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Registered number: SC651695
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FROSTKRONE UK LIMITED
COMPANY INFORMATION
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FROSTKRONE UK LIMITED
CONTENTS
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FROSTKRONE UK LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors have pleasure in presenting their strategic report for the period ended 31 December 2024.
The Group is an award-winning producer of bespoke food for the foodservice and retail sectors, with a balanced portfolio of blue-chip customers in the UK, EU and beyond.
The Frostkrone UK Group is part of the larger Frostkrone Food Group headquartered in Germany, which comprises of food manufacturing businesses based in a number of different countries. This has given the UK Group the ability to leverage operational and commercial synergies and drive revenue growth opportunities. The Directors are confident that further benefits will arise from this association over the coming years. Despite being faced with ongoing macro-economic challenges, not least the continued cost-of-living crisis and higher than normal rates of inflation, the UK Group was successful in increasing its sales revenues on a like-for-like basis in 2024. The Group continues to focus on new product development as a company USP and fundamental strategy to drive sustainable growth in the future, as well investing in enhancing capabilities and new efficiency measures. Gross profit margins were significantly up year-on-year as a percentage of revenue following a product profitability review within the group, despite raw material cost inflation in some areas. The Group continued to optimise its operational performance, continuing areas of improvement highlighted in the previous year, however it also faced some operational challenges towards the end of 2024, with a boiler breakdown and challenges with effluent disposal. The Group recorded a financial loss of £4.5m for 2024, compared with a loss of £4.6m in 2023. These figures included Goodwill amortisation charges of £3.0m in each financial year. In the competitive environment, the Group is focused on maintaining strong relationships with key customers to drive Sales Revenues while delivering operational efficiency improvements and investing in key areas of the business that will guarantee its future success. The Directors are confident that the business will continue to improve these areas and overall financial performance in 2025, however latest forecasts indicate flat year on year Sales Revenues and a decline in overall profitability. Cash balances remained positive at the end of 2024, with working capital being closely managed and capital expenditure being financed through operational cash flow.
Key performance indicators are monitored over key areas including the monitoring of actual results against budget and prior periods. One of the Group’s key performance indicators is turnover growth. Turnover increased to £75.1m compared to £66.9m in the previous year, an overall growth rate of 12.2%. This was largely due to year-on-year volume growth with new and existing customers.
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FROSTKRONE UK LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal risks centre around volatility in the external macroeconomic environment. The past few years have seen huge levels of uncertainty, including increasing raw material prices and high inflation in general, high interest rates and an ongoing cost of living crisis. All of these factors have a direct impact on demand for the Group’s products. Despite predictions, interest rates only fell towards the end of 2024, maintaining a challenging environment.
The Group believes that it continues to be well placed to meet these challenges due to its continuing investment in people, capital equipment and new product development for its wide and balanced customer portfolio. Sales, profit and cash performance is monitored on a weekly basis and decisions made accordingly. Interest rate risk – Borrowings consist of loans from fellow Frostkrone Group companies at a fixed rate of interest and fixed rate hire purchase finance, which alleviates the interest rate risks. Currency risk – A proportion of cash balances are held in Euros to mitigate this risk. Foreign exchange rates are regularly monitored. The UK Group does not hedge currency risk due to materiality but our German based parent does. Supply risk – Regular conversations are held with overseas and UK suppliers and partner companies to manage supply chains to best effect.
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FROSTKRONE UK LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors of Frostkrone UK Limited must act in accordance with a set of general duties. These include a duty under Section 172 of the Companies Act to promote the success of the group and in doing so they must have regard (amongst other things) to the factors summarised below:
a) the likely consequences of any decision on the long term b) the interest of the company's employees c) the need to foster the company's business relationship with suppliers, customers and others d) the impact of the company's operations on the community and environment e) the desirability of the company maintaining a reputation for high standards of business conduct f) the need to act fairly between shareholders of the company Most of the stakeholder engagement is carried out by the board of directors who meet on a regular basis. The board considers and discusses the information across the organisation to help it understand the company's operations, and the interests and views of the key stakeholders. Main supporting elements for this are: • yearly budgeting • rolling forecast on a quarterly basis • monthly reporting meetings to the board and the shareholders • monthly sales meetings with the respective entities • quarterly meetings of the advisory board of the holding entity In these meetings the development of the entity and its subsidiaries is controlled, based on financial, commercial and operational key performance indicators as well as deviation analysis, and adequate reactions to response to any deviation are decided and monitored. The UK Group continues to work on various synergy initiatives within the wider Frostkrone Group. These are designed to further drive commonality of approach where appropriate, best practice sharing and greater use of the overall Groups resources and capabilities.
This report was approved by the board and signed on its behalf.
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FROSTKRONE UK 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.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £4,546,524 (2023 - loss £4,649,001).
There are no proposed dividends for the period ended 31 December 2024.
The directors who served during the year were:
Core operations remain healthy and the directors consider the business to be in a strong financial position to exploit future opportunities, working in collaboration with its sister businesses in the Frostkrone Group.
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FROSTKRONE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Frostkrone UK Limited seeks to ensure that all its businesses operate sound and progressive employment policies to the mutual benefit of employees and the group. The Group places considerable importance on consultation and communication with all employees. Managers are required to develop appropriate communication procedures to ensure that all employees are properly informed of developments within the businesses to which they belong.
Engagement with customers
Frostkrone UK Limited has a dedicated Commercial team on the ground in the UK with a key focus on developing and solidifying relationships with its customer base. This centres on regular communication flows as well as hosting customers on a regular basis for product development and exchanges on customer expectations. Engagement with suppliers Frostkrone UK Limited works with all suppliers to embrace consistent standards of ethical behaviour. The supply chain team is creating regular touchpoints, allowing for positive engagement and exchanges on updates and new developments. Engagement with the community Frostkrone UK Limited considers and reviews the impact itself and its subsidiaries have on the local community and gets involved in local projects. These have included beside others food donations to local charities.
The Group's greenhouse gas emissions and energy consumption for the year are as follows:
• Scope 1 CO²: 596 t. • Scope 2 CO²: 0 t. • Scope 3 CO²: 70,190 t. • Total CO²: 70,786 t. Energy consumption used to calculate above emissions is 11,560 Mwh. Scope 1 covers emissions directly from business sources; scope 2 covers emissions from purchased sources – as a business we source green energy; scope 3 (new) covers life cycle emissions – those that arise across the whole value chain. As a business, we continually focus on energy reduction and efficiency projects.
Methodology:
• Baseline values of companies from different categories of CO² consumption are used. Clustered according to Scope 1, Scope 2 and Scope 3 according to GHG (Greenhouse Gas Protocol). • These are evaluated with standard industry values and output as a CO² balance.
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FROSTKRONE UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the Group since the year end.
The auditors, Sumer Auditco Limited (Statutory Auditor), will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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FROSTKRONE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FROSTKRONE UK LIMITED
We have audited the financial statements of Frostkrone UK Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Group 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.
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 Group's or the parent 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.
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FROSTKRONE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FROSTKRONE UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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FROSTKRONE UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FROSTKRONE UK LIMITED (CONTINUED)
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 Group 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, 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 or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above 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. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
This report is made solely to the Company's members 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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Pentland House
Saltire Centre
Fife
KY6 2AH
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FROSTKRONE UK LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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FROSTKRONE UK LIMITED
REGISTERED NUMBER: SC651695
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 35 form part of these financial statements.
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FROSTKRONE UK LIMITED
REGISTERED NUMBER: SC651695
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 17 to 35 form part of these financial statements.
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FROSTKRONE UK LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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FROSTKRONE UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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FROSTKRONE UK LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FROSTKRONE UK LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Frostkrone UK Limited is a private company, limited by shares, incorporated in Scotland; with registration number: SC651695. The registered office address is Barncraig Boreland Road, Dysart, Kirkcaldy, Fife, KY1 2YG.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £. The principal activity of the Group was that of producing and selling frozen food.
2.Accounting policies
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors, having made due and careful enquiry, are of the opinion that the Group and Company has adequate working capital to execute their operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group and Company has adequate resources to continue in the operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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:
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.
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Assets that are subject to depreciation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount in the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows. Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group 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 Group's Statement of financial position when the Group 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.
The directors review the valuation method on a regular basis to ensure that the carrying value of stock remains appropriate. Due consideration is given to amounts realised following the year end in relation to stock included in the financial statements at the year end. The directors review depreciation rates on a regular basis to ensure that the policy rates remain appropriate and fairly charge the cost of fixed assets over their predicted useful lives for each specific category of fixed assets. Management determine whether there are any indicators of impairment in the company’s subsidiaries company investment. The directors consider current financial position and projected future financial performance in making such assessments.
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The whole of the turnover is attributable to the trade of food products.
Analysis of turnover by country of destination:
Page 23
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 24
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 25
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
12.Taxation (continued)
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent Company for the year was £
Page 26
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
16.Tangible fixed assets (continued)
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 31
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Secured loans
Obligations under finance lease and hire purchase contracts are secured by the assets they relate to.
Page 32
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 33
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
25.Deferred taxation (continued)
Page 34
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FROSTKRONE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Share premium account
Profit and loss account
The company has taken the exemption available under FRS 102 not to disclosure transactions with other wholly owned members of the Group.
The immediate parent company is Mozzaxx Holding 1 GmbH and the ultimate parent is Mozzaxx Co-Invest GmbH & Co. KG, a limited partnership registered in Germany.
A floating charge is in place in favour of Wilmington Trust SP Services (Frankfurt) GmbH as security agent pursuant to a EUR 122,500,000 facilities agreement (originally dated 31 January 2019 and subjected to future amendments) available to other group companies.
The Group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £410,948 (2023 - £330,691). Contributions totalling £54,973 (2023 - £25,339) were payable to the funds at the reporting date and are included in creditors.
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