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Manchester Rusk Company Limited
Company Information
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Manchester Rusk Company Limited
Contents
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Manchester Rusk Company Limited
Strategic Report
For the year ended 31 January 2026
The directors present the strategic report for the year ended 31 January 2026.
Following a period of consolidation in the year ended January 2025, during which we took a conscious decision to re-focus growth on a select number of key strategic customers, manufacturing partners and routes to market, we are delighted to report a strong set of results for the year ended January 2026 and a positive outlook for 2027 and beyond.
Turnover increased significantly by 25% to £13.9m (2025 - £11.1m), driven by a new strategic brand partnership with Baileys, breakout growth in the meal kit delivery channel and the addition of a select number of strategically important customers to our portfolio. EBITDA increased to £0.5m (2025 - £0.4m) despite the impact of planned investment in our cost base, including the change in our retail distribution partner and an upgrade to a key automated packing line. These strategic decisions are key enablers of our 'Game-changing Dinners' 5-year plan and we are already seeing the benefits, with EBITDA forecast to grow significantly in 2027. The steps and investment the business has taken will enable it to continue to deliver sustainable growth through innovation, brand development, operational capacity and channel expansion for all our brands in the years to come. The benefit can already be seen with turnover forecast to be significantly higher again in 2027. During the year, the business also invested significant time and resource in developing a number of long-term strategic platforms which are expected to come to market during 2027. These projects reflect the group’s continued focus on building scalable brand partnerships, strengthening its owned-brand portfolio and increasing the speed at which it can bring relevant, flavour-led innovation to market. With a unique, resilient omni-channel approach and a strong network of manufacturing partners, we have a proven track record in bringing brands to market through both our owned brands, licensed brands (such as Guinness, YO! Sushi & Baileys) and white-label manufacturing for a select group of industry growth-drivers. One of the attributes that allows us to remain agile, competitive & credible in the market is our own capabilities & expertise as a sauce & seasoning manufacturer and we’re very proud of retaining our BRC AA-grade factory. Using this site, we can produce top quality wet and dry flavours in both bulk and retail-ready formats that we supply across the food industry. Our site in Manchester is also committed to minimising our environmental footprint wherever possible through innovative solutions on packaging and energy use, some of which are industry-firsts. We maintain that, whilst markets shift and tastes change, one thing remains certain: people need to eat and our highly agile, resilient omni-channel business model is built to ensure that the flavour-packed brands we create, partner with & fuel are on shelf or on menu wherever & whenever people decide to eat. We are thrilled with the progress we have made during the last 12 months; the select group of strategic new channel & industry partners we’ve opened up and commenced trading with have huge headroom for growth and we have several high-profile launches on to shelves, menus & online channels nationwide in the pipeline. Readers can keep up to date with the exciting progress of our brands and products on www.theflavapeople.co.uk.
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Manchester Rusk Company Limited
Strategic Report (continued)
For the year ended 31 January 2026
The management of the business and the execution of our strategy are subject to a number of risks. The principal risks and uncertainties affecting the business are considered to be competition, customer retention and supply chain disruption & inflation.
The UK commercial environment is expected to remain challenging due to the ongoing impact of global geopolitical instability, including conflicts in the Middle East and Russia/Ukraine. The resulting pressure on supply chains, commodities, energy, packaging and wage costs has had an immediate financial impact on consumers and businesses alike, with a knock-on impact on confidence, investment plans and the pace of customer decision-making. The business’s long-term approach and careful risk management are seen as key strengths. It is well placed to handle the challenging trading environment whilst taking advantage of any opportunities that arise. As demonstrated during the COVID pandemic & subsequent crises (cost of living/Ukrainian war) our positioning at the heart of the food industry ensures a resilient model as the various channels that we supply in to ebb & flow.
The business continues to invest in management information systems and regularly uses a comprehensive range of performance measures to monitor and manage the business. Key financial indicators are revenue, EBITDA, operating profit, cash flow and net debt, the results of which can be obtained from the financial statements.
The business maintains a Balanced Scorecard that looks at a suite of commercial, operational, support and CSR measures on a monthly basis. Focus on these additional measures ensures that the business continues to invest in our talented workforce, community, assets and relationships as we endeavour to deliver long term sustainable growth.
One such investment in our community that warrants mention has come from our social partnership with the Community Grocery Store (CGS). CGS is a national charity that operates a growing network of grocery shops acting as a stepping stone between food banks and discounter stores; born out of the back of COVID and the rising cost-of-living crisis, it provides essential groceries at highly subsidised prices to help keep families in some of the most economically deprived parts of the UK fed. As part of our 'Give-a-shop' initiative we continued to support CGS during FY26, funding a further new store in Wythenshawe which immediately became one of the charity's most subscribed and heavily used locations. This builds on our previous £30,000 donation to help fully fund an entire new store, alongside hundreds of TFP staff volunteer hours across stores, cook-ups, distribution and packing, and thousands of donated products. We are incredibly proud of the partnership and its alignment with our vision of 'Game-changing Dinners', adding value not only to the industry commercially but also socially for those families in the community who need it most.
This report was approved by the board and signed on its behalf.
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Manchester Rusk Company Limited
Directors' Report
For the year ended 31 January 2026
The directors present their report and the financial statements for the year ended 31 January 2026.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £183,694 (2025 - £161,510).
Dividends paid during the year amounted to £2,000 (2025: £104,000).
The directors do not recommend payment of a final dividend.
The directors who served during the year were:
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Manchester Rusk Company Limited
Directors' Report (continued)
For the year ended 31 January 2026
With the recent addition of new brands, manufacturing partners and alternative routes to market, the business is forecast to deliver further significant growth in the next financial year. In 2026 we will celebrate 50 years of trading, a huge milestone in such a volatile industry, and we will use this moment to cement our key strategic partnerships and customer relationships while reinforcing our reputation as thought leaders in the flavour industry.
FY27 is expected to be an important year in the delivery of the 'Game-changing Dinners' 5-year plan. Alongside the continued momentum created by the change in retail distribution partner, the business has several major growth initiatives due to launch, including a confidential multi-year retail collaboration that brings together a leading UK grocer and a globally recognised licensed brand partner, and the relaunch of our owned seasoning brand as a sharper, more agile platform for disruptive flavour collaborations, hype-driven limited editions and rapid sprint innovation across major retailers. We are also making a major investment in warehouse infrastructure and ways of working to modernise a key part of the operating model, increase capacity, improve service levels and enable the business to scale more efficiently. This investment will require further capital and management focus in the short term, but it is expected to strengthen margins, improve operational resilience and support more sustainable growth in the longer term.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Manchester Rusk Company Limited
Independent Auditors' Report to the Members of Manchester Rusk Company Limited
We have audited the financial statements of Manchester Rusk Company Limited (the 'Company') for the year ended 31 January 2026, which comprise the Statement of Comprehensive Income, the Analysis of Net Debt, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Manchester Rusk Company Limited
Independent Auditors' Report to the Members of Manchester Rusk Company Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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Manchester Rusk Company Limited
Independent Auditors' Report to the Members of Manchester Rusk Company 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 Auditors' 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Manchester Rusk Company Limited
Independent Auditors' Report to the Members of Manchester Rusk Company Limited (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 Auditors' 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 Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Manchester Rusk Company Limited
Statement of Comprehensive Income
For the year ended 31 January 2026
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Manchester Rusk Company Limited
Registered number: 01277813
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 28 form part of these financial statements.
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Manchester Rusk Company Limited
Statement of Changes in Equity
For the year ended 31 January 2026
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Manchester Rusk Company Limited
Statement of Cash Flows
For the year ended 31 January 2026
Page 12
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Manchester Rusk Company Limited
Analysis of Net Debt
For the year ended 31 January 2026
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
Manchester Rusk Company Limited is a private company limited by share capital incorporated in England, registered number 01277813. The address of the registered office and principal place of business is Flava House, Beta Court, Harper Road, Sharston, Manchester, M22 4XR. The principal activity of the company is the manufacture of condiments and seasonings.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
Page 14
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
2.Accounting policies (continued)
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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.
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
2.Accounting policies (continued)
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.
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.
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 liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
Management do not consider there to be any critical judgements or key sources of estimation uncertainty in the preparation of these accounts.
Analysis of turnover by country of destination:
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
11.Taxation (continued)
There were no factors that may affect future tax charges.
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
Page 23
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
Page 24
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
Page 25
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
Capital redemption reserve
Profit and loss account
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Manchester Rusk Company Limited
Notes to the Financial Statements
For the year ended 31 January 2026
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £124,519 (2025: £140,541). Contributions totalling £18,785 (2025: £43,721) were payable to the fund at the balance sheet date and are included in creditors.
At 31 January 2026 the company was owed £691 (2025: £10,663) by a Director. No interest is being charged on the loan which is repayable on demand.
The group is under the control of the Dixon family by virtue of their majority shareholding.
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