REGISTERED NUMBER: 06430068 (England and Wales)

Fountain Frozen Limited

Strategic Report, Directors' Report and

Financial Statements

for the Year Ended 30 November 2024

Page

Company information

1

Strategic report

2

Directors' report

3

Report of the independent auditors

5

Statement of comprehensive income

9

Statement of financial position

10

Statement of changes in equity

11

Statement of cash flows

12

Notes to the statement of cash flows

13

Notes to the financial statements

14

Directors:

K Wilshire

K Lawrence

M Lawrence

J Lawrence

Registered office:

Monica House

St Augustines Road

Wisbech

Cambs

PE13 3AD

Business address:

Salters Way

Cromwell Road

Wisbech

Cambridgeshire

PE13 0SH

Registered number:

06430068 (England and Wales)

Auditors:

Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

The directors present their strategic report for the year ended 30 November 2024.

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business, and is written in the context of the risks and uncertainties we face.

Review of business

Over the last year, trading has been difficult at times, with the public tightening their belts and being very careful when buying their weekly food shop. Our products are not staple requirements to most, so when things do get tight, it tends to be the impulse purchases that get left on the shelf.

We continue to have a very good relationships with our suppliers that has allowed us to continue trading at manageable costs with all of the fluctuating prices of raw material. We have to monitor the situation very carefully to keep costs in hand.

We thankfully have a wide business portfolio, and continued good relationships with our customers, so hopefully we can continue to build on this.

Principal risks and uncertainties

Many businesses continue to struggle, and understandably so given the changes to NI & NLW.

Raw materials, ingredients and packaging have all seen slight price increases this year, but hopefully most things have now stabilised and settled at realistic price points.

We must however manage this carefully and continue to monitor purchasing prices and negotiate best prices possible. All overhead costs will need to be closely monitored and findings acted upon.

Development and performance

The company ended the financial year in a profitable position.

The company will continue to serve our customers with the excellent service they have received over the years, listen to their needs and requirements, and help them to achieve their targets. All of which will help our business to prosper in the future.

Financial key performance indicators

Turnover is key to running the business. We have a very good relationship with a UK distributor, that is continually growing, so providing we continue to meet their requirements, the business will hopefully remain in growth and profitable.

Turnover increased by a total of 28.9% when compared to the previous year, and the gross profit margin for the year increased slightly to 20.3% (2023: 16.9%).

On behalf of the board:

K Lawrence - Director

3 November 2025

The directors present their report with the financial statements of the company for the year ended 30 November 2024.

Principal activity

The principal activity of the company in the year under review was that of food manufacturing.

Dividends

No dividends will be distributed for the year ended 30 November 2024.

Future developments

The company will continue to look at new product development as well as focusing on our core products.

We would also like to build on current customer relationships and expand into potential new markets where possible.

We are continuing to re-invest in the business, with our packing hall now having all three packing / weighing lines with the same equipment on each of the lines, which helps operationally and reduces our spares holding.

A new batter mixer has also been purchased, as this was an area identified as causing significant downtime.

Directors

The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

K Wilshire

K Lawrence

M Lawrence

Other changes in directors holding office are as follows:

J Lawrence - appointed 3 April 2024

Disclosure of information in the strategic report

The directors, in accordance with section 414C(11) of the Companies Act 2006 Regulations 2013, have prepared the company's strategic report as required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 as per page 2.

Statement of directors' responsibilities

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Moore Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

K Wilshire - Director

3 November 2025

Opinion

We have audited the financial statements of Fountain Frozen Limited (the 'company') for the year ended 30 November 2024 which comprise the Statement of comprehensive income, Statement of financial position, Statement of changes in equity, Statement of cash flows and Notes to the statement of cash flows, Notes to the financial statements, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit for the year then ended;

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

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

Basis for unqualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic report and the Directors' report, but does not include the financial statements and our Report of the auditors thereon.

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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.

We have nothing to report in respect of the following matters where 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 Statement of directors' responsibilities set out on pages three and four, 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 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.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including such as the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims;

- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the auditors.

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 a Report of the auditors 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.

Matt Storey FCCA, ACA, BFP (Senior Statutory Auditor)

for and on behalf of Moore Thompson

Bank House

Broad Street

Spalding

Lincolnshire

PE11 1TB

3 November 2025

Turnover

18,852,874

14,627,047

Cost of sales

15,019,882

12,147,932

Gross profit

3,832,992

2,479,115

Administrative expenses

3,839,218

3,047,991

(6,226

)

(568,876

)

Other operating income

147,009

152,126

Operating profit/(loss)

5

140,783

(416,750

)

Interest receivable and similar income

-

9

Profit/(loss) before taxation

140,783

(416,741

)

Tax on profit/(loss)

8

35,322

(94,162

)

Profit/(loss) for the financial year

105,461

(322,579

)

Other comprehensive income

-

-

Total comprehensive income for the year

105,461

(322,579

)

Fixed assets

Intangible assets

9

-

-

Tangible assets

10

1,547,604

1,431,909

1,547,604

1,431,909

Current assets

Stocks

11

1,301,987

1,629,998

Debtors

12

2,634,035

3,238,311

Cash at bank and in hand

1,981,108

944,788

5,917,130

5,813,097

Creditors

Amounts falling due within one year

13

2,177,056

2,098,111

Net current assets

3,740,074

3,714,986

Total assets less current liabilities

5,287,678

5,146,895

Provisions for liabilities

16

187,120

151,798

Net assets

5,100,558

4,995,097

Capital and reserves

Called up share capital

17

3

3

Retained earnings

18

5,100,555

4,995,094

Shareholders' funds

5,100,558

4,995,097

The financial statements were approved by the Board of Directors and authorised for issue on 3 November 2025 and were signed on its behalf by:

K Lawrence - Director

K Wilshire - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 December 2022

3

5,317,673

5,317,676

Changes in equity

Total comprehensive income

-

(322,579

)

(322,579

)

Balance at 30 November 2023

3

4,995,094

4,995,097

Changes in equity

Total comprehensive income

-

105,461

105,461

Balance at 30 November 2024

3

5,100,555

5,100,558

Cash flows from operating activities

Cash generated from operations

1

1,432,694

(605,011

)

Tax paid

-

(21,259

)

Net cash from operating activities

1,432,694

(626,270

)

Cash flows from investing activities

Purchase of tangible fixed assets

(403,124

)

(491,698

)

Sale of tangible fixed assets

6,750

-

Interest received

-

9

Net cash from investing activities

(396,374

)

(491,689

)

Increase/(decrease) in cash and cash equivalents

1,036,320

(1,117,959

)

Cash and cash equivalents at beginning of year

2

944,788

2,062,747

Cash and cash equivalents at end of year

2

1,981,108

944,788

1.	Reconciliation of profit/(loss) before taxation to cash generated from operations

2024

2023

£

£

Profit/(loss) before taxation

140,783

(416,741

)

Depreciation charges

285,578

220,909

Profit on disposal of fixed assets

(4,898

)

-

Finance income

-

(9

)

421,463

(195,841

)

Decrease in stocks

328,011

220,236

Decrease/(increase) in trade and other debtors

604,276

(1,142,353

)

Increase in trade and other creditors

78,944

512,947

Cash generated from operations

1,432,694

(605,011

)

2.	Cash and cash equivalents

The amounts disclosed on the Statement of cash flows in respect of cash and cash equivalents are in respect of these Statement of financial position amounts:

Year ended 30 November 2024

30.11.24

1.12.23

£

£

Cash and cash equivalents

1,981,108

944,788

Year ended 30 November 2023

30.11.23

1.12.22

£

£

Cash and cash equivalents

944,788

2,062,747

3.	Analysis of changes in net funds

At 1.12.23

Cash flow

At 30.11.24

£

£

£

Net cash

Cash at bank and in hand

944,788

1,036,320

1,981,108

944,788

1,036,320

1,981,108

Total

944,788

1,036,320

1,981,108

1.	Statutory information

Fountain Frozen Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Estimation of useful life

The useful economic life used to amortise intangible assets and depreciate tangible fixed assets relates to the expected future performance of the assets acquired and management's estimate of the period over which economic benefit will be derived from the asset.

Estimation of residual value

The residual value of an asset is the estimated fair value of that asset at the end of its useful economic life and therefore is also dependent upon the estimation of that life span.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Negative goodwill are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% straight line & 25% reducing balance

Fixtures and fittings

-

15% reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax has been provided at a rate of 25%.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases - lessee

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

4.	Employees and directors

2024

2023

£

£

Wages and salaries

1,420,183

1,266,045

Social security costs

138,417

116,586

Other pension costs

22,391

19,829

1,580,991

1,402,460

The average number of employees during the year was as follows:

2024

2023

Production staff

60

63

Administrative staff

11

7

Directors

3

3

74

73

2024

2023

£

£

Directors' remuneration

-

-

5.	Operating profit/(loss)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024

2023

£

£

Hire of plant and machinery

39,157

36,962

Other operating leases

110,000

110,000

Depreciation - owned assets

285,577

220,909

Profit on disposal of fixed assets

(4,898

)

-

Foreign exchange differences

3,009

(3,196

)

6.	Auditors' remuneration

2024

2023

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

10,800

10,200

7.	Exceptional items

2024

2023

£

£

Exceptional items

(305,966

)

-

The balance included within exceptional items relates to a bad debt provision of £305,966.

8.

Taxation

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

-

(19,002

)

Deferred tax

35,322

(75,160

)

Tax on profit/(loss)

35,322

(94,162

)

UK corporation tax was charged at 19%) in 2023.

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit/(loss) before tax

140,783

(416,741

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 19%)

35,196

(79,181

)

Effects of:

Expenses not deductible for tax purposes

34

-

Capital allowances in excess of depreciation

(36,509

)

(57,538

)

Deferred tax movement

35,322

(75,160

)

Losses carried forward

1,279

115,470

Underprovision in prior year

-

2,247

Total tax charge/(credit)

35,322

(94,162

)

Deferred tax has been provided at a rate of 25% (2023: 25%)

9.	Intangible fixed assets

Negative

Goodwill

goodwill

Totals

£

£

£

Cost

At 1 December 2023

and 30 November 2024

1

(546,852

)

(546,851

)

Amortisation

At 1 December 2023

and 30 November 2024

1

(546,852

)

(546,851

)

Net book value

At 30 November 2024

-

-

-

At 30 November 2023

-

-

-

10.	Tangible fixed assets

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

Cost

At 1 December 2023

505,178

3,848,766

36,736

122,944

4,513,624

Additions

1,017

387,428

6,531

8,148

403,124

Disposals

-

(15,859

)

-

-

(15,859

)

At 30 November 2024

506,195

4,220,335

43,267

131,092

4,900,889

Depreciation

At 1 December 2023

350,468

2,587,023

31,438

112,786

3,081,715

Charge for year

22,477

255,610

1,162

6,328

285,577

Eliminated on disposal

-

(14,007

)

-

-

(14,007

)

At 30 November 2024

372,945

2,828,626

32,600

119,114

3,353,285

Net book value

At 30 November 2024

133,250

1,391,709

10,667

11,978

1,547,604

At 30 November 2023

154,710

1,261,743

5,298

10,158

1,431,909

11.

Stocks

2024

2023

£

£

Raw materials

514,557

600,774

Finished goods

787,430

1,029,224

1,301,987

1,629,998