Company registration number 00656631 (England and Wales)
NICOL HUGHES FOODSERVICE LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
NICOL HUGHES FOODSERVICE LTD
COMPANY INFORMATION
Directors
Mr P A Lloyd
Mr M A Moss
Mr A Selley
Mrs A Brogan
Mr P Atyeo
Secretary
Mr T Hamandi
Company number
00656631
Registered office
814 Leigh Road
Slough
SL1 4BD
Auditor
Mitchell Charlesworth (Audit) Limited
24 Nicholas Street
Chester
CH1 2AU
NICOL HUGHES FOODSERVICE LTD
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 7
Profit and loss account
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 24
NICOL HUGHES FOODSERVICE LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The directors present the strategic report for the year ended 30 June 2025.

Review of the business

The Company’s revenue increased by 1.4%, reflecting continued growth in its trading activities. The gross margin was 35.9% (2024: 34.9%), and operating profit increased by 0.3% as the increase in gross margin was sufficient to withstand inflationary pressures on overheads.

The Company’s balance sheet remains in a healthy position, supported by the profit generated during the year. The directors are pleased with the Company’s results for the year and the strength of its balance sheet.

Principal risks and uncertainties

Inflation and rising interest rates which were both at historically high levels during the period which created a relatively high degree of risk and uncertainty going forward, however inflation has started to slow. Disposable incomes are reducing in real terms which will inevitably have a negative impact on spending in the hospitality sector. This will in turn create downward pressure on sales and margins. We also expect to see an increase in the failure rate of catering customers as the weaker operations will be unable to cope with a downturn in trade.

The supply chain is now more stable than it was 12 months ago but there is still significant uncertainty as the war in Ukraine continues to affect the world economy and supply chains.

Financial instruments

The company’s principal financial instruments comprise of trade debtors and creditors, and the c ompany's banking facilities.

Liquidity risk is managed by the directors’ monitoring of rolling forecasts and available cash reserves.

Trade debtors are managed in respect of credit and cash flow risk by the implementation of policies that require appropriate credit checks on potential customers before any sales are made. The company has no significant concentration of credit risk.

Trade creditors risk is managed by ensuring there are sufficient funds available to meet amounts as they fall due.

Key performance indicators

The directors consider that the key financial performance indicators of the company are those that measure sales £11,418,320 (202 4: £11,261,859) and profitability before tax £1,3 79,901 (202 4: £1,313,042).

Future developments

We aim to develop and expand our range of products offered to take full advantage of the new opportunities available to us now we are part of Caterfood buying group.

On behalf of the board

Mr A Selley
Director
7 January 2026
NICOL HUGHES FOODSERVICE LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The directors present their annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company continued to be that of the sale and distribution of frozen, chilled and ambient catering supplies to customers across North-West England and North Wales.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,250,000.

No preference dividends were paid.

Directors

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

Mr P A Lloyd
Mr M A Moss
Mr A Selley
Mrs A Brogan
Mr P Atyeo
Financial instruments

Refer to the disclosure included within the Strategic report on page 1.

Statement of disclosure to auditor

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

Strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 the company's S trategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 is noted in the Strategic r eport on page 1.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr A Selley
Director
7 January 2026
NICOL HUGHES FOODSERVICE LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;

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

- 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 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.

NICOL HUGHES FOODSERVICE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NICOL HUGHES FOODSERVICE LTD
- 4 -
Opinion

We have audited the financial statements of Nicol Hughes Foodservice Ltd (the 'company') for the year ended 30 June 2025 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 Reduced Disclosure Framework (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 June 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

NICOL HUGHES FOODSERVICE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NICOL HUGHES FOODSERVICE LTD (CONTINUED)
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

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

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

NICOL HUGHES FOODSERVICE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NICOL HUGHES FOODSERVICE LTD (CONTINUED)
- 6 -

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

- the nature of the industry and sector, control environment and business performance;

- the company's own assessment of the risks that irregularities may occur either as a result of fraud or error;

- the results of our enquiries of management of their own identification of and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

(i) The presentation of the Income Statement (ii) the accounting policy for revenue recognition (iii) understatement of creditors (iv) Stock valuation and (V) Directors remuneration. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a direct effect on the financial statements;

- enquiring of management and directors concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of board meetings and reviewing correspondence with relevant authorities where matters identified were significant;

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

NICOL HUGHES FOODSERVICE LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF NICOL HUGHES FOODSERVICE LTD (CONTINUED)
- 7 -

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Robert Hall (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited, Statutory Auditor
Accountants
24 Nicholas Street
Chester
CH1 2AU
7 January 2026
NICOL HUGHES FOODSERVICE LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
11,418,320
11,261,859
Cost of sales
(7,323,635)
(7,335,865)
Gross profit
4,094,685
3,925,994
Administrative expenses
(2,678,166)
(2,587,941)
Other operating expenses
(28,058)
320
Operating profit
4
1,388,461
1,338,373
Interest receivable and similar income
26,977
11,487
Interest payable and similar expenses
7
(35,537)
(36,818)
Profit before taxation
1,379,901
1,313,042
Tax on profit
8
(343,406)
(326,946)
Profit and total comprehensive income for the financial year
1,036,495
986,096
NICOL HUGHES FOODSERVICE LTD
BALANCE SHEET
AS AT
30 JUNE 2025
30 June 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible fixed assets
10
467,445
481,988
Right-of-use assets
10
342,429
342,498
809,874
824,486
Current assets
Stocks
11
664,501
656,570
Debtors
12
1,302,281
1,245,490
Cash at bank and in hand
1,536,368
1,497,199
3,503,150
3,399,259
Creditors: amounts falling due within one year
13
(1,317,105)
(1,003,329)
Net current assets
2,186,045
2,395,930
Total assets less current liabilities
2,995,919
3,220,416
Creditors: amounts falling due after more than one year
13
(527,292)
(529,356)
Provisions for liabilities
Deferred tax liabilities
16
(41,154)
(50,082)
Net assets
2,427,473
2,640,978
Capital and reserves
Called up share capital
18
874
874
Share premium account
19
4,500
4,500
Capital redemption reserve
20
800
800
Profit and loss reserves
2,421,299
2,634,804
Total equity
2,427,473
2,640,978

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 7 January 2026 and are signed on its behalf by:
Mr A Selley
Director
Company registration number 00656631 (England and Wales)
NICOL HUGHES FOODSERVICE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 July 2023
874
4,500
800
2,148,708
2,154,882
Year ended 30 June 2024:
Profit and total comprehensive income
-
-
-
986,096
986,096
Transactions with owners:
Dividends
9
-
-
-
(500,000)
(500,000)
Balance at 30 June 2024
874
4,500
800
2,634,804
2,640,978
Year ended 30 June 2025:
Profit and total comprehensive income
-
-
-
1,036,495
1,036,495
Transactions with owners:
Dividends
9
-
-
-
(1,250,000)
(1,250,000)
Balance at 30 June 2025
874
4,500
800
2,421,299
2,427,473
NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
1
Accounting policies
Company information

Nicol Hughes Foodservice Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 814 Leigh Road, Slough, SL1 4BD. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

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

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

As permitted by FRS 101, the company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

- inclusion of an explicit and unreserved statement of compliance with IFRS;

- presentation of a statement of cash flows and related notes;

- disclosure of the objectives, policies and processes for managing capital;

- disclosure of key management personnel compensation;

- disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

- comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;

- comparative narrative information;

- related party disclosures for transactions with the parent or wholly owned members of the group.

Where required, equivalent disclosures are given in the group accounts of Bid Corporation Limited. The group accounts of Bid Corporation Limited are available to the public and can be obtained as set out in note 23.

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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

NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Tangible fixed assets

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

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

Leasehold land and buildings
Over the duration of the lease
Plant and equipment
Over 3-5 years straight line
Computers
Over 3 years straight line
Motor vehicles
Over 5 years straight line

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

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible 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.

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.

1.6
Stocks

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

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

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

NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 13 -
1.7
Cash at bank and in hand

Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial assets

Financial assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets at fair value through other comprehensive income

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.9
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.10
Equity instruments

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

1.11
Taxation

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

Current tax

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

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

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

1.12
Employee benefits

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

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

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

1.13
Retirement benefits

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

NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
1.14
Leases
As lessee

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within tangible fixed assets, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 16 -
2
Critical accounting estimates and judgements

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

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, 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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Overriders receivable

Determining the amount of Marketing debtors, overriders, or retrospective discounts, receivable from suppliers at each accounting date requires an estimation of the amounts due based upon the level of purchases and the terms of the discounts with each supplier. The actual amounts of such discounts are generally not known with certainty until after the financial statements have been approved.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Sale of goods in the UK
11,418,320
11,261,859
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(3,292)
(971)
Fees payable to the company's auditor for the audit of the company's financial statements
15,750
15,000
Depreciation of property, plant and equipment
235,534
271,797
Profit on disposal of tangible fixed assets
(8,615)
(13,568)
Cost of inventories recognised as an expense
7,320,673
7,330,839
NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 17 -
5
Employees

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

2025
2024
Number
Number
Total
52
53

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,508,569
1,424,508
Social security costs
156,775
143,235
Pension costs
47,363
46,071
1,712,707
1,613,814
6
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
200,564
195,109
Company pension contributions to defined contribution schemes
20,642
20,642
221,206
215,751
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
108,192
n/a

The directors were also directors of the intermediate parent companies. Details regarding emoluments are disclosed in the financial statements of those companies and those emoluments are borne by those companies. The directors do not believe that it is practicable to apportion these amounts between the services as director of the company and services as director of the fellow group undertakings. Accordingly, no charges for directors’ services have been made to the company.

NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 18 -
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
323
-
Interest on lease liabilities
35,214
36,818
35,537
36,818
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
357,413
347,502
Adjustments in respect of prior periods
(5,079)
(360)
Total UK current tax
352,334
347,142
Deferred tax
Origination and reversal of temporary differences
(8,928)
(20,196)
Total tax charge
343,406
326,946

The charge for the year can be reconciled to the profit per the profit and loss account as follows:

2025
2024
£
£
Profit before taxation
1,379,901
1,313,042
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
344,975
328,261
Effect of expenses not deductible in determining taxable profit
59,062
107
Income not taxable
(6,744)
-
0
Adjustment in respect of prior years
(5,079)
(360)
Permanent capital allowances in excess of depreciation
(24,920)
-
0
Fixed asset differences
(5,243)
19,776
Depreciation on RoU assets
(16,413)
(20,113)
Under provision of tax charge
-
(725)
Deferred tax movements
(2,232)
-
Taxation charge for the year
343,406
326,946
NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 19 -
9
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£
£
£
£
Ordinary shares
Final dividend paid
1,430.21
572.08
1,250,000
500,000
10
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2024
797,857
103,559
39,624
1,160,816
2,101,856
Additions
33,685
84,954
5,195
103,634
227,468
Disposals
-
0
(5,919)
-
0
(78,508)
(84,427)
At 30 June 2025
831,542
182,594
44,819
1,185,942
2,244,897
Accumulated depreciation and impairment
At 1 July 2024
501,751
72,997
23,428
679,194
1,277,370
Charge for the year
29,410
16,850
7,655
181,619
235,534
Eliminated on disposal
-
0
(1,184)
-
0
(76,697)
(77,881)
At 30 June 2025
531,161
88,663
31,083
784,116
1,435,023
Carrying amount analysed between owned assets and right-of-use assets
At 30 June 2025
Owned assets
43,429
93,931
13,736
316,349
467,445
Right-of-use assets
256,952
-
-
85,477
342,429
300,381
93,931
13,736
401,826
809,874
At 30 June 2024
Owned assets
14,381
30,562
16,196
420,849
481,988
Right-of-use assets
281,725
-
-
60,773
342,498
296,106
30,562
16,196
481,622
824,486
NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
10
Tangible fixed assets
(Continued)
- 20 -

Tangible fixed assets includes right-of-use assets, as follows:

Right-of-use assets
2025
2024
£
£
Net values at the year end
Property
256,952
281,725
Motor vehicles
85,477
60,773
342,429
342,498
Total additions in the year
65,585
33,021
Depreciation charge for the year
Property
24,772
24,840
Motor vehicles
40,881
56,199
65,653
81,039
11
Stocks
2025
2024
£
£
Finished goods
664,501
656,570

Stocks, which mainly comprise of food and drinks products, amount to £6 64,501 (20 24: £6 56,570) after a provision on stock during the year of £747 (20 24: £165).

12
Debtors
2025
2024
£
£
Trade debtors
832,519
829,576
Provision for bad and doubtful debts
(5,060)
(20,822)
827,459
808,754
Corporation tax recoverable
-
65,140
VAT recoverable
1,272
-
Amounts owed by fellow group undertakings
433,840
202,726
Other debtors
1,206
107,491
Prepayments and accrued income
38,504
61,379
1,302,281
1,245,490
NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
12
Debtors
(Continued)
- 21 -

Included within amount due from group companies are supplier rebates payable which are invoiced and collected by the parent company in relation to purchases made by Nicol Hughes Foodservice Ltd.

13
Creditors
Due within one year
Due after one year
2025
2024
2025
2024
Notes
£
£
£
£
Creditors
14
859,097
902,493
-
0
-
0
Corporation tax
357,413
-
0
-
-
Other taxation and social security
42,084
40,789
-
-
Lease liabilities
15
58,511
60,047
527,292
529,356
1,317,105
1,003,329
527,292
529,356
14
Creditors
2025
2024
£
£
Trade creditors
736,150
690,679
Amounts owed to fellow group undertakings
43,197
61,156
Accruals and deferred income
79,393
150,658
Other creditors
357
-
859,097
902,493

15
Lease liabilities
2025
2024
Maturity analysis of lease payments
£
£
Within one year
149,514
91,911
In two to five years
328,646
290,324
In over five years
347,968
347,968
Total undiscounted liabilities
826,128
730,203
Future finance charges and other adjustments
(240,325)
(140,800)
Lease liabilities in the financial statements
585,803
589,403
NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
15
Lease liabilities
(Continued)
- 22 -

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2025
2024
£
£
Current liabilities
58,511
60,047
Non-current liabilities
527,292
529,356
585,803
589,403

The discount rate used when calculating the lease liability on right-of-use assets is 6%.

The lease liabilities are secured against the assets to which they relate to.

Other leasing information is included in note 21.
16
Deferred taxation
Liabilities
2025
2024
£
£
Deferred tax balances
41,154
50,082

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting period.

Accelerated capital allowances
£
Liability at 1 July 2023
70,278
Deferred tax movements in prior year
Charge/(credit) to profit or loss
(20,196)
Liability at 1 July 2024
50,082
Deferred tax movements in current year
Charge/(credit) to profit or loss
(8,928)
Liability at 30 June 2025
41,154
NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
17
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
47,363
46,071

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.

18
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
874
874
874
874
19
Share premium account
2025
2024
£
£
At the beginning and end of the year
4,500
4,500
20
Capital redemption reserve
2025
2024
£
£
At the beginning and end of the year
800
800
21
Other leasing information
As lessee

Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:

2025
2024
Amounts recognised in profit or loss:
£
£
Expense relating to short-term leases
17,269
18,233

Set out below are the future cash outflows to which the lessee is potentially exposed that are not reflected in the measurement of lease liabilities:

NICOL HUGHES FOODSERVICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
21
Other leasing information
(Continued)
- 24 -
2025
2024
Operating leases
£
£
Within one year
33,869
7,733
Between two and five years
70,507
8,622
104,376
16,355
Information relating to lease liabilities is included in note 15.
22
Related party transactions

The company has taken advantage of the exemption conferred by Financial Reporting Standard 101 not to disclose transactions with certain group companies on the grounds that 100% of voting rights in the company are controlled by the group.

23
Controlling party

The immediate parent company of the c ompany is Caterfood Holdings Limited, a company incorporated in England and Wales.

The ultimate holding company of Nicol Hughes Foodservice Ltd is Bid Corporation Limited, a company incorporated in South Africa. The largest group in which the results of the company are consolidated is headed by that company.

Copies of the financial statements of Bid Corporation Limited are available upon application to the c ompany s ecretary at the registered office of the company: Postnet Suite 136, Private Bag X9976, Johannesburg, 2146 South Africa or from the website www.bidcorpgroup.com.

2025-06-30 2024-07-01 Mr P A Lloyd Mr M A Moss Mr A Selley Mrs A Brogan Mr P Atyeo Mr T Hamandi false false CCH Software iXBRL Review & Tag 2025.2 00656631 2024-07-01 2025-06-30 00656631 bus:Director1 2024-07-01 2025-06-30 00656631 bus:Director2 2024-07-01 2025-06-30 00656631 bus:Director3 2024-07-01 2025-06-30 00656631 bus:Director4 2024-07-01 2025-06-30 00656631 bus:Director5 2024-07-01 2025-06-30 00656631 bus:CompanySecretary1 2024-07-01 2025-06-30 00656631 bus:RegisteredOffice 2024-07-01 2025-06-30 00656631 2025-06-30 00656631 2023-07-01 2024-06-30 00656631 core:RetainedEarningsAccumulatedLosses 2024-07-01 2025-06-30 00656631 core:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 00656631 2024-06-30 00656631 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-06-30 00656631 core:PlantMachinery 2025-06-30 00656631 core:ComputerEquipment 2025-06-30 00656631 core:MotorVehicles 2025-06-30 00656631 core:ContinuingOperations 2025-06-30 00656631 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-06-30 00656631 core:PlantMachinery 2024-06-30 00656631 core:ComputerEquipment 2024-06-30 00656631 core:MotorVehicles 2024-06-30 00656631 core:ContinuingOperations 2024-06-30 00656631 core:BetweenOneFiveYears 2024-06-30 00656631 core:CurrentFinancialInstruments 2025-06-30 00656631 core:CurrentFinancialInstruments 2024-06-30 00656631 core:Non-currentFinancialInstruments 2025-06-30 00656631 core:Non-currentFinancialInstruments 2024-06-30 00656631 core:AcceleratedTaxDepreciationDeferredTax 2023-06-30 00656631 core:ShareCapital 2025-06-30 00656631 core:ShareCapital 2024-06-30 00656631 core:SharePremium 2025-06-30 00656631 core:SharePremium 2024-06-30 00656631 core:CapitalRedemptionReserve 2025-06-30 00656631 core:CapitalRedemptionReserve 2024-06-30 00656631 core:RetainedEarningsAccumulatedLosses 2025-06-30 00656631 core:RetainedEarningsAccumulatedLosses 2024-06-30 00656631 core:SharePremium 2023-06-30 00656631 core:CapitalRedemptionReserve 2023-06-30 00656631 2023-06-30 00656631 core:UKTax 2024-07-01 2025-06-30 00656631 core:UKTax 2023-07-01 2024-06-30 00656631 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-06-30 00656631 core:PlantMachinery 2024-06-30 00656631 core:ComputerEquipment 2024-06-30 00656631 core:MotorVehicles 2024-06-30 00656631 2024-06-30 00656631 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-07-01 2025-06-30 00656631 core:PlantMachinery 2024-07-01 2025-06-30 00656631 core:ComputerEquipment 2024-07-01 2025-06-30 00656631 core:MotorVehicles 2024-07-01 2025-06-30 00656631 core:CurrentFinancialInstruments core:WithinOneYear 2025-06-30 00656631 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 00656631 core:Non-currentFinancialInstruments core:AfterOneYear 2025-06-30 00656631 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 00656631 bus:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 00656631 bus:FRS101 2024-07-01 2025-06-30 00656631 bus:Audited 2024-07-01 2025-06-30 00656631 bus:FullAccounts 2024-07-01 2025-06-30 xbrli:pure xbrli:shares iso4217:GBP