Company registration number 01036561 (England and Wales)
COUNTRY VALLEY FOODS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
COUNTRY VALLEY FOODS LTD
COMPANY INFORMATION
Directors
Mr SJ Munro
Mr JE Munro
Mr ES Munro
Company number
01036561
Registered office
Gillander House
Leeholme Road
Billingham
Stockton on Tees
TS23 3TA
Auditor
Davies Tracey
Swan House
Westpoint Road
Teesdale Business Park
Stockton on Tees
TS17 6BP
COUNTRY VALLEY FOODS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Statement of cash flows
10
Notes to the financial statements
11 - 24
COUNTRY VALLEY FOODS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

It has been a good year showing an increase on the previous year in turnover and customer base.

We have an ongoing investment plan for the expansion of frozen storage, IT, replacement, and growth of delivery vehicles, and we anticipate continued growth in the coming year during which we will be making significant investment in the business.

Principal risks and uncertainties

The board aims to minimise financial risk at all times.

Exposure to credit risk has been mitigated by taking out credit insurance.

The directors monitor the overall level of borrowings and interest costs to limit any adverse effects on the financial performance of the company.

Key performance indicators

| 2025 |  | 2024
Turnover | £30,574,442 |  | £28,885,692
Gross profit | £5,760,601 |  | £5,967,253
Gross profit margin | 18.84% |  | 20.66%
Operating profit | £1,592,823 |  | £1,998,852
Operating profit margin | 5.21% |  | 6.92%

On behalf of the board

Mr ES Munro
Director
24 October 2025
COUNTRY VALLEY FOODS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company continued to be the wholesale of food and beverages.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £330,480. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr SJ Munro
Mr JE Munro
Mr ES Munro
Statement of directors' responsibilities

The directors are responsible for preparing the annual 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). 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 then apply them consistently;

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

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

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

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

COUNTRY VALLEY FOODS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
On behalf of the board
Mr ES Munro
Director
24 October 2025
COUNTRY VALLEY FOODS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COUNTRY VALLEY FOODS LTD
- 4 -
Opinion

We have audited the financial statements of Country Valley Foods Ltd (the 'company') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, 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 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 March 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 our audit:

- the information given in the strategic report and the directors' r eport 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.

COUNTRY VALLEY FOODS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COUNTRY VALLEY FOODS LTD (CONTINUED)
- 5 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

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' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is the extent to which an audit conducted under ISAs (UK) is capable of detecting irregularity, including fraud. Our procedures include:

- obtaining an understanding of the legal and regulatory frameworks applicable to the company, such as the Companies Act 2006;

- obtaining an understanding of how the company complies with the applicable legal and regulatory frameworks;

- assessing the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, with audit procedures including reviewing internal controls, testing supporting documentation, enquiring of company management and obtaining written confirmation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

COUNTRY VALLEY FOODS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF COUNTRY VALLEY FOODS LTD (CONTINUED)
- 6 -

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.

Christopher Neasham (Senior Statutory Auditor)
For and on behalf of Davies Tracey
Chartered Accountants and Statutory Auditors
Swan House
Westpoint Road
Teesdale Business Park
Stockton on Tees
TS17 6BP
24 October 2025
COUNTRY VALLEY FOODS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2025
2024
Notes
£
£
Turnover
30,574,442
28,885,692
Cost of sales
(24,813,841)
(22,918,439)
Gross profit
5,760,601
5,967,253
Distribution costs
(1,993,962)
(1,830,699)
Administrative expenses
(2,173,816)
(2,147,202)
Other operating income
-
0
9,500
Operating profit
3
1,592,823
1,998,852
Interest receivable and similar income
6
142,470
86,140
Interest payable and similar expenses
7
(61,384)
(63,915)
Profit before taxation
1,673,909
2,021,077
Tax on profit
8
(431,035)
(523,832)
Profit for the financial year
1,242,874
1,497,245

The profit and loss account has been prepared on the basis that all operations are continuing operations.

COUNTRY VALLEY FOODS LTD
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
10
1
1
Tangible assets
11
2,664,683
2,355,027
Investments
12
3
3
2,664,687
2,355,031
Current assets
Stocks
14
1,781,857
1,666,176
Debtors
15
3,245,325
2,588,861
Cash at bank and in hand
3,230,108
2,989,527
8,257,290
7,244,564
Creditors: amounts falling due within one year
16
(2,973,179)
(3,074,730)
Net current assets
5,284,111
4,169,834
Total assets less current liabilities
7,948,798
6,524,865
Creditors: amounts falling due after more than one year
17
(753,100)
(204,314)
Provisions for liabilities
Deferred tax liability
20
275,410
312,657
(275,410)
(312,657)
Net assets
6,920,288
6,007,894
Capital and reserves
Called up share capital
22
1,502
1,502
Capital redemption reserve
5,000
5,000
Profit and loss reserves
6,913,786
6,001,392
Total equity
6,920,288
6,007,894
The financial statements were approved by the board of directors and authorised for issue on 24 October 2025 and are signed on its behalf by:
Mr ES Munro
Director
Company registration number 01036561 (England and Wales)
COUNTRY VALLEY FOODS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
1,500
5,000
4,830,413
4,836,913
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
1,497,245
1,497,245
Issue of share capital
22
2
-
-
2
Dividends
9
-
-
(326,266)
(326,266)
Balance at 31 March 2024
1,502
5,000
6,001,392
6,007,894
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
1,242,874
1,242,874
Dividends
9
-
-
(330,480)
(330,480)
Balance at 31 March 2025
1,502
5,000
6,913,786
6,920,288
COUNTRY VALLEY FOODS LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
1,295,395
2,778,238
Interest paid
(61,384)
(63,915)
Income taxes paid
(478,756)
(730,137)
Net cash inflow from operating activities
755,255
1,984,186
Investing activities
Purchase of tangible fixed assets
(695,274)
(320,916)
Proceeds from disposal of tangible fixed assets
3,566
69,375
Interest received
142,470
86,140
Net cash used in investing activities
(549,238)
(165,401)
Financing activities
Proceeds from issue of shares
-
0
2
Proceeds from borrowings
5,303
-
0
Repayment of borrowings
-
0
(29,109)
Proceeds from new bank loans
700,000
-
0
Repayment of bank loans
(91,104)
(303,933)
Payment of finance leases obligations
(249,155)
(222,557)
Dividends paid
(330,480)
(326,266)
Net cash generated from/(used in) financing activities
34,564
(881,863)
Net increase in cash and cash equivalents
240,581
936,922
Cash and cash equivalents at beginning of year
2,989,527
2,052,605
Cash and cash equivalents at end of year
3,230,108
2,989,527
COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
1
Accounting policies
Company information

Country Valley Foods Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Gillander House, Leeholme Road, Billingham, Stockton on Tees, TS23 3TA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements present information about the company as an individual entity and not about its group. Consolidated accounts are not prepared on the basis that the company's subsidiaries are not material for the purpose of giving a true and fair view.

The accounting date is the Friday nearest to 31 March. Consequently the financial statements to 3 1 March 20 25 are for a 52 week period to 28 March 2025 with comparative figures for the 52 weeks to 29 March 20 24.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2.5% on cost
Plant and equipment
15 - 25% on cost
Motor vehicles
25% on cost

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 16 -
3
Operating profit
2025
2024
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,400
14,400
Depreciation of owned tangible fixed assets
308,717
300,830
Depreciation of tangible fixed assets held under finance leases
228,290
223,266
Loss on disposal of tangible fixed assets
3,141
7,944
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Production
36
31
Distribution
43
45
Administrative
19
19
Management
3
3
Total
101
98

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,988,650
2,708,119
Social security costs
291,941
258,842
Pension costs
181,886
177,169
3,462,477
3,144,130
5
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
59,397
72,175
Company pension contributions to defined contribution schemes
120,000
120,000
179,397
192,175

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 17 -
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
138,715
85,959
Other interest income
3,755
181
Total income
142,470
86,140
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
138,715
85,959
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
8,869
15,098
Dividends on redeemable preference shares not classified as equity
30,000
30,000
38,869
45,098
Other finance costs:
Interest on finance leases and hire purchase contracts
22,515
18,817
61,384
63,915
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
468,282
536,756
Deferred tax
Origination and reversal of timing differences
(37,247)
(12,924)
Total tax charge
431,035
523,832
COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
8
Taxation
(Continued)
- 18 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,673,909
2,021,077
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
418,477
505,269
Tax effect of expenses that are not deductible in determining taxable profit
16,376
18,563
Deferred tax adjustments in respect of prior years
(3,818)
-
0
Taxation charge for the year
431,035
523,832
9
Dividends
2025
2024
£
£
Interim paid
330,480
326,266
10
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
1
Amortisation and impairment
At 1 April 2024 and 31 March 2025
-
0
Carrying amount
At 31 March 2025
1
At 31 March 2024
1
COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
11
Tangible fixed assets
Freehold buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
1,540,036
1,891,526
1,704,925
5,136,487
Additions
490,195
99,631
263,544
853,370
Disposals
-
0
(23,793)
(64,078)
(87,871)
At 31 March 2025
2,030,231
1,967,364
1,904,391
5,901,986
Depreciation and impairment
At 1 April 2024
263,571
1,514,581
1,003,308
2,781,460
Depreciation charged in the year
28,894
181,611
326,502
537,007
Eliminated in respect of disposals
-
0
(17,088)
(64,076)
(81,164)
At 31 March 2025
292,465
1,679,104
1,265,734
3,237,303
Carrying amount
At 31 March 2025
1,737,766
288,260
638,657
2,664,683
At 31 March 2024
1,276,465
376,945
701,617
2,355,027

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Plant and equipment
50,000
75,000
Motor vehicles
400,628
428,084
450,628
503,084
12
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
13
3
3
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Country Valley Wholesale Foods Limited
Gillander House, Leeholme Road, Billingham TS23 3TA
Dormant
Ordinary shares
100.00
Country Valley Meats Limited
Gillander House, Leeholme Road, Billingham TS23 3TA
Dormant
Ordinary shares
100.00
COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
14
Stocks
2025
2024
£
£
Finished goods and goods for resale
1,781,857
1,666,176
15
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,155,502
2,544,002
Other debtors
74,633
28,190
Prepayments and accrued income
15,190
16,669
3,245,325
2,588,861
16
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
18
51,676
86,490
Obligations under finance leases
19
220,739
216,874
Other borrowings
18
215,502
210,199
Trade creditors
2,189,419
2,254,554
Corporation tax
126,282
136,756
Other taxation and social security
73,842
65,032
Accruals and deferred income
95,719
104,825
2,973,179
3,074,730
17
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
18
643,710
-
0
Obligations under finance leases
19
105,890
200,814
Other borrowings
18
3,500
3,500
753,100
204,314
Creditors which fall due after five years are payable as follows:
Payable by instalments
398,968
-
COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 21 -
18
Loans and overdrafts
2025
2024
£
£
Bank loans
695,386
86,490
Preference shares
3,500
3,500
Other loans
215,502
210,199
914,388
300,189
Payable within one year
267,178
296,689
Payable after one year
647,210
3,500

Bank loans and overdrafts are secured by way of a debenture over the assets of the company. Bank loan terms of repayment are £7,898 per month and interest is payable at 1.60% per annum over the Bank of England Base Rate. In any event the loan will be repaid in full by the end of the term of 10 years.

19
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
241,184
235,173
In two to five years
116,381
220,510
357,565
455,683
Less: future finance charges
(30,936)
(37,995)
326,629
417,688

Obligations under finance leases are secured against the assets to which they relate.

20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
260,585
297,641
Retirement benefit obligations
(1,360)
(1,169)
Other timing differences
16,185
16,185
275,410
312,657
COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
20
Deferred taxation
(Continued)
- 22 -
2025
Movements in the year:
£
Liability at 1 April 2024
312,657
Credit to profit or loss
(37,247)
Liability at 31 March 2025
275,410
21
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
181,886
177,169

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,500
1,500
1,500
1,500
B Ordinary shares of £1 each
2
2
2
2
1,502
1,502
1,502
1,502
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Ordinary preference shares of £1 each
3,500
3,500
3,500
3,500
Preference shares classified as liabilities
3,500
3,500

The B ordinary shares rank pari passu to the ordinary shares in respect of the rights to dividends only. The B ordinary shares do not carry a right to vote or include a preferential right to payment in the event of the company being wound up.

The ordinary preference shares rank parri passu in all respects with the ordinary shares save in respect of dividend and a preferential right to payment in the event of the company being wound up.

23
Financial commitments, guarantees and contingent liabilities

Grants receivable may be repayable in part or in full if certain conditions associated with the grants are not met

COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
24
Related party transactions
Transactions with related parties

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

Dividends payable
2025
2024
£
£
Key management personnel
360,480
356,266
2025
2024
Amounts due to related parties
£
£
Key management personnel
215,502
210,199
25
Ultimate controlling party

The company is controlled by Mr S J Munro.

26
Cash generated from operations
2025
2024
£
£
Profit after taxation
1,242,874
1,497,245
Adjustments for:
Taxation charged
431,035
523,832
Finance costs
61,384
63,915
Investment income
(142,470)
(86,140)
Loss on disposal of tangible fixed assets
3,141
7,944
Depreciation and impairment of tangible fixed assets
537,007
524,096
Movements in working capital:
(Increase)/decrease in stocks
(115,681)
206,163
Increase in debtors
(656,464)
(132,237)
(Decrease)/increase in creditors
(65,431)
173,420
Cash generated from operations
1,295,395
2,778,238
COUNTRY VALLEY FOODS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
27
Analysis of changes in net funds
1 April 2024
Cash flows
New leases
31 March 2025
£
£
£
£
Cash at bank and in hand
2,989,527
240,581
-
3,230,108
Borrowings excluding overdrafts
(300,189)
(614,199)
-
(914,388)
Lease liabilities
(417,688)
249,155
(158,096)
(326,629)
2,271,650
(124,463)
(158,096)
1,989,091
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