TYRRELLS POTATO CRISPS LIMITED - Annual Accounts

Form: AA - Annual Accounts

FULL ACCOUNTS MADE UP TO 01/04/11

Filed on: 16 Dec 2011

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Tyrrells Potato Crisps Limited
Directors’ report and financial
statements
Registered number #######
For the period ended # April ####
SDAY
llllllllllllllll llllllllllll Ill
TUE
A#O#MA#B'
A## ##/##/#### ####
COMPANIES HOUSE

Contents
Directors‘ report
Tyrrells Potato Cnsps Ltmtted
Dtrectors‘ report and financial statements
For the period ended l Apnl ##] l
l
Statement of directors’ responsibility In respect of the directors’ report and the financial statements #
Independent aid#tor’s report to the members of Tyrrells Potato Cnsps Ltmtted #
Profit and loss account
Balance sheet
Notes
#
#
#

Tyrrells Potato Crisps Limited
Directors‘ report and financial statements
For the pc nod ended I April ### l
Directors’ report
The directors present their annual report and the audited financial statements for the period ended l April ####
Principal activities
The company is engaged in the manufacture of potato and vegetable crisps and other snacks There have been no
changes in the company’s activities in the period under review
Business review and future developments
Turnover, net of discounts and promotional costs, is up on last period by ##% due mainly to increased distribution in
the company’s larger retail customers, continued expansion in international markets and the successful launch of new
products, such as Furrows and Proper Popcom Further details of turnover by geographical segment are given in note
# to the financial statements
Operating pronto for the period was £# # million (#### £# # million) The operating pronto for the period rejects
increased promotional spend attached to wider supermarket distribution The company has managed to offset upward
pressure from commodity prices with efficiencies gained from running increased volumes through the factory
facility Increased overhead spend is due to investment in personnel in the period to support the growth of the
business
The directors do not recommend the payment oaf dividend (#### £Nil)
Principal risks and uncertainties
The company continues to increase its market share by concentrating on its unique selling point of making the
highest quality crisps from locally sourced potatoes on its Farm in Herefordshire The company also seeks
competitive advantage by remaining innovative and at the fore front of food trends, regularly launching new savours
plus other alternative snacks, ridged crisps and popcorn
The risk of the company to increasing commodity prices is minimised by using dual suppliers and regularly
renegotiating agreements with its key suppliers The company continues to research more cost effective and
environmental methods of supply
Key performance indicators '
The key performance indicators for the company remain as tu mover, gross pronto and earnings before interest,
taxation, depreciation and amortisation (EBITDA)
Financial instruments
The company’s credit risk is primarily attributable to its trade debtors Credit risk is managed by running credit
checks on new customers and by the regular monitoring of accounts against agreed credit terms and limits The
company also has credit insurance in place over all foist trade debtors except for those considered to be low risk
The company monitors cash ow as part of its day to day control procedures The management team considers cash
ow pl"#_]€CIl#l'ls on a monthly basis and ensures that appropriate facilities are available to be drawn upon as
necessary
The company considers its exchange risk to be minimal with foreign currency sales accounting for less than #% foist
total tu mover Exchange rates are monitored regularly and any significant change in foreign currency would be
#Cl_musical for by the renegotiation of prices

Tyrrells Potato Crisps Limited
Directors’ report and financial statements
For the period ended l April ### l
Directors’ report (continued)
Directors
The directors of the company during the period were
LM Sayers (resigned ## May ####)
JJ Jones
DR Milner (appointed ## March ####)
SD Esom (appointed ## June ####)
S Gardner (appointed ## June ####)
OQJ Wyncoll (appointed ## June ####)
Disclosure of information to auditors
The directors who held office at the date of approval of this directors’ report conform that, so far as they are each
aware, there is no relevant audit information of which the company’s auditors are unaware, and each director has
taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit
information and to establish that the company’s auditors are aware of that information
Auditor
BDO LLP resigned as auditors on ## Februaiy ### l and KPMG LLP were appointed to ll the casual vacancy
Pursuant to Section ### of the Companies Act ####, the auditor will be deemed to be re-appointed and KPMG LLP
will, therefore, continue in office
By_order of the-no I
in.
bes Tyrrells Court
dietary Stretford Bridge
Leominster
Hereford
HR# #DQ
# December ### I
#

Tyrrells Potato Crisps Limited
Directors report and financial statements
For the period ended l April ### I
Statement of directors’ responsibilities in respect of the directors’ report and the
financial statements
The directors are responsible for preparing the directors‘ 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 they have
elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK
Generally Accepted Accounting Practice)
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 pronto or loss of the company for that period
in preparing these financial statements, the directors are required to
# select suitable accounting policies and then apply them consistently,
~ make judgements and 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, and
# prepare the financial statements on the going concept 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 #### They have general
responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to
prevent and detect laud and other irregularities
#

M###
KPMG LLP
One Snowliill
Snow Hill Queensway
Birmingham
B# BGH
Independent auditor’s report to the members of Tyrrells Potato Crisps Limited
We have audited the financial statements of Tyrrells Potato Crisps Limited for the period ended I April ### l set out
on pages # to ## The financial reporting framework that has been applied in their preparation is applicable law and
UK Accounting Standards (UK Generally Accepted Accounting Practice)
This report is made solely to the company’s members, as a body, in accordance with Chapter # of Part I# of the
Companies Act #### 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
penitence 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
Respective responsibilities of directors and auditor
As explained more fully in the directors‘ responsibilities statement set out on page #, the directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view Our
responsibility IS to audit, and express an opinion on, the financial statements in accordance with applicable law and
Intemational Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing
Practices Board‘s (APB‘s) Ethical Standards for Auditors
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the APB's web-site at
WWW fr ogr UK/ape/scope/private can
Opinion on financial statements
In our opinion the financial statements
I give a true and fair view of the state of the company's affairs as at I April ##l I and of its pronto for the period
then ended,
I have been properly prepared in accordance with UK Generally Accepted Accounting Practice, and
I have been prepared in accordance with the requirements of the Companies Act ####
Opinion on other matters prescribed by the Companies Act ####
In our opinion the information given in the directors’ report for the financial period for which the financial statements
are prepared is consistent with the financial statements
#

Independent auditor’s report to the members of Tyrrells Potato Crisps Limited
(continued)
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act #### requires us to report to
you if, in our opinion
I adequate accounting records have not been kept, or rectums 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 rectums, 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
l/_ .
'/
IG Greaves (Senior Statutory Auditor) l# December ##l I
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
#

Profit and loss account
for Ilie period ended I April ####
Note
Turnover Z
Cost of sales
Gross pronto
Administrative expenses ~ including exceptional costs of£### ###
(##/# £#I#,###) #
Other operating income
Operating pronto
Other interest receivable and similar income #
Interest payable and similar charges #
Profit on ordinary activities before taxation #
Taxation on pronto on ordinary activities #
Profit on ordinary activities after taxation and for the financial
period
All amounts relate to continuing activities
Tyrrells Potato Crisps Limited
##l I
£###
##,###
(##,###)
l#, I ##
(#,###)
#,###
#,###
##
(##)
#,###
(###)
#,###
Directors’ report and financial statements
For the period ended I April ##ll
####
£###
l#,###
(x,###)
# ###
(#.# I#)
#,###
##
#,###
(##)
#,###
(###)
#,###
There is no difference between the pronto on ordinary activities before taxation and the pronto for the financial period
stated above and their historical equivalents
There are no gains or losses other than those shown above and therefore no separate statement of total recognised
gains and losses has been presented
#

Tyrrells Potato Crisps Limited
Directors‘ report and financial statements
For the period ended I April ### #
Balance sheet
at I April ####
### l
£###
Note
£###
Fixed assets
Tangible assets I# #,###
Current assets
Stocks I I ###
Debtors I# ##.###
Cash at bank and in hand #,###
##,###
Creditors. Amounts falling due within one year I# (#,###)
Net current assets ##,###
Total assets less current liabilities ##,###
Creditors: Amounts falling due acer more than
one year I # (##)
Provisions for liabilities I# (Z##)
(###)
##,###
Capital and reserves
Called up share capital I# #
Profit and loss account I# ##,###
I #,###
Shareholders’ funds I#
####
£###
###
##,###
###
##,###
(#,###)
(##)
(###)
£###
#,###
#,###
##,###
(###)
I #,###
#
##,###
##,###
These financial statements were approved by the board of directors on # December #### and were signed on its
behalf by
###"
clot
' registered number #######
#

Tyrrells Potato Cnsps LImItcd
Dtrectors’ report and financial statements
For the ported ended l Apnl ##l l
Notes
(forming part afllrefinancml statements)
l Accounttng pollutes
The following accounting politest have been applied consistently In dealing with Items which are considered
material In relation to the company’s financial statements
Batu of preparation
The financial statements have been prepared In accordance with applicable accounting standards and under the
historical cost accounting rules
Under FRS l, the company IS exempt from the requirement to prepare a cash ow sstatement on the grounds that a
parent undertaking Includes the company In Its own published consolidated financial statements
Going concern
The company’s business activities, together with the factors likely to affect Its future development, performance and
post-town are set out In the business review In the directors’ report
The company IS currently generating sufficient cash ow fROM Its operating activities to satisfy Its day to day
working capital requirements
The company’s forecasts and pro_sections, taking account of reasonably possible changes In trading performance,
show that the company will be able to satisfy Its day to day working rebuttal acquirements gong fforward
Afier making enquires, the directors have a reasonable expectation that the company has adequate resources to
continue to operate for the foreseeable future Accordmgly, they continue to adopt the going concept basis In
preparing the financial statements
Turno over
Turnover represents sales to extremal customers at InvoIced amounts, net of discounts and promotional costs, less
value added tax or local taxes on sales
Tangrblefixed assets and depreciable
TangIble axed assets are stated at cost less accumulated depreciation Such costs Include costs directly attributable to
making the asset capable of operating as Intended
Deprectatton Is provided to write off the cost, less estimated residual values, of all tangible axed assets, except for
Investment properties and freehold land, evenly over their expected useful hives it Is calculated at the following
FZTCS
l#% on wren down value
l#% on wren down value
##% on written down value
l#% on written down value
Leasehold property -
Plant and machinery -
Motor vehicles -
Flxtures and fittmgs -
Slacks
Stocks are valued at the lower of cost and net realisable value Cost Is based on the cost of purchase on a erst In, erst
out basis Net realisable value Is based on estimated selling price less additional costs to completion and disposal
Constgnmenl snick
Constgnment stock Is held on the balance sheet when the terms of agreement Indtcate that the principal risks and
rewards of ownership rest with the company
F oregano currency
Foretgn currency transactions are translated Into sterling at the rates ruling when they occurred Foretgn currency
monetary assets and liabilities are translated at the rates ruling at the balance sheet date Any differences are taken to
the pronto and loss account
#

lyrebirds Potato Crisps Limited
Directors’ report and financial statements
For the period ended I April #Oll
NOIQS (continued)
# Accounting policies (continued)
Research and development
Expenditure on research and development is charged to the pronto and loss account in the financial period in which it
is incurred
Taxation
The charge for taxation is based on the loss for the period and takes into account taxation deferred because of timing
differences between the treatment of certain items for taxation and accounting purposes
Deferred taxation ls recognised without discounting, in respect of all timing differences between the treatment of
certain items for taxation and accounting purposes which have arisen but not reversed by the balance sheet date
except as otherwise renquired by FRS ##
Finance and operating leases
Assets acquired under penance leases and hire purchase contracts are capitalised and the outstanding future lease
obligations shown in creditors
Operating lease rentals are charged to the pronto and loss account on a straight line basis over the period of the lease
# Turnover
##]] ####
£### £###
Analysis by geographical market
United Kingdom l#,### l#,# l #
Europe #,### #,###
Rest of the world ### ###
##,l## l#,###
Turnover is wholly attributable to the principal activity of the company
# Profit on ordinary activities before taxation
##l # Z# I #
£### £###
Profit on ordinary activities before taxation is stated after clinging
Ddepreciation of tangible axed assets
Owned assets ### ###
Leased assets l# ##
Operating leases
Hire of plant and machinery # ##
Hire of other assets ### I##
Auditors ' remuneration
Audit of chest financial statements
Payable to KPMG LLP I# -
Payable to BDO LLP - l#
Amounts paid to the company’s auditors in respect of services to the company other than the audit of the company’s
financial statements have not been disclosed as this information is disclosed on a consolidated basis in the financial
statements foretells Gpour Holdings Limited
#

N#t€S (continued)
# Exceptional item
### I
The exceptional items of£###,### relate to management restructuring costs of £###,### and termination oaf potato
contract of£## I ,###
##/ #
The exceptional Item of £#l#,### relates to the costs incurred in closing down the reed beds for the Installation of a
waste disposal process that serves the requirements of the factory more effectively
# Other interest receivable and similar income
Bank deposits
Exchange gains
# Interest payable and similar charges
Bank loans and overdraws
Finance leases and hire purchase contracts
Exchange losses
Interest payable
# Staff numbers and costs
Tyrrells Potato Crisps Limited
Directors‘ report and financial statements
For the period ended l April ##ll
## ll
£###
#
##
##
Zflll
£###
##
#
##
## I #
£###
## l #
£###
##
ll
##
(I#) l
##
The average number of persons employed by the company (including directors) during the period was as follows
Production
Warehouse and distribution
Sales and marketing
Office and administration
Number of employees
####
##
I#
##
ll
I##
####
##
l#
##
#
##
I#

Tyrrells Potato Crisps Limited
Directors’ report and financial statements
For the period ended l April ##ll
Notes (continued)
# Staff numbers and costs (continued)
The aggregate payroll costs of these persons were as follows
##ll
£###
Wages and salaries #.l#l
Social security costs ###
#,#l#
# Remuneration of directors
##ll
£###
Directors’ emoluments ###
Compensation for loss of office I##
###
####
£###
#,###
I##
#.###
####
£###
###
###
The total amount payable to the highest paid director in respect of emoluments was £###,### (#### £###,###)
# Tax on profit on ordinary activities
Analysis‘ of climate for tile period
##ll ##l#
£### £### £###
UK corporation tax
CuiTent tax on prompts for the year ### ###
Adjustment in respect of previous periods ## -
Total current tax ###
Deferred lax (see note I#)
Origination and reversal of timing differences l# l#
Elfect of law changes in tax rate (Z#) -
Adjustment in respect of previous periods ## (##)
Movement in deferred tax provision ##
Tax on pronto on ordinary activities ###
»
£###
###
(##)
###
ll

Tyrrells Potato Crisps Limited
Directors’ report and financial statements
For the period ended # April ####
NOIBS (continued)
# Tax on pronto on ordinary activities (continues)
Factors affecting tile tax cliffhanger tile period
The current tax charge for the period IS lower (#### lower) than the standard rate of corporation tax in the UK of
##% (#### ##%) The differences are explained below
### l
£###
Current tax reconciliation
Profit on ordinary activities before tax #,###
####
£###
#,###
CuiTent tax at ##% (#### ##%) #,### ###
Efiects of
Expenses not deductible for tax purposes ## ##
Capital allowances for period in excess of depreciation (##) (##)
lb A‘s for period in excess depreciation ## -
Group relief received (###) (###)
Shon term timing differences - ##
/\d]USlII‘l€l#ls in respect of previous periods ## -
Total current tax charge (see above) ### ###
Factors ciliate may affect future charges
The ### l Budget on ## March #### announced that the UK corporation tax rate will reduce to ##% over a period of
# years from #### The erst reduction in the UK corporation tax rate from ##% to ##% (effective from # April
####) was substantively enacted on ## July ####, and further reductions to ##% (effective from # April ####) and
##% (effective from l April ####) were substantively enacted on ## March ### # and # July ### # respectively
This will reduce the company’s future current tax charge accordingly and further reduce the deferred tax liability at #
April ### # (which has been calculated based on the rate of ##% substantively enacted at the balance sheet date) by
£##,###
it has not yet been possible to quantify the full anticipated effect of the announced further #% rate reduction,
although this will further reduce the company’s future current tax charge and reduce the company’s deferred tax
liability accordingly
##

Notes (continued)
## Tangible axed assets
Cast or valuation
At begrime of period
Addmcns
Dlsposals
At end of period
Depreciation
At beginning of period
Provided for the period
Dlsposals
At end offend
Ne! book value
At I Aprll ##]]
At #i March Z###
The net book value intangible axed assets eludes an amount of£##,### (#### £###,###) m respect of assets held
under penance leases and ll'C purchase contracts The related depreciation charge on these assets for the period was
£##,### (#### £##,###)
ll Stocks
Raw maternal and consumables
Frmshed goods and goods for resale
There ls no maternal difference between the replacement cost of stock and the amounts stated above
Leasehold
land and
bulldogs
£###
l ###
###
#,###
###
##
###
#.###
###
Plant and
machinery
£###
#,###
H#
####
L###
###
l,###
#,###
#,###
Motor
vehicles
£###
###
#
(##)
###
###
##
(##)
###
I##
I##
Tyrrells Potato Cnsps Limited
Drrectors report and financial statements
For the period ended # Apnl ##l l
Flxtu red
and
lettings
£###
l#l
###
###
##
##
###
###
ll#
Total
£###
#,##l
###
(##)
#,###
#,###
###
(##)
#,###
#,###
#,###
####
£###
###
###
###
####
£###
###
l l
###
I#

lyrebirds Potato Crisps Limited
Directors’ report and financial statements
For the period ended I April ##]]
Notes (continued)
I# Debtors
##] I
£###
Trade debtors #,###
Amounts owed by group undertakings ##
Amounts owed by ultimate parent #,###
Other debtors and prepayments ###
##lo
£###
#,###
S#
#,# I #
###
##,### ##,###
All amounts shown under debtors fall due for payment within one year, except the amounts owed by the ultimate
parent company, which fall due for payment acer one year
## Creditors: Amounts falling due within one year
####
£###
Trade creditors #.###
Amounts owed to group undertakings ###
Amounts owed to related undertakings -
Corporatton tax ###
Other KBXZIIIOII and social security SI#
Obligations under penance lease and here purchase contracts (secured — see note I#) ##
Accruals and deferred income ###
## I #
£###
l,###
##]
#-I#
I##
###
S#
##]
#,###
#.###
I# Creditors. Amounts falling due after more than one year
##] I
£###
Obligations under penance lease and here purchase contracts (secured) ##
## I #
£###
Maturity of debt
Finance leases
##l I
£###
In one year or less, or on demand ##
## I #
£###
##
In more than one year but not more than two years ##
in more than two years but not more than eve years -
##
Z#
##
##
Obligations under penance leases and hire purchase contracts are secured against the assets to which they relate
I#
## ‘

Tyrrells Potato Crisps Limited
Directors‘ report and financial statements
For the period ended I April ##l I
Notes (continued)
I# Provisions for liabilities
At l April ####
Charged to pronto and loss account (see note #)
At I April ####
Deferred taxation
Accelerated capital allowances
Other timing differences
I# Share capital
Allotted, called up an/I fully paid‘
l,### ordinary shares of£l each
l# Reserves
At I April ##l#
Profit for the financial period
At I April ##Ii
##l I
£###
###
(I#)
###
##l I
£###
#
I# Reconciliation of movements in shareholders’ funds
Profit for the financial period
Opening shareholders’ funds
Closing shareholders‘ funds
##l I
£###
#,###
l#,###
##,###
Deferred
taxation
£###
###
##
###
####
£###
###
(I#
###
####
£###
#
Profit and
loss account
£###
##,###
#,###
I#,###
####
£###
#,###
#,###
I#,###
I#
)

Tyrrells Potato Crisps Limited
Directors’ report and financial statements
For the period ended I April ### I
Notes (continued)
I# Contingent liabilities
The company has entered into ####### and several guarantee in respect of the bank borrowings of its immediate parent
company, Tyrrells Group Holdings Limited and its ultimate parent company, Tyrrells Group Holdings Limited
At I April ### #, the contingent liability in respect of this arrangement amounted to £#,###,### (#### £##,###,###)
## Commitments under operating leases
The company had annual commitments under non-cancellate ooperating leases as set out below
Land and
buildings
£###
####
Other
£###
Land and
buildings
£###
####
Other
£###
Operating leases which expire
Within one year - - - #
In two to eve years - # - #
Alter eve years ### - ### -
### # ### #
## Related party disclosures
Related party transactions airmail balances
Until ## November ####, WL Chase was a related party by virtue of him being a director of the ultimate parent
undertaking, Tyrrells Group Holdings Limited
WL Chase was a director of Chase Farm Limited up to ## November #### During the period to ## November ####,
the company made purchases from Chase Famt Limited totalling £###,### (year end ## March #### £#,###,###)
At I April ### #, the company owed £Nil (#### £###,###) to Chase Fami Limited
Langholm Capital LLP is the ma_priority shareholder of Tyrrells Group Holdings Limited, the Company’s ultimate
parent company During the period, the company paid Langholm Capital £##,### for consultancy services and
£##,### to reimburse certain expenses
The company is a wholly owned subsidiary of Tyrrells Group Holdings Limited and has taken advantage of the
exemption conferred by Financial Reporting Standard # “Related party disclosures" not to disclose transactions with
Tyrrells Group Holdings Limited or other wholly owned subsidiaries within the group
## Ultimate parent company
The company is a subsidiary of Tyrrells Group Limited, which IS the intermediate parent company Tyrrells Group
Holdings Limited is the ultimate parent company, incorporated in the UK
The largest and smallest group in which the results of the company are consolidated #S that headed by Tyrrells Group
Holdings Limited, incorporated in the UK The consolidated financial statements of this company are available to the
public and may be obtained from the company’s registered office No other group financial statements include the
results of the company
## ‘