary pressures and resulted in sustained consecutive interest rate rises and cost of living crises.

The company has considerable financial resources together with a number of customers and suppliers across different geographical areas and industries. The directors consider that the company has sufficient liquid reserves and a significant unencumbered asset base which may be utilised for further funding to remain solvent throughout further periods of turbulence and, as a consequence, the directors believe the company is well placed to manage its business risks successfully despite the uncertain economic outlook.

The directors' assessment of going concern is based on the latest available financial and non-financial information and government guidance. Stress testing has been conducted and considered, taking into account any potential business disruptions and impact on revenue that may occur from future economic uncertainty.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and accounts.

Research and development

The company continues to conduct research and development activities into innovative products and services.

Outlook and future developments

The full impact and implications of world events which have ushered in high power costs, inflation and interest rates remain difficult to predict in the UK and in the economic sectors in which the company operates, though the company continues to trade at profitable levels with the goal to increase sales year on year at sustainable margins.

While market conditions are expected to remain challenging, the directors remain confident that an effective operating framework is in place to maintain growth and performance in 2025.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

.........................

Mr S A Somji

Director

Glendale Foods Limited

Directors report

Period 2 October 2023 to 31 December 2024

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

Incorporation

The company's registered office and principal place of business is located at Glendale House, Cobden Street, Salford, Manchester, M6 6LX.

Directors

The directors who served the company during the period were as follows:


Mr P Burkitt				(Resigned 3 May 2024)
Mr M Jones				(Resigned 3 May 2024)
Mr A Somji				(Appointed 3 May 2024)
Mr S A Somji				(Appointed 3 May 2024)
Mr S D Whittaker				(Appointed 3 May 2024)

Dividends

Particulars of recommended dividends are detailed in note 13 to the financial statements.

Future developments

In spite of challenging market conditions, the directors expect the company to continue trading at profitable levels with the goal to increase sales year on year at sustainable margins and the directors remain confident that an effective operating framework is in place to maintain growth and performance in 2025.

Financial instruments

Financial instruments that are debt instruments measured at amortised cost comprise of trade debtors, intercompany loans and cash at bank and in hand.

Financial liabilities measured at amortised cost consist of bank borrowings, obligations under finance leases, intercompany loans, directors' loans and trade creditors.

The main risks arising from these financial instruments are credit risk, interest rate risk and liquidity risk. The risks facing the company are assessed on an ongoing basis by the directors and appropriate action is taken to mitigate them.

Disclosure of information in the strategic report.

The company's business activities together with factors likely to affect its financial position, financial risk management objectives and exposures to risk are described in the strategic report on pages 2 - 3. The company has disclosed an indication of its activities in the field of research and development as well as future developments of the business in the strategic report. The directors' assessment of going concern can be found in the strategic report.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, 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 period. 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 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 judgments and accounting estimates that are reasonable and prudent; and

- 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 29 September 2025 and signed on behalf of the board by:

.........................

Mr A Somji

Director

Glendale Foods Limited

Independent auditor's report to the members of

Glendale Foods Limited

Period 2 October 2023 to 31 December 2024

Opinion

We have audited the financial statements of Glendale Foods Limited (the 'company') for the period ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 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 directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report has 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 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 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: Based on our understanding and accumulated knowledge of the company and the sector in which it operates, we considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud and whether such actions or non-compliance might have a material effect on the financial statements. These included but were not limited to those that relate to the form and content of the financial statements, such as the company accounting policies, the financial reporting framework and the UK Companies Act 2006. All team members were briefed to ensure they were aware of any relevant regulations in relation to their work.We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates as well as inappropriate revenue cut-off. Our audit procedures included, but were not limited to:- Agreement of the financial statement disclosures to underlying supporting documentation;- Identifying and testing journal entries, with a focus on journals indicating large or unusual transactions based on our understanding of the business;- Discussions with management, including consideration of known or suspected instances of non- compliance with laws and regulation and fraud; - Obtaining an understanding of the control environment in monitoring compliance with laws and regulations.Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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.

.........................

Ian Gwynfor Morris FCCA (Senior Statutory Auditor)

For and on behalf of

Downham Morris & Co

Statutory Auditor

45/49 Greek Street

Stockport

Cheshire

SK3 8AX

29 September 2025

Glendale Foods Limited

Statement of comprehensive income

Period 2 October 2023 to 31 December 2024

		Period	Period
		02/10/23-	03/10/22-
		31/12/24	01/10/23
	Note	£	£


Turnover	5	30,482,368	27,432,114
Cost of sales		( 21,202,691)	( 19,098,666)
		_______	_______
Gross profit		9,279,677	8,333,448

Distribution costs		( 2,279,909)	( 1,829,711)
Administrative expenses		( 6,417,728)	( 4,310,038)
Other operating income	6	11,782	9,426
		_______	_______
Operating profit	7	593,822	2,203,125

Other interest receivable and similar income	10	168	-
Interest payable and similar expenses	11	( 87,720)	( 79,449)
		_______	_______
Profit before taxation		506,270	2,123,676

Tax on profit	12	( 139,029)	( 493,910)
		_______	_______
Profit for the financial period and total comprehensive income		367,241	1,629,766
		_______	_______

All the activities of the company are from continuing operations.

Glendale Foods Limited

Statement of financial position

31 December 2024

		31/12/24		01/10/23
	Note	£	£	£	£

Fixed assets
Tangible assets	14	4,289,016		4,421,913
Investments	15	400		400
		_______		_______
			4,289,416		4,422,313

Current assets
Stocks	16	2,800,444		3,236,246
Debtors	17	5,596,001		5,659,883
Cash at bank and in hand		166,511		2,609,473
		_______		_______
		8,562,956		11,505,602
Creditors: amounts falling due
within one year	18	( 4,446,186)		( 6,920,737)
		_______		_______
Net current assets			4,116,770		4,584,865
			_______		_______
Total assets less current liabilities			8,406,186		9,007,178

Creditors: amounts falling due
after more than one year	19		( 82,798)		( 899,880)

Provisions for liabilities	20		( 745,627)		( 752,760)

			_______		_______
Net assets			7,577,761		7,354,538
			_______		_______

Capital and reserves
Called up share capital	24		40,000		40,000
Profit and loss account	25		7,537,761		7,314,538
			_______		_______
Shareholders funds			7,577,761		7,354,538
			_______		_______

These financial statements were approved by the board of directors and authorised for issue on 29 September 2025 , and are signed on behalf of the board by:

.........................

Mr S A Somji

Director

Company registration number: 01906927

Glendale Foods Limited

Statement of changes in equity

Period 2 October 2023 to 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£


At 3 October 2022	40,000	5,962,313	6,002,313

Profit for the period		1,629,766	1,629,766
	_______	_______	_______
Total comprehensive income for the period	-	1,629,766	1,629,766

Dividends paid and payable		( 277,541)	( 277,541)
	_______	_______	_______
Total investments by and distributions to owners	-	( 277,541)	( 277,541)

	_______	_______	_______
At 1 October 2023 and 2 October 2023	40,000	7,314,538	7,354,538

Profit for the period		367,241	367,241
	_______	_______	_______
Total comprehensive income for the period	-	367,241	367,241

Dividends paid and payable		( 144,018)	( 144,018)
	_______	_______	_______
Total investments by and distributions to owners	-	( 144,018)	( 144,018)

	_______	_______	_______
At 31 December 2024	40,000	7,537,761	7,577,761
	_______	_______	_______

Glendale Foods Limited

Statement of cash flows

Period 2 October 2023 to 31 December 2024

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	£	£

Cash flows from operating activities
Profit for the financial period	367,241	1,629,766

Adjustments for:
Depreciation of tangible assets	860,935	636,883
Government grant income	( 11,782)	( 9,426)
Other interest receivable and similar income	( 168)	-
Interest payable and similar expenses	87,720	79,449
Gain/(loss) on disposal of tangible assets	-	( 13,783)
Tax on profit	139,029	493,910
Accrued expenses/(income)	299,293	( 144,898)

Changes in:
Stocks	435,802	( 402,619)
Trade and other debtors	63,882	( 990,885)
Trade and other creditors	( 2,654,858)	( 209,660)
	_______	_______
Cash generated from operations	( 412,906)	1,068,737

Interest paid	( 87,720)	( 79,449)
Interest received	168	-
Tax paid	( 306,878)	( 224,175)
	_______	_______
Net cash (used in)/from operating activities	( 807,336)	765,113
	_______	_______

Cash flows from investing activities
Purchase of tangible assets	( 728,038)	( 1,238,975)
Proceeds from sale of tangible assets	-	19,000
	_______	_______
Net cash used in investing activities	( 728,038)	( 1,219,975)
	_______	_______
Cash flows from financing activities
Repayments of borrowings	( 1,067,746)	( 272,992)
Proceeds from loans from group undertakings	292,394	-
Government grant income	11,782	9,426
Payment of finance lease liabilities	-	( 30,510)
Equity dividends paid	( 144,018)	( 277,541)
	_______	_______
Net cash used in financing activities	( 907,588)	( 571,617)
	_______	_______

Net increase/(decrease) in cash and cash equivalents	( 2,442,962)	( 1,026,479)
Cash and cash equivalents at beginning of period	2,609,473	3,635,952
	_______	_______
Cash and cash equivalents at end of period	166,511	2,609,473
	_______	_______

Glendale Foods Limited

Notes to the financial statements

Period 2 October 2023 to 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Glendale House, Cobden Street, Salford, Manchester, M6 6LX.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Interest income is recognised as interest accrues using the effective interest method.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Research and development

Research expenditure is written off in the period in which it is incurred.

Tangible assets

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.The carrying values of tangible fixed assets are reviewed for impairment when events and changes in circumstances indicate the carrying value may not be recoverable.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Freehold property	-	50 years straight line
Plant and machinery	-	10 years straight line & 15% reducing balance
Fittings fixtures and equipment	-	4 to 10 years straight line
Motor vehicles	-	4 years straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is determined using the standard cost method. The cost of finished goods and work in progress comprises raw materials, direct labour and other direct costs based on a normal level of activity. It excludes borrowing costs. Costs are regularly reviewed and, if necessary, revised in the light of current conditions. Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its net realisable value is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Critical accounting policies

In the application of the company's accounting policies, which are described in note 3, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the company's accounting policies

The directors do not consider that the amounts recognised in the current or prior financial period's financial statements have been significantly affected by any critical judgements made in the process of applying the company's accounting policies.

Key sources of estimation uncertainty

Provision against bad and doubtful debts receivable

Customer and other debtors are reviewed on a line-by-line basis at each financial period end. Provision against bad debts, which is netted against the debtors to which it relates, is made when notification is received from the administrators. Prior to this point, the risk of doubtful debts is mitigated through regular credit reviews. As at the period end the directors have no material concerns over the recoverability of the company's debtors.

Provision against slow-moving, obsolete or irrecoverable stock

Stock is reviewed on an ongoing basis and a provision made where directors are of the opinion that specific raw materials and goods for resale may be irrecoverable. As at the period end the directors have no material concerns over the recoverability of the company's stock.

5. Turnover

Turnover arises from:

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	£	£
Sale of goods	30,482,368	27,432,114
	_______	_______

The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	£	£
United Kingdom	29,069,340	26,598,392
Europe	1,413,028	833,722
	_______	_______
	30,482,368	27,432,114
	_______	_______

6. Other operating income

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	£	£
Government grant income	11,782	9,426
	_______	_______

7. Operating profit

Operating profit is stated after charging/(crediting):

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	£	£
Depreciation of tangible assets	860,935	636,883
(Gain)/loss on disposal of tangible assets	-	( 13,783)
Impairment of trade debtors	2,734	9,657
Operating lease rentals	27,587	18,901
Foreign exchange differences	1,254	4,247
Fees payable for the audit of the financial statements	46,000	42,500
	_______	_______

8. Staff costs

The average number of persons employed by the company during the period, including the directors, amounted to:

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
Production staff	89	92
Administrative staff	31	22
	_______	_______
	120	114
	_______	_______

The aggregate payroll costs incurred during the period were:

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	£	£
Wages and salaries	6,554,642	4,784,910
Other pension costs	153,259	111,820
	_______	_______
	6,707,901	4,896,730
	_______	_______

9. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	£	£
Remuneration	13,893	29,104
Company contributions to pension schemes in respect of qualifying services	42,392	13,750
	_______	_______
	56,285	42,854
	_______	_______

The number of directors who accrued benefits under company pension plans was as follows:

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	Number	Number
Defined contribution plans	-	2
	_______	_______

10. Other interest receivable and similar income

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	£	£
Other interest receivable and similar income	168	-
	_______	_______

11. Interest payable and similar expenses

		Period	Period
		02/10/23-	03/10/22-
		31/12/24	01/10/23
		£	£
Bank loans and overdrafts		73,090	70,120
Other loans made to the company:
	Finance leases and hire purchase contracts	-	3,660
Other interest payable and similar expenses		14,630	5,669
		_______	_______
		87,720	79,449
		_______	_______

12. Tax on profit

Major components of tax expense

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	£	£
Current tax:
UK current tax expense	146,162	306,878
Adjustments in respect of previous periods	-	9,931
	_______	_______
Total current tax	146,162	316,809

Deferred tax:
Origination and reversal of timing differences	( 7,133)	177,101
	_______	_______
Tax on profit	139,029	493,910
	_______	_______

Reconciliation of tax expense

The tax assessed on the profit for the period is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25.00 % (2023: 25.00%).

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	£	£
Profit before taxation	506,270	2,123,676
	_______	_______

Profit multiplied by rate of tax	126,568	530,919
Adjustments in respect of prior periods	-	9,931
Effect of expenses not deductible for tax purposes	4,620	6,015
Effect of capital allowances and depreciation	14,974	( 167,046)
Deferred taxation	( 7,133)	177,101
Adjustment for tax charge change in period	-	( 63,010)
	_______	_______
Tax on profit	139,029	493,910
	_______	_______

13. Dividends

Equity dividends

	Period	Period
	02/10/23-	03/10/22-
	31/12/24	01/10/23
	£	£
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period)	144,018	277,541
	_______	_______

14. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£	£
Cost
At 2 October 2023	1,193,281	7,242,554	1,572,038	165,265	10,173,138
Additions	-	643,119	84,919	-	728,038
	_______	_______	_______	_______	_______
At 31 December 2024	1,193,281	7,885,673	1,656,957	165,265	10,901,176
	_______	_______	_______	_______	_______
Depreciation
At 2 October 2023	178,790	4,335,537	1,189,844	47,054	5,751,225
Charge for the year	24,832	600,594	184,398	51,111	860,935
	_______	_______	_______	_______	_______
At 31 December 2024	203,622	4,936,131	1,374,242	98,165	6,612,160
	_______	_______	_______	_______	_______
Carrying amount
At 31 December 2024	989,659	2,949,542	282,715	67,100	4,289,016
	_______	_______	_______	_______	_______
At 1 October 2023	1,014,491	2,907,017	382,194	118,211	4,421,913
	_______	_______	_______	_______	_______

15. Investments

	Shares in group undertakings	Total
	£	£
Cost
At 2 October 2023 and 31 December 2024	400	400
	_______	_______
Impairment
At 2 October 2023 and 31 December 2024	-	-
	_______	_______
Carrying amount
At 31 December 2024	400	400
	_______	_______
At 1 October 2023	400	400
	_______	_______

Investments are not listed and are held at cost less impairment as fair value cannot be reliably determined.

Investments in group undertakings
	Registered office	Class of share	Percentage of shares held
Subsidiary undertakings
The Great British Pudding Company Ltd	Cobden Street Salford M6 6LX	Ordinary	100

16. Stocks

	31/12/24	01/10/23
	£	£
Raw materials	2,026,663	2,653,735
Finished goods	773,781	582,511
	_______	_______
	2,800,444	3,236,246
	_______	_______

Cost of stocks recognised as an expense in the period 2 October 2023 to 31 December 2024 was £15,788,687 (3 October 2022 to 01 October 2023: £14,760,495).

17. Debtors

	31/12/24	01/10/23
	£	£
Trade debtors	4,202,643	4,366,547
Amounts owed by group undertakings	520,097	1,040,100
Prepayments and accrued income	518,639	164,569
Other debtors	354,622	88,667
	_______	_______
	5,596,001	5,659,883
	_______	_______

Provision for the impairment of trade debtors as at 31 December 2024 was £nil (01 October 2023: £9,657).

18. Creditors: amounts falling due within one year

	31/12/24	01/10/23
	£	£
Bank loans and overdrafts	-	262,446
Trade creditors	2,942,965	2,474,953
Amounts owed to group undertakings	292,394	-
Accruals and deferred income	852,737	553,444
Corporation tax	146,162	306,878
Social security and other taxes	138,449	98,196
Other creditors	73,479	3,224,820
	_______	_______
	4,446,186	6,920,737
	_______	_______

HSBC UK Bank plc holds a first legal charge fixed and floating over the freehold land and buildings at 24 Cobden Street, Salford, M6 6LX as security on a £2m loan facility which the company shares as part of the borrowing group. The company commenced to draw down on the facility in May 2024. The rate of interest chargeable on the facility is the Bank of England base rate plus 2.00% per annum and is chargeable to the company. A first legal charge held by Lloyds Bank Plc over the freehold land and buildings was satisfied in full during the period. For liabilities included in 'other creditors', an unlimited debenture held by Lloyds Bank Commercial Finance Limited was satisfied in full in May 2024. A Lloyds Bank Plc loan and a Coronavirus Business Interruption Loan Scheme loan were repaid during the period and all charges related thereto were satisfied in full in May 2024. Hire purchase and finance lease liabilities are secured on the relevant assets to which they relate.

19. Creditors: amounts falling due after more than one year

	31/12/24	01/10/23
	£	£
Bank loans and overdrafts	-	805,300
Accruals and deferred income	82,798	94,580
	_______	_______
	82,798	899,880
	_______	_______

HSBC UK Bank plc holds a first legal charge fixed and floating over the freehold land and buildings at 24 Cobden Street, Salford, M6 6LX as security on a £2m loan facility which the company shares as part of the borrowing group. The company commenced to draw down on the facility in May 2024. The rate of interest chargeable on the facility is the Bank of England base rate plus 2.00% per annum and is chargeable to the company. A first legal charge held by Lloyds Bank Plc over the freehold land and buildings was satisfied in full during the period. A Lloyds Bank Plc loan and a Coronavirus Business Interruption Loan Scheme loan were repaid during the period and all charges related thereto were satisfied in full in May 2024. Included within creditors: amounts falling due after more than one year is an amount of £nil (1 October 2023: £222,704) in respect of bank loans payable or repayable by instalments which fall due for payment after more than five years from the reporting date. Hire purchase and finance lease liabilities are secured on the relevant assets to which they relate.

20. Provisions

	Deferred tax (note 21)	Total
	£	£
At 2 October 2023	752,760	752,760
Charges against provisions	( 7,133)	( 7,133)
	_______	_______
At 31 December 2024	745,627	745,627
	_______	_______

21. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	31/12/24	01/10/23
	£	£
Included in provisions (note 20)	745,627	752,760
	_______	_______

The deferred tax account consists of the tax effect of timing differences in respect of:

	31/12/24	01/10/23
	£	£
Accelerated capital allowances	743,658	752,760
Pension plan obligations	1,969	-
	_______	_______
	745,627	752,760
	_______	_______

22. Employee benefits

The amount recognised in profit or loss for the period 2 October 2023 to 31 December 2024 in relation to defined contribution plans was £153,259 (3 October 2022 to 1 October 2023: £111,820).

Unpaid pension contributions at the period end date amounted to £26,918 (01 October 2023: £30,092).

23. Government grants

	31/12/24	01/10/23
	£	£
At start of period	104,006	113,432
Released to the profit or loss	(11,782)	(9,426)
	_______	_______
At end of period	92,224	104,006
	_______	_______

The amounts recognised in the financial statements for government grants are as follows:

	31/12/24	01/10/23
	£	£
Recognised in creditors:
Deferred government grants due within one year	9,426	9,426
Deferred government grants due after more than one year	82,798	94,580
	_______	_______
	92,224	104,006
	_______	_______
Recognised in other operating income:
Government grants recognised directly in income	11,782	9,426
	_______	_______

UK Government funded grants are credited to the statement of comprehensive income over the expected useful economic life of the related asset on a basis consistent with that asset's depreciation policy.

24. Called up share capital

Issued, called up and fully paid

	31/12/24		01/10/23
	No	£	No	£
Ordinary shares shares of £ 1.00 each	40,000	40,000	40,000	40,000
	_______	_______	_______	_______

25. Reserves

The profit and loss account reserve records retained earnings and accumulated losses.

26. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	85,946	62,802
Later than 1 year and not later than 5 years	143,994	162,506
	_______	_______
	229,940	225,308
	_______	_______

The company uses operating leases to hire plant & machinery and motor vehicles. These leases have terms of renewal which are at the option of the lessee.

27. Directors advances, credits and guarantees

During the period, there were no advances to or repayments from the directors. The amount outstanding between the company and its directors at the period end date was £nil (1 October 2023: £nil).

28. Related party transactions

During the period the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	Period	Period	Period	Period
	02/10/23-	03/10/22-	02/10/23-	03/10/22-
	31/12/24	01/10/23	31/12/24	01/10/23
	£	£	£	£
Milehouse Foods Limited	-	-	520,097	1,040,100
Supreme Foods Limited	144,018	277,541	-	-
The Great British Pudding Company Limited	-	-	( 400)	( 400)
	_______	_______	_______	_______

During the period 2 October 2023 to 31 December 2024, dividends of £144,018 (3 October 2022 to 01 October 2023: £277,541) were voted to Supreme Foods Limited, the company's immediate parent undertaking.During the period 2 October 2023 to 31 December 2024, the company incurred management expenses totalling £157,000 (3 October 2022 to 1 October 2023: £nil) payable to Integra (UK) Investment Holdings Limited, a group undertaking.At the period end date, the sum of £520,097 (01 October 2023: £1,040,100) was owed to the company from Milehouse Foods Limited, a group undertaking and this amount is included in the debtors note on page 24. The interest rate chargeable to the company is base rate plus 2.00% and the loan is repayable on demand.At the period end date, the sum of £292,394 (01 October 2023: £nil) was owed by the company to Integra (UK) Investment Holdings Limited, a group undertaking and this amount is included in the creditors: amounts falling due within one year note on page 25. No interest is charged on this amount and the the loan is repayable on demand.

29. Key management personnel

The board considers that key management is effectively comprised of the directors and senior managers.

30. Controlling party

The company is a wholly owned subsidiary of its immediate parent, Supreme Foods Limited whose registered office and principal place of business is Glendale House, Cobden Street, Salford, Manchester, M6 6LX.The company's ultimate parent undertaking is Shallan (UK) Limited, a company incorporated in England whose registered office is situated at 5th Floor, Regina House, 124 Finchley Road, London, NW3 5HT.