Buitelaar Foods Limited iXBRL

Company Registration Number: 12432392

Buitelaar Foods Limited

Reports and Financial Statements

for the financial year ended 31 December 2024

Buitelaar Foods Limited

DIRECTORS AND OTHER INFORMATION


Directors	Adam Buitelaar
	Clare Buitelaar
	James Buitelaar


Company Registration Number	12432392


Registered Office and Business Address	Ground Floor Unit 9, Grimbald Crag Court
	Knaresborough
	HG5 8QB
	England


Independent Auditors	MBM
	Chartered Accountants and Statutory Audit Firm
	Bracetown Business Park
	Dublin 15
	Ireland


Bankers	HSBC UK
	60 Albert Road
	Middlesbrough
	TS1 1RS
	United Kingdom

Buitelaar Foods Limited

STRATEGIC REPORT

for the financial year ended 31 December 2024

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

Review of the Company's Business

The company was incorporated on the 29th January 2020 by Adam, Clare and James Buitelaar. It did not trade in 2020, but in 2021, the share capital of the company was transferred, 50:50 to the Buitelaar Group and Buitelaar Holdings Limited. From there, the company purchased the pet food segment from the Buitelaar Group, and began to trade in 2021.

Established in 1922, with nearly 100 years and five generations of success behind it, the family owned Buitelaar Group specializes in providing sustainable, higher welfare beef supply chain solutions.

As a progressive and forward-thinking business, the Buitelaar Group has become a source of excellence in the animal lifecycle, through extensive investment in collaborative research and innovation to assist farmers through industry challenges. Underpinned by our knowledgeable, specialist Tech Team and coupled with our strong relationships with
industry partners, we offer on-farm support and guidance to develop sustainable and profitable solutions for the farmer.

The involvement of the directors in the entire supply chain has allowed them to source only the highest quality raw material for pet food production.

Research and Development
A Buitelaar Group owned rearing facility with a dedicated team of rearing staff and a controlled and transparent environment enables continuous and controlled research and development in the name of advancement of farming. The company leverages off this activity to ensure the production of high quality pet food.

Our Tech Team
Located across the UK, a highly knowledgeable and experienced team of industry specialists are on hand to give advice and support to supply chain producers. This team is involved in both the main activities of the Group and in the activities of Buitelaar Foods Limited.

Raw Materials and Pet Food
With five generations of experience behind us, we pride ourselves as experts in bringing premium raw materials to both domestic and international pet food industries. Running our own award-winning integrated beef supply chain, we truly understand the importance placed upon transparency, traceability and quality.

Our dried, liquid and frozen pet food and raw materials are the result of everything we’ve learnt from working with food producers from one end of the chain to the other. Continuously building on our extensive learnings, through research, innovation and development, our raw materials are carefully monitored and assessed on quality, sustainability and traceability.

As farmers ourselves, the Group’s ethos means we consistently place higher welfare at the forefront of every decision. Built on higher welfare values, our close relationships with our trusted partners ensure all Buitelaar Group sourced pet food originates directly from accredited farms and processors and is fully traceable. Our services include sourcing on demand, quality checks, foreign body removal, screenings, arranging veterinary documents and transport.

Working at the forefront of the pet food industry, we maintain a strong focus on new product development and innovation, concentrating on animal welfare, supply chain efficiencies and continually bringing added value to the customer.

Our pet food raw materials arise from lamb, beef, chicken, duck, goose, goat, turkey, pork, rabbit, venison, wild boar and fish.

Development and Performance

The company accomplished £16.7 million in turnover in its first year of trading, in 2021, and this was significantly surpassed in 2022 with a turnover figure of £33.2 million. In 2023 there was a significant drop in turnover, to £28.8 million due to “one off” opportunities in our meat sales division in 2022. 2022 was the exceptional year and not likely to be repeated. In 2024, the Company achieved turnover of £31.3 million, an increase of 8.7%.

From a gross profit margin of 15.7% in its first year, the company has increased this KPI to 18.2% in its second year, resulting in and increase in gross profit from £2.6 million in 2021 to £6 million in 2022, an increase of £3.4 million. However, in 2023, gross profit fell to 15.6%, which, combined with the fall in sales, resulted in a fall in gross profit to £4.5 million, a fall of £1.5 million from the prior year. In 2024, the Company achieved a gross profit of £4.6 million with a gross profit percentage of 14.7%.

Financial Key Performance Indicators

The company, currently operates with 2 key performance indicators, sales growth and gross profit margin per deal. Sales growth is dependent on the stock of raw material acquired and its subsequent sale along with the margin negotiated in the sales price.

Sales had risen 97% in the period from 2021 to 2022, but there has been a fall between 2022 and 2023 of 13%. In 2024, the Company achieved turnover of £31.3 million, an increase of 8.7%.
The gross profit margin rose from 15.72% to 18.24% in the period from 2021 to 2022, but fell to 15.6% in the 2023 year.
In 2024, the Company achieved a gross profit of £4.6 million with a gross profit percentage of 14.7%.

Key Performance Indicators

The Key Performance Indicators during the financial year were as follows:


	2024	2023
	£	£
Turnover	31,310,387	28,772,267
Cost of goods sold	26,655,350	24,288,765
Gross profit %	15	16
Gross profit	4,655,037	4,483,502
Profit on ordinary activities before taxation	3,150,236	2,175,545
Shareholders' Funds	6,273,241	4,393,745

Key Stakeholders

Members
The company is partially owned by the Wildhold Limited and partially owned by Buitelaar Holdings Limited. The ultimate beneficiaries of the company and the Group are family members. The leadership and membership are of the same mind in almost all strategic, operational and business matters.

Suppliers and Partners
The company has been through a continuous phase of expansion due to the quality of the relationships it maintains
with suppliers and partners. Both the company and its suppliers and partners are constantly seeking out ways to
improve procedures, processes and trading activities to their mutual benefit.

Regulators and government
It is imperative that the company build and maintain a reputation for quality and safety. This is best accomplished
through excellence in policy and procedures in an already well-regulated industry. Critical to this, is to have an open
and honest relationship with industry regulators, a central focus of the company.

Society
The Buitelaar Group, to which, the company is a connected party, is a key player in a food supply chain. Quality is everything and both the Group and the Company will tolerate nothing but the highest standards in the food it supplies to the Public.

Section 172 Companies Act 2006

The Directors recognize their duty under S.172 in their deliberation as a board on all matters. Decisions made by the Board take into account the interests of all Company key stakeholders and reflect the Board’s belief that the long-term sustainable success of the Company is linked directly to them.

Environment

Given the nature of the activities of the company, operating in a highly regulated supply chain, the company sets the highest standards in terms of environmentalism and preserving the health of the countryside in all of its activities. As a company connected to the UK‘s largest integrated supply chain, we are proud to champion sustainable British farming through the creation and development of our blueprint of best practice.

Employees

The leadership of the company credit the employees of the company with the success of the business. Passion and dedication for the business is encouraged amongst the employees and by creating an inspiring and meaningful environment, the staff remain motivated and dedicated to the success of the company.

On behalf of the board




___________________________
Clare Buitelaar
Director

30 September 2025

Buitelaar Foods Limited

DIRECTORS' REPORT

for the financial year ended 31 December 2024

The directors present their report and the audited financial statements for the financial year ended 31 December 2024.

Principal Activity

The principal activity of the company is that of a trading company involved in the purchase and sale of pet food and meat products.

Results and Dividends

The profit for the financial year after providing for depreciation and taxation amounted to £2,436,874 (2023 - £1,654,112).

The directors have paid a final dividend amounting to £557,378.

Directors

The directors who served during the financial year are as follows:

Adam Buitelaar

Clare Buitelaar

James Buitelaar

There were no changes in shareholdings between 31 December 2024 and the date of signing the financial statements.

In accordance with the Constitution, the directors retire by rotation and, being eligible, offer themselves for re-election.

Future Developments

The company plans to continue its present activities and current trading levels. Employees are kept as fully informed as practicable about developments within the business.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.

Political Contributions

The company did not make any disclosable political donations in the current financial year.

Statement of Directors' Responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 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 and apply them consistently;

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

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

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

Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditors

The auditors, MBM, (Chartered Accountants) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.

On behalf of the board

___________________________

Clare Buitelaar

Director

30 September 2025

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Buitelaar Foods Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Buitelaar Foods Limited ('the company') for the financial year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Cash Flow Statement and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the financial 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 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 the Provisions Available for Audits of Small Entities, in the circumstances set out in Note to the financial statements, 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 the date 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.

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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.

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

adequate accounting records have not been kept; or

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 for the financial statements

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 they 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 has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the recognition of revenue. Our audit procedures to respond to these risks included:
- enquiry of management about the Company’s policies, procedures and related controls regarding
   compliance with laws and regulations and if there are any known instances of non-compliance;
- examining supporting documents for all material balances, transactions and disclosures;
- review of the board meeting minutes;
- enquiry of management and review of legal expenditure;
- detailed testing of a sample of sales made during the year and around the year and agreeing
   these through to invoices and dispatch records;
- testing the appropriateness of a sample of significant journal entries recorded in the general ledger and
   other adjustments made in the preparation of the financial statements; and
- review of accounting estimates for biases.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our 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.

__________________________________

Ray Mulligan (Senior Statutory Auditor)

for and on behalf of

MBM

Chartered Accountants and Statutory Audit Firm

Bracetown Business Park

Dublin 15

Ireland

30 September 2025

Buitelaar Foods Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Buitelaar Foods Limited

PROFIT AND LOSS ACCOUNT

for the financial year ended 31 December 2024

	2024	2023
Notes	£	£

Turnover	3	31,310,387	28,772,267

Cost of sales		(26,655,350)	(24,288,765)
		─────────	─────────
Gross profit		4,655,037	4,483,502

Administrative expenses		(1,859,176)	(2,350,351)
Other operating income		316,566	-
		─────────	─────────
Operating profit	4	3,112,427	2,133,151

Interest receivable and similar income	5	40,217	42,738
Interest payable and similar charges	6	(2,408)	(344)
		─────────	─────────
Profit on ordinary activities before taxation		3,150,236	2,175,545

Tax on profit on ordinary activities	8	(713,362)	(521,433)
		─────────	─────────
Profit for the financial year		2,436,874	1,654,112
		─────────	─────────
Total comprehensive income		2,436,874	1,654,112

Equity dividends		(557,378)	(1,077,685)
Retained profit brought forward		4,393,545	3,817,118
		─────────	─────────
Retained profit carried forward		6,273,041	4,393,545
		═════════	═════════

Buitelaar Foods Limited

Company Registration Number: 12432392

BALANCE SHEET

as at 31 December 2024

		2024	2023
	Notes	£	£

Fixed Assets

Intangible assets

171,000

199,500

─────────

Current Assets

Stocks

1,044,570

1,954,648

Debtors

5,578,007

3,361,328

Cash and cash equivalents

2,659,255

2,162,312

─────────

9,281,832

7,478,288

─────────

Creditors: amounts falling due within one year

(3,179,591)

(3,284,043)

─────────

Net Current Assets

6,102,241

4,194,245

─────────

Total Assets less Current Liabilities

6,273,241

4,393,745

═════════

Capital and Reserves

Called up share capital

200

200

Retained earnings

6,273,041

4,393,545

─────────

Equity attributable to owners of the company

6,273,241

4,393,745

═════════

Approved by the Board and authorised for issue on 30 September 2025 and signed on its behalf by




________________________________
Clare Buitelaar
Director

Buitelaar Foods Limited

CASH FLOW STATEMENT

for the financial year ended 31 December 2024

	2024	2023
Notes	£	£

Cash flows from operating activities

Profit for the financial year

2,436,874

1,654,112

Adjustments for:

Interest receivable and similar income

(40,217)

(42,738)

Interest payable and similar charges

2,408

344

Tax on profit on ordinary activities

713,362

521,433

Depreciation

28,500

30,996

─────────

3,140,927

2,164,147

Movements in working capital:

Movement in stocks

910,078

603,307

Movement in debtors

(1,668,770)

198,494

Movement in creditors

(368,990)

(224,408)

─────────

Cash generated from operations

2,013,245

2,741,540

Interest paid

(2,408)

(344)

Tax paid

(510,000)

(803,213)

Tax repaid

107,177

─────────

Net cash generated from operating activities

1,608,014

1,937,983

─────────

Cash flows from investing activities

Interest received

65,413

17,542

─────────

Cash flows from financing activities

Advances to connected parties		(573,105)	222,553
Movement in funding from connected parties		(42,570)	(229,106)
Dividends paid		(557,378)	(1,077,685)
		─────────	─────────
Net cash used in financing activities		(1,173,053)	(1,084,238)
		─────────	─────────

Net increase in cash and cash equivalents		500,374	871,287
Cash and cash equivalents at beginning of financial year		2,153,881	1,282,594
		─────────	─────────
Cash and cash equivalents at end of financial year	14	2,654,255	2,153,881
		═════════	═════════

Buitelaar Foods Limited

NOTES TO THE FINANCIAL STATEMENTS

for the financial year ended 31 December 2024

General Information

Buitelaar Foods Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 12432392. The registered office of the company is Ground Floor Unit 9, Grimbald Crag Court, Knaresborough, HG5 8QB, England which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report.

Currency

The financial statements have been presented in Pound (£) which is also the functional currency of the company.

Summary of Significant Accounting Policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.

Statement of compliance

The financial statements of the company for the financial year ended 31 December 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.

Turnover

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Goodwill

Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Tangible assets and depreciation

Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

Motor vehicles

33.33% Straight line

The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Balance Sheet bank overdrafts are shown within Creditors.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Employee benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.

Taxation and deferred taxation

Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.

Research and development

Research expenditure is written off to the Profit and Loss Account in the financial year in which it is incurred.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

Turnover

An analysis of turnover by class of business and geographical market is not given as, in the opinion of the directors, this would be seriously prejudicial to the company's interest.


4.	Operating profit	2024	2023
		£	£
	Operating profit is stated after charging/(crediting):
	Amortisation of intangible assets	28,500	28,500
	Depreciation of tangible assets	-	2,496
	Research and development
	- expenditure in current financial year	764	-
	Loss/(profit) on foreign currencies	26,732	(1,868)
	Auditor's remuneration
	- audit services	15,867	9,626
		═════════	═════════


5.	Interest receivable and similar income	2024	2023
		£	£

	Bank interest	40,217	17,542
	Other interest	-	25,196
		─────────	─────────
		40,217	42,738
		═════════	═════════


6.	Interest payable and similar charges	2024	2023
		£	£

	On bank loans and overdrafts	2,408	344
		═════════	═════════

Employees and remuneration

Number of employees

The average number of persons employed (including executive directors) during the financial year was as follows:

2024

2023

Number

Number

Administration

Management

─────────

═════════

The staff costs comprise:

2024

2023

Wages and salaries

632,792

993,234

Social security costs

66,881

77,764

Pension costs

13,972

19,745

─────────

713,645

1,090,743

═════════

Tax on profit on ordinary activities

2024

2023

(a) Analysis of charge in the financial year

Current tax:

Corporation tax at 25.00% (2023 - 23.50%)

794,346

518,220

Under / (over) provision in prior financial year

(80,984)

3,213

─────────

Total current tax

713,362

521,433

═════════

(b) Factors affecting tax charge for the financial year

The tax assessed for the financial year differs from the standard rate of corporation tax in the United Kingdom 25.00% (2023 - 23.50%). The differences are explained below:

2024

2023

Profit taxable at 25.00%

3,150,236

2,175,545

═════════

Profit on ordinary activities before tax

multiplied by the standard rate of corporation tax

in the United Kingdom at 25.00% (2023 - 23.50%)

787,559

511,253

Effects of:

Capital allowances for period in excess of depreciation

(338)

270

Amortization adjustment

7,125

6,697

Under / (over) provision in prior financial year

(80,984)

3,213

─────────

Total tax charge for the financial year (Note 8 (a))

713,362

521,433

═════════


9.	Dividends	2024	2023
		£	£
	Dividends on equity shares:

	Ordinary Shares - Final paid	557,378	1,077,685
		═════════	═════════


10.	Intangible assets

		Goodwill	Total
		£	£
	Cost
	At 1 January 2024	285,000	285,000
		─────────	─────────

	At 31 December 2024	285,000	285,000
		─────────	─────────
	Amortisation
	At 1 January 2024	85,500	85,500
	Charge for financial year	28,500	28,500
		─────────	─────────
	At 31 December 2024	114,000	114,000
		─────────	─────────
	Net book value
	At 31 December 2024	171,000	171,000
		═════════	═════════
	At 31 December 2023	199,500	199,500
		═════════	═════════


11.	Tangible assets
		Motor
		vehicles

		£
	Cost
	At 1 January 2024	7,488
		─────────

	At 31 December 2024	7,488
		─────────
	Depreciation
	At 1 January 2024	7,488
		─────────

	At 31 December 2024	7,488
		─────────
	Net book value
	At 31 December 2024	-
		═════════

12.

Stocks

2024

2023

Finished goods and goods for resale

1,044,570

1,954,648

═════════

The replacement cost of stock did not differ significantly from the figures shown.


13.	Debtors	2024	2023
		£	£

	Trade debtors	4,070,141	2,620,933
	Amounts owed by connected parties (Note 21)	1,320,552	513,830
	Other debtors	-	3,420
	Directors' current accounts (Note 20)	2,079	-
	Taxation (Note 16)	38,942	45,466
	Prepayments and accrued income	146,293	177,679
		─────────	─────────
		5,578,007	3,361,328
		═════════	═════════


14.	Cash and cash equivalents	2024	2023
		£	£

	Cash and bank balances	2,659,255	2,162,312
	Bank overdrafts	(5,000)	(8,431)
		─────────	─────────
		2,654,255	2,153,881
		═════════	═════════


15.	Creditors	2024	2023
	Amounts falling due within one year	£	£

	Bank overdrafts	5,000	8,431
	Payments received on account	-	91,451
	Trade creditors	956,312	932,408
	Amounts owed to connected parties (Note 21)	430,849	490,158
	Taxation (Note 16)	507,735	202,801
	Other creditors	3,412	4,124
	Accruals	1,276,283	1,554,670
		─────────	─────────
		3,179,591	3,284,043
		═════════	═════════


16.	Taxation	2024	2023
		£	£

	Debtors:
	VAT	38,942	45,466
		═════════	═════════
	Creditors:
	Corporation tax	497,567	187,028
	PAYE / NI	10,168	15,773
		─────────	─────────
		507,735	202,801
		═════════	═════════


17.	Share capital			2024	2023
				£	£
	Description	Number of shares	Value of units

	Allotted, called up and fully paid
	Ordinary Shares	200	£1.00 each	200	200

				═════════	═════════

18.

Capital commitments

The company had no material capital commitments at the financial year-ended 31 December 2024.

19.

Contingent liabilities

There are no contingent liabilities in the company, requiring disclosure in or adjustment to, the financial statements.

20.

Directors' transactions

The following advances were made to the directors:

Balance at

Movement

Balance at

Maximum

31/12/24

in financial year

01/01/24

in financial year

Adam Buitelaar

2,079

═════════

21.

Related party transactions

Balance

Balance

2024

2023

Buitelaar Production (UK) Limited

263,262

372,829

Buitelaar NL BV

374,618

141,001

Caravel Foods (UK) Limited

680,369

Caravel Foods Limited

2,303

─────────

1,320,552

513,830

═════════

The following amounts are due to other connected parties:

2024

2023

Buitelaar Production (UK) Limited

16,739

Buitelaar NL BV

385,621

371,271

Buitelaar Production Limited

45,228

102,148

─────────

430,849

490,158

═════════

Net balances with other connected parties:

2024

2023

Buitelaar Production (UK) Limited

263,262

356,090

Buitelaar NL BV

(11,003)

(230,270)

Buitelaar Production Limited

(45,228)

(102,148)

Caravel Foods (UK) Limited

680,369

Caravel Foods Limited

2,303

─────────

889,703

23,672

═════════

22.

Post-Balance Sheet Events

There have been no significant events affecting the company since the financial year-end.

23.

Ultimate controlling party

The ultimate controlling party of the company are the directors, who indirectly own the share capital of the company.