Registered number: 04095454
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The company's principal activities continued to be those of importer and wholesale distributors of Oriental foods and drinks.
Asco Foods is in the import and distribution of Filipino, Thai, Vietnamese, Cambodian, and other Southeast and Far East Asian ambient and frozen foods.
The Directors of Asco Foods consider turnover and profit to be the key KPIs for the company. Turnover for the year was £39,468,100 (2024: £41,046,219), whilst the profit before tax was £137,862 (2024: £2,873,923).
A review of the year has shown that turnover has decreased as a result of a more difficult trading environment, along with additional pressures arising from increasing transportation costs due to global events and the opening of a new larger warehouse distribution centre. The new warehouse will bring us opportunities to reduce costs that are currently incurred with third party suppliers, and offer a larger opportunity to stock a wider range of goods for our consumers directly under one warehouse.
As the sole distributor of several recognised brands in the UK, we intend to continue to capitalise on the popularity of these products and have ensured that we have sufficient stock to meet the needs of our growing customer base.
Towards the end of year under review, and in recognition of consumers behaviour, Management has continued to pursue the company’s strategy focused on growth, particularly for the drinks segment and expanding our partnership of distribution channels.
The Directors of Asco Foods consider increased turnover and profitability the key KPIs for the company. For profitability, profit before tax is reported in the income statement and is used. To sustain this growth and manage increased costs effectively, it's essential to continually assess our business strategy, monitor financial performance, and adjust our operations as necessary. This may involve optimising our cost structure, ensuring that our marketing efforts continue to yield results, and maintaining a close watch on market trends to stay competitive and ahead of the competition.
1.Growing Customer Profile:
In the current period, the business continues to grow our trading with several national operators across retail, hospitality and wholesale. These partners will continue to be key drivers to growth in turnover.
2.Marketing Initiatives:
Securing new sales via marketing initiatives and exhibitions contributed to increasing brand awareness amongst the consumer base. Our marketing efforts were successful in attracting new customers and generating sales opportunities.
3.Increased Costs:
It's not uncommon for businesses to incur increased costs as they scale and adapt to new market conditions. These costs are closely monitored to ensure the business continues to meet it goals in terms of growth and profitability.
4.Increased Employee Headcount:
Throughout the year, the number of staff remained relatively stable, with only minor fluctuations. Management continues to perform strategic analysis of the need to make senior appointments in the business to realise the growth plan set out.
Page 1
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors of the business and the execution of the company’s strategy is subject to a few risks. There are several contracts and key agency agreements for the supply of key products and brands which the company is a party, and these are managed to ensure that actions can be taken to mitigate any risks that arise. During the year under review, the business is optimistic of the opportunities and is also mindful of the economic conditions that our customers operate under. The company is also exposed to the challenging market conditions due to foreign exchange rate volatility, commodity price increases, continued disruption in supply chains and fluctuating energy prices. Coupled with the financial turbulence arising from political events in the UK, the overall effect has been to create an uncertain macro-economic outlook. How this uncertainty will manifest itself in future consumer spending has yet to be fully understood.
The company operates in the wholesale market where there are constant new entrants and strong competition. The directors maintain a proactive sourcing, sales and marketing process to ensure that its products and brands receive the attention that they require to support the growth of the business.
Directors Duties
The directors of the company, as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the Companies Act 2006 which is summarized as follows:
A director of a company must act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of the shareholders as a whole and, in doing so have regards (amongst other matters) to:
∙The likely consequences of any decision in the long term.
∙The interest of the company’s employees.
∙The need to foster the company’s business relations with suppliers, customers, and others.
∙The impact of the company's operations on the community and environment.
∙The desirability of the company maintaining a reputation for high standard of business conduct.
∙The need to act fairly as between shareholders of the company.
Our mission and how we strive to achieve it
Our mission is to be the leading supplier of the Oriental food products we distribute in the UK, to achieve this, we engage with our stakeholders regularly.
Our objective is to maintain and grow our loyal and satisfied customer based which is served by our engaged and motivated staff supplying market leading products from our suppliers.
Decisions are taken on a day-to-day basis by the management team and the management team meets to review the operating performance on a monthly basis and to consider and make key decisions.
Engagement with Stakeholders
In order to discharge the directors’ duties under Section 172 of the Companies Act, key stakeholders are considered throughout the directors’ decision making process. It is the firm belief that the ongoing success of the company has been a result of engaging and collaborating key stakeholders.
Employees
The Directors are committed to recruiting and retaining engaged and motivated employees who are willing and able to contribute to the success of the business. The company continually review salary benchmarks to ensure the salaries are competitive and reflective of the local conditions.
Our mission is to be the leading supplier of the Oriental food products we distribute in the UK, to achieve this, we engage with our stakeholders regularly.
Our objective is to maintain and grow our loyal and satisfied customer based which is served by our engaged and motivated staff supplying market leading products from our suppliers.
Decisions are taken on a day-to-day basis by the management team and the management team meets to review the operating performance on a monthly basis and to consider and make key decisions.
Engagement with Stakeholders
In order to discharge the directors’ duties under Section 172 of the Companies Act, key stakeholders are considered throughout the directors’ decision making process. It is the firm belief that the ongoing success of the company has been a result of engaging and collaborating key stakeholders.
Employees
The Directors are committed to recruiting and retaining engaged and motivated employees who are willing and able to contribute to the success of the business. The company continually review salary benchmarks to ensure the salaries are competitive and reflective of the local conditions.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Suppliers
The Directors with many years of experience have developed a network of suppliers who are able to supply the range and quality of product our customers require.
Customers
Most customer trade with us on a regular basis to make their purchases, so engaging them with our sales representatives has developed strong bonds between them and staff.
The Directors with many years of experience have developed a network of suppliers who are able to supply the range and quality of product our customers require.
Customers
Most customer trade with us on a regular basis to make their purchases, so engaging them with our sales representatives has developed strong bonds between them and staff.
The Directors of Asco Foods consider turnover and profit to be the key KPI's for the company. A review of the year has shown that turnover has decreased as result of a more difficult trading environment, along with additional pressures arising from increasing transportation costs due to global events in the Red Sea causing significant disruption on deliveries.
As the sole distributor of several recognised brands in the UK, we intend to continue to capitalise on the popularity of these products and have ensured that we have sufficient stock to meet the needs of our growing customer base. Towards the end of year under review, and in recognition of consumers behaviour, Management has continued to pursue the company’s strategy focused on growth, particularly for the drinks segment and expanding our partnership of distribution channels.
The Directors of Asco Foods consider increased turnover and profitability the key KPI’s for the company. For profitability, profit before tax is reported in the income statement and is used. To sustain this growth and manage increased costs effectively, it's essential to continually assess our business strategy, monitor financial performance, and adjust our operations as necessary. This may involve optimising our cost structure, ensuring that our marketing efforts continue to yield results, and maintaining a close watch on market trends to stay competitive and ahead of the competition.
The Directors review the following other KPIs to gauge the non-financial performance of the company:
∙Staff turnover to measure employee satisfaction and ensure we have engaged and skilled and trained workforce.
∙Volume of activity with our suppliers to assess their level of engagement with us.
∙Customer retention and satisfaction.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
The directors present their report and the financial statements for the year ended 31 October 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £311,869 (2024 -£2,097,751).
The directors approved and paid £342,720 in dividends (2024: £492,720). The directors are proposing to pay an amount of £nil post year end.
The directors who served during the year were:
Financial risk management is disclosed within principal risks and uncertainties within the Strategic Report.
The Directors are committed to recruiting and retaining engaged and motivated employees who are willing and able to contribute to the success of the business. The company continually review salary benchmarks to ensure the salaries are competitive and reflective of the local conditions.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
Suppliers
The Directors with many years of experience have developed a network of suppliers who are able to supply the range and quality of product our customers require.
Customers
Most customer trade with us on a regular basis to make their purchases, so engaging them with our sales representatives has developed strong bonds between them and staff.
The Directors with many years of experience have developed a network of suppliers who are able to supply the range and quality of product our customers require.
Customers
Most customer trade with us on a regular basis to make their purchases, so engaging them with our sales representatives has developed strong bonds between them and staff.
The Company's greenhouse gas emissions and energy consumption for the year are 56,790 Kg C02e (2024: 49,438 Kg C02e) and 274,283 kWh (2024: 212,177 kWh) .
To calculate the greenhouse gas (GHG) emissions based on 274,823 kWh of electricity, an average emission factor was obtained for electricity, which equated to 0.207kg CO2e per kWh.
As the above emissions predominantly relate to the warehousing of goods to service the Company's customers the greenhouse gas emissions can be expressed as 0.81 Kg C02e per square foot of storage space (2024: 2.1 Kg C02e per square foot).
The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASCO FOODS LIMITED
We have audited the financial statements of Asco Foods Limited (the 'Company') for the year ended 31 October 2025, which comprise the Statement of comprehensive income, the Analysis of net debt, 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASCO FOODS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASCO FOODS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including:
∙Companies Act 2006
∙UK Tax Legislation
∙Financial Reporting Standard 102; and
∙UK employment legislation
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area.
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and
∙Challenging assumptions and judgements made by management in the application of accounting estimates.
As a result of the above 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:
∙Posting of unusual journals and complex transactions
∙Use of management override or control to manipulate accounting estimates or cause the company to enter into transactions not in it's best interest.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ASCO FOODS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
EC2V 7AB
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2025
Page 10
BALANCE SHEET
AS AT 31 OCTOBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 28 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2025
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
Page 13
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
ASCO Foods Limited is a private limited company incorporated and domiciled in England & Wales. It is a company limited by shares. The registered address is Units 7 & 8, Amersham Commercial Park Raans Road, Amersham, Buckinghamshire, HP6 6JY.
The principal activity of the company during the year was the distribution of food and drink products with a variety of speciality products.
The principal activity of the company during the year was the distribution of food and drink products with a variety of speciality products.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
The company meets its day to day working capital requirements through its cash reserves and borrowings. The company retains net assets £9,209,798 (2024 £9,240,649) at the balance sheet date. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
10.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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The net book value of assets in relation to finance leases is £1,041,648 (2024: £302,030).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Page 24
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
The finance leases are secured on the assets to which they relate. Bank loans and overdrafts are secured on a fixed and floating charge over the assets of the company, where bank loans include a commercial mortgage, the mortgage is secured over the freehold property.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
The finance leases are secured on the assets to which they relate to. Bank loans and overdrafts are secured on a fixed and floating charge over the assets of the company, where bank loans include a commercial mortgage. The mortgage is secured over the freehold property.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
Profit and loss account
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme is £10,480 (2024: £11,498).
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