ACCOUNTS - Final Accounts preparation
ACCOUNTS - Final Accounts preparation
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FORMERLY KNOWN AS IFG HOLDCO LIMITED
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
COMPANY INFORMATION
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INDIGO FOOD GROUP HOLDINGS LIMITED
CONTENTS
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INDIGO FOOD GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
The Directors have pleasure in submitting their Strategic Report of the group for the period ended 31 December 2022 to comply with s414C of the Companies Act 2006.
The strategic objective of the group is to grow its manufacturing operations in savoury pastry products and wholesales of cooked meats.
The senior management team are committed to constantly reviewing processes, procedures and operating expenses to ensure that they minimise or eliminate waste and monitor costs.
The group has reported turnover of £76.4m (Year ended 31 January 2022 : £54.4m) in what continues to be a competitive marketplace servicing the UKs leading supermarket and food retailers.
Commodity price increases have been incurred which spiralled in 2022 in the wake of the war in Ukraine, leading to the company working closely with the customer base to review the product offering and pricing. A profit before tax for the 11 month period ended 31 December 2022 is reported at £0.3m compared to a profit before tax of £1.6m for the year ended 31 January 2022. The group continues to hold the Brand Reputation Compliance Global Standards for food safety, undertaking this against issue 8 throughout its subsidiaries during 2022 as well as being successfully audited by both our customers and Environmental Health bodies.
The Directors are always seeking new markets and new opportunities to take the group forward. The group is well positioned for the 2023 trading year with strong demand from its existing customer base. The group intends to invest in the manufacturing facilities and equipment, to assist with meeting demand.
In May 2022, Indigo Food Group Limited, acquired the entire issued share capital of Edgmond Foods Limited. Since the acquisition, the company has embarked upon a programme of recovering unprecedented cost inflation through cost savings, re-evaluating customer prices and driving efficiencies across the operation. The Directors will continue to invest in Capital Expenditure to ensure the group improves its manufacturing efficiency and continues to develop the quality of the products it produces.
The group uses KPIs to monitor the performance against its strategy across its subsidiaries. KPIs used include sales growth, customer service level, and manufacturing efficiency. Management consider it commercially sensitive to disclose these in the financial statements.
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INDIGO FOOD GROUP HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
The group is subject to a number of risks and uncertainties that are continually monitored by the directors. Where possible steps are put in place to mitigate, with the key areas of principal risk or uncertainty together with mitigating actions and controls are given as below:
Product Quality & Safety – excellent food safety is imperative to maintain consumer confidence in our products. Mitigating Action: procedures exist to ensure food safety is maintained, supported by robust audit processes, both internally and by external regulatory bodies.
Commodity Prices – changes in commodity prices, utilities and other raw materials could impact the company margins and financial performance or customer value. Mitigating Action: where possible securing fixed pricing with suppliers to limit price volatility and obtain best value, as well as running periodic reviews of market pricing and adjusting prices accordingly. Foreign Exchange Currency – the company is exposed to currency exchange rate risk due to a significant proportion of its payables being denominated in Euros and US Dollars for the year under review. Mitigating Action: The exposure is monitored by the Board of Directors and managed using forward contracts.
This report was approved by the board on 23 January 2024 and signed on its behalf.
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INDIGO FOOD GROUP HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
The directors present their report and the financial statements for the 11 month period ended 31 December 2022.
The profit for the 11 month period, after taxation, amounted to £555,881 (Year ended 31 January 2022:
£1,173,301).
During the period dividends of £360,000 were paid.
The directors who served during the 11 month period were:
The Directors are always seeking new markets and new opportunities to take the group forward. The group is well positioned for the 2023 trading year with strong demand from its existing customer base. The group intends to invest in the manufacturing facilities and equipment, to assist with meeting demand.
The Health and Safety of everyone in the group is of paramount importance and we continually strive for a positive Health and Safety culture across all our sites and that involves all our employees.
We continue to invest in initiatives to maintain the highest level of Health and Safety, integrated alongside our quality and environmental programmes. We remain committed to rewarding our people as well as we can and we continue to differentiate from of our competitors by paying the same rate to employees of all ages, including new starters. Communication with staff is accorded a high priority and employees are kept informed of the group and individual company activities through regular briefings and staff updates. Complaints can be raised with the directors by e-mail or through a group confidential telephone hotline or e-mail address. Initiatives have been introduced at group level such as providing all employees with access to a third-party suite of exclusive benefits, free advice and savings with the UK's largest retailers and service providers. This has been complimented by in-house initiatives such as the ‘Indigo 100 Day Charity Challenge’, a scheme which encouraged employees to record fitness activities such as swimming, running, and cycling across a period of one hundred days in 2022, enabling staff to raise money for charity for every kilometre completed. This initiative was extremely well received by our employees and helped promote health and wellbeing along with wider communication across different companies in the group. Regular communication updates were delivered on activities undertaken as the charity donation built, fostering greater collaboration. At individual manufacturing site level, each company has built upon existing employee engagement programmes closely aligned with requirements under the BRGCS food safety culture plan.
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INDIGO FOOD GROUP HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
The development of long-term relationship is critical to the success of the group. Such relationships have enabled the group to focus on making long-term decisions without being to the detriment of short terms targets.
The group is committed to working with our customers to deliver the highest quality product range through investment in our production facilities. Through the introduction of new technology, our communication methods have evolved, and this has helped us to ensure that we have not lost the direct communication with our suppliers.
The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as none of its subsidiaries are obliged to report in their own right under SECR.
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and;
∙the director has taken all the steps that ought to have been taken as director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
There have been no significant events affecting the Group since the period end.
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDIGO FOOD GROUP HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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INDIGO FOOD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDIGO FOOD GROUP HOLDINGS LIMITED
We have audited the financial statements of Indigo Food Group Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the 11 month period ended 31 December 2022, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statements of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated and Company Statement of Changes in Equity, the Consolidated Analysis of Net Debt 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 or the 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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INDIGO FOOD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDIGO FOOD GROUP HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial 11 month period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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INDIGO FOOD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDIGO FOOD GROUP HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group 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:
∙We have considered the nature of the industry and sector, control environment and business performance.
∙We have considered the results of our enquiries of management, including the Finance Director, about their own identification and assessment of the risk of regularities.
For any matters identified we have obtained and reviewed the Group's documentation of their policies and procedures relating to:
∙Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
∙Detecting and responding to the risk of fraud and whether they have knowledge of actual, suspected, or alleged fraud; and,
∙The internal controls established to mitigate the risks of fraud or non-compliance with laws and regulations.
∙We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, and incorrect recognition of revenue was identified as the greatest potential area for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amount and disclosures in the financial statements. They key laws and regulations we considered in this context included the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty. These included health and safety. We identified management override as a key audit matter related to the potential risk of fraud, our procedures to respond to risks included the following:
∙Performing various substantive tests of detail related to the recognition of revenue
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Enquiring of management concerning actual and potential litigation claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement or fraud; and
∙Testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias and evaluating the business rationale of any significant transactions that ar unusual or outside the normal course of business.
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INDIGO FOOD GROUP HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDIGO FOOD GROUP HOLDINGS LIMITED (CONTINUED)
These procedures were performed at both a parent company and subsidiary level as appropriate.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 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 any 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. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of detecting a material misstatement due to fraud is higher than the risk of detecting one due to error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
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INDIGO FOOD GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
REGISTERED NUMBER:12476879
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 37 form part of these financial statements.
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INDIGO FOOD GROUP HOLDINGS LIMITED
REGISTERED NUMBER:12476879
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 37 form part of these financial statements.
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INDIGO FOOD GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
Indigo Food Group Holdings Limited is a limited liability Company incorporated in the UK and registered in England and Wales. The registered office is 10 Templeback, Bristol, BS1 6FL.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The directors are satisfied that the Group and Company has sufficient funding available to meet all its liabilities as they fall due. The directors have prepared forecasts which demonstrate the company will be able to operate for a period of at least 12 months within its anticipated cash resources. Therefore the directors have concluded that it is appropriate to prepare the accounts on a going concern basis.
Functional and presentation currency
Transactions and balances
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life of 10 years.
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
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.
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
2.ACCOUNTING POLICIES (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below. Critical judgements Lease commitments Determine whether leases entered into by the company either as a lessor or a lessee are operating or lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Depreciation rates Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. Sources of estimation uncertainty Impairment of fixed assets Determine whether there are indicators of impairment of the company's tangible and intangible assets, including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Stock Provision Stock is measured at the lower of cost and net realisable value. The company determines whether there are conditions that exist at the balance sheet date that indicates that the net realisable value of individual stock lines are less than the carrying value. Such indicators include post year-end sales, sales order pipeline, and market forces. Trade Debtor Provision Management recognise a provision against potential bad debts. Factors to be considered include the ageing profile and known concerns over recoverability of debts.
The whole of the turnover is attributable to manufacturing and sale of savoury food products.
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
10.TAXATION (CONTINUED)
The UK corporation tax rate will rise from 19% to 25% in 2023 and this was substantively enacted on 15 June 2021. Accordingly, this rate has been used to measure any deferred tax assets and liabilities.
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
12.TANGIBLE FIXED ASSETS (CONTINUED)
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
Bank overdrafts are secured by way of fixed and floating charges over the undertaking and all property and assets present and future.
Bank loans are secured by way of a fixed charge legal mortgage over the property of the group.
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
Share premium account
Merger Reserve
Profit and loss account
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
24.BUSINESS COMBINATIONS (CONTINUED)
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £307,178.
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INDIGO FOOD GROUP HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 11 MONTH PERIOD ENDED 31 DECEMBER 2022
The ultimate controlling party is
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