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Morning foods,ltd
Registration Number
00375854Incorporation Date
31/08/1942Last Annual Return
Not availableAddress
North Western Mills, Gresty Road, Crewe, Cheshire. CW2 6HP
Website
www.mornflake.comAudit Fees
£97,000Secretary
Mr Mark Thomas Cookson
Directors
Active
Mr David Wallace Baxter (58 yrs)
Active
Mr Mark Thomas Cookson
Active
Mr Edward Philip Lea (41 yrs)
Active
Mr John Edward Lea (79 yrs)
Active
Mr John Mark Borrowdale (42 yrs)
Active
Mr Derek Charles Croucher (59 yrs)
Active
Mr James John Lea (44 yrs)
Active
Mr Alan Meikle (64 yrs)
| Proposed Year |
|||||
|---|---|---|---|---|---|
| Period Ending | 31-Jul-21 | 31-Jul-22 | 31-Jul-23 | 31-Jul-24 | 30-Jul-25 |
| Weeks | 52 | 52 | 52 | 52 | 52 |
| Total Sales (£000) | 165001 | 181546 | 202825 | 223927 | 228586 |
| Directors Fees | 1757 | 1950 | 1997 | 1837 | 1837 |
| Gross Profits | 25587 | 19709 | 24571 | 51568 | 52641 |
| Value Added | 32221 | 28817 | 33787 | 33601 | 33251 |
| Trading Profit | 12247 | 7784 | 11536 | 11730 | 12955 |
| Depreciation | 5157 | 4595 | 4783 | 4323 | |
| Non-Trading Income | 48 | 102 | 125 | -4385 | 0 |
| Total Interest Charges | 130 | 147 | 234 | 154 | 139 |
| Pre-tax Profit | 7008 | 3144 | 6644 | 2868 | 8925 |
| Retained Profit (Shareholders Funds) | 5547 | 2455 | 5001 | 907 | 1721 |
| Fixed Assets | 33789 | 31967 | 29889 | 19055 | 18102 |
| Intangibles | 0 | 131 | 75 | 19 | 18 |
| Intermediate Assets | 33 | 33 | 33 | 32 | 30 |
| Stocks | 20597 | 21241 | 22650 | 17809 | 15150 |
| Debtors | 22413 | 26336 | 26791 | 28646 | 24856 |
| Cash or Equivalent | 10155 | 11254 | 13514 | 22231 | 31097 |
| Total Current Assets | 53165 | 58831 | 62955 | 68686 | 71103 |
| Creditors | 12687 | 13014 | 13494 | 10034 | 11779 |
| Short Term Borrowing | 2824 | 4611 | 2755 | 0 | 0 |
| Other Current Liabilities | 4283 | 4757 | 6793 | 5955 | 5955 |
| Total Current Liabilities | 19794 | 22382 | 23042 | 15989 | 17734 |
| Net Current Assets | 33371 | 36449 | 39913 | 52697 | 53369 |
| Shareholders Funds | 59836 | 62291 | 67292 | 68199 | 69920 |
| Total Loan Capital | 3750 | 2750 | 0 | 2006 | 0 |
| Other Capital Employed | 3607 | 3539 | 2618 | 1599 | 1599 |
| Total Capital Employed | 67193 | 68580 | 69910 | 71804 | 71519 |
| Pretax Profit Margin % | 4.25 | 1.73 | 3.28 | 1.28 | 3.9 |
| Sales Growth % | -2 | 10 | 12 | 10 | 2 |
| Pretax Profit Growth % | -10 | -55 | 111 | -57 | 211.00 |
| Debtor Ratio Days | 49 | 53 | 48 | 47 | 39.5801864000321 |
| Creditor Ratio Days | 28 | 26 | 24 | 16 | 18.7571503213101 |
| Stock Turnover | 8 | 9 | 9 | 13 | 15.0885731933292 |
| Sales £000 / Employee | 424 | 449 | 505 | 537 | 590.694724220624 |
| Value Added £000/Empl. | 83 | 71 | 84 | 81 | 85.9245447260066 |
| Av. Remun. £000 / Empl. | 51 | 52 | 55 | 52 | 52.4484412470024 |
| Total Empl. Remu. £000 | 19974 | 21033 | 22251 | 21871 | 20296.4487675224 |
| Employees | 389 | 404 | 402 | 417 | 386.979065248815 |
| Pretax Profit/Total Assets % | 8 | 3 | 7 | 3 | 10 |
Company Summary
- The Plimsoll Chart is high and rising indicating an improvement in financial strength, well above the industry average.
- Total Sales have increased by 10.4% in the latest year, well above the industry average of 3.8%.
- Gross Profit Margin has markedly improved from 12.1% to 23.0% in the latest year.
- Sales per Employee is £537,000 which is well above the industry average of £325,000.
- The company is ranked among the fastest growing in terms of sales growth in the latest year.
- Exports contribute 11% towards the Total Sales of the company.
- The £1.8m directors fees figure disclosed significantly affects the profitability of the company.
- Formal debt of the company has decreased by £749,000, a fall of 27%.
- The company is the only Best Trading Partner in this industry (see section 1c).
- The company is among the Top 7 in terms of Trading Profits.
- The company is among the Top 8 Leaders in Efficiency.
- The company is among the Top 20 companies listed under the Pretax Profits category (see section 3.2c).
Company Summary
The company currently has £224m sales and made £2.9m, by following the proposal plan, sales would be level but profits would rise to £8.9m.
Key Attractiveness Features
- ADD £224m TO SALES
Acquisition Attractiveness Rating
- Low number of shareholders
- Company is privately owned
- Low number of directors
- Sales growth above the industry average
- Low financial rating
- High gross earnings
- Big difference between current and future value
- Directors fees represent high proportion of profits
- Average age of directors is high
Company Valuation
| Proposed Year |
|||||
|---|---|---|---|---|---|
| Period Ending | 31-Jul-21 | 31-Jul-22 | 31-Jul-23 | 31-Jul-24 | 30-Jul-25 |
| Total Sales (£000) | 165001 | 181546 | 202825 | 223927 | 228586 |
| Pre-tax Profit (£000) | 7008 | 3144 | 6644 | 2868 | 8925 |
| Total Value (£000) | 121067 | 105403 | 123188 | 111781 | 112661 |
| Asset Value (£000) | 76832 | 79708 | 79438 | 65561 | 58156 |
| Goodwill (£000) | 44235 | 25695 | 43750 | 46220 | 54505 |
| Liabilities (£000) | -16996 | -17417 | -12146 | 2637 | 11764 |
| Equity Value (£000) | 104071 | 87986 | 111042 | 114418 | 124425 |
Total Value Formula: (Pretax Profit + Interest Payments - Non Trading Income + Directors Fees) * 5 plus (Fixed Assets + Intangibles + Intermediate Assets + Stocks + Debtors)
Shareholders / Ownership
AGRI FOOD HOLDINGS LTD (100.0%)
Immediate Shareholder: See Shareholders
Subsidiaries
GRAMPIAN OAT PRODUCTS LTD
HAMLYNS OF SCOTLAND LTD
BUCKLEY FOODS LTD
MORNFLAKE OATS LTD
ORGANIC OAT COMPANY LTD
Acquisition / Valuation Comments
This company has been established 83 years.
The number of shareholders is low (1)
1 director is over 70 years of age.
The total value of the company is currently £111.8m including debts.
The equity value is high, indicating low levels of total liabilities.
The company value is small in comparison to its sales.
The proposed year is based on achieving a 10% return on total assets.
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