MENAI MEATS (WALES) LIMITED

Registered number

07992951

Report and Financial Statements

31 August 2024

MENAI MEATS (WALES) LIMITED
Report and accounts
Contents




Page

Company information	1
Director's report	2
Strategic report	3
Independent auditor's report	4
Income statement	6
Statement of comprehensive income	7
Statement of financial position	8
Statement of changes in equity	9
Statement of cash flows	10
Notes to the financial statements	11

MENAI MEATS (WALES) LIMITED

Company Information

Director

Mr Mohammed Akram

Auditors

Gordon Levy Limited

Suite 5, 4th Floor

3 Universal Square, Devonshire Street North

Manchester

M12 6JH

Registered office

168 City Road

Cardiff

CF24 3JE

Registered number

07992951

MENAI MEATS (WALES) LIMITED
Registered number:		07992951
Director's Report

The director presents his report and financial statements for the year ended 31 August 2024.

Principal activities
The company's principal activity during the year continued to be that of wholesale of Meat & Meat products.

Directors
The following persons served as directors during the year:

	Mr Mohammed Akram

Director's responsibilities

The director is responsible for preparing the report and financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.


Disclosure of information to auditors

The director confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.



This report was approved by the board on 30 September 2025 and signed on its behalf.


Mohammed Akram
Director

MENAI MEATS (WALES) LIMITED
Strategic Report

Sales turnover during the year was £59,849,427 which was an increase of 28.54% compared with £46,561,149 last year. Trading margins were 3.54% and the company's gross profit margin has decreased by 2.33 % compared to the previous year (2023: 5.87%). The directors are of the view that the marginal increase in the profit margin is due to cost cutting initiatives and better interanl controls in purchasing and selling activities taken place during the period. Directors are optimistic that the future margins will be more stable due to tighter cost cutting exercise and better internal controls in purchasing and selling activities. Being an essential goods company , the demand for the company's products has not decreased .During the financial year, the pandemic had affected both sales and purchase prices for the six months until the year end and also the following financial year. The Director anticipates further positive growth in the company , building on its current success.


This report was approved by the board on 30 September 2025 and signed on its behalf.



Mohammed Akram
Director

MENAI MEATS (WALES) LIMITED
Independent auditor's report
to the member of MENAI MEATS (WALES) LIMITED

Opinion

We have audited the financial statements of MENAI MEATS (WALES) LIMITED (the 'company') for the year ended 31 August 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the 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 August 2024 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

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 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, 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. Based on our understanding of the group and parent company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation. To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:- Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;- Inspecting correspondence, if any, with relevant licensing or regulatory authorities;- Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. In addition, we evaluated the directors' and management's incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions. Our audit procedures in relation to fraud included but were not limited to:- Making enquiries of the directors and management on whether they had knowledge of any actual,suspected or alleged fraud;- Gaining an understanding of the internal controls established to mitigate risks related to fraud;- Discussing amongst the engagement team the risks of fraud; and- Addressing the risks of fraud through management override of controls by performing journal entry testing. There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud tests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's 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.


Mr Gordon Levy
(Senior Statutory Auditor)		Suite 5, 4th Floor
for and on behalf of		3 Universal Square, Devonshire Street North
Gordon Levy Limited		Manchester
Statutory Auditor
30 September 2025		M12 6JH

MENAI MEATS (WALES) LIMITED
Income Statement
for the year ended 31 August 2024


Notes		2024		2023
£			£

Turnover	2	59,849,427		46,561,149

Cost of sales		(57,726,501)		(43,826,853)

Gross profit		2,122,926		2,734,296

Distribution costs		(1,560,687)		(1,402,945)
Administrative expenses		(386,769)		(627,178)
Other operating income		9,146		(296,944)

Operating profit	3	184,616		407,229

Profit on sale of fixed assets		5,512		-
Interest receivable		-		6

Profit on ordinary activities before taxation		190,128		407,235

Tax on profit on ordinary activities	5	86,626		(132,945)

Profit for the financial year		276,754		274,290

MENAI MEATS (WALES) LIMITED
Statement of Comprehensive Income
for the year ended 31 August 2024


Notes	2024		2023
£		£

Profit for the financial year	276,754		274,290

Other comprehensive income

Total comprehensive income for the year	276,754		274,290

MENAI MEATS (WALES) LIMITED
Statement of Financial Position
as at 31 August 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	6		498,424			664,566

Current assets
Debtors	7	7,238,654			4,529,295
Cash at bank and in hand		17,174			419,476
		7,255,828			4,948,771

Creditors: amounts falling due within one year	8	(5,720,945)			(3,815,280)

Net current assets			1,534,883			1,133,491

Total assets less current liabilities			2,033,307			1,798,057


Provisions for liabilities
Deferred taxation	9		(124,197)			(165,701)

Net assets			1,909,110			1,632,356

Capital and reserves
Called up share capital	10		100			100
Profit and loss account	11		1,909,010			1,632,256

Total equity			1,909,110			1,632,356



Mohammed Akram
Director
Approved by the board on 30 September 2025

MENAI MEATS (WALES) LIMITED
Statement of Changes in Equity
for the year ended 31 August 2024

Share		Share		Other		Profit		Total
capital		premium		reserves		and loss
account
£		£		£		£		£

At 1 September 2022	100		-		-		1,357,966		1,358,066

Profit for the financial year							274,290		274,290


At 31 August 2023	100		-		-		1,632,256		1,632,356



At 1 September 2023	100		-		-		1,632,256		1,632,356

Profit for the financial year							276,754		276,754


At 31 August 2024	100		-		-		1,909,010		1,909,110

MENAI MEATS (WALES) LIMITED
Statement of Cash Flows
for the year ended 31 August 2024

Notes		2024		2023
£			£
Operating activities
Profit for the financial year		276,754		274,290

Adjustments for:
Profit on sale of fixed assets		(5,512)		-
Interest receivable		-		(6)
Tax on profit on ordinary activities		(86,626)		132,945
Depreciation		171,735		221,522
Decrease in stocks		-		450
Increase in debtors		(2,709,359)		(838,995)
Increase in creditors		1,638,152		1,028,931
		(714,856)		819,137

Interest received		-		6
Corporation tax paid		15,003		(35,031)

Cash (used in)/generated by operating activities		(699,853)		784,112

Investing activities
Payments to acquire tangible fixed assets		(33,561)		-
Proceeds from sale of tangible fixed assets		33,480		-

Cash used in investing activities		(81)		-

Net cash (used)/generated
Cash (used in)/generated by operating activities		(699,853)		784,112
Cash used in investing activities		(81)		-

Net cash (used)/generated		(699,934)		784,112

Cash and cash equivalents at 1 September		419,476		(364,636)
Cash and cash equivalents at 31 August		(280,458)		419,476

Cash and cash equivalents comprise:
Cash at bank		17,174		419,476
Bank overdrafts	8	(297,632)		-
		(280,458)		419,476

MENAI MEATS (WALES) LIMITED
Notes to the Accounts for the year ended 31 August 2024

Pak Mecca Meats Limited is a private company, limited by shares, registered in England and Wales.The company's registered number is 03386185 and registered office address is 162 Bishop Street Birmingham B5 7EJ.

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery			25% reducing balance


	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

2	Analysis of turnover					2024		2023
£							£

	Sale of goods					59,849,427		46,561,149

	By geographical market:

	UK					59,849,427		46,561,149


3	Operating profit					2024		2023
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					171,735		221,522
	Auditors' remuneration for audit services					3,750		3,000
	Auditors' remuneration for other services					(14,420)		3,000
	Carrying amount of stock sold					53,688,843		40,233,829


4	Staff costs					2024		2023
£							£

	Wages and salaries					-		-
	Social security costs					-		-
	Other pension costs					-		-
						-		-


	Average number of employees during the year					Number	Number

						-		-


5	Taxation					2024		2023
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					89,406		135,251
	Adjustments in respect of previous periods					(134,528)		-
						(45,122)		135,251

	Deferred tax:
	Origination and reversal of timing differences					(41,504)		(2,306)


	Tax on (loss)/profit on ordinary activities					(86,626)		132,945


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2024		2023
£							£
	Profit on ordinary activities before tax					190,128		407,235

	Standard rate of corporation tax in the UK					25%		22%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					87,617		89,592

	Effects of:
	Expenses not deductible for tax purposes					(45,845)		(1,975)
	Capital allowances for period in excess of depreciation					47,634		47,634
	Adjustments to tax charge in respect of previous periods					(134,528)		-

	Current tax charge for period					(45,122)		135,251


	Factors that may affect future tax charges



6	Tangible fixed assets
								Plant and machinery
								At cost
£
	Cost or valuation
	At 1 September 2023							1,016,000
	Additions							33,561
	Disposals							(33,561)
	At 31 August 2024							1,016,000

	Depreciation
	At 1 September 2023							351,434
	Charge for the year							171,735
	On disposals							(5,593)
	At 31 August 2024							517,576

	Carrying amount
	At 31 August 2024							498,424
	At 31 August 2023							664,566


7	Debtors					2024		2023
£							£

	Trade debtors					3,443,880		2,408,194
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					3,616,080		1,854,734
	Other debtors					178,694		266,367
						7,238,654		4,529,295


8	Creditors: amounts falling due within one year					2024		2023
£							£

	Bank overdrafts					297,632		-
	Trade creditors					4,990,155		3,347,583
	Corporation tax					224,656		254,775
	Other taxes and social security costs					1,388		1,388
	Directors account					87,733		87,733
	Accruals and deferred income					119,381		123,801
						5,720,945		3,815,280


9	Deferred taxation					2024		2023
£							£

	Accelerated capital allowances					124,197		165,701


						2024		2023
£							£

	At 1 September					165,701		168,007
	Credited to the profit and loss account					(41,504)		(2,306)

	At 31 August					124,197		165,701



10	Share capital	Nominal		2024		2024		2023
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		100		100		100


11	Profit and loss account					2024		2023
£							£

	At 1 September					1,632,256		1,357,966
	Profit for the financial year					276,754		274,290

	At 31 August					1,909,010		1,632,256


12	Controlling party

	In the opinion of the directors Mr Mohammed Akram is the ultimate controlling party. Due to the fact Mr Akram is also a person with significant control in the parent company Pak Mecca Meats Ltd that holds 100% shareholdings of Menai Meats (Wales) Ltd from 01 July 2016.


13	Presentation currency

	The financial statements are presented in Sterling.


14	Legal form of entity and country of incorporation

	MENAI MEATS (WALES) LIMITED is a private company limited by shares and incorporated in England.


15	Principal place of business

	The address of the company's principal place of business and registered office is:

	168 City Road
	Cardiff
	CF24 3JE

	Principal place of business
	162
	Bishop street
	Birmingham
	B5 7EJ