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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON LIMITED
COMPANY INFORMATION
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AROUND NOON LIMITED
CONTENTS
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AROUND NOON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report for the year ended 31 December 2024.
The principal activities of the company are that of sandwich making and distribution.
Turnover has decreased by £1.1m to £26.4m in the year ended 31 December 2024 relative to turnover of £27.5m achieved in the year ended 31 December 2023. The gross profit margin for the year was 17.5% which has increased by 12.8% (2023: 16.3%). The company made a profit before tax of £162k (2023: loss £77k). The company continues to have a strong asset base, with net assets of £2,762k (2023: £2,172k) as at 31 December 2024. The company continues to operate in a very difficult market where competition is very strong. The directors are satisfied with the performance in the year given the challenges to retain and win contracts.
The company uses financial instruments throughout its business. The core risks associated with the company's financial instruments (i.e. its cash, finance leases, operational level or trade receivables and payables) are liquidity, cash flow risk, currency risk, finance and interest rate risk, credit risk, inflation risk and climate risk. The board reviews and agrees policies for the prudent management of these risks as follows:
Liquidity and cash flow risk- The company's objective is to maintain a balance between the continuity of funding and flexibility through the use of borrowings with a range of maturities. The company's policy is to ensure that sufficient resources are available either from cash balances, cash flows or from group availability to ensure all obligations can be met when they fall due. Currency risk- A significant proportion of the company's main activities are conducted in ROI. The company's activities in Europe are conducted primarily in Euro. Variances affecting operational activities in this regard are reflected in cost of sales in the profit and loss account in the years in which they arise. Finance and Interest rate risk- The company's objective in relation to interest rate management is to minimise the impact of interest rate volatility on interest costs in order to protect recorded profitability. Credit risk- The company has no significant concentrations or credit risk. Customers who wish to trade on credit terms are subject to strict verification procedures in advance of credit being awarded and are continually being monitored. Risk is also mitigated by credit insurance. Inflation risk - The company will continue to take steps to ensure the current inflation crisis in the UK and global economy does not materially impact on the business. Costs will be monitored and controlled closely to mitigate the impact of inflation on the business. Climate risk – The directors are aware future changes in the climate may affect their supply chain, product costs and demand of the company. The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The directors' continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.
The company's key performance indicators are as follows:
Decrease in sales: 4.0% (2023: 16.7% increase) Profit before tax: (0.6%) (2023: -0.4%) Shareholders' Equity: £2,762k (2023: £2,172k)
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AROUND NOON LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company's most important resource is its people; the knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the company has invested increasingly in employment training and development and has introduced appropriate incentive and career progression arrangements.
The director expects to implement an ongoing programme of staff recruitment to ensure that appropriate staff are in place to facilitate the anticipated growth in turnover levels, The company is committed to training and development of both existing and new employees.
The company expects current trading levels to improve. Employees are kept as fully informed as practicable about developments within the business.
The director continue to assess market demands and opportunities. With this in mind they have anticipated that the company will continue to generate significant profits.
This report was approved by the board and signed on its behalf.
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AROUND NOON LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £159,306 (2023 - loss £108,287).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who served during the year were:
The company's policy is to consult and discuss with employees, through meetings, matters likely to affect employees' interests.
Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.
The auditors, AAB Group Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
AAB Group Accountants were formerly known as FPM Accountants Limited.
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AROUND NOON LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The financial statements have been prepared on the going concern basis. In assessing whether the going concern basis remains appropriate, the directors have considered the Company’s current financial position, recent trading performance, forecast cash flows and the availability of banking facilities. The directors are aware of certain factors which may cast doubt upon the Company’s, and by association the Group’s, ability to continue as a going concern but despite these pressures the directors remain confident the business will continue to realise its assets and discharge its liabilities in the normal course of business and that the company has sufficient support and resources available to manage these uncertainties effectively.
For the year ended 31 December 2024, the company reported profit after tax of £159,306 (2023: loss after tax £108,287) and had net assets position of £2,762,075 (2023: £2,172,470). In the period since the year end the Company, and other Group companies, faced difficult trading conditions driven by the UK economic slow-down and enhanced payroll expenditure as a result of the UK Budget of October 2024 coming into effect in April 2025. This, coupled with the rationalisation of customers, has seen a decline in turnover and profitability, resulting in reduced operating cash flows. As a consequence, the parent of Around Noon Limited, Around Noon Foods Limited, breached certain financial covenants attached to its existing bank loan facilities. Despite this breach, the bank has continued to provide ongoing facilities and support; however, the bank has not yet formally agreed revised terms. The Group has received confirmation in writing from the bank that they will continue to be supported and that the loan is not currently repayable on demand, despite the breach. The director has prepared detailed cash flow forecasts and considered a range of sensitivities. These forecasts reflect the steps to be delivered by the business to improve trading performance, and when delivered, along with the negotiated banking terms (including covenant waiver), currently being progressed, show the ability to meet its obligations as they fall due. The director considers the going concern basis to remain appropriate because: • constructive discussions with the bank are ongoing and the director expects their facilities to continue • the director's forecasts, which include identified cost-reduction measures and expected sales pipeline improvements, indicate that the Company can generate sufficient cash flows to meet its liabilities as they fall due. This includes securing new contracts with customers to provide recurring revenue streams and implementing efficiencies throughout the production process to minimise costs. Considering these factors collectively, the director is confident that the company is well-placed to navigate short-term challenges and to capitalise on future opportunities. Accordingly, the financial statements have been prepared on a going concern basis. Forward-looking statement The director remains enthusiastic about the year ahead. Supported by new contracts, fostering the relationships with core customers, ongoing cost discipline, and the resilience of brand and quality product, the company is positioned to improve financial performance and return to sustainable profitability. Management’s strategic focus remains on enhancing cash generation, delivering sustainable growth, and building long-term value for stakeholders.
This report was approved by the board and signed on its behalf.
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AROUND NOON LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
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AROUND NOON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AROUND NOON LIMITED
We have audited the financial statements of Around Noon Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the director's 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 director 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 Auditors' report thereon. The director is 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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AROUND NOON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AROUND NOON 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 Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Director's 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 Director's report.
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AROUND NOON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AROUND NOON LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. Our procedures to respond to those risks identified included, but were not limited to: •Identifying and assessing the design of key controls implemented by management to prevent and detect fraud; •Enquiry of management and those charged with governance; •Performance of analytical procedures to identify unusual relationships which may indicate a risk of fraud or an irregularity; •Journal entry testing - including analysis of the general ledger to identify entries deemed to represent a higher risk of fraud or error; and •Assessment of the reasonableness of judgements made by management in accounting estimates. The inherent limitations of an audit mean that there will always be a risk that irregularities will go undetected, including those which may ultimately lead to a material misstatement. This risk is considered greater where an irregularity results from fraud including misrepresentation, collusion, and forgery.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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AROUND NOON LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AROUND NOON 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
Dromalane Mill
The Quays
Co. Down
BT35 8QS
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AROUND NOON LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON LIMITED
REGISTERED NUMBER: NI067491
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 36 form part of these financial statements.
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AROUND NOON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Around Noon Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Greenbank Industrial Estate, 24a Rampart Road, Newry, Co. Down, Northern Ireland, BT34 2QU.
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 judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statements have been prepared on the going concern basis. In assessing whether the going concern basis remains appropriate, the directors have considered the Company’s current financial position, recent trading performance, forecast cash flows and the availability of banking facilities. The directors are aware of certain factors which may cast doubt upon the Company’s, and by association the Group’s, ability to continue as a going concern but despite these pressures the directors remain confident the business will continue to realise its assets and discharge its liabilities in the normal course of business and that the company has sufficient support and resources available to manage these uncertainties effectively.
For the year ended 31 December 2024, the company reported profit after tax of £159,306 (2023: loss after tax £108,287) and had net assets position of £2,762,075 (2023: £2,172,470). In the period since the year end the Company, and other Group companies, faced difficult trading conditions driven by the UK economic slow-down and enhanced payroll expenditure as a result of the UK Budget of October 2024 coming into effect in April 2025. This, coupled with the rationalisation of customers, has seen a decline in turnover and profitability, resulting in reduced operating cash flows. As a consequence, the parent of Around Noon Limited, Around Noon Foods Limited, breached certain financial covenants attached to its existing bank loan facilities. Despite this breach, the bank has continued to provide ongoing facilities and support; however, the bank has not yet formally agreed revised terms. The Group has received confirmation in writing from the bank that they will continue to be supported and that the loan is not currently repayable on demand, despite the breach. The director has prepared detailed cash flow forecasts and considered a range of sensitivities. These forecasts reflect the steps to be delivered by the business to improve trading performance, and when delivered, along with the negotiated banking terms (including covenant waiver), currently being progressed, show the ability to meet its obligations as they fall due. The director considers the going concern basis to remain appropriate because: • constructive discussions with the bank are ongoing and the director expects their facilities to continue • the director's forecasts, which include identified cost-reduction measures and expected sales pipeline improvements, indicate that the Company can generate sufficient cash flows to meet its liabilities as they fall due. This includes securing new contracts with customers to provide recurring revenue streams and implementing efficiencies throughout the production process to minimise costs. Considering these factors collectively, the director is confident that the company is well-placed to navigate short-term challenges and to capitalise on future opportunities. Accordingly, the financial statements have been prepared on a going concern basis. Forward-looking statement The director remains enthusiastic about the year ahead. Supported by new contracts, fostering the relationships with core customers, ongoing cost discipline, and the resilience of brand and quality product, the company is positioned to improve financial performance and return to sustainable profitability. Management’s strategic focus remains on enhancing cash generation, delivering sustainable growth, and building long-term value for stakeholders.
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Rental Income received from group companies for sub-leases of the property is shown as net off rent payments.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors 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 or loss. 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
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
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 or loss.
Basic 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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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 or loss. They are subsequently measured at fair value with changes in the profit or loss.
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 or loss. 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 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.
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.
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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. Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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. Critical Judgements The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. Inventory Provision Due to the nature of stock, i.e. perishable stock, as the company makes sandwiches and other food items for re-sales, it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the net assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current rating of the debtor, the ageing profile of debtors and historical experience. Recoverability of Group Balances The company has amounts receivable from group undertakings included within debtors. The recoverability of these balances is dependent on the financial position and future performance of the counterparties within the group. The director has considered the financial position of the relevant group entities, including current and forecast trading performance, cash flows, and access to funding. Based on this assessment, the directors believe that the amounts due from group undertakings are fully recoverable and no impairment is required at the balance sheet date. This assessment involves a degree of estimation and judgement, particularly in relation to the future performance of related entities and their ability to meet repayment obligations. The director has assessed whether the group creditor balances will become payable within the next 12 months. They have assumed that the group will continue to support the company and will not call in the debt until such time as the company is able to pay it. Going Concern The financial statements have been prepared on a going concern basis. The Director has considered the financial position of the Company, its short-term and long-term cash requirements, liquidity position and borrowing facilities. They have also considered the company’s business activities, income levels, current inflation pressures and other factors likely to affect its future development, performance and position. The key consideration for the director is the availability of sufficent cash to fund the cashflow requirements of the company as they fall due and the continued support of the company bankers and finance lenders.
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The property at Greenbank Industrial Estate, 24a Rampart Road, Newry, Co. Down, BT34 2QU was valued on 8 November 2024 by Ivan Holmes at Holmes & Doran who revalued the freehold property at open market value of £1,250,000. The property had an original value of £730,424 and a net book value of £691,281. The property had previously been revalued in 2019 at a revalued amount of £750,000. Deferred tax in respect of this uplift in the year was £143,350.
The asset is shown at revalued amount less subsequent depreciation at rate of 2% straight line.
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13.Tangible fixed assets (continued)
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
During the year ended 31 December 2024, £3,448 (2023: £3,448) was amortised to the profit and loss account. The net book value of the capital grant as at 31 December 2024 is £11,782 (2023: £15,260).
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. The charge to the profit or loss in respect of defined pension contribution schemes was £168,461 (2023: £135,974).
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Around Noon Foods Limited, a company incorporated in England and Wales, is the 100% parent company of Around Noon Limited.
Mr Gareth Chambers is considered to be the ultimate controlling party of Around Noon Limited. The consolidated financial statements of Around Noon Food Limited may be obtained from Companies House, Cardiff, CF14 3UZ.
The company had capital commitments of £nil (2023: £26,250) in relation to the purchase of equipment as at the balance sheet date.
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AROUND NOON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company has received grants from various grant bodies. There exists a contingent liability to repay all of the financial assistance received under these supports if a default occurs or it is determined that the company was not eligible. The directors do not foresee any default or issues regarding eligibility for supports claimed.
The directors, on behalf of the company, have entered into a Limited Liability Agreement with their Auditors dated 1 February 2025. The auditors liability is limited to an amount which is considered fair and reasonable. This has been disclosed in line with the company legislation.
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