REGISTERED NUMBER: 11277483 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31 January 2023 |
for |
Owen Taylor and Sons Holdings Limited |
REGISTERED NUMBER: 11277483 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements |
for the Year Ended 31 January 2023 |
for |
Owen Taylor and Sons Holdings Limited |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 January 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Profit and Loss Account | 7 |
Consolidated Balance Sheet | 8 |
Company Balance Sheet | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Financial Statements | 13 |
Owen Taylor and Sons Holdings Limited |
Company Information |
for the Year Ended 31 January 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
The Mills |
Canal Street |
Derby |
DE1 2RJ |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Group Strategic Report |
for the Year Ended 31 January 2023 |
The director presents his strategic report of the company and the group for the year ended 31 January 2023. |
REVIEW OF BUSINESS |
Overall, the group has reported an increase in turnover of 38.4% in comparison to the prior year. |
The gross profit margin has increased to 18.6% (2022 - 16.9%). |
The cash position of the group has increased mainly due to a significant increase in revenue and profits. |
The overall results for the period are considered very good, particularly when taking into account the competitive market conditions and the cost of living crisis. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management of the group and the execution of the group's strategy are subject to several risks. The group continues to face challenges from global food price increases as a result of the Russia and Ukraine conflict, tight margins on sales and a greater than average risk of insolvency in the catering market. These global food prices are monitored by the director with any necessary action undertaken. |
The main risk to the group is the cost of living crisis which is prompting consumers to spend less. The group continually updates plans to manage the situation and the group is well placed to deal with the disruption. |
Additional risks include increasing energy costs and border issues. The group has sufficient margins to account for the increases in energy costs. Brexit has caused some supply chain issues with lorries being delayed and held up at ports. |
ORGANISATION |
The director continues to monitor the group's organisation and profitability in the light of changes within a highly competitive industry. Changes are implemented where deemed appropriate in order to minimise the effects of the risks and uncertainties the group faces in retaining market share and maintaining margins. |
FINANCIAL INSTRUMENTS |
Due to the high cash resources in place, the need for other financial instruments are minimal. The main purpose of the financial instruments and cash resources is to provide working capital and finance for the group's operations and improvements. |
ON BEHALF OF THE BOARD: |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Report of the Director |
for the Year Ended 31 January 2023 |
The director presents his report with the financial statements of the company and the group for the year ended 31 January 2023. |
DIVIDENDS |
An interim dividend of 83.191p per share was paid on 5 April 2022. The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 31 January 2023 will be £ 50,000 . |
DIRECTOR |
DISCLOSURE IN THE STRATEGIC REPORT |
The matters required to be disclosed under SI (2008) 410 Sch 7 relating to financial instruments are |
contained within the Strategic Report as applicable in accordance with s414C(11) of the Companies Act 2006. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Owen Taylor and Sons Holdings Limited |
Opinion |
We have audited the financial statements of Owen Taylor and Sons Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 group's and of the parent company affairs as at 31 January 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Owen Taylor and Sons Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
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: |
Based on our understanding of the Group and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the food industry and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included: |
- | Enquiry of management, those charged with governance and the entity's solicitors (or in-house legal team) around actual and potential litigation and claims; |
- | Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations; |
- | Reviewing minutes of meetings of those charged with governance; |
- | Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 |
Owen Taylor and Sons Holdings 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 |
Statutory Auditors |
Chartered Accountants |
The Mills |
Canal Street |
Derby |
DE1 2RJ |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Consolidated |
Profit and Loss Account |
for the Year Ended 31 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 23,788,896 | 17,183,113 |
Cost of sales | 19,361,915 | 14,275,902 |
GROSS PROFIT | 4,426,981 | 2,907,211 |
Distribution costs | 500,312 | 366,257 |
Administrative expenses | 2,047,136 | 1,491,977 |
2,547,448 | 1,858,234 |
1,879,533 | 1,048,977 |
Other operating income | 159,428 | 582,986 |
OPERATING PROFIT | 4 | 2,038,961 | 1,631,963 |
Interest receivable and similar income | 6,530 | 1,218 |
2,045,491 | 1,633,181 |
Interest payable and similar expenses | 5 | - | 2 |
PROFIT BEFORE TAXATION | 2,045,491 | 1,633,179 |
Tax on profit | 6 | 424,784 | 304,731 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,620,707 |
1,328,448 |
Profit attributable to: |
Owners of the parent | 1,620,707 | 1,328,448 |
Total comprehensive income attributable to: |
Owners of the parent | - | - |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Consolidated Balance Sheet |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 991,540 | 781,629 |
Investments | 10 | - | - |
Investment property | 11 | 1,820,455 | 1,597,206 |
2,811,995 | 2,378,835 |
CURRENT ASSETS |
Stocks | 12 | 2,448,588 | 2,199,511 |
Debtors | 13 | 2,321,535 | 1,869,298 |
Investments | 14 | 50,000 | 50,000 |
Cash at bank and in hand | 2,874,492 | 1,949,363 |
7,694,615 | 6,068,172 |
CREDITORS |
Amounts falling due within one year | 15 | 2,260,813 | 1,870,115 |
NET CURRENT ASSETS | 5,433,802 | 4,198,057 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
8,245,797 |
6,576,892 |
PROVISIONS FOR LIABILITIES | 17 | 214,657 | 116,459 |
NET ASSETS | 8,031,140 | 6,460,433 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 60,102 | 60,102 |
Capital redemption reserve | 19 | 20,572 | 20,572 |
Retained earnings | 19 | 7,950,466 | 6,379,759 |
SHAREHOLDERS' FUNDS | 8,031,140 | 6,460,433 |
The financial statements were approved by the director and authorised for issue on 18 September 2023 and were signed by: |
R J O Taylor - Director |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Company Balance Sheet |
31 January 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,672,457 | 1,268,572 |
The financial statements were approved by the director and authorised for issue on |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 January 2023 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 February 2021 | 60,102 | 5,051,311 | 20,572 | 5,131,985 |
Changes in equity |
Total comprehensive income | - | 1,328,448 | - | 1,328,448 |
Balance at 31 January 2022 | 60,102 | 6,379,759 | 20,572 | 6,460,433 |
Changes in equity |
Dividends | - | (50,000 | ) | - | (50,000 | ) |
Total comprehensive income | - | 1,620,707 | - | 1,620,707 |
Balance at 31 January 2023 | 60,102 | 7,950,466 | 20,572 | 8,031,140 |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Company Statement of Changes in Equity |
for the Year Ended 31 January 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 February 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 January 2023 |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Consolidated Cash Flow Statement |
for the Year Ended 31 January 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 22 | 2,042,626 | 1,031,921 |
Interest paid | - | (2 | ) |
Tax paid | (462,586 | ) | (39,317 | ) |
Net cash from operating activities | 1,580,040 | 992,602 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (376,407 | ) | (140,667 | ) |
Purchase of investment property | (223,249 | ) | - |
Sale of tangible fixed assets | 15,251 | 5,450 |
Interest received | 6,530 | 1,218 |
Net cash from investing activities | (577,875 | ) | (133,999 | ) |
Cash flows from financing activities |
Amount introduced by directors | 53,477 | 3,762 |
Amount withdrawn by directors | (80,513 | ) | (458 | ) |
Equity dividends paid | (50,000 | ) | - |
Net cash from financing activities | (77,036 | ) | 3,304 |
Increase in cash and cash equivalents | 925,129 | 861,907 |
Cash and cash equivalents at beginning of year |
23 |
1,949,363 |
1,087,456 |
Cash and cash equivalents at end of year |
23 |
2,874,492 |
1,949,363 |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 January 2023 |
1. | STATUTORY INFORMATION |
Owen Taylor and Sons Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Merger accounting has been adopted to include the results of the trading subsidiary as if it had always formed part of the group and the comparatives reflects this. |
Merger relief under S612 CA 2006 has been applied and the investments have been accounted for at the nominal value of the shares issued. |
Turnover |
Turnover represents the net sales of invoiced goods on despatch or pick-up, excluding value added tax. Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the agreed upon payment. Rental income is recognised in other income. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment loss. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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 | - 2% on cost |
Improvements to property | - 10% on cost |
Plant and machinery | - 15% on reducing balance |
Motor vehicles | - at varying rates on cost |
Computer equipment | - 33% on cost |
Freehold land is not depreciated. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively as appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account. |
Investment property |
Investment property is not depreciated but is revalued annually at its market value in accordance with the Financial Reporting Standard 102. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for slow moving and obsolete items. Cost is based on a first in, first out basis and is calculated as original purchase price plus labour costs of production and preparation. |
Net realisable value is based on the estimated selling price less further costs expected to be incurred to completion and disposal. |
At each reporting date, stock is assessed for impairment. If impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
Deferred tax |
Deferred tax arises from timing differences that are differences between taxable total profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. |
A deferred tax asset is recognised only when it is more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences and losses can be deducted. |
Provision is made at current rates for taxation deferred in respect of all material timing differences. |
Leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account as they are incurred. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payments obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the group in independently administered funds. |
Current asset investments |
Current asset investments are stated at cost less provision for permanent diminution in value. An investment is treated as a current asset investment if it is not intended to be held long term and/or readily convertible to cash were it to be sold. |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants in relation to Covid-19 support are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute. |
Judgements in applying accounting policies and key sources of estimation uncertainty |
In the application of the group's accounting policies the director is required to make judgement estimates and assumptions about the carrying amounts of the group's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates. |
The following are the critical judgements and where relevant the key sources of estimation uncertainty: |
Tangible fixed assets are depreciated over their useful economic lives taking in to account their residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values. |
The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost. |
The value of stock is assessed for impairment. In re-assessing the stock value, factors such as slow movement and obsolescence are taken in to account. |
Investment properties are not depreciated but are held at fair value based on the director's judgement and experience taking into account local conditions, market values for similar properties and the group's long-term plans for their use at the balance sheet date. The assumptions are reviewed at least annually and revisions recognised in the current or previous period as is applicable. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 3,733,847 | 3,024,290 |
Social security costs | 344,994 | 255,586 |
Other pension costs | 114,863 | 88,819 |
4,193,704 | 3,368,695 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Direct | 98 | 90 |
Drivers | 28 | 22 |
Administration | 28 | 27 |
2023 | 2022 |
£ | £ |
Director's remuneration | 14,447 | 11,017 |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
3. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 1,298 | 1,440 |
Depreciation - owned assets | 162,470 | 153,062 |
Profit on disposal of fixed assets | (11,225 | ) | (3,604 | ) |
Auditors' remuneration | 23,140 | 22,770 |
Auditors' remuneration for non audit work | 6,860 | 6,750 |
Operating lease payments | 27,677 | 26,888 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | - | 2 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 327,000 | 314,000 |
Adjustment re prior year | (414 | ) | 317 |
Total current tax | 326,586 | 314,317 |
Deferred tax | 98,198 | (9,586 | ) |
Tax on profit | 424,784 | 304,731 |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
6. | TAXATION - continued |
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: |
2023 | 2022 |
£ | £ |
Profit before tax | 2,045,491 | 1,633,179 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
388,643 |
310,304 |
Effects of: |
Expenses not deductible for tax purposes | 7,032 | 8,324 |
Adjustments to tax charge in respect of previous periods | (413 | ) | 317 |
Other differences | 29,522 | (14,214 | ) |
Total tax charge | 424,784 | 304,731 |
7. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Interim | 50,000 | - |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1 February 2022 | 249,974 | 473,291 | 1,106,711 |
Additions | - | - | 198,797 |
Disposals | - | - | - |
At 31 January 2023 | 249,974 | 473,291 | 1,305,508 |
DEPRECIATION |
At 1 February 2022 | 134,011 | 473,291 | 811,539 |
Charge for year | 4,467 | - | 48,821 |
Eliminated on disposal | - | - | - |
At 31 January 2023 | 138,478 | 473,291 | 860,360 |
NET BOOK VALUE |
At 31 January 2023 | 111,496 | - | 445,148 |
At 31 January 2022 | 115,963 | - | 295,172 |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2022 | 677,207 | 264,664 | 2,771,847 |
Additions | 112,329 | 65,281 | 376,407 |
Disposals | (123,331 | ) | - | (123,331 | ) |
At 31 January 2023 | 666,205 | 329,945 | 3,024,923 |
DEPRECIATION |
At 1 February 2022 | 317,047 | 254,330 | 1,990,218 |
Charge for year | 100,064 | 9,118 | 162,470 |
Eliminated on disposal | (119,305 | ) | - | (119,305 | ) |
At 31 January 2023 | 297,806 | 263,448 | 2,033,383 |
NET BOOK VALUE |
At 31 January 2023 | 368,399 | 66,497 | 991,540 |
At 31 January 2022 | 360,160 | 10,334 | 781,629 |
Included in cost of land and buildings is freehold land of £26,620 (2022 - £26,620) which is not depreciated. |
10. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 February 2022 |
and 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Owen Taylor and Sons Limited |
Registered office: 27 Main Road, Leabrooks, Alfreton, Derbyshire, DE55 1LA |
Nature of business: Wholesale catering and single retail butchers |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
11. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 February 2022 | 1,597,206 |
Additions | 223,249 |
At 31 January 2023 | 1,820,455 |
NET BOOK VALUE |
At 31 January 2023 | 1,820,455 |
At 31 January 2022 | 1,597,206 |
Fair value at 31 January 2023 is represented by: |
£ |
Valuation in 2023 | 1,820,455 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,780,955 | 1,557,706 |
Aggregate depreciation | (86,510 | ) | (50,891 | ) |
Investment property was valued on a fair value basis on 31 January 2023 by the director . |
Company |
Total |
£ |
FAIR VALUE |
At 1 February 2022 |
Additions |
At 31 January 2023 |
NET BOOK VALUE |
At 31 January 2023 |
At 31 January 2022 |
Fair value at 31 January 2023 is represented by: |
£ |
Valuation in 2023 | 1,720,455 |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
11. | INVESTMENT PROPERTY - continued |
Company |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,720,455 | 1,497,206 |
Aggregate depreciation | (76,830 | ) | (42,421 | ) |
Investment property was valued on a fair value basis on 31 January 2023 by the director . |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Consumables, packaging and |
hygiene | 44,434 | 30,680 |
Raw meat/produce | 2,404,154 | 2,168,831 |
2,448,588 | 2,199,511 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,873,032 | 1,486,842 |
Amounts owed by group undertakings | - | - |
Other debtors | 310,719 | 260,670 |
Prepayments | 137,784 | 121,786 |
2,321,535 | 1,869,298 |
14. | CURRENT ASSET INVESTMENTS |
Group |
2023 | 2022 |
£ | £ |
Unlisted investments | 50,000 | 50,000 |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 1,753,676 | 1,247,872 |
Tax | 184,914 | 320,914 |
Social security and other taxes | 91,553 | 77,983 |
Other creditors | 98,716 | 81,216 |
Directors' current accounts | 51,104 | 78,140 | - | - |
Accrued expenses | 80,850 | 63,990 |
2,260,813 | 1,870,115 |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
Group |
Other operating leases |
2023 | 2022 |
£ | £ |
Obligations repayable: |
Within one year | 27,270 | 20,646 |
Between one and five years | 47,568 | 16,815 |
74,838 | 37,461 |
The minimum lease income on non-cancellable operating leases committed to be received is | £68,000 (2022: £49,675) |
17. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 214,657 | 116,459 |
Group |
Deferred |
tax |
£ |
Balance at 1 February 2022 | 116,459 |
Provided during year | 98,198 |
Balance at 31 January 2023 | 214,657 |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2020 | 2019 |
Value: | £ | £ |
60,102 | Ordinary | £1 | 60,102 | 60,102 |
19. | RESERVES |
Group |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 February 2022 | 6,379,759 | 20,572 | 6,400,331 |
Profit for the year | 1,620,707 | 1,620,707 |
Dividends | (50,000 | ) | (50,000 | ) |
At 31 January 2023 | 7,950,466 | 20,572 | 7,971,038 |
Company |
Retained |
earnings |
£ |
At 1 February 2022 |
Profit for the year |
Dividends | ( |
) |
At 31 January 2023 |
20. | RELATED PARTY DISCLOSURES |
The director maintains an interest free current account with the group. At the balance sheet date, the amount owing to the director is shown in the creditors note. The balance is repayable upon demand. |
21. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is R J O Taylor. |
Owen Taylor and Sons Holdings Limited (Registered number: 11277483) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 January 2023 |
22. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 2,045,491 | 1,633,179 |
Depreciation charges | 162,470 | 153,062 |
Profit on disposal of fixed assets | (11,225 | ) | (3,604 | ) |
Finance costs | - | 2 |
Finance income | (6,530 | ) | (1,218 | ) |
2,190,206 | 1,781,421 |
Increase in stocks | (249,077 | ) | (742,631 | ) |
Increase in trade and other debtors | (452,237 | ) | (929,919 | ) |
Increase in trade and other creditors | 553,734 | 923,050 |
Cash generated from operations | 2,042,626 | 1,031,921 |
23. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 January 2023 |
31.1.23 | 1.2.22 |
£ | £ |
Cash and cash equivalents | 2,874,492 | 1,949,363 |
Year ended 31 January 2022 |
31.1.22 | 1.2.21 |
£ | £ |
Cash and cash equivalents | 1,949,363 | 1,087,456 |
24. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.2.22 | Cash flow | At 31.1.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,949,363 | 925,129 | 2,874,492 |
1,949,363 | 925,129 | 2,874,492 |
Liquid resources |
Current asset investments | 50,000 | - | 50,000 |
50,000 | - | 50,000 |
Total | 1,999,363 | 925,129 | 2,924,492 |