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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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TICAN (CHILLED) LIMITED
COMPANY INFORMATION
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TICAN (CHILLED) LIMITED
CONTENTS
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TICAN (CHILLED) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their Strategic Report for the year ended 31 December 2025.
Principal activity The principal activity of the Company is the wholesale distribution of meat, meat products and provisions.
During the year to 31 December 2025, the Company experienced steady growth in sales revenue, increasing sales turnover by £4,547,751 (5.7%) to £84,572,913 compared to the previous year (2024 - £80,025,162).
Gross profit margin increased from 12.2% in 2024 to 13.3% in 2025 contributing to an increase in gross profit of £1,468,770. Improved operational efficiencies partly helped mitigate inflationary pressure on distribution and administration costs. Operating profit margin before exceptional items improved from 1.7% in 2024 to 2.6% in 2025 and following an exceptional write off of intercompany balance, a profit before tax of £6,005,525 in 2025 was achieved (2024 - £2,181,460). Net assets increased to £14,890,837 (2024 - £8,885,312). Principal risks and uncertainties The management of the business and the execution of the Company’s strategy are subject to a number of risks and uncertainties; the principle risks and uncertainties identified by the board together with the actions taken to mitigate them are as follows: Financial Risks Credit Risk Description - Possibility of financial loss arising from a customer’s failure to settle trade receivables as they fall due. Action - Credit risk is mitigated through the use of trade credit insurance where available. In addition, formal credit control policies are in place, including appropriate credit checks prior to approving new customers. Exposure to individual counterparties is monitored and subject to limits approved by the Board. Liquidity Risk Description - Possibility that the Company will be unable to meet its financial obligations as they fall due. Action - The Company is primarily funded through cash generated from its own operations, which is considered sufficient to manage short-term fluctuations in cash flows. In addition, the Company has access to group financing facilities provided by Premium Food Group ApS & Co. KG, providing further liquidity support when required.
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TICAN (CHILLED) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Strategic Risks
Political and Regulatory Risk Description - Possibility that changes in legislation, regulation, or political events may adversely affect the Company’s profitability or ability to operate effectively. Action - The Company works closely with relevant trade bodies and professional advisers to monitor potential changes in the regulatory environment. The Board regularly assesses the impact of such changes and agrees appropriate implementation strategies designed to minimise cost and operational disruption. Operational Risks Labour Availability Risk Description - Possibility that the Company is unable to secure sufficient skilled labour to support effective operations. Action - The Company operates a comprehensive recruitment and retention programme, including robust recruitment processes, competitive pay and benefits, employee assistance programmes, and ongoing training and development. Agency workers are also used to manage short-term fluctuations in labour demand where necessary. Fuel & Energy Price Risk Risk - Arising from volatility in fuel and energy costs, which could significantly increase the Company’s operating cost base. Action - The Company mitigates this risk through a flexible operational strategy, including operating a mixed vehicle fleet to improve fuel efficiency, the use of alternative fuel types (such as gas, hybrid, and electric vehicles), hedging fuel and energy prices, and reducing fleet mileage through improved route planning and optimisation. Future developments The Company will maintain its strategic focus on customer development and growth by product development and expanding sales channels. Continued investment in the fleet, infrastructure and IT systems will support cost reduction and operational efficiency. The directors remain confident that 2026 will build on the strong, profitable performance achieved in 2025.
KPIs continue to be a corner stone of the analysis of the business, some of the key KPI's used to monitor performance include route tonnages, contribution margin, gross profit margin, earnings ratio, debtor days, creditor days and cash conversion. Each department is given a range of initiatives that have been identified to have a mid and long term benefit to the profitability of the business. These initiatives are reviewed and reported on at the highest level to ensure that the benefits are delivered to the Company's profitability.
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TICAN (CHILLED) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Section 172 (1) Statement
In accordance with section 172 of the Companies Act 2006, the Board acknowledges its duties and responsibilities to act, individually and collectively, in good faith, on behalf of the Company in a way to promote the success of the Company for the benefit of its key stakeholders. a. The likely consequences of any decision in the long term; 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 between members of the Company. The Directors also take into account the views and interests of a wider set of stakeholders when making decisions. The Directors regard to these matters is embedded in their decision-making process, through the Company’s business strategy, culture, governance framework, management information flows and stakeholder engagement processes. The Board acknowledges that not every decision will necessarily result in a positive outcome for all stakeholders and that there is frequently a need to make difficult and complex decisions based on balancing any number of competing priorities. By considering the Company’s strategic priorities, purpose, values and culture and ensuring a robust decision-making process is in place, it does however, aim to balance those different perspectives, in order to promote the success of the Company for the benefit of its stakeholders. The Directors consider the likely consequences of any decision in the long-term. The Company is bound by policies consistent with the organisation’s culture in key areas including, but not limited to, supplier management, customer conduct, human resources and the environment. The Board regularly receives information to enable them to consider the impact of the Company’s decisions on its key stakeholders. This information can be in a variety of different formats, covering financial and operational performance, key risks and issues. KPIs, both financial and non-financial, and risk indicators. In FY25 no key strategic changes or decisions were made by the Company. The Director’s and management ensure the business is operated in a responsible manner with the aim of ensuring that the Company maintains its reputation for high standards of business conduct, quality of both product and service, as well as good governance. The Company’s business strategy is focused on achieving success for the Company in the long-term. In setting this strategy the Board takes into account the impact of relevant factors and stakeholder interests on the Company’s performance. Furthermore the Board also identifies principal risks facing the business and sets risk management objectives. The Board promotes a culture of upholding the highest standards of both business and regulatory conduct and standards. It commits these core values are communicated to the Company’s employees and embedded in the Company’s policies and procedures, employee induction and training and its risk control framework.
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TICAN (CHILLED) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Board also recognises that building strong and lasting relationships with all stakeholders will help deliver our strategy in line with our long-term values, and furthermore, a sustainable business. The Director’s endeavour to ensure the applicable the importance of fully understanding their duties and obligations under all relevant and current legislations.
This report was approved by the board and signed on its behalf.
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TICAN (CHILLED) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors present their report and the financial statements for the year ended 31 December 2025.
The profit for the year, after taxation, amounted to £6,005,525 (2024 - £1,622,958).
During the year there were no dividends paid (2024 - £11,918k).
Going forward the directors aim to continue to grow the business whilst keeping a tight control over costs.
The directors who served during the year were:
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TICAN (CHILLED) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Board understands the importance of engagement with all its stakeholders and gives appropriate weighting to the outcome of its decisions for the relevant stakeholders in weighing up how best to progress the outcome.
The Board regularly discusses issues associated with stakeholders such as employees, customers, suppliers, community and environment, and regulators, which it takes into account in its discussions and in its decision making process. Below summarises the stakeholders and how we engage with each. Stakeholder Engagement: Employees Our employees contribute to a positive working culture and healthy working environment and are paramount to the success of the business. The Company strives to be a responsible employer in our approach to pay and benefits, consistency in engaging with the team as well as individual employees and providing opportunities to build the available employee engagement through a variety of engagement initiatives that allow staff to contribute fully to business growth. Employee appraisal programmes are being introduced which encourage employee feedback and facilitate the opportunity for both employees and managers to agree on setting performance goals on a regular basis. Our culture invites different perspectives, new ideas and opportunities for growth. We work hard to ensure employees feel welcome and are valued and recognised for their work. Customers Customers are at the centre of our business and it is essential that the commercial sales teams focus on building long-term partnerships with current and potential customers in order to fully understand their objectives and requirements. Suppliers The Company works with a wide range of suppliers both UK and continental and remains committed to being fair and transparent in dealings with all suppliers. The Company has procedures requiring due diligence of suppliers so as to ensure internal governance. The Company payment systems and processes in place to ensure suppliers are paid in a fair and timely manner. Community and Environment The Board’s approach to social responsibility, diversity and the community is of high importance. Corporate social responsibility principles are part of our culture and decision-making processes and we take a consultative approach focused on building long-term relationships and solving business problems. Regulators We work closely with all industry sector regulators, Trade Associations and relevant government departments in an open and proactive manner in order to help develop robust approaches to meeting the needs of all our stakeholders. The Board’s intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards and good governance expected of a business like Tican (Chilled) Ltd.
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TICAN (CHILLED) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Company has complied with all applicable legislation and regulations.
The Companies Act 2006 (Strategic Report and Directors' Report) Regulation 2018 requires Tican (Chilled) Limited to disclose annual UK energy consumption and Greenhouse Gas emissions from SECR regulated sources. Energy and Greenhouse Gas emissions have been independently calculated by CLS Energy (Consultancy) Ltd. Guidance followed in the production of this report have been the Greenhouse Gas Protocol with observations from ISO 14064. Relevant UK government conversion factors have been used throughout. Government Emissions Factor Database 2025 version 1.0 has been used, utilising the published kWh gross Calorific Value (CV) and kgCO2e emissions factors relevant for the reporting period 01/01/2025 – 31/12/2025. 5 principles are observed during the production of this report:
∙Consistent methodologies have been used to allow for meaningful comparisons of environmental impact data over time;
∙Data has been recorded in CO2e (greenhouse gas emissions) utilising government conversion factors;
∙Any changes to the data, changes in the organisational boundary, methods, or any other relevant factors are to be documented following this baseline'
∙Environmental impacts – the report assesses energy consumption and associated emissions; and
∙Change in baseline year – any significant changes to operations that affect baseline emissions are noted, with adjustments made as appropriate.
The report has been compiled from spreadsheets, half hourly data, invoice data, inspection reports, metre reads, extrapolation of gas bills, and fuel card data. The operation in the UK operates from a UK head quarter site in Walsall and a similar operational site in Boston. Scope 3 data grey fleet have been captured separately from the scope 1 fleet data.
Scope The scope of this report is the (scope 1, 2 alongside a portion of scope 3) greenhouse gas emissions that result from Tican Chilled business activities. This is primarily from ownership or operations of the following:
∙Buildings
∙Industrial or other processes
∙Transport
It has been agreed that scope 1 and 2 emissions be assessed along with the following scope 3 aspects:
∙Mileage reimbursement (grey fleet)
Other scope 3 emissions have been excluded, in accordance with SECR guidance. Time period Tican (Chilled) Limited's financial reporting year is 1st January to 31st December 2025. This is the reporting period for the Company and serves as the sixth full reporting year, following the Company’s baseline year for SECR reporting in calendar year 2020.
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TICAN (CHILLED) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Total Carbon Emissions: Total carbon emissions: 2,220.22 (2024 - 2,781.91) tCO2e YOY percentage change (tCO2e): - 20.2% Overall Carbon Intensity: Intensity Metric: 26.25 (2024 - 34.77) tCO2e per £m turnover YOY percentage change (tCO2e): - 24.5% The following tables show the location-based and associated emissions for financial years ending December 2025 and December 2024 for operations. Tican (Chilled) Limited have chosen to disclose consumption and emissions data below. The mandatory UK requirements. Total consumption and location-based emissions are reported in Tables 2 and 3. Scope 1 consumption and emissions include direct combustion of natural gas, and fuels utilised for transportation operations, for example company vehicle fleets. Scope 2 consumption and emissions cover indirect emissions associated with company purchased electricity in day-to-day business operations. Scope 3 emissions for grey fleet have been recorded this year for the first time and account for 2.38 tonnes CO2e. Emissions and energy consumption Table 1: Total Emissions Intensity Metric:
Table 2: Total Energy Consumption (kWh):
Table 3: Total Location-based Emissions (tCO2e):
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TICAN (CHILLED) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Energy Efficiency Actions Tican Chilled has committed to achieving carbon net zero across all operational scopes by 2050. The Company is developing measurable near-term and medium-term targets based on opportunities identified in the ESOS Phase 3 report. These interim milestones will be formalised as individual projects are implemented and their impacts quantified. Initial opportunities for carbon and energy reduction include:
∙Transitioning to commercial electrified fleet;
∙Capital investment in energy-efficient equipment and building upgrades;
∙Behaviour changes initiatives and staff energy awareness training;
∙Optimisation of logistics and transport planning;
∙Evaluation and integration of renewable energy sources; and
∙Improved operational controls and energy management practices.
From 1st April 2025, Tican (Chilled) Limited commenced procurement of all electricity from renewable sources. This has reduced their market-based emissions. Tican (Chilled) Limited are aware of their impacts on the environment and have invested heavily to energy improvements at their premises in Walsall and Boston. This includes the repowering of the solar array at Boston to 60kWp and the agreement to install commercial EV charge points at their Boston site. Investment decisions made at Tican Chilled are typically well founded on energy conscious solutions.
There have been no significant events affecting the Company since the year end.
The auditor, MHA, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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TICAN (CHILLED) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 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 judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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.
This report was approved by the board and signed on its behalf.
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TICAN (CHILLED) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TICAN (CHILLED) LIMITED
We have audited the financial statements of Tican (Chilled) Limited (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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.
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TICAN (CHILLED) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TICAN (CHILLED) LIMITED (CONTINUED)
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.
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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TICAN (CHILLED) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TICAN (CHILLED) 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:
∙Enquiry of management and those charged with governance regarding actual, potential, or suspected litigation, claims, non-compliance with applicable laws and regulations, and fraud;
∙Enquiry of the entity’s staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
∙Performing audit procedures addressing the risk of management override, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias;
∙Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations; and
∙Discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of 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.
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.
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TICAN (CHILLED) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TICAN (CHILLED) LIMITED (CONTINUED)
for and on behalf of MHA, Statutory Auditor
Leicester, United Kingdom MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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TICAN (CHILLED) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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TICAN (CHILLED) LIMITED
REGISTERED NUMBER: 04003353
BALANCE SHEET
AS AT 31 DECEMBER 2025
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TICAN (CHILLED) LIMITED
REGISTERED NUMBER: 04003353
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 34 form part of these financial statements.
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TICAN (CHILLED) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Tican (Chilled) Limited is a private company, limited by shares, incorporated and domiciled in England and Wales, with registered number 04003353. The registered office of the Company is Unit 1-1a, Stockton Close, Walsall, West Midlands, WS2 8LH.
The principal activity of the Company during the year continued to be the wholesale distribution of meat, meat products, and provisions.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of CPC Foods Limited as at 31 December 2025 and these financial statements may be obtained from Oak House, Heyford Close, Aldermans Green, Coventry, West Midlands, CV2 2QB.
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
After reviewing the Company’s forecasts and management’s assessment, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors have not identified any material uncertainty in relation to going concern and the Company continues to adopt the going concern basis in preparing its financial statements.
The immediate parent, CPC Foods Limited has received confirmation from the ultimate parent undertaking, Premium Food Group Gmbh & Co. KG, that it will not seek repayment of intercompany balances until the Group is in a position to settle those liabilities. The immediate parent, CPC Foods Limited, has also received confirmation that such support will be made available as required for a period of at least 12 months from the date of approval of the financial statements, and have a reasonable expectation that this support will continue for the foreseeable future. A multi-lateral guarantee is in place across the UK group, and CPC Foods Limited will ensure that this support is made available across the group, as required, to maintain sufficient financial headroom and support the continued operation of the Company.
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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 the Statement of Comprehensive Income.
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 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.
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 Statement of Comprehensive Income. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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 the Statement of Comprehensive Income.
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 Statement of Comprehensive Income.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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.
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The Company makes estimates and assumptions concerning the future. 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. (i) 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 reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation, and the physical condition of the assets. (ii) Stocks provisioning The Company continues a trade of wholesale distribution of meat. When calculating the stocks provision, management considers the nature and condition of the stocks, as well as assumptions around anticipated saleability of finished goods and future usage of raw materials. (iii) Impairment of assets The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors, and historical experience.
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
11.Taxation (continued)
There are no factors to note that may affect future tax changes.
BEPS 2.0 Pillar Two Legislation Tican (Chilled) Limited is part of a group that operates in a number of jurisdictions. The effective tax rate for the financial year 2025 was 0% (2024 - 25.6%) as a result of Capital allowances, Utilised tax losses and Group relief claims. For periods that commenced on or after 1 January 2024, new tax legislation has been applied to ensure the effective tax rate of the UK companies within the group will be at least 15%, subject to various complex calculations. This is in line with the minimum taxation rules announced by the G7 and progressed by the OECD Inclusive Framework on Base Erosion and Profit Shifting. These rules have been implemented in the UK via the Domestic Top Up Tax legislation during the year. The Company has assessed its exposure to Domestic Top Up Tax to be immaterial. In addition, Tican (Chilled) Limited is taking advantage of the temporary deferred tax exemption within the “International Tax Reform — Pillar Two Model Rules (Amendments to IAS 12)” in relation to the current year and retrospectively in accordance with IAS 8. This means the Company does not recognise deferred tax assets and liabilities related to OECD pillar two income taxes and does not disclose information about them.
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company operates a defined contribution pension scheme for its employees. The pension cost for the year represents the contribution payable by the Company into fund and amounted to £163,984 (2024 - £104,140).
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TICAN (CHILLED) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The immediate parent company is
CPC Foods Limited is controlled by
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