Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2019
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ZWANENBERG FOOD GROUP UK LIMITED
COMPANY INFORMATION
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ZWANENBERG FOOD GROUP UK LIMITED
CONTENTS
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ZWANENBERG FOOD GROUP UK LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The principal activity of the Group is the development, manufacture and marketing of food products in the UK and the marketing of products manufactured by group companies in the Netherlands.
The overall trading performance of the Group has shown further improvement in the year as a result of an on-going investment programme which has delivered improvements in operational efficiency. This programme is expected to deliver further progress across the Group in 2020.
PRINCIPAL RISKS AND UNCERTAINTIES The risks facing the company are constantly monitored and assessed. The Group’s business activities, financial condition and trading results could be affected by any or all of the following risks and uncertainties: General business conditions and economy The directors are of the opinion that the principal risks facing the Group relate to the wider economic conditions which influence raw material cost and availability, cost of manufacturing including labour and the demand for its products. The industry continues to encounter difficult economic conditions. The economic revival has been slow to benefit households resulting in low volume growth and continued high levels of competition within the customer base of the Company. Continued increases in input costs have also put pressure on margins. The on-going lack of clarity with regards to the UK’s withdrawal from the European Union is also a cause of uncertainty. Foreign Currency The Group is exposed to foreign currency risk, largely in respect of purchases of raw materials and products from Zwanenberg Food Group in the Netherlands. Food safety and regulatory compliance The Group is subject to food safety and regulatory compliance risk (including Trading Standards and Environmental Health), which could arise from a failure to comply with relevant law, regulation or codes of practice. Failure to comply would result in product recall, fines, cessation of some business activities or a public reprimand. The Group mitigates this risk through the application of stringent internal compliance procedures which are closely monitored at management and board level. In addition to the tight internal controls the Group is also subject to regular external checking and audit. This includes independent compliance audits undertaken against the British Retail Consortium Standard for Food. |
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ZWANENBERG FOOD GROUP UK LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
Health and safety
The factory environment exposes the Group to health and safety risk. The directors are mindful of health and safety regulatory compliance and have in place stringent policies and processes which are appropriately communicated and monitored by a designated senior manager on each site. Innovation and development The industry is highly competitive and there is a risk that failure to keep up to date with latest technology and processes could result in the company becoming uncompetitive. The Group continues to invest in research and development and product innovation.
The Group is part of Zwanenberg Food Group and uses standard Group key performance indicators to measure and compare performance. The key performance indicators are as follows:
• Turnover • Gross Profit Margin • Quality Standards FUTURE DEVELOPMENTS Broader economic challenges and significant pricing pressures are expected to continue to challenge the Group during 2020. Pricing pressure is expected to continue to have an impact following the outbreak of African Swine Fever in China in 2018 and the effect that will have on supply and demand of both pork and chicken meat. The global pandemic, COVID-19, which started to impact on UK and Europe at the end of Q1 2020 continues to cause disruption throughout the supply chain for raw materials and labour. It is anticipated this impact will be sustained to some degree through the remainder of 2020 and potentially into 2021. Nonetheless The Group continues to develop its product ranges based on in depth understanding of consumer insight. This, together with further development of the business improvement programme, will further contribute improved financial performance enabling the company to meet its targets in the coming year.
The company uses a suite of non-financial KPI’s to monitor and measure success on a regular basis. These KPI’s cover areas of the business such as customer service, staff productivity and staff wellbeing.
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ZWANENBERG FOOD GROUP UK LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors of Zwanenberg Food Group UK Ltd have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.
Stakeholder engagement We have divided our key stakeholders into four key areas and section 172 considerations are embedded in decision making at Board and Senior Management level through the Company. These are: 1. Our colleagues. 2. Our customers and suppliers. 3. Our community and environment. 4. Our shareholders. The values and culture of the Company as well as the management processes define how we work together and with our key stakeholder groups to build meaningful and lasting relationships. There are a number of initiatives that help demonstrate this: Our colleagues We foster a culture of open dialogue with and among colleagues to seek the best solutions to the challenges we face: 1. Quarterly face to face updates for all colleagues. 2. Regular updates on key topics via weekly and monthly newsletters. 3. Training and career development support. 4. Established Joint Consultative Committees with regular meetings that have an open, varied agenda. 5. Setting remuneration in line with market rates. Our customers and suppliers We help to engage with our partners by: 1. Developing and maintaining a deep understanding of our partners. 2. Developing joint business plans for partner development based on propositions that are relevant to the needs of our customers. 3. Building business processes that create an efficient value chain for all parties. 4. Building long term relationships with our partners. Our community and the environment As a business community we seek to support local communities and projects. As a manufacturing business we aim to minimise the impact of our operations on the environment: 1. Supporting local projects and sponsoring events. 2. Working with charities on promoting their cause. 3. Fund raising for a local school. 4. Working with our key energy partner to develop energy efficient process improvements. 5. Working with our partners to develop packaging solutions. 6. Actively targeting waste reduction across all areas of the operation. |
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ZWANENBERG FOOD GROUP UK LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
Our shareholders
Our shareholders continue to be supportive of the Company and its approach to stakeholder engagement. We conduct detailed reviews of all aspects of the business with our shareholders on a quarterly basis.
This report was approved by the board on 7 September 2020
and signed on its behalf.
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ZWANENBERG FOOD GROUP UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
The directors are responsible for preparing the Group strategic report, the Directors' report and the
consolidated
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year
. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group'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;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' reports may differ from legislation in other jurisdictions.
The profit for the year, after taxation, amounted to £
1,615,513
(2018 -
loss
£
546,911
)
.
Dividends of £nil (2018: £nil) were paid during the year.
The directors who served during the year were:
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ZWANENBERG FOOD GROUP UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
Future developments are disclosed in the Strategic Report.
The Group places considerable value on the involvement of its employees and has continued its previous practice of keeping them informed on matters affecting them.
Each of the persons who are
directors at the time when this Directors' report is approved has confirmed that:
There have been no significant events affecting the Group since the year end.
The auditors, WR Partners, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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ZWANENBERG FOOD GROUP UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZWANENBERG FOOD GROUP UK LIMITED
We have audited the financial statements of ZWANENBERG FOOD GROUP UK LIMITED (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2019, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company 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 our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. 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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
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ZWANENBERG FOOD GROUP UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZWANENBERG FOOD GROUP UK LIMITED (CONTINUED)
doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' responsibilities statement on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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ZWANENBERG FOOD GROUP UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ZWANENBERG FOOD GROUP UK 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.
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
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 for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Belmont House
Shrewsbury Business Park
Shropshire
SY2 6LG
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ZWANENBERG FOOD GROUP UK LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
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ZWANENBERG FOOD GROUP UK LIMITED
REGISTERED NUMBER:
01032611
CONSOLIDATED BALANCE SHEET
AS AT
31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 35 form part of these financial statements.
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ZWANENBERG FOOD GROUP UK LIMITED
REGISTERED NUMBER:
01032611
COMPANY BALANCE SHEET
AS AT
31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 35 form part of these financial statements.
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ZWANENBERG FOOD GROUP UK LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2018
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ZWANENBERG FOOD GROUP UK LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2018
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ZWANENBERG FOOD GROUP UK LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The principal activities are the production and manufacture of food and food production. The Company operates in England and Wales and is a private company limited by shares and is incorporated and domiciled in England. The address of its registered office is noted on the company information page.
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014. |
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
ACCOUNTING POLICIES (CONTINUED)
The Group is reliant on its parent company, Meatpoint B.V. and ultimate owners of the business providing continued support to aid the development of the business. The parent company of Zwanenberg Food Group UK Limited have confirmed that they will provide this support for the forseeable future therefore the Directors have prepared the accounts on a going concern basis.
The Directors have assessed the potential impact on the future operations of the Group with regard to the Covid-19 outbreak. They have taken proactive steps to manage the financial consequences. The position has also been aided by support measures announced by the Government to help ease the impact of Coronavirus outbreak. The Group is considered to be well positioned given the current environment with no impact on the going concern basis of the financial statements.
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.
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
ACCOUNTING POLICIES (CONTINUED)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
ACCOUNTING POLICIES (CONTINUED)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and loss account over its useful economic life.
The estimated useful lives range as follows:
Trademarks
Trademarks are initially recognised at cost. After recognition, under the cost model, Trademarks are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
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 weighted average 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.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.
ACCOUNTING POLICIES (CONTINUED)
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.
Estimates and Judgments 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. The resulting accounting estimates will, by definition, seldom equal the related actual results. In the opinion of the directors there are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.
The whole of the turnover is attributable from the sale of food products.
Analysis of turnover by country of destination:
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
10.
TAXATION (CONTINUED)
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
10.
TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
13.
TANGIBLE FIXED ASSETS (CONTINUED)
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
19.
SHARE CAPITAL (CONTINUED)
The land, buildings and intellectual property of Zwanenberg Food Group UK and Malton Foods Limited are pledged as security for the ultimate parent company, Meatpoint B.V as part of their facilities agreements with ABN Amro Commercial Finance N.V and Cooperative Rabobank U.A.
Post year end a refinance has occured with new facility agreements carrying similar securities to the above in place as at the accounts approval date.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £421,104 (2018 - £339,626) . Contributions totalling £78,785 (2018 - £59,620) were payable to the fund at the balance sheet date and are included in creditors.
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
25.
OTHER FINANCIAL COMMITMENTS
The company is involved in a group wide refinancing program and has agreed to act as cross guarantor to the parent undertaking Meatpoint B.V.
The assets of Zwanenberg Food Group UK Limited over which the relevant facilities are secured are: A first mortgage over real estate; and a deed of pledge with respect to receivables, machinery, inventory, stock and intellectual property. The Directors believe this finance package adds substantiality to the ongoing security of the business and provides funding for further growth. |
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ZWANENBERG FOOD GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Meatpoint B.V, which is incorporated with limited liability in the Netherlands and owns all the share capital of the company, is owned by the personal holding companies of Mr A M van der Laan's adult children, Mr A Th M van der Laan and his immediate family, Mrs J C M Stevens van der Laan and two other adult members of his family. Mr A M van der Laan continues as a director of the company and its subsidiaries except for Marston Food Marketing Limited.
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