REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
FOR |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 7 |
Profit and Loss Account | 11 |
Balance Sheet | 12 |
Statement of Changes in Equity | 13 |
Notes to the Financial Statements | 14 |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
The Old Council Chambers |
Halford Street |
Tamworth |
Staffordshire |
B79 7RB |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
The directors present their strategic report for the year ended 31 December 2021. |
REVIEW OF BUSINESS |
We aim to present a balanced and comprehensive review of the development and performance of our business and its position at the year end. Our review is consistent with the size and non complex nature of our business and is written in the context of the risks and uncertainties we face. |
As an abattoir the company's continuing business is the slaughter of cattle and supply of beef sides and quarters together with the de-boning and supply of meat by type of cut pre-packed or boxed. |
The main financial key performance indicators include gross and operating profits and overall business growth, as shown by the profit and loss account on page 11. |
The main financial key performance indicators include gross and operating profits and overall business growth. |
2021 | 2020 | Movement |
£ | £ | £ |
Gross Profit | 8,003,832 | 6,652,268 | 1,351,564 |
Operating Profit | 5,474,699 | 4,827,817 | 646,882 |
Net Assets | 13,898,735 | 22,355,643 | 8,456,908 |
The company's business activities and results are set out in this report and financial statements. |
Turnover has increased and the company continues to operate from a sound capital base. The directors believe that the company can further increase it's level of business and is continuing to invest in additional processing facilities at the abattoir. These facilities should be operational in 2022 as the initial date was pushed back due to issues in the supply chain surrounding suppliers due to the Covid-19 pandemic. |
The directors regularly review non-financial indicators for both employee and environmental measures. The company works with both customers and suppliers on environmental issues and supports employees to develop their skills and adhere to all relevant legislation requirements. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The business and market environment in which we operate continues to be challenging, in particular competitiveness and price sensitivity and the availability of livestock at a suitable price. |
We operate on a prudent, economic and risk averse basis as regards our trading relationships with our customers, suppliers and funders.The group is exposed to the risks of volatility in livestock pricing and continues to maintain strong relationships with suppliers and develop new lines of supply to mitigate this. The marketplace in the UK and Europe remains very competitive and the group continues to work closely with its customers to provide good value products. |
There are other external events that occur within the industry, e.g. animal disease, which are outside of our control, however we believe that there are adequate contingency plans to mitigate these. |
In addition we continue to face additional risks due to the Covid-19 pandemic, particularly the health and well being of our staff, customers and suppliers, and we have implemented additional safeguards and procedures to mitigate these risks. |
The company continues to invest in processes and facilities to improve quality and efficiency and the directors remain cautiously optimistic about the future growth and development of the business. |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
SECTION 172(1) STATEMENT |
The directors acknowledge their responsibilities under S172(1) of the Companies Act 2006 and confirm that the company's policies and procedures are under continual review and development to ensure that we promote the success of the company for the benefit of its members as a whole. Below we set out the requirements of Section 172(1) and the key processes and considerations that demonstrate how the directors discharge their duties and promote the success of the company. |
- The likely consequences of any decision in the long term |
We aim to continually improve our product productivity and quality by working closely with our stakeholders. We take on board the latest developments and aim to seek the highest level of animal husbandry, productivity, animal welfare and provenance. |
- The interests of the company's employees |
The company consider the interests of the employees, in particular appropriate training and health & safety. Training is provided upon employment and is then continually monitored by the Technical management team to ensure compliance is maintained. The company strives to provide all employees with good working conditions which comply with the ETI base code. A confidential letterbox is provided on site to help encourage employees to raise any concerns they may have in relation to their settings. This involvement helps management best understand what areas may require improvements and help achieve the company's strategy. |
- The need to foster the company's business relationships with suppliers, customers and others |
Suppliers |
We aim to build strong relationships with our suppliers to develop a mutually beneficial and lasting partnerships. Engagement with our suppliers is primarily through a series of interactions and reviews. Key areas of focus includes health & safety and sustainability. We recognise the relationship with our suppliers is important for the long term success of the company. |
Customers |
We work closely with our customers and are focused on the importance of building strong long lasting relationships. We take the time to understand their needs and views and listen to how we can best improve our service for them. This knowledge is used to better inform our decision making to ensure we are offering the highest level of service. |
- The impact of the company's operations on the community and the environment |
The company accepts the need to protect the environment for the benefit of the society. Environmental considerations are an integral part of the business activities. They are committed to keeping its impact on the environment low and recognise that good environmental management is achieved through knowledgeable and appropriately trained staff anticipating and eliminating potential issues through good planning and practise. The technical management team regularly review non-financial indicators for environmental measures and report on periodically to the relevant bodies. |
- The desirability of the company maintaining a reputation for high standards of business conduct |
We strive to maintain high standards and continue to supply household names within the retail sector. By carefully sourcing our produce from suppliers we are able to produce high quality products. We pride ourselves in our operations as this is paramount to our success. We are regularly assessed by our customer base and other retail bodies. |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
- The need to act fairly between members as a whole |
Our shareholders and their opinions are important to us. We have an open dialogue with our shareholders through one to one, group meetings or by means of other communicative dialogue. Discussions held may cover a range of topics including financial performance, strategy, outlook, governance and ethical practices. Shareholder feedback and their views are considered as part of decision making. |
ON BEHALF OF THE BOARD: |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
The directors present their report with the financial statements of the company for the year ended 31 December 2021. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of supplying wholesale meat. |
DIVIDENDS |
Interim dividends paid in the year were £1,100,000. The directors do not recommend payment of a final dividend. |
DIRECTORS |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable 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 company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
AUDITORS |
The auditors, Philip Barnes & Co Limited, are deemed to have been re-appointment in accordance with section 487 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED |
Opinion |
We have audited the financial statements of Woolley Bros. (Wholesale Meats) Limited (the 'company') for the year ended 31 December 2021 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors 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: |
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: |
- considering the nature of the industry and sector, control environment and business performance |
- enquiring of management, including obtaining and reviewing supporting documentation, concerning the company's 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 risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; |
- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements. The key laws and regulations we considered included the relevant provisions of the UK Companies Act, Financial Reporting Standards and accounting policies. 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 company's ability to operate such as Food Standards Agency regulations. |
Based upon this understanding we designed our audit procedures to identify non-compliance with such laws and regulations including: |
- review of the financial statement disclosures to assess compliance with relevant laws and regulations having a direct impact on the financial statements |
- enquiries of management concerning actual and potential ligation and claims |
- testing journals and other adjustments; assessing judgements made in making accounting estimates and evaluating the business rationale of any significant unusual or unexpected transactions |
We also communicated identified laws and regulations to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED |
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 a Report of the Auditors 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 |
The Old Council Chambers |
Halford Street |
Tamworth |
Staffordshire |
B79 7RB |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,573,119 | 1,969,718 |
5,430,713 | 4,682,550 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
5,487,186 | 4,877,216 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
BALANCE SHEET |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 13 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2020 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2020 |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2021 |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | STATUTORY INFORMATION |
Woolley Bros. (Wholesale Meats) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of the financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated. |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirement of paragraph 33.7. |
Judgements |
No significant judgements have been made by management in preparing these financial statements. |
Turnover |
Turnover represents revenue recognised by the company in respect of goods supplied during the period, excluding value added tax. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Government grants |
Grants are credited to deferred revenue. Grants towards the capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. |
Stocks |
Stocks are valued at lower of cost using the first in first out method, and estimated selling price less costs to sell. |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
3. | EMPLOYEES |
2021 | 2020 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2021 | 2020 |
Office and management | 14 | 16 |
Slaughtermen and processing staff | 80 | 80 |
Drivers and site staff | 19 | 21 |
2021 | 2020 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2021 | 2020 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2021 | 2020 |
£ | £ |
Bank loan interest |
Other interest payable |
Lease purchase interest |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2021 | 2020 |
£ | £ |
Current tax: |
UK corporation tax |
Group relief | 7,698 | - |
Prior year adjustment | - | 264 |
Total current tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2021 | 2020 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2020 - |
Effects of: |
Expenses not deductible for tax purposes | 38,313 | 26,961 |
tax |
Adjustments to tax charge in respect of previous periods | (9,807 | ) | 264 |
Other | (351 | ) | 11,412 |
Total tax charge | 1,058,391 | 965,264 |
7. | DIVIDENDS |
2021 | 2020 |
£ | £ |
Ordinary shares of £1 each |
Interim |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
AMORTISATION |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Included in cost of land and buildings is freehold land of £ 501,364 (2020 - £ 501,364 ) which is not depreciated. |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
9. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
10. | STOCKS |
2021 | 2020 |
£ | £ |
Meat products |
Packaging and consumables |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Other taxation | 202,074 | 364,366 |
Prepayments |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans (see note 14) |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans - more than 5 years |
The bank loan is repayable over 10 years by monthly instalments maturing in 2031. The loan is subject to a fixed interest rate of 2.670%. |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2021 | 2020 |
£ | £ |
Within one year |
Between one and five years |
16. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 619,500 | 242,000 |
Deferred |
tax |
£ |
Balance at 1 January 2021 |
Accelerated capital allowances | 377,500 |
Balance at 31 December 2021 |
The company does not expect that there will be any material reversal in deferred taxation timing differences in the coming year. |
17. | ACCRUALS AND DEFERRED INCOME |
2021 | 2020 |
£ | £ |
Deferred government grants | 435,659 | 139,283 |
Government grants released to |
the profit and loss account | (3,216 | ) | (3,528 | ) |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
NIL | Ordinary | £1 | - | 6,000 |
(2020 - 6,000 ) |
B Ordinary | £1 | 3,000 | - |
A Ordinary | £1 | 7,000 | - |
10,000 | 6,000 |
The following shares were issued during the year for cash at par : |
3,000 B Ordinary shares of £1 |
1,000 A Ordinary shares of £1 |
19. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2021 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2021 |
20. | ULTIMATE PARENT COMPANY |
The company's immediate and ultimate parent company is Woolley Bros Holdings Ltd, a company registered in England and Wales. The consolidated accounts of the parent company includes the company's own figures and are available at the registered office which is the same as the company's own. |
21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included in other debtors are amounts due from the directors of £506,674 (2020 - £573,423) in respect of S R Woolley. No interest has been charged in the year (2020 - nil). |
22. | RELATED PARTY DISCLOSURES |
2021 | 2020 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
22. | RELATED PARTY DISCLOSURES - continued |
2021 | 2020 |
£ | £ |
Sales |
Purchases |
Amount due from related party |
23. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the director S R Woolley. |