ACCOUNTS - Final Accounts

Operating profit

The operating profit is stated after charging:

ORION FOODS LIMITED - Company Information

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Registered number: 03325875

ORION FOODS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

ORION FOODS LIMITED

COMPANY INFORMATION

Director	Anwar Bashir


Company secretary	Amjad Bashir


Registered number	03325875


Registered office	137a High Street North
	East Ham
	London
	E6 1HZ


Independent auditors	Barnes Roffe LLP
	Chartered Accountants Statutory Auditor
	Leytonstone House
	Leytonstone
	London
	E11 1GA

ORION FOODS LIMITED

CONTENTS

	Page
Strategic report	1
Director's report	2 - 3
Independent auditors' report	4 - 7
Statement of income and retained earnings	8
Balance sheet	9
Statement of cash flows	10
Notes to the financial statements	11 - 22

ORION FOODS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 MARCH 2022

Introduction

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

Business review

The Company trades under KFC franchised restaurants.
The Company is subject to the difficult trading conditions that are affecting much of the high street and the current economic climate means that it is challenging times. However, the directors are pleased with the results for the year.

Principal risks and uncertainties

The company is subject to the same general risks and uncertainties as any other business, for example, the impact of natural disasters, changes in general economic conditions including currency and interest rate fluctuations and the impact of competition.
The Company, like many, will continue to be exposed to any severe economic slump due to COVID-19 and other current economic factors; however, the directors are of the opinion that the Company is well-placed to see out any impact.

Financial key performance indicators

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company, these being turnover and EBITDA.
Turnover £13.73m (2021 - £10.85m)
EBITDA £1.72m (2021 - £0.76m)

This report was approved by the board on 22 December 2022 and signed on its behalf.

Anwar Bashir

Director

Page 1

ORION FOODS LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 MARCH 2022

The director presents his report and the financial statements for the year ended 31 March 2022.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Director

The director who served during the year was:

Anwar Bashir

Future developments

The director does not believe that the business will change significantly in the foreseeable future.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 2

ORION FOODS LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

This report was approved by the board on 22 December 2022 and signed on its behalf.

Anwar Bashir

Director

Page 3

ORION FOODS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORION FOODS LIMITED

Opinion

We have audited the financial statements of Orion Foods Limited (the 'Company') for the year ended 31 March 2022, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows 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:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2022 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.

Page 4

ORION FOODS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORION FOODS LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Director's 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:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of director's remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Director's responsibilities statement set out on page 2, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

ORION FOODS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORION FOODS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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:

∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the relevant sector, including Companies Act 2006;

∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

∙performed analytical procedures and tested journal entries to identify any unusual or unexpected relationships or transactions;

∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations.

The areas that we identified as being susceptible to misstatement through fraud were:

∙Management bias in the estimates and judgements made; and

∙Management override of controls.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

Page 6

ORION FOODS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORION FOODS LIMITED (CONTINUED)

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.

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 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.

Gary H Leonard (Senior statutory auditor)

for and on behalf of

Barnes Roffe LLP

Chartered Accountants

Statutory Auditor

Leytonstone House

Leytonstone

London

E11 1GA

23 December 2022

Page 7

ORION FOODS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MARCH 2022

	2022	2021
Note	£	£


Turnover	4	13,729,568	10,850,777
Cost of sales		(8,779,888)	(7,206,461)
Gross profit		4,949,680	3,644,316
Administrative expenses		(3,744,858)	(3,720,356)
Other operating income	5	83,988	441,158
Operating profit	6	1,288,810	365,118
Interest receivable and similar income	8	-	42
Interest payable and similar expenses	9	(1,299)	-
Profit before tax		1,287,511	365,160
Tax on profit	10	(270,744)	(74,135)
Profit after tax		1,016,767	291,025



Retained earnings at the beginning of the year	1,714,421	1,423,396
Profit for the year	1,016,767	291,025
Retained earnings at the end of the year	2,731,188	1,714,421

There were no recognised gains and losses for 2022 or 2021 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 22 form part of these financial statements.

Page 8

ORION FOODS LIMITED

REGISTERED NUMBER: 03325875

BALANCE SHEET

AS AT 31 MARCH 2022

		2022		2021
Note		£		£

Fixed assets
Intangible assets	11		43,040		64,030
Tangible assets	12		1,682,719		1,210,687
			1,725,759		1,274,717
Current assets
Stocks	13	68,556		60,324
Debtors: amounts falling due within one year	14	1,052,655		571,957
Cash at bank and in hand	15	1,903,282		1,371,378
		3,024,493		2,003,659
Creditors: amounts falling due within one year	16	(1,813,268)		(1,500,030)
Net current assets			1,211,225		503,629
Total assets less current liabilities			2,936,984		1,778,346
Creditors: amounts falling due after more than one year	17		(33,206)		(42,892)
Provisions for liabilities
Deferred tax	19		(171,590)		(20,033)
Net assets			2,732,188		1,715,421

Capital and reserves
Called up share capital	20	1,000	1,000
Profit and loss account	21	2,731,188	1,714,421
		2,732,188	1,715,421

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2022.

Anwar Bashir

Director

The notes on pages 11 to 22 form part of these financial statements.

Page 9

ORION FOODS LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

			2022	2021
			£	£

Cash flows from operating activities
Profit for the financial year	1,016,767	291,025
Adjustments for:
Amortisation of intangible assets	20,990	101,382
Depreciation of tangible assets	412,712	298,048
Interest paid	1,299	-
Interest received	-	(42)
Taxation charge	270,744	74,135
(Increase)/decrease in stocks	(8,232)	13,054
Decrease/(increase) in debtors	64,302	(207,976)
(Increase)/decrease in amounts owed by groups	(545,000)	700,000
Increase/(decrease) in creditors	339,433	(129,083)
Decrease in amounts owed to groups	(641)	-
Corporation tax paid	(147,319)	(36,847)
Net cash generated from operating activities	1,425,055	1,103,696

Cash flows from investing activities
Purchase of tangible fixed assets	(884,744)	(375,939)
Interest received	-	42
Net cash from investing activities	(884,744)	(375,897)
Cash flows from financing activities
New secured loans	-	50,000
Repayment of loans	(7,108)	-
Interest paid	(1,299)	-
Net cash used in financing activities	(8,407)	50,000
Net increase in cash and cash equivalents	531,904	777,799
Cash and cash equivalents at beginning of year	1,371,378	593,579
Cash and cash equivalents at the end of year	1,903,282	1,371,378

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,903,282	1,371,378

Page 10

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1.	General information

Orion Foods Limited ("the Company") is a private company limited by shares, incorporated in England and Wales. Its registered office is 137a High Street North, East Ham, London, E6 1HZ.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Auriga Holdings Limited as at 31 March 2022 and these financial statements may be obtained from Companies House.

2.3

Going concern

The financial statements have been prepared on a going concern basis.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Page 11

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.5

Intangible assets

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 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 Statement of Income and Retained Earnings over its useful economic life being the length of the licence.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation expense is recognised within Administrative expenses in the Statement of Income and Retained Earnings. Licence fees are amortised over the term of the licence as the economic benefit is consumed.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

				Licence fees	-		Straight line over the length of the licence
				Goodwill	-		10% straight line

2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, provided on the following bases:

				Leasehold property	-	Over the period of the lease
				Plant and machinery	-	20% straight line

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.

Page 12

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment.

2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to/from related parties.

2.10

Creditors

Short-term creditors are measured at the transaction price.

2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.14

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements 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.
Critical judgements in applying accounting policies
The Company does not consider there to be any critical judgements in applying accounting policies.
Accounting judgements and estimation
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of tangible fixed assets.
(ii) Estimated useful life of intangible assets
The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful lives. The useful lives are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation and the condition of the asset. See note 11 for the carrying amount of license fees and goodwill.

Page 14

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Turnover

All turnover arose within the United Kingdom.

5.	Other operating income
		2022	2021
		£	£

	Government grants receivable	83,988	441,158

Depreciation and amortisation	433,702	399,430
Other operating lease rentals	382,539	480,956
Auditors remuneration	7,600	7,400

7.	Employees
		2022	2021
		£	£

Wages and salaries	2,332,538	2,228,092
Social security costs	120,291	94,676
Cost of defined contribution scheme	26,717	27,280
	2,479,546	2,350,048

The average number of employees, including directors, during the year was 185 (2021 - 191).

8.	Interest receivable and similar income
		2022	2021
		£	£

Other interest

Page 15

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

9.	Interest payable and similar expenses
		2022	2021
		£	£

Bank loan interest

1,299

Corporation tax
Current tax on profits for the year	119,187	35,724

	Deferred tax
	Origination and reversal of timing differences	151,557	38,411


	Taxation on profit on ordinary activities	270,744	74,135

Profit on ordinary activities before tax

1,287,511

365,160

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2021 - 19%)	244,627	69,380
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	10,504	(535)
Capital allowances for year in excess of depreciation	-	5,290
Other differences leading to an increase (decrease) in the tax charge	15,613	-
Total tax charge for the year	270,744	74,135

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 16

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

11.	Intangible assets

	Licence fees	Goodwill	Total
	£	£	£
Cost
At 1 April 2021	239,382	1,017,000	1,256,382
At 31 March 2022	239,382	1,017,000	1,256,382
Amortisation
At 1 April 2021	182,660	1,009,692	1,192,352
Charge for the year on owned assets	13,682	7,308	20,990
At 31 March 2022	196,342	1,017,000	1,213,342
Net book value
At 31 March 2022	43,040	-	43,040
At 31 March 2021	56,722	7,308	64,030

Page 17

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

12.	Tangible fixed assets

	Leasehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 April 2021	433,689	5,097,307	5,530,996
Additions	-	884,744	884,744
At 31 March 2022	433,689	5,982,051	6,415,740
Depreciation
At 1 April 2021	88,727	4,231,582	4,320,309
Charge for the year on owned assets	21,683	391,029	412,712
At 31 March 2022	110,410	4,622,611	4,733,021
Net book value
At 31 March 2022	323,279	1,359,440	1,682,719
At 31 March 2021	344,962	865,725	1,210,687

Page 18

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

13.	Stocks
		2022	2021
		£	£

	Raw materials and consumables	68,556	60,324

Stock recognised in cost of sales during the year as an expense was £3,555,896 (2021- £2,756,034).

14.

Debtors

					2022	2021
					£	£


Trade debtors	108,879	140,071
Amounts owed by group undertakings	826,794	281,794
Other debtors	-	68,768
Prepayments and accrued income	116,982	81,324
	1,052,655	571,957

15.	Cash and cash equivalents
		2022	2021
		£	£

	Cash at bank and in hand	1,903,282	1,371,378

16.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Bank loans	9,686	7,108
Trade creditors	716,512	619,677
Amounts owed to group undertakings	648,265	648,906
Corporation tax	117,454	145,586
Other taxation and social security	184,665	22,989
Other creditors	37,470	15,715
Accruals and deferred income	99,216	40,049
	1,813,268	1,500,030

Page 19

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

17.	Creditors: Amounts falling due after more than one year
		2022	2021
		£	£

	Bank loans	33,206	42,892

Amounts falling due within one year
Bank loans	9,686	7,108
Amounts falling due 1-2 years
Bank loans	9,932	9,687
Amounts falling due 2-5 years
Bank loans	23,274	30,554
Amounts falling due after more than 5 years
Bank loans	-	2,651
	42,892	50,000

The loan is secured against the assets of the Company.

Page 20

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

19.	Deferred taxation

	2022	2021
	£	£

At beginning of year	(20,033)	18,378
Charged to profit or loss	(151,557)	(38,411)
At end of year	(171,590)	(20,033)

The provision for deferred taxation is made up as follows:
	2022	2021
	£	£

Accelerated capital allowances

(171,590)

(20,033)

20.	Share capital
		2022	2021
		£	£

Allotted, called up and fully paid

1,000 (2021 - 1,000) Ordinary shares of £1.00 each	1,000	1,000

21.

Reserves

Profit and loss account

The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.

22.	Analysis of net debt

		At 1 April 2021	Cash flows	At 31 March 2022
		£	£	£

Cash at bank and in hand	1,371,378	531,904	1,903,282
Debt due after 1 year	(42,892)	9,686	(33,206)
Debt due within 1 year	(9,962)	(24,174)	(34,136)
	1,318,524	517,416	1,835,940

Page 21

ORION FOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

23.	Contingent liabilities

The Company has guaranteed the bank borrowings of its parent undertaking, Auriga Holdings Limited. At the year end the amounts guaranteed were £9,494,642 (2021 - £10,296,679).

24.	Pension commitments

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 £26,717 (2021 - £27,280). Contributions totalling £3,369 (2021 - £2,815) were payable to the fund at the balance sheet date and are included in creditors.

Not later than 1 year	414,500	474,500
Later than 1 year and not later than 5 years	941,603	1,552,288
Later than 5 years	989,156	1,188,629
	2,345,259	3,215,417

26.	Related party transactions
	The Company has taken the exemption from disclosing related party transactions with wholly owned subsidiaries within the Group under FRS 102 section 33.1A.

27.	Parent undertaking

Auriga Holdings Limited whose company number is 03326486 and registered office is 137A High Street North, East Ham, London, E6 1HZ is the ultimate parent undertaking.
The consolidated financial statements of this Company are available to the public and can be obtained from Companies House.

Page 22