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Registered number: 02704138










CHELMER FOODS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

 
CHELMER FOODS LIMITED
 

CONTENTS



Page
Company information
 
1
Strategic report
 
2 - 5
Directors' report
 
6 - 8
Independent auditor's report
 
9 - 12
Profit and loss account
 
13
Balance sheet
 
14
Statement of cash flows
 
15
Analysis of net debt
 
16
Notes to the financial statements
 
17 - 30


 
CHELMER FOODS LIMITED
 

COMPANY INFORMATION


Directors
R A Weaire 
J E Weaire 
P W Pleasant 
C E Wilding 
S J Heather 
J M Turtle 
A J Smith 




Company secretary
P W Pleasant



Registered number
02704138



Registered office
220 Avenue West
The Courtyard Skyline 120 Business Park

Great Notley

Braintree

Essex

CM77 7AA




Independent auditor
Cooper Parry Group Limited
Statutory Auditor

Broadwalk House

5th floor

5 Appold St

Broadgate

London

EC2A 2AG




Page 1

 
CHELMER FOODS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026

The directors present their strategic report of the company for the year ended 31 March 2026.

Nature of operations and principal activities
 
The principal activity of the company during the year was the import and distribution of dried fruits, edible nuts, seeds and pulses.

Business review
 
Despite a year characterised by a number of economic and trading challenges, the company achieved record turnover for the fifth consecutive year. While growth has been achieved across a number of areas of the business, the increase in turnover has been driven predominantly by continued increases in the prices of our core commodities. Notwithstanding the challenging economic environment and trading conditions, the company delivered another highly profitable year.
Turnover increased by 4.09% compared with the previous year; however, volumes decreased by 9.8%. The significant increase in the prices of core commodities has placed pressure on consumer demand for luxury food products. Commodity prices have subsequently begun to decline sharply, and as a result, the Group anticipates that turnover may reduce for the first time in five years. Encouragingly, volumes are expected to remain broadly consistent with the current level.
Administrative costs increased by 29% compared with the previous year. This increase reflects the company’s continued investment in its people and infrastructure, with additional staff recruited to provide a strong platform to support the company’s future growth. The increase in headcount, together with inflationary increases in employee remuneration, were the principal factors contributing to the increase in administrative costs.
The revaluation of our forward derivatives has resulted in a £596,300 loss in the year in comparison to a £65,641 profit the previous year.
Principal risks and uncertainties
Market risk
The global economic landscape in 2026 continued to be influenced by geopolitical tensions, inflationary pressures and volatility across commodity markets. While some of the more acute economic challenges experienced in recent years have eased, commodity prices have now begun to decline, providing some relief from the elevated pricing experienced in recent periods. However, uncertainty remains within the markets in which the company operates.
The company continues to closely monitor movements in commodity prices and the potential impact these may have on demand, stock valuations and cash flow. With prices now trending downwards, management is carefully managing purchasing decisions and stock levels to minimise exposure to adverse price movements and maintain an appropriate level of working capital. The company remains focused on responding promptly to changing market conditions while ensuring sufficient stock is available to meet customer demand.
Risk management
The company maintains robust risk management processes designed to identify, assess and manage the key risks facing the business. Management closely monitors market conditions and uses appropriate analytical tools and information to assess potential risks and support informed decision-making. This approach enables the company to respond proactively to changes in market conditions and manage its exposure to financial and operational risks.

Page 2

 
CHELMER FOODS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026

Principal risks and uncertainties (continued)
 
Financial strength
The company continues to maintain a strong financial position, providing resilience against changing economic conditions and market volatility. Management remains focused on maintaining appropriate levels of liquidity and working capital while continuing to invest in the resources required to support the company’s long-term growth.
The company remains vigilant in monitoring market developments and is confident in its ability to adapt to changing conditions. Its diversified business model, strong financial position and experienced management team provide a solid foundation from which to manage future challenges and respond to opportunities as they arise.
Financial risk
The financial outlook leading into 2027 remains cautiously positive, notwithstanding the continued uncertainty within the UK and wider global economy. The company remains mindful of the potential impact that global economic and geopolitical developments may have on the industry, including movements in currency markets, commodity prices and freight rates.
The company’s proactive approach to risk management and strong credit control processes provide a solid foundation for managing these risks. Management continues to closely monitor customer exposures and outstanding balances, with a continued focus on maintaining appropriate credit controls and protecting the company’s cash flow.
The company is also continuing to invest in developing and diversifying its customer base across both the UK and EU markets. This strategy is intended to support future turnover growth while reducing reliance on individual markets and helping to mitigate customer and geographic concentration risk.
Management will continue to monitor financial and market conditions closely and adapt its risk management strategies as required. The company remains focused on maintaining financial stability, protecting profitability and continuing to deliver a high level of service to its customers.
Technical/Food safety & regulations
The Board of Directors are pleased to confirm that, in mid 2026, our organisation successfully achieved the British Retail Consortium  Version 9 accreditation with an A Grade, reflecting our continued commitment to best in class food safety, governance and regulatory compliance. In addition, we once again attained the BRC Agents & Brokers Standard at AA Grade, further reinforcing the strength and consistency of our operational standards.
Across our Chatteris, Braintree and Izmir sites, we continue to invest in and expand our technical capability to ensure robust support for the development, protection and compliance of our business. This includes ongoing enhancements to our technical department and a strategic refinement of our supply base to minimise risk wherever possible. These measures ensure we remain well equipped to meet future challenges and uphold the highest levels of food safety and regulatory performance.

Financial key performance indicators

2026
2025
Turnover £'000

112,176

107,772

Gross Margin

8.4%

6.3%


Other key performance indicators

2026
2025
Volume - Tonnage

35,082

38,890


Page 3

 
CHELMER FOODS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026

Directors' statement of compliance with duty to promote the success of the company
 
During the year end 31 March 2026, the board of Chelmer Foods Limited considers, as individuals and collectively, that it has acted in good faith and in a way that would most likely promote the success of the company for the benefit of its members as a whole by having regard (amongst other matters) to:
a. the likely long-term consequences of any decisions,
b. the interests of the company's employees,
c. the need to foster the company's business relationships with suppliers, customers and others,
d. the impact of the company's operations on the community and the environment,
e. the desirability of the company maintaining a reputation for high standards of business conduct, and
f. the need to act fairly as between members of the company.
Our people
The company recognises that its people are fundamental to the continued success of the business and remains committed to providing a professional, supportive and responsible working environment. The Board considers the interests of employees when making key business decisions and seeks to encourage engagement, development and progression within the company.
The company continues to support employees in developing their knowledge and skills through appropriate internal and external training. We also seek to recognise and develop talent within the business, providing opportunities for employees to progress and take on increased responsibilities. Continued investment in our people supports the delivery of high standards of service and provides a strong foundation for the company’s future growth.
Business relationships
Strong and long-standing relationships with our suppliers, customers, service providers and professional advisers remain an important part of the company’s success. The Board recognises the value of maintaining open and constructive relationships with these stakeholders and considers their interests when making significant business decisions.
The company continues to work closely with its key suppliers to maintain a reliable and diverse product offering, while also developing long-term relationships with customers and seeking opportunities to broaden the company’s customer base. These relationships support the company’s ability to respond to changing market conditions, maintain service levels and identify opportunities for sustainable growth.
Environmental impact
The company remains committed to understanding and reducing the environmental impact of its operations and continues to review its environmental strategy in light of evolving regulatory requirements and industry expectations. During the year, the company continued to develop its understanding of its environmental footprint and the areas where further improvements can be made.
The company has undertaken a comprehensive assessment of its carbon footprint to establish a clear baseline of its environmental impact and to inform its longer-term sustainability objectives. The assessment considers emissions across the company’s value chain, including product-related emissions, logistics and site operations, providing a framework for identifying areas where emissions can be reduced and efficiencies improved.
As part of the company’s ongoing commitment to reducing its environmental impact, further solar panels have been installed at the Chatteris site. The company has also introduced a salary sacrifice electric vehicle scheme for employees, supporting the transition towards lower-emission vehicles.
The company will continue to review its environmental performance and identify practical opportunities to reduce emissions, improve energy efficiency and support its longer-term sustainability objectives.

Page 4

 
CHELMER FOODS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026


This report was approved by the board and signed on its behalf.



J E Weaire
Director

Date: 21 August 2026

Page 5

 
CHELMER FOODS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026

The directors present their report and the financial statements for the year ended 31 March 2026.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 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 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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £2,090,281 (2025: £2,003,901).

No dividends will be distributed for the year ended 31 March 2026.

Directors

The directors who served during the year were:

R A Weaire 
J E Weaire 
P W Pleasant 
C E Wilding 
S J Heather 
J M Turtle 
A J Smith 

Page 6

 
CHELMER FOODS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026

Future developments

The company’s focus for the coming year remains on sustainable growth and further strengthening the business. Management will continue to explore opportunities to diversify the company’s product portfolio, develop new products and services, and identify opportunities to add value for customers.
The company will also continue to develop its customer base across the UK and EU, while maintaining a focus on service, product quality and long-term customer relationships. Investment in the company’s people, systems and infrastructure will continue where appropriate to support the future development and scalability of the business across its three sites.
Management will continue to assess market opportunities and respond to changing customer requirements, with the aim of delivering measured growth while maintaining the company’s financial strength and operational resilience.

Financial instruments

The company uses forward foreign currency contracts to reduce exposure to the variability of foreign exchange rates by fixing the rate of purchase of foreign currency used to settle material cost charges in foreign currencies.

Engagement with suppliers, customers and others

The engagement of the company with suppliers, customers and others is detailed in the Section 172(1) statement in the Strategic report.

Greenhouse gas emissions, energy consumption and energy efficiency action

The company's greenhouse gas emissions and energy consumption for the year are:

Consumed kwh
Emissions (metric tonnes CO2e)
Scope 1

87,327

24

Scope 2

183,541

34

Scope 3

N/A

42,953


Intensity ratio: 383.4
The methodology used in the calculation of these disclosures was based on the HM Government Environmental Reporting Guidelines and the Greenhouse Gas Reporting conversion factors.
Consumption data was extracted from supplier invoices across all sites. The intensity ratio has been calculated by applying metric tonnes equivalent per £m turnover (tCO2e/£m).
Energy efficiency actions taken
We are pleased to declare that we have installed solar panels at our warehouse in Chatteris. This will not only have an immediate positive influence on our environmental impact but it will also future proof the business for years to come as we have the ability to add more panels in the eventuality of a warehouse expansion. We continue to follow government guidelines with regards to ever changing packaging regulations by declaring our general and plastic waste to our wastrel regulators whilst looking at ways to improve our data capture.

Matters covered in the strategic report

Information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) regulations 2008 is set out in the strategic report in accordance with 1.141C(11) Companies Act 2006.

Page 7

 
CHELMER FOODS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026

Disclosure of information to auditor

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Auditor

The auditor, Cooper Parry Group Limitedwill 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.
 





J E Weaire
Director

Date: 21 August 2026

Page 8

 
CHELMER FOODS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHELMER FOODS LIMITED
 

Opinion


We have audited the financial statements of Chelmer Foods Limited (the 'company') for the year ended 31 March 2026, which comprise the profit and loss account, the balance sheet, the statement of cash flows, analysis of net debt and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the company's affairs as at 31 March 2026 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 reportOur 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.


Page 9

 
CHELMER FOODS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHELMER FOODS LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


We have nothing to report in respect of the following matters 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' responsibilities statement set out on page 6, 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.


Page 10

 
CHELMER FOODS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHELMER FOODS LIMITED (CONTINUED)


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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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


Page 11

 
CHELMER FOODS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHELMER FOODS LIMITED (CONTINUED)


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 2006Our 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 Blundell (Senior Statutory Auditor)
  
for and on behalf of
Cooper Parry Group Limited
 
Statutory Auditor
  
Broadwalk House
5th floor
5 Appold St
Broadgate
London
EC2A 2AG

 
Date: 
22 August 2026
Page 12

 
CHELMER FOODS LIMITED
 

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026

2026
2025
Note
£
£

  

Turnover
 4 
112,175,646
107,772,146

Cost of sales
  
(102,805,165)
(100,930,012)

Gross profit
  
9,370,481
6,842,134

Administrative expenses
  
(5,718,780)
(4,432,725)

Operating profit
 5 
3,651,701
2,409,409

Gain from changes in fair value of financial assets
  
(596,300)
65,641

  
3,055,401
2,475,050

Interest receivable and similar income
 9 
48,620
55,881

Interest payable and similar expenses
 10 
(117,216)
(120,005)

Profit before tax
  
2,986,805
2,410,926

Tax on profit
 11 
(896,524)
(407,025)

Profit after tax
  
2,090,281
2,003,901

Retained earnings at the beginning of the year
  
31,935,234
29,931,333

Profit for the year
  
2,090,281
2,003,901

Retained earnings at the end of the year
  
34,025,515
31,935,234

There were no recognised gains and losses for 2026 or 2025 other than those included in the profit and loss account.
The notes on pages 17 to 30 form part of these financial statements.

Page 13

 
CHELMER FOODS LIMITED
REGISTERED NUMBER: 02704138

BALANCE SHEET
AS AT 31 MARCH 2026

2026
2025
Note
£
£

Fixed assets
  

Tangible assets
 12 
519,538
432,803

Investments
 13 
89,056
89,056

  
608,594
521,859

Current assets
  

Stocks
 14 
21,815,613
19,341,838

Debtors: amounts falling due within one year
 15 
27,413,255
23,961,290

Cash at bank and in hand
  
1,085,935
5,877,483

  
50,314,803
49,180,611

Creditors: amounts falling due within one year
 16 
(16,818,070)
(17,676,255)

Net current assets
  
 
 
33,496,733
 
 
31,504,356

Total assets less current liabilities
  
34,105,327
32,026,215

Provisions for liabilities
  

Deferred tax
 18 
(78,812)
(89,981)

Net assets
  
34,026,515
31,936,234


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Profit and loss account
 20 
34,025,515
31,935,234

Shareholders' funds
  
34,026,515
31,936,234


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J E Weaire
Director

Date: 21 August 2026

The notes on pages 17 to 30 form part of these financial statements.

Page 14

 
CHELMER FOODS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026

2026
2025
£
£

Cash flows from operating activities

Profit for the financial year
2,986,805
2,410,926

Adjustments for:

Depreciation of tangible assets
104,951
77,141

Profit on disposal of tangible assets
-
(200,139)

Interest paid
117,216
120,005

Interest received
(48,620)
(55,881)

(Increase) in stocks
(2,473,775)
(2,809,981)

(Increase) in debtors
(3,501,944)
(221,094)

(Decrease)/increase in creditors
(1,230,908)
3,360,093

Net fair value losses/(gains) recognised in P&L
596,300
(65,641)

Corporation tax (paid)
(1,225,000)
(1,690,000)

Net cash generated from operating activities

(4,674,975)
925,429


Cash flows from investing activities

Sale of tangible assets
-
510,000

Purchase of tangible fixed assets
(191,686)
(69,202)

Interest received
48,620
55,881

Net cash from investing activities

(143,066)
496,679

Cash flows from financing activities

Loans due from/(repaid to) directors
143,709
113,551

Interest paid
(117,216)
(120,005)

Net cash used in financing activities
26,493
(6,454)

Net (decrease)/increase in cash and cash equivalents
(4,791,548)
1,415,654

Cash and cash equivalents at beginning of year
5,877,483
4,461,829

Cash and cash equivalents at the end of year
1,085,935
5,877,483


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,085,935
5,877,483


The notes on pages 17 to 30 form part of these financial statements.

Page 15

 
CHELMER FOODS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2026




At 1 April 2025
Cash flows
At 31 March 2026
£

£

£

Cash at bank and in hand

5,877,483

(4,791,548)

1,085,935

Debt due within 1 year

(2,032,573)

(143,709)

(2,176,282)

Liquid investments

308,192

(596,300)

(288,108)


4,153,102
(5,531,557)
(1,378,455)

The notes on pages 17 to 30 form part of these financial statements.

Page 16

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

1.


General information

Chelmer Foods Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page. 
The presentation currency of the financial statements is the Pound Sterling (£). Amounts in these financial statements are rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, such as cashflow and budget forecasts, which are at least, but not limited to, twelve months from the date when the financial statements are authorised for issue. The basis is considered appropriate by the directors.
The financial statements do not include any adjustments that would be required if the going concern concept was not deemed appropriate.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 17

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Operating leases: the company as lessee

Rentals paid under operating leases are charged to the profit and loss account on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in the profit and loss account using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 18

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
15%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 19

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the profit and loss account.

Page 20

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)

 
2.18

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other 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.

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.
Page 21

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

2.Accounting policies (continued)


2.18
Financial instruments (continued)


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 instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

  
2.19

Share capital

Ordinary shares are classified as equity.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Valuation of stocks
The company makes and estimate of the net realisable value of the goods it holds for resale, based in the condition and age of the goods held. Management also consider current and future market conditions that may have an affect on the value of the products. An impairment provision is made where net realisable value is estimated to be lower than the cost.
Impairment of debtors
The company makes an estimate of the recoverable value of trade an other debtors. Managements considers factors including current credit rating of the debtor, the ageing profile of debtors and historical experience.

Page 22

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

4.


Turnover

The whole of the turnover is attributable to the one principal activity of the company.

Analysis of turnover by country of destination:

2026
2025
£
£

United Kingdom
103,105,392
99,839,727

Rest of Europe
8,820,246
7,422,255

Rest of the world
250,008
510,164

112,175,646
107,772,146



5.


Operating profit

The operating profit is stated after charging\(crediting):

2026
2025
£
£

Depreciation - owned assets
104,951
77,141

Exchange differences
(65,757)
(94,365)

Other operating lease rentals
426,526
432,910


6.


Auditor's remuneration

During the year, the company obtained the following services from the company's auditor and its associates:


2026
2025
£
£

Fees payable to the company's auditor and its associates for the audit of the company's financial statements
37,300
35,800

Fees payable to the company's auditor and its associates in respect of:

All non-audit services not included above
36,118
21,155

Page 23

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2026
2025
£
£

Wages and salaries
2,754,485
2,486,110

Social security costs
360,008
271,874

Cost of defined contribution scheme
251,031
200,717

3,365,524
2,958,701


The average monthly number of employees, including the directors, during the year was as follows:


        2026
        2025
            No.
            No.







Office and management
59
53


8.


Directors' remuneration

2026
2025
£
£

Directors' emoluments
950,006
989,879

Company contributions to defined contribution pension schemes
206,571
159,421

1,156,577
1,149,300


During the year retirement benefits were accruing to 6 directors (2025: 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £288,267 (2025: £287,212).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £50,000 (2025: £50,000).


9.


Interest receivable

2026
2025
£
£


Other interest receivable
48,620
55,881

Page 24

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

10.


Interest payable and similar expenses

2026
2025
£
£


Bank interest payable
14,026
6,183

Other loan interest payable
103,190
113,822

117,216
120,005


11.


Taxation


2026
2025
£
£

Corporation tax


Current tax on profits for the year
907,693
496,964


Deferred tax


Deferred tax - current year
(11,169)
(89,939)


Profit after tax
896,524
407,025

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2025:lower than) the standard rate of corporation tax in the UK of 25% (2025:25%). The differences are explained below:

2026
2025
£
£


Profit on ordinary activities before tax
2,986,805
2,410,926


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025:25%)
746,701
602,732

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
149,823
1,679

Fixed asset differences
-
51,469

Adjustments to tax charge in respect of prior periods
-
(216,061)

Other timing differences leading to an increase (decrease) in taxation
-
(16,384)

Non-taxable income
-
(16,410)

Total tax charge for the year
896,524
407,025

Page 25

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

12.


Tangible fixed assets





Fixtures and fittings

£



Cost


At 1 April 2025
784,108


Additions
191,686



At 31 March 2026

975,794



Depreciation


At 1 April 2025
351,305


Charge for the year on owned assets
104,951



At 31 March 2026

456,256



Net book value



At 31 March 2026
519,538



At 31 March 2025
432,803


13.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2025
89,056



At 31 March 2026
89,056





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Chelmer Foods Gida
Turkey
Ordinary
100%

Page 26

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Subsidiary undertaking (continued)

The aggregate of the share capital and reserves as at 31 March 2026 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit

Chelmer Foods Gida

363,190
119,818


14.


Stocks

2026
2025
£
£

Finished goods and goods for resale
21,815,613
19,341,838



15.


Debtors

2026
2025
£
£


Trade debtors
18,769,964
19,194,643

Amounts owed by group undertakings
7,460,029
3,598,085

Corporation tax repayable
778,324
461,017

Prepayments and accrued income
375,822
284,730

VAT repayable
29,116
114,623

Financial instruments
-
308,192

27,413,255
23,961,290


Page 27

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

16.


Creditors: Amounts falling due within one year

2026
2025
£
£

Trade creditors
7,234,600
9,225,337

Amounts owed to group undertakings
-
156,755

Other taxation and social security
308,788
291,017

Directors' current accounts
2,176,282
2,032,573

Other creditors
6,482,220
5,639,931

Accruals and deferred income
328,072
330,642

Financial instruments
288,108
-

16,818,070
17,676,255


The company’s banking facilities are secured by a debenture dated 25 November 1998, comprising a fixed charge over all present and future freehold and leasehold property of the group held by the parent undertaking, Chelmer UK Holdings Limited, and fixed and floating charges over all present and future assets and undertakings of the company.


17.


Financial instruments

2026
2025
£
£

Financial assets


Derivative financial instruments measured at fair value through profit or loss
-
308,192


Financial liabilities


Derivative financial instruments measured at fair value through profit or loss
(288,108)
-


Derivative financial instruments are initially measured at a fair value at the date on which a derivative contract is entered into and subsequently measured at a fair value through profit or loss.
The company uses derivatives in the form of forward foreign currency contracts to facilitate the purchase of goods invoiced in foreign currencies. The fair value of the contract at the year end is computed by comparison of the contract rate with the rate of an equivalent instrument at the balance sheet date.

Page 28

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

18.


Deferred taxation




2026


£






At beginning of year
(89,981)


Credited to the profit and loss account
11,169



At end of year
(78,812)

The provision for deferred taxation is made up as follows:

2026
2025
£
£


Accelerated capital allowances
(104,876)
(90,596)

Short term timing differences
26,064
615

(78,812)
(89,981)


19.


Share capital

2026
2025
£
£
Allotted, called up and fully paid



1,000 (2025: 1,000) Ordinary shares of £1 each
1,000
1,000



20.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments. Also included in the profit and loss account is the following fair value reserve in respect of derivative financial instruments:


21.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £Nil (2025: £Nil) were payable to the fund at the reporting date and are included in accruals.

Page 29

 
CHELMER FOODS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026

22.


Commitments under operating leases

At 31 March 2026 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2026
2025
£
£


Not later than 1 year
79,728
376,661

Later than 1 year and not later than 5 years
40,812
1,066,163

120,540
1,442,824


23.


Related party transactions


2026
2025
£
£

Entities with control, joint control or significant influence over the entity
  Amounts due from related party
7,380,813
3,503,713
 
Entities with control, joint control or significant influence over the entity
  Purchases
-
-
  Amounts due to related party
75,282
62,382
75,282
62,382
Key management personnel of the entity
  Amounts due to related parties
2,176,282
2,032,573
  Other related parties
 
Remuneration paid to family members of key management personnel
48,807
67,098

During the year, a total of key management personnel compensation of £1,175,607 (2025: £1,105,059) was paid.
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the company.
Amounts owed to key management personnel of the entity accrue interest at a rate of 6.25% per annum. 


24.


Controlling party

The controlling party is Chelmer UK Holdings Limited.
The ultimate controlling party is the Weaire family.
Chelmer Foods Limited is exempt from the requirement to prepare consolidated financial statements on the grounds that it is a wholly owned subsidiary of Chelmer UK Holdings Limited.
Chelmer UK Holdings Limited is the parent of the smallest and largest group into which the results and the financial position of Chelmer Foods Limited are consolidated. Copies of the financial statements of Chelmer UK Holdings Limited are available from its registered office at 220 The Courtyard Skyline 120 Business Park, Great Notley, Braintree, Essex, England, CM77 7AA or from the Registrar of Companies.

Page 30

 
CHELMER FOODS LIMITED
 

Page 31