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Unaudited Financial Statements
Foodpac Ingredients Limited
For the year ended 31 December 2025
Registered number: 10970923
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Foodpac Ingredients Limited
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Company Information
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Grant Thornton Corporate Finance Limited
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Foodpac Ingredients Limited
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Contents
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Notes to the Financial Statements
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Independent Accountant's Report to the directors of the unaudited financial statements of Foodpac Ingredients Limited for the year ended 31 December 2025
In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Foodpac Ingredients Limited for the year ended 31 December 2025, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.
The financial statements have been prepared on the basis set out in the notes to the financial statements.
This report is made solely to the directors of Foodpac Ingredients Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Foodpac Ingredients Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Foodpac Ingredients Limited and its directors, as a body, for our work or for this report.
We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
You have approved the financial statements for the year ended 31 December 2025 and you have acknowledged on the Balance Sheet as at 31 December 2025 your duty to ensure that Foodpac Ingredients Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Foodpac Ingredients Limited is exempt from the statutory audit requirement for the year ended 31 December 2025.
We have not been instructed to carry out an audit or review the financial statements of Foodpac Ingredients Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
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Grant Thornton Corporate Finance Limited
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Chartered Accountants
13 - 18 City Quay
Dublin 2
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Date: 21 May 2026
Page 1
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Foodpac Ingredients Limited
Registered number:10970923
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Balance Sheet
As at 31 December 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 2
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Foodpac Ingredients Limited
Registered number:10970923
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Balance Sheet (continued)
As at 31 December 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 May 2026.
The notes on pages 4 to 11 form part of these financial statements.
Page 3
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Foodpac Ingredients Limited
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Notes to the Financial Statements
For the year ended 31 December 2025
Foodpac Ingredients Limited is a private company limited by shares and incorporated in the United Kingdom. Its registered office is Unit 14, Brome Industrial Park, Airfield Industrial Estate, Eye, Suffolk, IP23 7HN.
The principal activity of the company is the manufacturing of homogenized food preparations and dietetic food.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).
The following principal accounting policies have been applied:
The company has net liabilities of £120,311 (2024: £150,435). The company meets its working capital requirements through financial support from shareholders and is dependent on this ocntinuing support. The directors are confident the support will continue to be made available to allow the company to trade for the foreseeable future. The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Page 4
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Foodpac Ingredients Limited
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Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Foreign currency translation
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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.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:
Sale of goods
Revenue 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 revenue 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.
Revenue is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. This is usually at the point that the customer has signed for delivery of the goods.
Page 5
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Foodpac Ingredients Limited
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Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
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 profit or loss 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.
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.
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.
Page 6
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Foodpac Ingredients Limited
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Notes to the Financial Statements
For the year ended 31 December 2025
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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.
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 profit or loss.
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.
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Cash and cash equivalents
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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.
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.
Page 7
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Foodpac Ingredients Limited
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Notes to the Financial Statements
For the year ended 31 December 2025
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Judgements in applying accounting policies and key sources of estimation uncertainty
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Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Impairment of stocks
The company holds stocks net of provision amounting to £90,952 (2024: £119,698) at the financial year end date. The directors are of the view that an adequate charge has been made to reflect the possibility of stocks being sold at less than cost. However, this estimate is subject to inherent uncertainty. The impairment of stock at 31 December 2025 was £8,460 (2024: £9,000).
c) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
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The average monthly number of employees, including the directors, during the year was as follows:
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Page 8
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Foodpac Ingredients Limited
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Notes to the Financial Statements
For the year ended 31 December 2025
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Charge for the year on owned assets
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Finished goods and goods for resale
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In the opinion of the directors the replacement cost of the stock did not differ significantly from the figure shown.
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Page 9
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Foodpac Ingredients Limited
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Notes to the Financial Statements
For the year ended 31 December 2025
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Trade creditors are payable at various dates over the coming months in accordance with the supplier's usual and customary credit terms.
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions
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Allotted, called up and fully paid
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90 (2024 - 90) Ordinary shares shares of £1.00 each
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Page 10
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Foodpac Ingredients Limited
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Notes to the Financial Statements
For the year ended 31 December 2025
Share capital
Called-up share capital represents the nominal value of shares that have been issued.
Profit and loss account
Profit and loss account includes all current and prior period retained profits and losses.
The company operates a defined contribution pension scheme. The assets of the scheme are held separately
from those of the company. The pension cost charged to the profit and loss account for the period was £2,205 (2024: £1,771). Contributions totaling £390 (2024: £568) were payable to the fund at the balance sheet date.
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Related party transactions
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The company has availed of the exemption under FRS102 section 33 which does not require the disclosure of transactions entered into between subsidiary undertaking which is wholly owned by a member of the group.
During the year, the Company had net transactions of £80,034 with its parent company. At the balance sheet date, the amount owed to the parent company was £298,022 (2024: £378,056). The loan is unsecured, interest free and repayable upon demand.
The Company also received funds totalling £61,124 from the parent company relating to the reimbursement of expenses incurred in the year.
After the reporting date, the parent company acquired the remaining issued shares in the Company. As a result, the Company is now a wholly-owned subsidiary.
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Post balance sheet events
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There have been no significant events affecting the company since the year end.
The company is controlled by its parent company, Key Ingredients Europe Limited, an Irish incorporated company which has its registered office at Unit A3 and A4, Annacotty Business Park, Annacotty, Co. Limerick and is also involved in the manufacturing of homogenized food preparations and dietetic food.
Comparative information has been restated to conform with current year presentation. This has had no impact on profit or loss reported.
Page 11
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