THE_AUTHENTIC_FOOD_GROUP_ - Accounts
THE_AUTHENTIC_FOOD_GROUP_ - Accounts
The Directors present the strategic report for the year ended 30 November 2022.
The results of the Group for the year, as set out on page 9, show turnover of £50.6m (2021 - £47.2m) and a profit on ordinary activities before taxation of £1.2m (2021– £1.9m).
During the 12 month period the business has, like so many other businesses particularly those within the food sector, worked hard to mitigate the impact of cost inflation. All input costs to the business have been affected, whether raw material, packaging or overhead related. Further to these areas stated and adding even more pressure has been the significant increases seen in relation to gas and electricity. Facing into these areas of inflation and seeking solutions on how to manage the impact in this financial period has been of paramount importance.
Even with these pressures the business has been able to deliver a number of new commercial relationships and strengthen those which already exist.
Future growth and developments
The Group is focused on bringing exceptional innovation and quality to all the channels in which it operates. This includes frozen ready meals, plant based offerings and vegan options.
The relationships the Group has with its existing and new customers are very important and the business tries to continually build and improve these relationships, even with the cost inflation pressures it has experienced over this period.
Beyond Meat continues to be a key strategic partner, a relationship which we are proud of. We work extremely hard and invest significantly into this relationship and will continue to do so. This will bring further innovation and exciting products to the category.
Strategy
The business has a clear strategic focus this is to remain a leader in the provision of frozen world foods, which is delivered through innovation and the desire to deliver benefit to all its stakeholders.
The principal risks and uncertainties of the Group are in line with other food manufacturing businesses that operate within similar categories. These are pricing pressure from customers and the competitive nature of the markets it operates in. The Group recognises the risk of margin pressure as a result of raw material cost inflation, exchange rate volatility and the constant increases in employee costs.
With that said the cost inflation experienced during this period has been unparalleled.
The Directors closely monitor the business through key performance indicators detailed below to mitigate the principal risks and uncertainties faced.
KPIs are operated at all levels to measure performance enabling the Group to control its business on a daily, weekly and monthly basis.
The Directors monitor the progress of the Group by reference to the following KPIs:
Turnover £50.6m (2021 - £47.2m) – Goods supplied during the year exclusive of Value Added Tax and trade discounts.
Gross Margin 23.9% (2021 – 24.8%) - Gross Profit as a percentage of Turnover.
Going concern
In preparing these financial statements the Directors are required to make the necessary assessments to ensure that the going concern basis is appropriate.
The business has worked hard to mitigate the impact of the inflation seen during the financial period. This has been hugely challenging as the increased costs have been seen impacting throughout the business’s cost structure. In addition to this due to the nature of the business the cost of energy has also been a factor as has the availability of certain raw materials. The business has engaged with its customer and supplier base to find the optimum solution. That said this has been challenging as we all face the same pressures. It is predicted these forces will continue throughout 2023.
The Directors have produced detailed forecasts to understand its resilience to the continued impact of the aforementioned drivers, and modelled scenarios to assess potential actions required to remain financially viable.
The Directors are therefore confident they have the appropriate operational and tactical plans ready in order to react when needed.
Promoting the success of the company
Stakeholder Group | Why we engage | How we engage |
Employees | The continued success of the company is heavily reliant upon our employees working towards our shared goals. | Employees are briefed regularly to provide a business update and progress towards factory targets. The senior management team are continually working on finding new and improved methods of engagement. |
Customers | Our customer satisfaction is imperative to the long term success of the business. | Our commercial and new product development teams work together with our customers to ensure their needs are surpassed and that we are able to offer innovative products in line with emerging trends. |
Suppliers | The food sector is a heavily regulated industry; we retain a trusted supplier base to maintain the highest quality standards. | Our purchasing, technical and supply chain teams are in regular contact with suppliers to ensure quality standards are maintained and to ensure the supply chain remains uninterrupted. |
Community | TAFG cares about its local community and the people within it. | TAFG donates food to trusted charity partners in order to help people in need and also to minimise food waste. We are continually looking at further methods to engage with the community. |
Environment | The company acknowledges the impact its activity has on the environment. It has a responsibility to try and minimise the impact on the environment. | We maximise recycling and have started to migrate to recyclable food trays. The factory also looks at optimising energy usage. We work closely with energy specialists to assist us with ensuring we are progressively moving the environment agenda forward. |
On behalf of the board
The Directors present their annual report and financial statements for the year ended 30 November 2022.
The results for the year are set out on page 9.
No ordinary dividends were paid. The Directors do not recommend payment of a dividend.
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
Streamlined Energy and Carbon Reporting (SECR)
The Companies Act 2006 (Strategic report and Directors’ Report) Regulations 2018 require the disclosure of annual UK energy consumption and greenhouse gas emissions from SECR regulated sourced.
select suitable accounting policies 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 ; prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
We have audited the financial statements of The Authentic Food Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2022 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2022 and of the group's 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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the Directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the Directors' responsibilities statement, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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.
Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to breaches of the legal and regulatory framework that the company operates in. We considered the extent to which non-compliance might have a material effect on the financial statements. The key laws and regulations we considered in this context included UK Companies Act 2006, employment law, health and safety and tax legislation.
We also evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the posting of inappropriate journal entries to manipulate financial results and potential management bias in accounting estimates.
As a result of the above, our audit procedures performed included:
Discussions with management and those charged with governance in relation to known or suspected instances of non-compliance with laws and regulation and fraud.
Agreeing financial statements disclosures to underlying supporting documentation and assessing compliance with relevant laws and regulations.
Testing the appropriateness of journal entries and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
There are inherent limitations in the audit procedures described above. The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK).
We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the Directors of The Authentic Food Group Limited.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £135 (2021 - £13,817).
The Authentic Food Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 4-5 Robeson Way, Sharston Green Business Park, Manchester, M22 4SW.
The group consists of The Authentic Food Group Limited and all of its subsidiaries.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The consolidated Group financial statements consist of the financial statements of the parent company The Authentic Food Group Limited together with all entities controlled by the parent company (its subsidiaries).
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
At the time of approving the financial statements, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The Directors have assessed the recoverability of the amounts due from Group undertakings and assess the balance to be recoverable based on future trading projections (Note 3).
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Research expenditure is written off against profits in the year in which it is incurred.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
In the parent company financial statements, investments in subsidiaries, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
The group and company only enter into basic financial instrument transactions. Financial instruments are recognised in the balance sheet when the group or company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
Equity instruments issued by the Group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Group.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Parent Company disclosure exemptions
In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102:
No cash flow statement has been presented for the parent Company;
No disclosure has been given for the aggregate remuneration of the key management personnel of the parent Company as their remuneration is included in the totals for the group as a whole.
Disclosures in respect of the parent Company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the group as a whole.
In the application of the group’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In preparing these financial statements, the Directors have had to make the following judgements:
Determine whether the amounts owed by group undertakings are recoverable. Their decision is based on the assessment of existing group distributable reserves, forecast profitability and positive cash flows and the ability to declare future dividends from current or from future generated distributable reserves.
Tangible fixed assets are depreciated over their useful lives, taking into account residual values, where appropriate.
Amounts to be provided for future costs relating to dilapidations expenditure on leased properties, taking into account information available and adopting the most prudent view.
In the prior year finance lease liabilities of £229,167 relating to the final settlement of the liquidation were released.
The audit fee for the Group was £44,500 (2021 - £44,500) which includes £25,505 for the subsidiaries (2021 - £25,505).
The average monthly number of persons (including Directors) employed by the group and company during the year was:
Their aggregate remuneration comprised:
contribution pension schemes.
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
An increase in the future main corporation tax rate to 25% from 1 April 2023, from the previously enacted 19%, was announced in the budget on 3 March 2021 and substantively enacted on 24 May 2021. Deferred tax balances at 30 November 2022 have been calculated based on the rates enacted or substantively enacted at that date.
Details of the company's subsidiaries at 30 November 2022 are as follows:
Obligations under finance lease and hire purchase contracts are secured on the assets concerned.
The provision in respect of dilapidations relating to a former leased property has been based on an estimate made by the former landlord but which the Directors intend to challenge.
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
Each Ordinary share entitles the shareholder to one vote in any circumstances.
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The company has provided cross guarantees over the liabilities of The Authentic Food Company Limited as part of the security provided to the group's bankers (see also Note 25).
The ultimate parent undertaking is Blueprint Limited, a company registered in Jersey.
In the opinion of the Directors, the ultimate controlling party is Kamal Basran 2008 Life Interest Trust.
The company has taken advantage of the exemption conferred by section 33.1A of FRS102 not to disclose transactions with its wholly owned subsidiaries.
Amounts due after more than one year from Blueprint Limited, the ultimate parent undertaking, total £10,455,635 (2021 : £10,386,171).
The group's immediate and ultimate parent undertakings respectively Puri Investments Limited and Blueprint Limited, together with Nedgroup Trust (Jersey) Limited in its capacity as trustee of the Kamal Basran 2008 Life Interest (the ultimate controlling party) have entered into a composite guarantee and granted a debenture over the assets of the group as security for an asset based lending agreement.
Key management personnel includes Directors only.