Freiberger (UK) Limited - Period Ending 2021-02-28
Freiberger (UK) Limited - Period Ending 2021-02-28
Registration number:
Freiberger (UK) Limited
for the Year Ended 28 February 2021
Freiberger (UK) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
Freiberger (UK) Limited
Company Information
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Directors |
Mr A J Thorne Mr Uwe Berndt |
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Registered office |
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Auditors |
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Freiberger (UK) Limited
Strategic Report for the Year Ended 28 February 2021
The directors present their strategic report for the year ended 28 February 2021.
Principal activity
The principal activity of the company is wholesale of food
Fair review of the business
The impact of the coronavirus pandemic was felt through the whole of the accounting period to February 2021 with increased demand particularly through the first half of the period. The supply chain of product from factories remained consistent despite pressures and enabled good service levels to our customers during this important time.
Our customers faced significant shifts in their consumers behaviour with a marked emphasis on online orders and the use of both larger and more local stores. While all customers grew sales during this period the structural move to discounters was reversed. It is not anticipated that this change in shopper behaviour will be permanent and the longer term market will continue to witness the growth of the UK discounters
As a result of these dynamics this year we have seen a growth in the value of our sales by 10.1%. The volume sales grew by a corresponding 6.5%.
We maintain our long term business strategy of being a key player in the supply of frozen own label pizza to the major retail supermarkets in the UK. We are supported in this by our parent group, whose continual investment in new products and quality sets us apart from our competitors. We then provide on a local basis, extensive market knowledge and insight to support our customers.
New product development through active category management programmes plays a key part in our strategy to maintain and grow sales ahead of the market.
Principal risks and uncertainties
The key risk and uncertainty within the business remains raw material and exchange rate volatility. These pressures come from both the supply side and the sales side and have the potential to reduce profitability significantly.
The UK's exit from the EU continues to drive additional complexity to the import of composite frozen food products into the UK. Export documentation from the EU based factories and the import health certificates remain the principle areas of issue and concern for the next accounting period.
Added cost to the supply chain will need to be reflected in future contract negotiations with customers.
Due diligence process
Freiberger (UK) Limited
Strategic Report for the Year Ended 28 February 2021 (continued)
As in previous years we measure a number of KPI's in order to monitor our performance during the year with 3 key ones being:
Consumer Complaints
This indicator for the accounting period shows a decline in product complaints from consumers both in absolute and per million pizzas sold. The business continues its focus in this area and aims to reduce further complaint numbers for the next financial period.
Logistics Performance
With the highest volume of pizzas sold in the company history in past year our KPI's show average order sizes are now stabilised as have average pallet utilisations. The number of storage locations were further reduced over this period to improve efficiency.
Development Performance
This is vital to the ongoing success of the business in meeting the changing needs of our customers and today's consumers. The long term aim of the business is to continually evolve our products and this enables the business to successfully drive quality and value for money within the market.
Approved by the
.........................................
Director
Freiberger (UK) Limited
Directors' Report for the Year Ended 28 February 2021
The directors present their report and the financial statements for the year ended 28 February 2021.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Information included in the Strategic Report
COVID-19
The COVID-19 pandemic continues to be a disruption to the UK and international economy but has not had a material impact on the company. The directors continue to monitor the situation closely and in the event of any potential impacts that may arise in the future, they would take steps to ensure that the business responded swiftly to them.
Brexit
On 31 January 2021 the transition period which was enacted following the United Kingdom's decision to leave the European Union ended. This increased complexity to the process of importing products but has not had a material impact on the company.
Financial instruments
Objectives and policies
The company uses various financial instruments. These include cash and balances such as trade receivables and trade payables that arise directly from its operations. The company is also supported by balances owed to its immediate parent undertaking and other members of the immediate parent undertaking's group. The existence of these financial instruments exposes the company to the following financial risks: currency risk, liquidity risk and credit risk. The directors review and agree policies for managing each of
these risks and they are summarised below. These policies remain unchanged from previous years.
Price risk, credit risk, liquidity risk and cash flow risk
Currency risk
The company is exposed to translation and transaction foreign exchange risk. To minimise this risk the company operates a bank account in the overseas currency it is exposed to. The main foreign currency transactions are with the overseas parent company and other members of the immediate parent undertaking's group.
Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Both short-term flexibility and long-term funding are achieved by funding received from the immediate parent undertaking and other members of the immediate parent undertaking's group.
Credit risk
Credit limits are reviewed by the managing director on a regular basis in conjunction with debt ageing and collection history data. There are long-standing relationships with the major customers and insurance cover is used for the majority of accounts.
Disclosure of information to the auditors
Freiberger (UK) Limited
Directors' Report for the Year Ended 28 February 2021 (continued)
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
.........................................
Director
Freiberger (UK) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Freiberger (UK) Limited
Independent Auditor's Report to the Members of Freiberger (UK) Limited
Opinion
We have audited the financial statements of Freiberger (UK) Limited (the 'company') for the year ended 28 February 2021, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, 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 28 February 2021 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 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.
The impact of uncertainties due to the UK exiting the European Union
On 31 January 2021 the transition period which was enacted following the United Kingdom's decision to leave the European Union ended. This increased complexity to the process of importing products but has not had a material impact on the company.
A significant area this will affect the business by going forward is that from 1 October 2021, following the Export Health Certification ruling, a certificate from an official vet will have to accompany each consignment travelling through the European Union, to confirm that the produce within that consignment meets the health requirements.
Other significant future developments
The COVID-19 pandemic continues to be a disruption to the UK and international economy but has not had a material impact on the company. The directors continue to monitor the situation closely and in the event of any potential impacts that may arise in the future, they would take steps to ensure that the business responded swiftly to them.
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 original financial statements were 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 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 auditor’s 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.
Freiberger (UK) Limited
Independent Auditor's Report to the Members of Freiberger (UK) Limited (continued)
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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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, 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 directors’ 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 Statement of Directors' Responsibilities [set out on page 6], 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 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.
Auditor’s 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 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:
Freiberger (UK) Limited
Independent Auditor's Report to the Members of Freiberger (UK) Limited (continued)
Ultimate control of the company is with the parent company in Germany. They are responsible for posting of journals, approving all purchase invoices and then the authority for payments to be made.
Therefore there is a limited amount available for tests of these systems for fraudulent events that can be carried out for this audit, with such a large control being away from this subsidiary, it is not considered to be a key risk area of irregularities for fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.
......................................
For and on behalf of
Albion House
32 Pinchbeck Road
Lincolnshire
PE11 1QD
Freiberger (UK) Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 28 February 2021
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Note |
2021 |
2020 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Interest payable and similar charges |
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( |
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356,129 |
(358,399) |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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|
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Retained earnings brought forward |
3,906,181 |
6,479,233 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
10,965,929 |
3,906,181 |
Freiberger (UK) Limited
(Registration number: 02400918)
Balance Sheet as at 28 February 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved and authorised by the
.........................................
Director
Freiberger (UK) Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Freiberger (UK) Limited
Notes to the Financial Statements for the Year Ended 28 February 2021 (continued)
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Accounting policies (continued) |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office equipment |
33% straight line |
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Motor vehicles |
25% straight line |
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Leasehold improvements |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Freiberger (UK) Limited
Notes to the Financial Statements for the Year Ended 28 February 2021 (continued)
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Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
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2021 |
2020 |
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Sale of goods |
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2021 |
2020 |
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Miscellaneous other operating income |
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Freiberger (UK) Limited
Notes to the Financial Statements for the Year Ended 28 February 2021 (continued)
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
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2021 |
2020 |
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Gain (loss) on disposal of property, plant and equipment |
( |
( |
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Operating profit |
Arrived at after charging/(crediting)
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2021 |
2020 |
|
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Depreciation expense |
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Operating lease expense - property |
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Operating lease expense - plant and machinery |
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Loss on disposal of property, plant and equipment |
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Interest payable and similar expenses |
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2021 |
2020 |
|
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Interest expense on other finance liabilities |
( |
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Foreign exchange (gains) / losses |
( |
|
|
( |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2021 |
2020 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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Other employee expense |
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|
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
Freiberger (UK) Limited
Notes to the Financial Statements for the Year Ended 28 February 2021 (continued)
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8 |
Staff costs (continued) |
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2021 |
2020 |
|
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Administration and support |
|
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Sales |
|
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Other departments |
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|
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2021 |
2020 |
|
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Remuneration |
|
|
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Contributions paid to money purchase schemes |
- |
|
|
273,400 |
254,812 |
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Auditors' remuneration |
|
2021 |
2020 |
|
|
Other fees to auditors |
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Audit-related assurance services |
|
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Taxation |
Tax charged/(credited) in the income statement
|
2021 |
2020 |
|
|
Current taxation |
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UK corporation tax |
|
|
|
Deferred taxation |
||
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Arising from origination and reversal of timing differences |
|
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Tax expense in the income statement |
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Deferred tax
Freiberger (UK) Limited
Notes to the Financial Statements for the Year Ended 28 February 2021 (continued)
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Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
||||
|
At 1 March 2020 |
|
|
|
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Additions |
- |
|
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Disposals |
- |
- |
( |
( |
|
At 28 February 2021 |
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|
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Depreciation |
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At 1 March 2020 |
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|
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Charge for the year |
- |
|
|
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Eliminated on disposal |
- |
- |
( |
( |
|
At 28 February 2021 |
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|
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Carrying amount |
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|
At 28 February 2021 |
- |
|
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At 29 February 2020 |
- |
|
|
|
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Stocks |
|
2021 |
2020 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
Note |
2021 |
2020 |
|
|
Trade debtors |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Deferred tax assets |
|
|
|
|
Income tax asset |
- |
|
|
|
|
|
Freiberger (UK) Limited
Notes to the Financial Statements for the Year Ended 28 February 2021 (continued)
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Cash and cash equivalents |
|
2021 |
2020 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2021 |
2020 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Accrued expenses |
|
|
|
|
Income tax liability |
1,208,571 |
- |
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 March 2020 |
( |
( |
|
Increase (decrease) in existing provisions |
|
|
|
At 28 February 2021 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
Freiberger (UK) Limited
Notes to the Financial Statements for the Year Ended 28 February 2021 (continued)
|
19 |
Share capital (continued) |
|
2021 |
2020 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2 |
|
2 |
|
Dividends |
|
2021 |
2020 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
4,026,000 |
6,356,000 |
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Non adjusting events after the financial period |
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