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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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CHELMER FOODS LIMITED
CONTENTS
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CHELMER FOODS LIMITED
COMPANY INFORMATION
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CHELMER FOODS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their strategic report of the company for the year ended 31 March 2025.
The principal activity of the company during the year was the import and distribution of dried fruits, edible nuts, seeds and pulses.
Despite a year of many difficulties/challenges, the company generated record turnover for the fourth consecutive year. Whilst there has been growth in many areas of the business, the increase in turnover has mainly been driven by the continuing increase in the price of our core commodities. In spite of the aforementioned economical and trading difficulties that we have faced, the group managed to record another highly profitable year, following up on last years record profits.
Although we saw a 20.37% increase in turnover, year on year volume fell by 7.9%. The large increase in core commodity prices has dampened the demand for luxury food items, as the UK food crisis continues into 2026. We expect the trend of increased turnover but loss of volume to continue in the 2025-26 financial year and beyond. Administrative costs continue to increase as we saw an uplift of 20.7% compared with last year. We continue to invest by increasing our staff numbers to give us a strong platform for future growth within the business. This, coupled with inflationary wage increases, are the overriding factors in regards to the increase in costs. The revaluation of our forward derivatives has resulted in a £65,641 profit in the year in comparison to a £432,496 loss the previous year. Principal risks and uncertainties Market risk The global economic landscape in 2025 continued to be shaped by lingering geopolitical tensions and the impact of inflationary pressures. While some of the acute challenges of the past few years have eased, persistent uncertainty remains. Given increased pricing and price volatility across many items within our portfolio we are acutely aware of the additional pressure this can put on cash flow and are constantly evaluating our stock positions. Risk Management Robust risk management frameworks and advanced analytical tools are used to monitor market conditions and identify potential risks. Financial Strength The company maintains a strong financial position to weather economic downturns and market volatility. The company remains vigilant in monitoring market developments and is confident in its ability to adapt to changing conditions. By leveraging its diversified business model, strong financial position, and experienced team, the company is well-positioned to navigate future challenges and capitalise on emerging opportunities.
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CHELMER FOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Financial risk
The financial outlook leading into 2026 is looking tentatively positive, despite expectations within the UK looking gloomy. We are conscious of the potential impact that global instability can have on our industry, including, but not exclusive to, the impact on currency markets, crop prices and freight rates. We feel the company's proactive risk management strategy and strong credit control practices provide a solid foundation for navigating these challenges. We have increased our personnel within the credit control department to better monitor our exposure to customers and help receive funds more promptly. We are also investing in expanding our customer base both in the UK and EU to increase Turnover and mitigate risk. The company will continue to monitor financial market conditions closely and adapt its risk management strategies as needed. The group remains committed to maintaining financial stability, protecting its profitability, and delivering exceptional customer service. Technical/Food safety & regulations The board of directors are pleased to confirm that we once again attained our British Retail Consortium Agent & Brokers accreditation with AA Grade. Our Chatteris site also attained BRC Warehousing and Distribution standard, again at AA* Grade. We continue to strengthen our technical function at our Chatteris, Braintree and Izmir sites, ensuring that we are well equipped to support and maintain the ongoing development, protection and compliance of our business and to meet any future challenges. We have invested in our technical department and, where possible, are refining our supply base to minimise risk.
During the year end 31 March 2025, the board of Chelmer Foods Limited considers, as individuals and collectively, that it has acted in good faith and in a way that would most likely promote the success of the company for the benefit of its members as a whole by having regard (amongst other matters) to:
a. the likely long-term consequences of any decisions, b. the interests of the company's employees, c. the need to foster the company's business relationships with suppliers, customers and others, d. the impact of the company's operations on the community and the environment, e. the desirability of the company maintaining a reputation for high standards of business conduct, and f. the need to act fairly as between members of the company.
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CHELMER FOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Our people
The company is committed to being a responsible and professional business. Our behaviour is aligned with the expectations of our people, clients, investors, communities and society as a whole. Our staff, investors and clientele are always at the forefront of our minds when making key business decisions. We encourage and support our staff to enhance their knowledge through internal and external training and grow within the business, creating a strong, stable team. We continue to invest in areas to enhance our service levels across the business by hiring new members of staff and promoting those that have excelled. We see this as the basic foundations on which this group has had its success. Business relationships We continue to look at ways to grow our business. This would not be possible without the continuous support of our supply base. We strive for long standing relationships with our key suppliers, this enables us to enhance our portfolio and offer a wide range of products to maintain and attract new customers. We are also proud to have longstanding relationships with key service providers and professional bodies which has helped to bring us much success in the past and continued success in the future. Environmental impact The company have been proactive by undertaking a full environmental strategy review, to get ahead of any anticipated future regulatory changes. We appointed King Environmental with assistance from Green Lark Environmental solutions, as our consultants. We have undertaken a comprehensive carbon footprint assessment to establish a clear baseline for our environmental impact and to inform our long-term sustainability strategy. The final report provides a detailed analysis of emissions across Chelmer Foods value chain, including product-related emissions, logistic and site operations. With the likelihood of further solar panels on our Chatteris site and the introduction of the salary sacrifice Electric Car Scheme for our staff, we really feel we are heading to a brighter future.
This report was approved by the board and signed on its behalf.
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CHELMER FOODS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £2,003,901 (2024: £3,299,690).
No dividends will be distributed for the year ended 31 March 2025.
The directors who served during the year were:
We are continuing to explore further diversifying our portfolio and look for ways to add value to our products, where possible, whilst growing our team across our three sites.
The company uses forward foreign currency contracts to reduce exposure to the variability of foreign exchange rates by fixing the rate of purchase of foreign currency used to settle material cost charges in foreign currencies.
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CHELMER FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The engagement of the company with suppliers, customers and others is detailed in the Section 172(1) statement in the Strategic report.
Information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) regulations 2008 is set out in the strategic report in accordance with 1.141C(11) Companies Act 2006.
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CHELMER FOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The auditor, Cooper Parry Group Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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CHELMER FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHELMER FOODS LIMITED
We have audited the financial statements of Chelmer Foods Limited (the 'company') for the year ended 31 March 2025, which comprise the profit and loss account, the balance sheet, the statement of cash flows, analysis of net debt and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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.
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.
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CHELMER FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHELMER FOODS LIMITED (CONTINUED)
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.
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.
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CHELMER FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHELMER FOODS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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.
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 auditor's report.
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CHELMER FOODS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHELMER FOODS LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditor
Broadwalk House
5th floor
5 Appold St
London
EC2A 2AG
Date:
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CHELMER FOODS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2025
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CHELMER FOODS LIMITED
REGISTERED NUMBER: 02704138
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 30 form part of these financial statements.
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CHELMER FOODS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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CHELMER FOODS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2025
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Chelmer Foods 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 (£). Amounts in these financial statements are rounded to the nearest pound.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, such as cashflow and budget forecasts, which are at least, but not limited to, twelve months from the date when the financial statements are authorised for issue. The basis is considered appropriate by the directors.
The financial statements do not include any adjustments that would be required if the going concern concept was not deemed appropriate.
Functional and presentation currency
Transactions and balances
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit and loss account. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit and loss account.
Financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Financial liabilities (continued) Discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit and loss account. They are subsequently measured at fair value with changes in the profit and loss account.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit and loss account. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
Ordinary shares are classified as equity.
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The company makes and estimate of the net realisable value of the goods it holds for resale, based in the condition and age of the goods held. Management also consider current and future market conditions that may have an affect on the value of the products. An impairment provision is made where net realisable value is estimated to be lower than the cost. Impairment of debtors The company makes an estimate of the recoverable value of trade an other debtors. Managements considers factors including current credit rating of the debtor, the ageing profile of debtors and historical experience.
The whole of the turnover is attributable to the one principal activity of the company.
Analysis of turnover by country of destination:
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Profit and loss account
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. Contributions totalling £Nil (2024: £105,750) were payable to the fund at the reporting date and are included in accruals.
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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CHELMER FOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The controlling party is Chelmer UK Holdings Limited.
The ultimate controlling party is the Weaire family. Chelmer Foods Limited is exempt from the requirement to prepare consolidated financial statements on the grounds that it is a wholly owned subsidiary of Chelmer UK Holdings Limited. Chelmer UK Holdings Limited is the parent of the smallest and largest group into which the results and the financial position of Chelmer Foods Limited are consolidated. Copies of the financial statements of Chelmer UK Holdings Limited are available from its registered office at 220 The Courtyard Skyline 120 Business Park, Great Notley, Braintree, Essex, England, CM77 7AA or from the Registrar of Companies.
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