The directors present the strategic report for the year ended 31 December 2020.
Interfood Technology Limited (“the company”) and its subsidiaries (“the group”) are leading distributors of industrial food manufacturing and processing equipment in the UK and Ireland . The group also provides a full range of complementary support services.
The food and drink industry is the largest manufacturing sector in the UK and the group serves customers across a broad range of food industry subsectors.
2020 has been another successful year for the group even though turnover was lower than the previous year. The group had budgeted for lower revenue in 2020 but had not anticipated a global pandemic and, although our business model is more resilient than many other sectors, we were not totally immune to challenges arising from the unprecedented trading conditions of the COVID-19 setting.
Impact of COVID-19 and our response
Most of the group’s customers have limited exposure to the food service sector and still enjoyed strong demand for their products, which meant that manufacturing continued apace. However, the rapid development of the COVID-19 outbreak in early 2020 and the subsequent lockdown measures mandated by Government in March 2020 imposed significant travel and transport restrictions, which started to ease in May 2020 but never went away.
The inevitable difficulties this presented to the group meant that revenue for the year ended 31 December 2020 was lower than planned.
Routine service delivery was materially hampered during lockdown, as access to customer sites was adversely affected by health and safety concerns, although it bounced back as restrictions eased.
As customers responded to a new operating environment, access issues and changes in priorities hindered the sales of capital equipment and made it more difficult to go onsite to install it once sold.
Fortunately, our supply chain has not been significantly disrupted by the pandemic. We source most of the goods that we sell directly from Europe, particularly Germany, and our suppliers have largely managed to maintain their production capability, although staff shortages caused some delays at vendors. Also, transportation of large machines has occasionally been both slower and more expensive due to a lack of drivers and trailers.
From the start of the outbreak, we have taken measures to protect our staff and mitigating actions to limit the impact on profitability and to preserve financial flexibility. Tight cost control and the lower levels of activity encountered led to lower spending, particularly on travel related costs. The group also made use of the Government’s Coronavirus Job Retention Scheme to furlough a small number of field staff, particularly those with potential health concerns. The savings made largely offset the effects of lower-than-expected revenues thus enabling the group to surpass its profit target for the year.
As a precaution, in line with UK Government measures, we deferred UK VAT payments due between 20 March 2020 and 30 June 2020; although we commenced repaying the deferred VAT before the conclusion of 2020.
Our response to the COVID-19 pandemic prioritised the safety and welfare of our people and customers from the outset. Risk mitigations have been agile and effective with support and oversight from the Directors. We were delighted and proud to see our colleagues work together to ensure this priority was met. Sturdy employee safety protocols were implemented, with most office-based staff transitioning effectively to remote working following the lockdown.
Protocols to ensure a safe working environment for the return of employees were developed and implemented. Measures taken include:
limiting the numbers of staff in our office at any one-time to less than 30% of the norm
requiring all personnel entering the offices to use the wall mounted temperature guns at each entrance and complete an online COVID questionnaire on their mobile phone
strict social distancing; increased spacing between workstations
Perspex screens at workstations
sanitiser stations throughout the office and dispensers at every desk
a ban on non-essential visitors.
These precautions have gone beyond Government recommendations and we continue to both monitor and improve their effectiveness on a day-to-day basis.
We have not made any organisational changes or redundancies relating to the COVID-19 crisis. We continue to focus on establishing our “new normal” and intend to retain some of the learnings and practices we have developed and implemented since the onset of the pandemic as we believe they can help us to accelerate the delivery of our purpose and strategic goals.
The longer-term outlook for the business remains positive but the resurgence of the Covid-19 virus in late 2020 and the rapid spread of a new variant mean that the global economic outlook remains uncertain and the worst may still be to come, although the availability of vaccines is encouraging. Consequently, short-term risk of disruption to our operations remains. However, the group is in robust financial and operational health, with a strong pipeline for 2021, and the organisational structure, culture, and resilience required to thrive in the long-term.
Food manufacturing still trails other manufacturing sectors in terms of technology adoption and process engineering so the adoption of digital technology should continue. The trend towards more consumption of plant-based food should continue to drive additional capital spending on new equipment that the group has strong offerings on. The coronavirus pandemic has presented and will continue to provide many challenges but may bring opportunities as it has highlighted the advantages of automation over reliance on manual labour in food processing.
The group benefits from a high degree of loyalty and repeat business from a great many established businesses in the food manufacturing sector.
The success of the group’s current business model rests on our ability to not only to supply a wide range of equipment but also to provide high quality technical back-up, after sales service and support. These services and the sale of spare parts account for 41% of group turnover whilst the balance comes from the supply of food manufacturing equipment itself.
Financial performance
Turnover decreased by 19% to £28.1m (2019: £34.7m) whilst gross profit fell 10.7% to £10.0m (2019: £11.3m). Profit before tax at £2.6m (2019: £2.9m) was 10.1% behind the prior year.
The group had planned for revenues to be lower in 2020. Buoyed by the successful exploitation of opportunities presented by favourable market conditions, that were not expected to recur in 2020, performance in 2019 was exceptional and a return to more normal levels was anticipated. However, market conditions were dramatically different to expectation, largely due to the impact of the COVID-19 pandemic and the disruption that it caused. Sales of machines, which can be lumpy and unpredictable at the best of times, were behind plan primarily as a consequence of the prevailing circumstances rather than failure to capitalise on available opportunities.
The negative effects of operating in a world of coronavirus restrictions were ameliorated to a considerable extent by savings made on travel related expenditure, which were £0.5m lower than in the prior year.
The group also recorded significant foreign exchange gains in comparison to substantial losses in the preceding period. These arose because most machine sales are billed in euros and therefore the group built-up large euro denominated asset balances whilst that currency generally strengthened against sterling.
Overall, overheads were 11% lower than in 2019 and enabled the group to beat its planned profit for the year.
The group generated £1.3m of cash from operating activities but experienced a net cash outflow of £3.3m after paying dividends of £4.5m.
Key performance indicators
The group monitors performance against key financial objectives that the Directors judge to be effective in measuring the delivery of strategic aims and managing and controlling the business. These focus on turnover, gross profit, profit before tax and forward order book.
Within the business, KPI’s also include working capital control, such as aged inventory and aged accounts receivable, and customer-related performance measures such as on-time delivery, distribution centre picking errors and returns. These key performance indicators are measured and reviewed against targets on a regular basis.
Principal business risks
The Directors have identified the principal risks that threaten the company’s business model, future performance, solvency or liquidity and assessed our appetite for such risks. These risks have been reviewed in line with our strategic aims. We have considered reasonable steps to mitigate them and the threats created by them. We have determined that we have a new principal risk as a result of the COVID-19 outbreak becoming a global pandemic.
The principal risks are:
Macro-economic & political – The company is dependent upon the capital investment intentions of our customers. Economic or financial market conditions determine global demand and could adversely affect our customers, agency suppliers, and other parties with whom we transact. The Directors seek to ensure that our overall risk is mitigated by avoiding excessive concentration of exposure to any food manufacturing industry sub segment. Market conditions and industry forecasts are monitored for any early warning signs of changes in overall market demand, and appropriate measures to exploit opportunities or manage elevated risks are taken.
Brexit is an example of a political factor that could also have macro-economic implications. This risk has reduced since the conclusion of a trade deal in December 2020. However, administrative costs could rise and additional paperwork requirements could introduce delays into the supply chain. Also, Strict EU laws on animal products will also mean some UK products can no longer be exported and that could affect some of our customers adversely. We will continue to monitor the situation and adjust levels of critical spare parts held if necessary.
Contagious diseases - A prolonged global health threat could adversely affect our business. High levels of absence in our workforce could impact our ability to operate or provide appropriate functional support to our business. Delays could arise across the supply chain due to disruptions in the availability of people, goods services and equipment. Customers’ operations could be similarly afflicted and access to their sites could be hampered. The safety and wellbeing of our staff continues to be our overriding priority and we have implemented a series of measures to protect their health, safety and wellbeing; we will continue to monitor closely developments regarding best practice in this arena and will adopt them as appropriate. We will continue to review the risks associated with our key suppliers and identify if we have sufficient stock levels in our warehouses to address customer demands for critical spares.
Market risks - The company is aware of market risk in relation to the dependence upon key customers and the resulting exposure to the risk of a downturn in any of their larger customers’ activities, possibly as a result of the loss by that customer of a particular supply contact. This risk is often mitigated by the fact that the loss by one customer of a contract is a gain for another customer, who may consequently make a significant capital investment in order to improve capacity or increase productivity. Customer capital investment plans are monitored wherever possible to help mitigate that risk. The Directors consider that the current level of market risk is normal.
Supply chain consolidation – the continuity of the group’s business activities is dependent upon the cost-effective supply of high-quality products from our key agency / OEM suppliers. The food manufacturing equipment market continues to consolidate. This M&A activity can lead to the end of long-standing distribution agreements due to potential conflicts of interest. The company seeks to mitigate this risk by continuing to source high quality new OEM partners as well as maintaining long term transparent and constructive relationships with existing OEM suppliers.
Information Technology (“IT”) – Our IT systems and the information they contain are subject to security risks, including the unexpected loss of continuity from virus or other issues, and the deliberate breach of security controls for commercial gain or mischief. Any such occurrences could have a significant detrimental effect on our business activities. These risks are mitigated by the utilisation of physical and embedded security systems, regular back-ups and disaster recovery planning.
Financial risks - The main financial risks we face are credit risk, foreign currency risk and liquidity risk. The Directors regularly review these risks. Credit risk is managed by monitoring limits and payment performance of customers. Where a customer is deemed to represent an unacceptable level of credit risk, terms of trade are modified to limit the group’s exposure. The Directors consider the level of general credit risk in current market conditions to be slightly higher than normal. Foreign currency risk is managed by matching payments and receipts in foreign currency to minimise exposure. With no external debt within the group, liquidity risk is currently considered to be low; cash flow forecasting is nevertheless maintained on a regular basis.
The Board remains confident that the strengths of the company, which include its long-standing customer relationships, breadth and quality of products, strong OEM / agency relationships and loyal staff will continue to enable the company to deliver both its short term and longer-term plans.
The Directors have determined that the historic reasons for trading as a group of three entities are no longer relevant. The group has essentially been operating as one business; albeit with seven divisions that are responsible for the sales and servicing of each of our seven product subgroups. Organisationally, we operate one Executive Management Team, one Senior Management Team and shared systems, office facilities, warehousing, finance, administration, marketing, and customer service functions. Consequently, the business of Interfood Systems Limited and Interfood Slicing Limited was transferred to Interfood Technology Limited on 31 December 2020. The internal organisation of the business remains unchanged and the company will continue to operate with seven divisions; although we do expect to make some process efficiency gains.
On behalf of the board
The directors present their annual report and financial statements for the year ended 31 December 2020.
The results for the year are set out on page 10.
Ordinary dividends were paid amounting to £4,479,600. The directors do not recommend payment of a further dividend.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
In accordance with the company's articles, a resolution proposing that Richardsons be reappointed as auditor of the group will be put at a General Meeting.
We have audited the financial statements of Interfood Technology Ltd. (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2020 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard , and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit :
the information given in the strategic report and the directors' r eport 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 group and the parent company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report and the directors' r eport .
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the directors' r esponsibilities s tatement, 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 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 company or to cease operations, or have no realistic alternative but to do so.
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 around actual and potential litigation and claims.
Enquiry of the company's staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations.
Reviewing minutes of meetings of those charged with governance.
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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.
The profit and loss account has been prepared on the basis that all operations are continuing operations.
As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £4,763,686 (2019 - £1,685,399 profit).
Interfood Technology Ltd. (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is , 30 Upper High Street, Thame, Oxfordshire, OX9 3EZ.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest pound .
The financial statements have been prepared under the historical cost convention.
The consolidated group financial statements consist of the financial statements of the parent company Interfood Technology Ltd. together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates .
All financial statements are made up to 31 December 2020 . Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The group recognises revenues on the sale of products, net of discounts, sales incentives, customer bonuses, rebates granted and sales tax. The sale is recognised when products are delivered to the customer's premises, which is when title and risks and rewards of ownership pass to the customer.
Revenues from services provided and commissions received are recognised over the term of the underlying contract.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod 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. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities, including creditors, bank loans and loans from fellow group are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution pension scheme covering the directors. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and are depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.
The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases are charged against profit on a straight line basis over the lease term.
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date.
All differences are taken to the profit and loss account.
Intercompany balances
Intercompany balances are repayable on demand. Upon consolidation intercompany balances are eliminated.
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
An analysis of the group's turnover is as follows:
Their aggregate remuneration comprised:
Investment income includes the following:
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
Details of the company's subsidiaries at 31 December 2020 are as follows:
An intercompany guarantee exists as formal security over the bank accounts between Interfood Systems Limited and Interfood Slicing Limited.
The bank holds a debenture over all the assets within the company.
Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Each share is entitled to one vote in any circumstance. Any profits which the directors lawfully determine to distribute shall be distributed among the holders pro rata to the number of shares held. On winding up or other return of capital, any capital shall be distributed among the holders of shares pro rata in relation to the number of shares held. The shares are non-redeemable.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The remuneration of key management personnel is as follows.
During the year the group entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
The following amounts were outstanding at the reporting end date:
Terms and conditions of transactions with related parties
Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured and interest free.
Key management personnel
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Group are considered to be key management personnel. Within amounts owed to key management are amounts due to the directors.
The results of Interfood Technology Limited are included in the group accounts prepared by Process-Pack GmbH & Co. KG, a company incorporated in Germany. The address from which the accounts can be obtained is shown below:
Niedeckerstraße 1
65795 Hattersheim a. M.
Germany
On the 31st December 2020 the trade, assets and liabilities of Interfood Slicing Limited and Interfood Systems Limited were transferred up to the parent company Interfood Technology Limited.