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REGISTERED NUMBER: 01416010 (England and Wales)













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: S R Woolley
J R Galloway





SECRETARY: S R Woolley





REGISTERED OFFICE: Rother Valley Way
Holbrook
Sheffield
Yorkshire
S20 3RW





REGISTERED NUMBER: 01416010 (England and Wales)





AUDITORS: Philip Barnes & Co Limited
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:





S R Woolley - Director


26 May 2022

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
S R Woolley has held office during the whole of the period from 1 January 2021 to the date of this report.

Other changes in directors holding office are as follows:

P J Woolley - resigned 2 March 2021
J R Galloway - appointed 2 March 2021

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:





S R Woolley - Director


26 May 2022

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.




Christopher Humphreys FCA (Senior Statutory Auditor)
for and on behalf of Philip Barnes & Co Limited
Chartered Accountants
Statutory Auditors
The Old Council Chambers
Halford Street
Tamworth
Staffordshire
B79 7RB

26 May 2022

WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010)

PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021

2021 2020
Notes £    £    £    £   

TURNOVER 55,893,915 49,954,895

Cost of sales 47,890,083 43,302,627
GROSS PROFIT 8,003,832 6,652,268

Distribution costs 411,058 322,134
Administrative expenses 2,162,061 1,647,584
2,573,119 1,969,718
5,430,713 4,682,550

Other operating income 43,986 145,267
OPERATING PROFIT 4 5,474,699 4,827,817

Interest receivable and similar income 12,487 49,399
5,487,186 4,877,216

Interest payable and similar expenses 5 64,889 231
PROFIT BEFORE TAXATION 5,422,297 4,876,985

Tax on profit 6 1,058,391 965,264
PROFIT FOR THE FINANCIAL YEAR 4,363,906 3,911,721

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

4,363,906

3,911,721

WOOLLEY BROS. (WHOLESALE MEATS) LIMITED (REGISTERED NUMBER: 01416010)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 11,283,599 7,307,480
11,283,599 7,307,480

CURRENT ASSETS
Stocks 10 564,473 1,003,523
Debtors 11 4,880,548 6,098,581
Cash at bank and in hand 4,664,260 9,691,804
10,109,281 16,793,908
CREDITORS
Amounts falling due within one year 12 1,900,477 1,275,377
NET CURRENT ASSETS 8,208,804 15,518,531
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,492,403

22,826,011

CREDITORS
Amounts falling due after more than one year 13 (4,541,725 ) (92,613 )

PROVISIONS FOR LIABILITIES 16 (619,500 ) (242,000 )

ACCRUALS AND DEFERRED INCOME 17 (432,443 ) (135,755 )
NET ASSETS 13,898,735 22,355,643

CAPITAL AND RESERVES
Called up share capital 18 10,000 6,000
Retained earnings 19 13,888,735 22,349,643
SHAREHOLDERS' FUNDS 13,898,735 22,355,643

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2022 and were signed on its behalf by:





S R Woolley - Director


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 6,000 19,709,743 19,715,743

Changes in equity
Dividends - (1,271,821 ) (1,271,821 )
Total comprehensive income - 3,911,721 3,911,721
Balance at 31 December 2020 6,000 22,349,643 22,355,643

Changes in equity
Issue of share capital 4,000 - 4,000
Dividends - (12,824,814 ) (12,824,814 )
Total comprehensive income - 4,363,906 4,363,906
Balance at 31 December 2021 10,000 13,888,735 13,898,735

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 1% on cost
Plant and machinery - 15% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance

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 3,366,851 3,386,274
Social security costs 305,248 303,890
Other pension costs 88,088 89,972
3,760,187 3,780,136

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
113 117

2021 2020
£    £   
Directors' remuneration 83,940 100,937
Directors' pension contributions to money purchase schemes 3,588 4,084

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2021 2020
£    £   
Hire of plant and machinery 117,092 89,146
Depreciation - owned assets 230,325 242,121
Depreciation - assets on hire purchase contracts 46,396 27,700
Loss/(profit) on disposal of fixed assets 9,530 (63,494 )
Auditors' remuneration 15,904 16,538
Foreign exchange differences 8,443 (42,933 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2021 2020
£    £   
Bank loan interest 59,880 -
Other interest payable 5,009 21
Lease purchase interest - 210
64,889 231

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 673,193 930,000
Group relief 7,698 -
Prior year adjustment - 264
Total current tax 680,891 930,264

Deferred tax 377,500 35,000
Tax on profit 1,058,391 965,264

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 5,422,297 4,876,985
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2020 - 19%)

1,030,236

926,627

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 12,824,814 1,271,821

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 65,000
AMORTISATION
At 1 January 2021
and 31 December 2021 65,000
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 6,091,298 3,854,981 96,123 98,940 10,141,342
Additions 2,539,694 1,700,026 - 59,250 4,298,970
Disposals - (70,534 ) - - (70,534 )
At 31 December 2021 8,630,992 5,484,473 96,123 158,190 14,369,778
DEPRECIATION
At 1 January 2021 335,040 2,431,248 42,388 25,186 2,833,862
Charge for year 18,755 217,889 8,060 32,017 276,721
Eliminated on disposal - (24,404 ) - - (24,404 )
At 31 December 2021 353,795 2,624,733 50,448 57,203 3,086,179
NET BOOK VALUE
At 31 December 2021 8,277,197 2,859,740 45,675 100,987 11,283,599
At 31 December 2020 5,756,258 1,423,733 53,735 73,754 7,307,480

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 337,000
DEPRECIATION
At 1 January 2021 27,700
Charge for year 46,396
At 31 December 2021 74,096
NET BOOK VALUE
At 31 December 2021 262,904
At 31 December 2020 309,300

10. STOCKS
2021 2020
£    £   
Meat products 527,137 970,894
Packaging and consumables 37,336 32,629
564,473 1,003,523

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 3,347,588 3,371,632
Amounts owed by group undertakings 493,383 448,706
Other debtors 755,164 1,825,333
Other taxation 202,074 364,366
Prepayments 82,339 88,544
4,880,548 6,098,581

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) 447,455 -
Hire purchase contracts (see note 15) 67,510 67,500
Trade creditors 579,973 457,917
Amounts owed to group undertakings - 2,572
Corporation tax 340,324 439,393
Social security and other taxes 128,096 66,135
Other creditors - 227
Accrued expenses 337,119 241,633
1,900,477 1,275,377

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans (see note 14) 4,516,622 -
Hire purchase contracts (see note 15) 25,103 92,613
4,541,725 92,613

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 447,455 -

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,914,077 -

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - more than 5 years 2,602,545 -

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 67,510 67,500
Between one and five years 25,103 92,613
92,613 160,113

Non-cancellable operating leases
2021 2020
£    £   
Within one year 117,162 32,791
Between one and five years 154,364 510,332
271,526 543,123

16. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax 619,500 242,000

Deferred
tax
£   
Balance at 1 January 2021 242,000
Accelerated capital allowances 377,500
Balance at 31 December 2021 619,500

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 )
432,443 135,755

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 )
3,000 B Ordinary £1 3,000 -
7,000 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 22,349,643
Profit for the year 4,363,906
Dividends (12,824,814 )
At 31 December 2021 13,888,735

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

Entities with control, joint control or significant influence over the entity
2021 2020
£    £   
Sales 31,842,234 29,914,947
Purchases 17,731 -
Amount due from related party 2,119,369 2,744,408

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

Other related parties
2021 2020
£    £   
Sales 16,286 -
Purchases 337,195 347,572
Amount due from related party - 4,620

23. ULTIMATE CONTROLLING PARTY

The company is controlled by the director S R Woolley.