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Registered number: 02590412
















WINNING BLEND LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024


































img7a64.png


WINNING BLEND LIMITED

 
COMPANY INFORMATION


DIRECTORS
M R Woodington 
P J Hobbs 
P R Robey 
S Dean 
M R Sommers 
S J New (appointed 25 June 2025)
E Condon (appointed 30 July 2025)




COMPANY SECRETARY
M R Sommers



REGISTERED NUMBER
02590412



REGISTERED OFFICE
Unit 10 Llantrisant Business Park
Llantrisant

Pontyclun

CF72 8LF




INDEPENDENT AUDITORS
Bishop Fleming Audit Limited
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL






WINNING BLEND LIMITED


CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 25



WINNING BLEND LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

INTRODUCTION
 
The directors have pleasure in submitting their Strategic Report of the company for the year ended 31 December 2024 to comply with s414C of the Companies Act 2006.

STRATEGIC OBJECTIVE & BUSINESS MODEL
 
The company is a wholly owned subsidiary of Indigo Food Group Limited.
The strategic objective of the company is to grow turnover in a sustainable and profitable manner whilst continuing to invest in its manufacturing processes. The senior management team are committed to constantly reviewing processes, procedures, and operating expenses to ensure that they minimise or eliminate waste and monitor costs.

REVIEW OF THE BUSINESS
 
The company has generated turnover of £24.6m (2023: £27.6m) in what continues to be a competitive and highly challenging marketplace servicing the UK's leading supermarket and food retailers.  Commodity price increases have been incurred largely due to inflation, which have spiralled in the wake of the war in Ukraine, leading to the company working closely with the customer base to review the product offering and pricing.
The manufacturing process is under constant review and where appropriate the business invests in capital projects to improve processes and reduce its cost base.
The company continues to hold the Brand Reputation Compliance Global Standards for food safety, undertaking this against issue 9 in September 2025 achieving Grade A+ as well as being successfully audited by both our customers and Environmental Health bodies.
Throughout the year, the company has continued to invest in employees at all levels, which we believe to be important, not least for the productivity gains that result.
 

FUTURE DEVELOPMENTS
 
The Directors are always seeking new markets and new opportunities to take the company forward. The company is well positioned for the 2025 trading year with strong demand from its existing customer base.
Product innovation and recipe development are fundamental to successfully developing and growing the business and the company continues to invest in its development resources and staff to ensure we meet and exceed our customer demands.
The Directors will continue to invest in Capital Expenditure to ensure the business improves its manufacturing efficiency and continues to develop the quality of the products it produces.

Page 1


WINNING BLEND LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

KEY PERFORMANCE INDICATORS (KPIs)
 
The company uses KPIs to monitor the performance against its strategy. KPIs used include sales growth, customer service level, waste and manufacturing efficiency. The directors consider it commercially sensitive to disclose these in the financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

The company is subject to a number of risks and uncertainties. The Directors are continually monitoring the risks and uncertainties affecting the company and where possible put in place steps to mitigate these risks. The key areas of principal risk or uncertainty and the mitigating actions and controls are as follows:
Commodity prices - changes in commodity prices, utilities and other raw materials could impact the company margins and financial performance or customer value. Mitigating action: where possible securing fixed pricing with suppliers to limit price volatility and obtain best value, as well as running periodic reviews of market pricing and adjusting prices accordingly. 
Product Quality & Safety - excellent food safety is imperative to maintain consumer confidence in our products. Mitigating action: procedures exist to ensure food safety is maintained, supported by robust audit processes, both internally and by external regulatory bodies. 
 


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



M R Sommers
Director

Date: 29 September 2025

Page 2


WINNING BLEND 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.

PRINCIPAL ACTIVITY

The principal activity of the company is that of the manufacture of savoury food products. 

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £492,003 (2023: 490,001).

During the period the company declared and paid dividends of £850,000 (2023: £Nil).

DIRECTORS

The directors who served during the year were:

M R Woodington 
P J Hobbs 
P R Robey 
S Dean 
M R Sommers 

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 auditorsBishop Fleming Audit Limitedwill 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.
 






M R Sommers
Director

Date: 29 September 2025

Unit 10 Llantrisant Business Park
Llantrisant
Pontyclun
CF72 8LF

Page 3


WINNING BLEND LIMITED

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

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 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Page 4


WINNING BLEND LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINNING BLEND LIMITED
OPINION


We have audited the financial statements of Winning Blend Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 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.


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 ReportOur 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.


Page 5


WINNING BLEND LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINNING BLEND LIMITED (CONTINUED)

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.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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.


Page 6


WINNING BLEND LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINNING BLEND LIMITED (CONTINUED)

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:

We have considered the nature of the industry and sector, control environment and business performance.
We have considered the results of our enquiries of management, including the Finance Director, about their own identification and assessment of the risk of irregularities.
 
For any matters identified we have obtained and reviewed the Company’s documentation of their policies and procedures relating to:

Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations. 

We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
 
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential area 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 tax legislation.
 
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or to avoid a material penalty. These included British Retail Consortium Food Standard for food safety and health and safety.
 
We identified management override as a key audit matter related to the potential risk of fraud, our procedures to respond to risks identified included the following:
 
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and


 
Page 7


WINNING BLEND LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WINNING BLEND LIMITED (CONTINUED)

Testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
 
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 an 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 would become aware of it.


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 2006Our 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.






Ria Burridge FCCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming Audit Limited
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

30 September 2025
Page 8


WINNING BLEND LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
24,555,097
27,655,119

Cost of sales
  
(17,253,425)
(19,658,673)

Gross profit
  
7,301,672
7,996,446

Distribution costs
  
(1,623,120)
(1,609,533)

Administrative expenses
  
(5,158,702)
(5,742,382)

Other operating income
 5 
253,833
168,215

Operating profit
 6 
773,683
812,746

Interest receivable and similar income
  
11,128
580

Interest payable and similar expenses
 9 
(58,932)
(93,300)

Profit before tax
  
725,879
720,026

Tax on profit
 10 
(233,876)
(230,025)

Profit for the financial year
  
492,003
490,001

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 25 form part of these financial statements.

Page 9


WINNING BLEND LIMITED
REGISTERED NUMBER:02590412

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,741,631
3,056,677

  
2,741,631
3,056,677

Current assets
  

Stocks
 13 
1,195,009
1,832,680

Debtors: amounts falling due within one year
 14 
3,971,605
5,003,445

Cash at bank and in hand
 15 
866,412
436,324

  
6,033,026
7,272,449

Creditors: amounts falling due within one year
 16 
(4,210,766)
(5,106,821)

Net current assets
  
 
 
1,822,260
 
 
2,165,628

Total assets less current liabilities
  
4,563,891
5,222,305

Creditors: amounts falling due after more than one year
 17 
(568,151)
(823,411)

Provisions for liabilities
  

Deferred tax
 19 
(449,589)
(494,746)

Net assets
  
3,546,151
3,904,148


Capital and reserves
  

Called up share capital 
 20 
1,700
1,700

Capital redemption reserve
 21 
4,830
4,830

Profit and loss account
 21 
3,539,621
3,897,618

  
3,546,151
3,904,148


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





M R Sommers
Director

Date: 29 September 2025

The notes on pages 12 to 25 form part of these financial statements.

Page 10


WINNING BLEND LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
1,700
4,830
3,407,617
3,414,147


Comprehensive income for the year

Profit for the year
-
-
490,001
490,001
Total comprehensive income for the year
-
-
490,001
490,001



At 1 January 2024
1,700
4,830
3,897,618
3,904,148


Comprehensive income for the year

Profit for the year
-
-
492,003
492,003
Total comprehensive income for the year
-
-
492,003
492,003


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(850,000)
(850,000)


At 31 December 2024
1,700
4,830
3,539,621
3,546,151


Page 11


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


GENERAL INFORMATION

Winning Blend Limited is a limited liability company incorporated in the UK and registered in England and Wales. The registered office is Unit 10, Llantrisant Business Park, Llantrisant, CF72 8LF, Wales.

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 judgement in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Indigo Food Group Holdings Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.

 
2.3

GOING CONCERN

The directors are satisfied that the Company has sufficient funding available to meet all its liabilities as they fall due. The directors have prepared forecasts which demonstrate the company will be able to operate for a period of at least 12 months within its anticipated cash resources. Therefore the directors have concluded that it is appropriate to prepare the accounts on a going concern basis. 

Page 12


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.4

REVENUE

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.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

INTEREST INCOME

Interest income is recognised in profit or loss 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

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Page 13


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.10

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. 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


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.11

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
Straight line over 2 - 10 years
Fixtures and fittings
-
Straight line over 5 years
Office equipment
-
Straight line over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.12

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to compete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 15


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.16

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 16


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)


2.17
FINANCIAL INSTRUMENTS (CONTINUED)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Page 17


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (continued)

 
2.18

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those 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.
The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Critical judgements
Lease commitments
Management determine whether leases entered into by the company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Depreciation rates
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Sources of estimation uncertainty
Impairment of fixed assets
Management determine whether there are indicators of impairment of the company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
 
Stock Valuation 
Stock is measured at the lower of cost and net realisable value. The company determines whether there are conditions that exist at the balance sheet date that indicates that the net realisable value of individual stock lines are less than the carrying value. Such indicators include post year-end sales, sales order pipeline, and market forces.
Trade Debtor Provision
Management recognise a provision against potential bad debts. Factors to be considered include the ageing profile and known concerns over recoverability of debts. 

Page 18


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


TURNOVER

All turnover arose within the United Kingdom from the company's principal activity.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Other operating income
86,026
-

Sundry income
167,807
168,215

253,833
168,215



6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Depreciation
700,705
884,082

Other operating lease rentals
300,000
300,000


7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,158,281
6,227,255

Social security costs
498,063
474,875

Cost of defined contribution scheme
128,370
128,882

6,784,714
6,831,012


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Employees
223
246

Page 19


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
98,439
87,530

Company contributions to defined contribution pension schemes
4,386
3,223

102,825
90,753



9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
21
26,367

Finance leases and hire purchase contracts
58,911
66,933

58,932
93,300


10.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year/period
233,188
37,149

Adjustments in respect of previous periods
45,845
-


TOTAL CURRENT TAX
279,033
37,149

DEFERRED TAX


Origination and reversal of timing differences
(45,157)
157,080

Changes to tax rates
-
35,796

TOTAL DEFERRED TAX
(45,157)
192,876


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
233,876
230,025
Page 20


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25% (2023: 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
725,879
720,026


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.52%)
181,470
169,354

EFFECTS OF:


Fixed asset differences
5,567
(1,591)

Additional deduction for research and development expenditure
-
17,170

Remeasurement of deferred tax for changes in tax rates
-
9,296

Adjustments to tax charge in respect of prior periods (current tax)
45,845
-

Adjustments to tax charge in respect of prior periods (deferred tax)
994
35,796

TOTAL TAX CHARGE FOR THE YEAR
233,876
230,025


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There are no known factors expected to materially affect future tax charges. 


11.


DIVIDENDS

2024
2023
£
£


Dividends
850,000
-

850,000
-

Page 21


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


TANGIBLE FIXED ASSETS





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



COST OR VALUATION


At 1 January 2024
9,469,779
31,241
407,383
9,908,403


Additions
363,753
14,299
7,607
385,659



At 31 December 2024

9,833,532
45,540
414,990
10,294,062



DEPRECIATION


At 1 January 2024
6,582,808
21,559
247,359
6,851,726


Charge for the year on owned assets
351,196
5,860
16,332
373,388


Charge for the year on financed assets
292,645
-
34,672
327,317



At 31 December 2024

7,226,649
27,419
298,363
7,552,431



NET BOOK VALUE



At 31 December 2024
2,606,883
18,121
116,627
2,741,631



At 31 December 2023
2,886,971
9,682
160,024
3,056,677

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
1,138,422
1,951,610

1,138,422
1,951,610


13.


STOCKS

2024
2023
£
£

Raw materials and consumables
1,097,732
1,728,916

Finished goods and goods for resale
97,277
103,764

1,195,009
1,832,680




Page 22


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


DEBTORS

2024
2023
£
£


Trade debtors
3,472,972
4,121,462

Amounts owed by group undertakings
-
355,064

Other debtors
259,117
282,668

Prepayments and accrued income
239,516
244,251

3,971,605
5,003,445



15.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
866,412
436,324

866,412
436,324



16.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
2,915,631
3,485,042

Amounts owed to group undertakings
1,674
500,000

Corporation tax
230,873
37,866

Other taxation and social security
79,574
109,341

Obligations under finance lease and hire purchase contracts
540,644
471,923

Other creditors
98,559
95,808

Accruals and deferred income
343,811
406,841

4,210,766
5,106,821



17.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
568,151
823,411

568,151
823,411


Page 23


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
540,644
471,923

Between 1-5 years
568,151
823,411

1,108,795
1,295,334


19.


DEFERRED TAXATION




2024


£






At beginning of period
(494,746)


Charged to profit or loss
45,157



AT END OF PERIOD
(449,589)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(449,589)
(497,307)

Short term timing differences
-
2,561

(449,589)
(494,746)


20.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,700 (2023: 1,700) Ordinary Shares shares of £1.00 each
1,700
1,700


Page 24


WINNING BLEND LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


RESERVES

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve representing paid up share capital repurchased by the company

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses. All of which is considered distributable


22.


COMMITMENTS UNDER OPERATING LEASES

At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
304,109
304,109

Later than 1 year and not later than 5 years
901,780
907,190

Later than 5 years
725,833
1,000,000

1,931,722
2,211,299


23.


RELATED PARTY TRANSACTIONS

The company has taken the exemption available under FRS 102 not to disclose transactions with wholly owned members of group headed by Indigo Food Group Holdings Limited, who produces publicly available consolidated financial statements.
During the year the company was charge rent and other expenses totalling £  357,655 (2023: £ 317,117) by Empyrean Properties Limited (formerly known as Safe House Holdings Limited ), a company under common control. 
Key management personnel are considered to be the Directors of the parent, whose remuneration is paid by another group company.


24.


CONTROLLING PARTY

The immediate parent company is Indigo Food Group Limited, a company incorporated in the UK and registered in England and Wales. The ultimate parent company is Indigo Food Group Holdings Limited, a company incorporated in the UK and registered in England and Wales. Indigo Food Group Holdings Limited prepares consolidated accounts for the smallest and largest groups that include the results of Winning Blend Limited. 
The ultimate controlling party is Mr M Woodington

 
Page 25