IRIS Accounts Production v23.2.0.158 11277483 director 31.1.23 1.2.22 31.1.23 31.1.23 ... true true false true true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure112774832022-01-31112774832023-01-31112774832022-02-012023-01-31112774832021-01-31112774832021-02-012022-01-31112774832022-01-3111277483ns16:EnglandWales2022-02-012023-01-3111277483ns15:PoundSterling2022-02-012023-01-3111277483ns11:Director12022-02-012023-01-3111277483ns11:Consolidated2023-01-3111277483ns11:ConsolidatedGroupCompanyAccounts2022-02-012023-01-3111277483ns11:PrivateLimitedCompanyLtd2022-02-012023-01-3111277483ns11:FRS102ns11:Consolidated2022-02-012023-01-3111277483ns11:Auditedns11:Consolidated2022-02-012023-01-3111277483ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-02-012023-01-3111277483ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-02-012023-01-3111277483ns11:Consolidatedns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-02-012023-01-3111277483ns11:LargeMedium-sizedCompaniesRegimeForAccountsns11:Consolidated2022-02-012023-01-3111277483ns11:FullAccounts2022-02-012023-01-3111277483ns11:Consolidated2022-02-012023-01-3111277483ns11:RegisteredOffice2022-02-012023-01-3111277483ns11:Consolidated2021-02-012022-01-3111277483ns6:CurrentFinancialInstruments2023-01-3111277483ns6:CurrentFinancialInstruments2022-01-3111277483ns6:ShareCapital2023-01-3111277483ns6:ShareCapital2022-01-3111277483ns6:RetainedEarningsAccumulatedLosses2023-01-3111277483ns6:RetainedEarningsAccumulatedLosses2022-01-3111277483ns6:ShareCapital2021-01-3111277483ns6:RetainedEarningsAccumulatedLosses2021-01-3111277483ns6:RetainedEarningsAccumulatedLosses2021-02-012022-01-3111277483ns6:RetainedEarningsAccumulatedLosses2022-02-012023-01-3111277483ns6:CostValuationns6:UnlistedNon-exchangeTraded2022-01-3111277483ns6:UnlistedNon-exchangeTraded2023-01-3111277483ns6:UnlistedNon-exchangeTraded2022-01-3111277483ns6:WithinOneYearns6:CurrentFinancialInstruments2023-01-3111277483ns6:WithinOneYearns6:CurrentFinancialInstruments2022-01-3111277483ns6:RetainedEarningsAccumulatedLosses2022-01-31
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: R J O Taylor





REGISTERED OFFICE: 27 Main Road
Leabrooks
Alfreton
Derbyshire
DE55 1LA





REGISTERED NUMBER: 11277483 (England and Wales)





AUDITORS: Bates Weston Audit Ltd
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:





R J O Taylor - Director


18 September 2023

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
R J O Taylor held office during the whole of the period from 1 February 2022 to the date of this report.

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:





R J O Taylor - Director


18 September 2023

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.




Ian Neal FCA CTA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

2 October 2023

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 1,620,707 1,328,448

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 60,102 60,102
Investment property 11 1,720,455 1,497,206
1,780,557 1,557,308

CURRENT ASSETS
Debtors 13 1,217,385 1,724,584
Cash at bank 1,999,518 93,510
3,216,903 1,818,094
CREDITORS
Amounts falling due within one year 15 41,038 41,437
NET CURRENT ASSETS 3,175,865 1,776,657
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,956,422

3,333,965

CAPITAL AND RESERVES
Called up share capital 18 60,102 60,102
Retained earnings 19 4,896,320 3,273,863
SHAREHOLDERS' FUNDS 4,956,422 3,333,965

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 18 September 2023 and were signed by:





R J O Taylor - Director


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 60,102 2,005,291 2,065,393

Changes in equity
Total comprehensive income - 1,268,572 1,268,572
Balance at 31 January 2022 60,102 3,273,863 3,333,965

Changes in equity
Dividends - (50,000 ) (50,000 )
Total comprehensive income - 1,672,457 1,672,457
Balance at 31 January 2023 60,102 4,896,320 4,956,422

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General 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 as modified by the revaluation of certain assets.

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
154 139

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 60,102
NET BOOK VALUE
At 31 January 2023 60,102
At 31 January 2022 60,102

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 1,497,206
Additions 223,249
At 31 January 2023 1,720,455
NET BOOK VALUE
At 31 January 2023 1,720,455
At 31 January 2022 1,497,206

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 22,330 9,200
Amounts owed by group undertakings - - 1,170,970 1,713,179
Other debtors 310,719 260,670 20,881 -
Prepayments 137,784 121,786 3,204 2,205
2,321,535 1,869,298 1,217,385 1,724,584

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 23,408 16,939
Tax 184,914 320,914 - 18,000
Social security and other taxes 91,553 77,983 - 1,206
Other creditors 98,716 81,216 - -
Directors' current accounts 51,104 78,140 - -
Accrued expenses 80,850 63,990 17,630 5,292
2,260,813 1,870,115 41,038 41,437

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 3,273,863
Profit for the year 1,672,457
Dividends (50,000 )
At 31 January 2023 4,896,320


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