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REGISTERED NUMBER: 01046828 (England and Wales)


















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31st March 2023

for

Yorkwold Pigpro Limited

Yorkwold Pigpro Limited (Registered number: 01046828)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Profit and loss account 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Financial Statements 14


Yorkwold Pigpro Limited

Company Information
for the year ended 31st March 2023







DIRECTORS: R Beckett
T C Dewhirst
J W Dewhirst
R J Dewhirst
A J T Dewhirst
B D E Dewhirst
R W Riley



SECRETARY: J W Dewhirst



REGISTERED OFFICE: Field House Farm
Scarborough Road
Driffield
East Yorkshire
YO25 5UY



REGISTERED NUMBER: 01046828 (England and Wales)



SENIOR STATUTORY AUDITOR: Matthew Fox FCCA



AUDITORS: Smailes Goldie Limited
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Yorkwold Pigpro Limited (Registered number: 01046828)

Strategic Report
for the year ended 31st March 2023

The directors present their strategic report for the year ended 31st March 2023.

REVIEW OF BUSINESS
During the year the company has returned to profit after making a small loss in the prior year. The directors consider the results for the period to be as expected, reflecting significantly higher pig prices in light of a large reduction in the supply of pigs across the UK and the EU.

The directors expect to remain profitable into the coming year with feed costs falling and pig prices remaining historically high.

The directors feel that the employees are key to the continued success of the business and plan to continue to invest in their development.

The company has continued to invest in its facilities during the year, despite the challenging industry conditions, and intends to continue with further reinvestment into the coming year.

The company continues to improve its health and safety procedures, working closely with its health and safety consultant.


Yorkwold Pigpro Limited (Registered number: 01046828)

Strategic Report
for the year ended 31st March 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company are the market price for pig meat, disease and the level of feed costs.

Financial risk management
The company's operations expose itself to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme which seeks to limit adverse effects on the financial performance of the company.

Price risk
The company is exposed to commodity price risk as a result of its operations. The directors seek to minimise the financial effect of this risk by entering into forward contracts for the sale of pig meat and the purchase of feed for a significant proportion of its production.

Credit risk
The company has implemented policies whereby it constantly monitors the credit worthiness of its major customers.

Interest rate risk
At times in the production cycle the company has interest bearing liabilities. The company does not use derivative financial instruments to manage interest rate cost and as such, no hedge accounting is applied. The directors will revisit the appropriateness of this policy should the operations change in size or nature.

Key performance indicators
One of the main financial Key Performance Indicators used by the company is the monitoring of sales prices per pig against the cost of production per pig, which then feeds into gross margin reviews carried out.

Going concern and liquidity
The directors have carefully considered the activities of the company for a period of 12 months from the date of the approval of these financial statements and the liquid resources available. The directors are of the opinion that there are no material uncertainties regarding the ability of the company to continue to trade as a going concern during this period and accordingly these financial statements have been prepared on the going concern basis.

ON BEHALF OF THE BOARD:



J W Dewhirst - Secretary


13th October 2023

Yorkwold Pigpro Limited (Registered number: 01046828)

Report of the Directors
for the year ended 31st March 2023

The directors present their report with the financial statements of the company for the year ended 31st March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of pig farming.

DIVIDENDS
The total distribution of dividends for the period ended 31 March 2023 was £125,700 (2022 £125,700).

RESEARCH AND DEVELOPMENT
The company has been undertaking qualifying research and development on the basis that it has been, and still is, in the process of developing and improving genetics.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st April 2022 to the date of this report.

R Beckett
T C Dewhirst
J W Dewhirst
R J Dewhirst
A J T Dewhirst
B D E Dewhirst
R W Riley

DISCLOSURE IN THE STRATEGIC REPORT
Information regarding the financial risk management and exposure to price, credit, interest rate and going concern risk are set out within the strategic report in accordance with Section 414C(11) of the Companies Act 2006.

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;
-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.

Yorkwold Pigpro Limited (Registered number: 01046828)

Report of the Directors
for the year ended 31st March 2023


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.

ON BEHALF OF THE BOARD:



J W Dewhirst - Secretary


13th October 2023

Report of the Independent Auditors to the Members of
Yorkwold Pigpro Limited

Opinion
We have audited the financial statements of Yorkwold Pigpro Limited (the 'company') for the year ended 31st March 2023 which comprise the Profit and loss account, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31st March 2023 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
Yorkwold Pigpro 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 four, 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
Yorkwold Pigpro 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with relevant regulators and the company's legal advisors.

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
Yorkwold Pigpro 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.




Matthew Fox FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie Limited
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

13th October 2023

Yorkwold Pigpro Limited (Registered number: 01046828)

Profit and loss account
for the year ended 31st March 2023

2023 2022
Notes £    £   

TURNOVER 35,214,812 25,575,966

Cost of sales 31,683,743 24,667,327
GROSS PROFIT 3,531,069 908,639

Administrative expenses 2,002,395 1,580,436
1,528,674 (671,797 )

Other operating income 409,534 458,736
Gain/loss on revaluation of investment
property

-

53,493
OPERATING PROFIT/(LOSS) 4 1,938,208 (159,568 )

Interest receivable and similar income 148,159 176,418
2,086,367 16,850

Interest payable and similar expenses 5 128,253 135,940
PROFIT/(LOSS) BEFORE TAXATION 1,958,114 (119,090 )

Tax on profit/(loss) 6 96,925 (302,000 )
PROFIT FOR THE FINANCIAL YEAR 1,861,189 182,910

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,861,189

182,910

Yorkwold Pigpro Limited (Registered number: 01046828)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 2,792 4,067
Tangible assets 9 19,689,722 20,131,595
Investments 10 515,080 515,080
Investment property 11 450,000 450,000
20,657,594 21,100,742

CURRENT ASSETS
Stocks 12 8,507,170 8,034,712
Debtors 13 6,140,334 6,173,230
Investments 14 114 114
Cash at bank 1,581 2,443
14,649,199 14,210,499
CREDITORS
Amounts falling due within one year 15 5,240,481 6,374,006
NET CURRENT ASSETS 9,408,718 7,836,493
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,066,312

28,937,235

CREDITORS
Amounts falling due after more than one
year

16

(2,505,076

)

(3,206,988

)

PROVISIONS FOR LIABILITIES 20 (526,000 ) (430,500 )
NET ASSETS 27,035,236 25,299,747

CAPITAL AND RESERVES
Called up share capital 21 9,065 9,065
Share premium 22 750 750
Revaluation reserve 22 53,493 53,493
Capital redemption reserve 22 1,505 1,505
Retained earnings 22 26,970,423 25,234,934
SHAREHOLDERS' FUNDS 27,035,236 25,299,747

The financial statements were approved by the Board of Directors and authorised for issue on 13th October 2023 and were signed on its behalf by:





J W Dewhirst - Director


Yorkwold Pigpro Limited (Registered number: 01046828)

Statement of Changes in Equity
for the year ended 31st March 2023

Called up
share Retained Share
capital earnings premium
£    £    £   

Balance at 1st April 2021 9,065 25,231,217 750

Changes in equity
Dividends - (125,700 ) -
Total comprehensive income - 129,417 -
Balance at 31st March 2022 9,065 25,234,934 750

Changes in equity
Dividends - (125,700 ) -
Total comprehensive income - 1,861,189 -
Balance at 31st March 2023 9,065 26,970,423 750
Capital
Revaluation redemption Total
reserve reserve equity
£    £    £   

Balance at 1st April 2021 - 1,505 25,242,537

Changes in equity
Dividends - - (125,700 )
Total comprehensive income 53,493 - 182,910
Balance at 31st March 2022 53,493 1,505 25,299,747

Changes in equity
Dividends - - (125,700 )
Total comprehensive income - - 1,861,189
Balance at 31st March 2023 53,493 1,505 27,035,236

Yorkwold Pigpro Limited (Registered number: 01046828)

Cash Flow Statement
for the year ended 31st March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 27 4,339,353 (56,980 )
Interest paid (128,253 ) (135,940 )
Tax paid 209,331 211,426
Net cash from operating activities 4,420,431 18,506

Cash flows from investing activities
Purchase of intangible fixed assets (2,079 ) -
Purchase of tangible fixed assets (1,102,900 ) (1,958,296 )
Sale of tangible fixed assets 15,500 38,350
Short term loans (169,922 ) 54,880
Long term loans 101,373 (119,840 )
Interest received 67,885 135,322
Net cash from investing activities (1,090,143 ) (1,849,584 )

Cash flows from financing activities
New loans in year - 1,000,000
Loan repayments in year (894,529 ) (1,322,461 )
Capital repayments in year (2,643 ) -
Equity dividends paid (113,018 ) (125,700 )
Net cash from financing activities (1,010,190 ) (448,161 )

Increase/(decrease) in cash and cash equivalents 2,320,098 (2,279,239 )
Cash and cash equivalents at
beginning of year

28

(2,859,726

)

(580,487

)

Cash and cash equivalents at end of
year

28

(539,628

)

(2,859,726

)

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

Yorkwold Pigpro 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
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policy adopted for the recognition of turnover is as follows:

Sale of goods
Turnover from the sale of livestock is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the date the livestock was moved offsite.

Interest and other income
Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.

Intangible fixed assets - entitlements
Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. At the reporting date, the expected useful life is 5 years, reflecting the 5 year period of benefit to be received via the Basic Payment Scheme. The final delinked payment under the Basic Payment Scheme will be received in 2027, falling into the 2028 financial year.

Entitlements acquired via the ownership of existing land, and therefore having no cost, have been revalued to fair value on transition to FRS 102 and have been amortised over their expected useful life, in accordance with the periods of benefit expected from the Basic Payment Scheme at the time.

Provision is made for any impairment.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold landNil
Freehold & leasehold property1%, 2%, 4% and 5% on cost
Plant & machinery15% on reducing balance, 4% and 15% on cost
Motor vehicles15% on reducing balance

Investment properties
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued

Stocks
Feed stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out basis.

Livestock in stock, which comprises of pigs only, are valued under the cost model in accordance with Section 34 of FRS 102, using the lower of cost and estimated selling price less costs to complete and sell method.

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 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.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or if their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments in joint ventures are measured at cost less impairment.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,707,714 2,498,757
Social security costs 289,140 254,434
Other pension costs 119,482 121,057
3,116,336 2,874,248

The average number of employees during the year was as follows:
2023 2022

Production 64 64
Other 13 13
77 77

2023 2022
£    £   
Directors' remuneration 462,189 300,475

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

3. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 195,357 150,880

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 1,559,174 1,589,283
(Profit)/loss on disposal of fixed assets (11,400 ) 3,217
BPS entitlements amortisation 3,354 3,048
Auditors' remuneration 25,850 29,050
Other non-audit services 7,500 8,750
Rents receivable (30,690 ) (42,552 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 103,253 110,940
Preference share interest 25,000 25,000
128,253 135,940

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,425 -

Deferred tax 95,500 (302,000 )
Tax on profit/(loss) 96,925 (302,000 )

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

6. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit/(loss) before tax 1,958,114 (119,090 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 19% (2022 - 19%)

372,042

(22,627

)

Effects of:
Expenses not deductible for tax purposes 82 2,294
Income not taxable for tax purposes (10,935 ) (16,801 )
Capital allowances in excess of depreciation (31,742 ) (162,238 )
Utilisation of tax losses (26,804 ) (24,804 )

Other relief (205,718 ) (77,824 )


Total tax charge/(credit) 96,925 (302,000 )

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 125,700 125,700

8. INTANGIBLE FIXED ASSETS
BPS
entitlements
£   
COST
At 1st April 2022 29,318
Additions 2,079
At 31st March 2023 31,397
AMORTISATION
At 1st April 2022 25,251
Amortisation for year 3,354
At 31st March 2023 28,605
NET BOOK VALUE
At 31st March 2023 2,792
At 31st March 2022 4,067

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

8. INTANGIBLE FIXED ASSETS - continued

The entitlements owned by the company, prior to restatement for FRS102, but acquired at £Nil cost, were revalued to their fair value on the transition date. This transition value has subsequently been treated as their deemed cost and has been amortised in line with the accounting policy. The amortised fair value element of the Net Book Value at 31 March 2023 represents £nil (2022 £nil), therefore there is no balance within the fair value reserve.

9. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property Leasehold machinery vehicles Totals
£    £    £    £    £   
COST
At 1st April 2022 11,380,802 2,579,551 19,433,462 68,791 33,462,606
Additions 142,625 - 978,776 - 1,121,401
Disposals - - (16,250 ) - (16,250 )
At 31st March 2023 11,523,427 2,579,551 20,395,988 68,791 34,567,757
DEPRECIATION
At 1st April 2022 2,685,029 512,220 10,100,763 32,999 13,331,011
Charge for year 162,949 83,616 1,307,873 4,736 1,559,174
Eliminated on disposal - - (12,150 ) - (12,150 )
At 31st March 2023 2,847,978 595,836 11,396,486 37,735 14,878,035
NET BOOK VALUE
At 31st March 2023 8,675,449 1,983,715 8,999,502 31,056 19,689,722
At 31st March 2022 8,695,773 2,067,331 9,332,699 35,792 20,131,595

10. FIXED ASSET INVESTMENTS
Interest
in joint
venture
£   
COST
At 1st April 2022
and 31st March 2023 515,080
NET BOOK VALUE
At 31st March 2023 515,080
At 31st March 2022 515,080

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

10. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Joint venture

Yorkwold (Overseas) Limited
Registered office: United Kingdom
Nature of business: Arable farming
%
Class of shares: holding
Ordinary £1 50.00
2023 2022
£    £   
Aggregate capital and reserves 4,125,814 4,138,344
Profit for the year 102,470 97,708

The interest in joint venture is measured at cost less impairment on the basis that this represents the shares in the entity that are not publicly traded and the fair value cannot otherwise be measured reliably.

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022
and 31st March 2023 450,000
NET BOOK VALUE
At 31st March 2023 450,000
At 31st March 2022 450,000

The directors are confident that the value of the investment property in the Balance Sheet at the reporting date reflects fair value.

Fair value at 31st March 2023 is represented by:
£   
Valuation in 2018 396,507
Valuation in 2022 53,493
450,000

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

12. STOCKS
2023 2022
£    £   
Livestock 8,005,490 7,610,068
Cultivations in stock 38,638 38,071
Feed 427,687 375,670
Parts stock 15,625 7,096
Produce 19,730 3,807
8,507,170 8,034,712

The movement in the livestock valuation in comparison to the previous year is as a result of purchases, sales, deaths, births and the fluctuation of costs attributable to each pig.

The plant & machinery depreciation is incorporated into the cost of each pig. For information regarding the depreciation method and rates, please see the accounting policy under note 1.

The above livestock and cultivations valuation has been allocated to biological assets as follows:
£
Biological assets8,044,128

Reconciliation of changes in the carrying amount of biological assets:
PigsCultivations
££
Carrying value brought forward7,610,06838,071
Increases resulting from purchases24,150,93795,573
Decreases attributable to sales(20,687,071)
Decreases resulting from harvest(95,006)
Other changes(3,068,444)
Carrying value carried forward8,005,49038,638

13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,435,878 1,301,561
Other debtors 1,131,127 1,096,468
Tax - 209,331
Prepayments and accrued income 384,984 406,346
2,951,989 3,013,706

Amounts falling due after more than one year:
Other debtors 3,188,345 3,159,524

Aggregate amounts 6,140,334 6,173,230

Included behind other debtors due within one year is a loan to a related party. This amount has no formal repayment terms or interest applied. A further amount due to the same related party is included behind other debtors due after more than one year, with interest payable at 2.78%.

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

14. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Unlisted investments 114 114

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 17) 1,291,143 3,795,203
Preference shares (see note 17) 500,000 500,000
Hire purchase contracts (see note 18) 6,343 -
Trade creditors 2,570,242 1,463,297
Corporation tax 1,425 -
Social security and other taxes 85,916 65,247
Other creditors 161,791 147,929
Accruals and deferred income 623,621 402,330
5,240,481 6,374,006

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 17) 2,495,561 3,206,988
Hire purchase contracts (see note 18) 9,515 -
2,505,076 3,206,988

17. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 541,209 2,862,169
Bank loans 749,934 933,034
Preference shares - less 1 yr 500,000 500,000
1,791,143 4,295,203

Amounts falling due between one and two years:
Bank loans - 1-2 years 598,632 751,709

Amounts falling due between two and five years:
Bank loans - 2-5 years 1,299,627 1,567,565

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years 597,302 887,714

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

17. LOANS - continued

Bank loans totalling £3,184,067 have repayment terms ending between 1 and 13 years after the 2023 year end. The interest rates attached to these loans are all at market rate and are fixed for the full term.

Bank loans totalling £61,428 have terms of repayment of 5 years commencing in April 19 and interest is payable at 1.35% over base rate on the principal amount.

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:


Number

Class
Nominal
value


500,000 Redeemable preference shares £1


The rights attaching to the redeemable preference shares are as follows:

Dividend The holders of all classes of preference shares are entitled to a dividend equal to
5% per share per annum in priority to any dividend paid in respect of the ordinary
shares.


Voting rights The preference shares will not entitle the holders thereof to receive notice of any
general meetings or to attend or vote at any general meeting.

Redemption The company shall redeem within 30 days of the receipt of a notice in writing from a
holder of Preference Shares("Shareholder Redemption Notice") such number of
Preference Shares specified in the Shareholder Redemption.The company may, at
any time on not less than 30 days notice in writing to the holders of Preference
Shares ("Company Redemption Notice"), redeem such total number of Preference
Shares as is specified in such notice.

Winding up On winding up the assets of the company shall be applied first, in paying to each
holder of Preference Shares in respect of each Preference Share of which is is the
holder, an amount equal to (i) 100% of the Issue Price thereof and (ii) the
aggregate amount of any accruals and/or unpaid amounts of Preference Dividend
(to be calculated down to and including the date of the return of capital and to be
payable irrespective of whether such dividend would be unlawful by reason of there
being insufficient Available Profits).

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 6,343 -
Between one and five years 9,515 -
15,858 -

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

18. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 128,457 206,152
Between one and five years 295,425 360,804
In more than five years 257,403 302,621
681,285 869,577

19. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 541,209 2,862,169
Bank loans 3,245,495 4,140,022
3,786,704 7,002,191

The bank loans and overdraft are secured by a debenture and fixed charge over all the company assets.

20. PROVISIONS FOR LIABILITIES

The deferred tax balance comprises accelerated capital allowances only, both in the period to 31 March 2023 and year to 31 March 2022.

The expected net charge of the deferred tax liability expected to occur during the 2024 financial year is £229,500.

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
8,590 Ordinary £1 8,590 8,590
475 A Ordinary £1 475 475
9,065 9,065

The ordinary share capital have attaching to them full voting rights and rights to share in the assets of the company by way of dividend and capital distribution (including on wind up). They do not confer any rights of redemption.

The ordinary A share capital have attaching to them full voting rights. They do not have any rights to share in the assets of the company by way of dividend. The ordinary A shares have rights to an increase in the capital value based on a pre determined hurdle value.

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

22. RESERVES

Retained earnings
Retained earnings represents the cumulative profits and losses net of dividends and other adjustments.

Share premium
The share premium account represents the premium arising on the issue of shares net of issue costs.

Capital redemption reserve
The capital redemption reserve represents the nominal value of shares purchased back by the company on 10 March 2008.

23. PENSION COMMITMENTS

The company operates a defined contribution self administered pension scheme of which certain directors are members. The company also operates a defined contribution scheme for its employees. The assets of the scheme are held separately from those of the company in independently administered funds. The pension charge for the period is £113,620 (2022 £120,335).

24. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 321,670 -

25. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2023 2022
£    £   
Dividends paid 125,700 125,700

Entities over which the entity has control, joint control or significant influence
2023 2022
£    £   
Dividends received 57,500 87,500
Amount due from related party 65 -

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Total compensation paid 513,142 322,583

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

25. RELATED PARTY DISCLOSURES - continued

Other related parties
2023 2022
£    £   
Management income 36,000 49,485
Rents received - 11,370
Contracting 119,741 120,184
Interest charged on loans 80,314 80,768
Rents paid (6,000 ) (6,000 )
Other purchases (48,632 ) (25,167 )
Amount due from related party 4,098,442 4,089,189
Other sales 26,914 30,291

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party are the Trustees of the J A R Dewhirst Will Trust which holds the entire issued ordinary share capital of the company.

27. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit/(loss) before taxation 1,958,114 (119,090 )
Depreciation charges 1,562,526 1,592,330
(Profit)/loss on disposal of fixed assets (11,400 ) 3,217
Gain on revaluation of fixed assets - (53,493 )
Finance costs 128,253 135,940
Finance income (148,159 ) (176,418 )
3,489,334 1,382,486
Increase in stocks (472,458 ) (1,776,398 )
Increase in trade and other debtors (27,611 ) (46,026 )
Increase in trade and other creditors 1,350,088 382,958
Cash generated from operations 4,339,353 (56,980 )

Yorkwold Pigpro Limited (Registered number: 01046828)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

28. 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 31st March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,581 2,443
Bank overdrafts (541,209 ) (2,862,169 )
(539,628 ) (2,859,726 )
Year ended 31st March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 2,443 204
Bank overdrafts (2,862,169 ) (580,691 )
(2,859,726 ) (580,487 )


29. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.4.22 Cash flow changes At 31.3.23
£    £    £    £   
Net cash
Cash at bank 2,443 (862 ) 1,581
Bank overdrafts (2,862,169 ) 2,320,960 (541,209 )
(2,859,726 ) 2,320,098 (539,628 )

Liquid resources
Current asset
investments 114 - - 114
114 - - 114
Debt
Finance leases - 2,643 (18,501 ) (15,858 )
Debts falling due
within 1 year (1,433,034 ) 183,100 - (1,249,934 )
Debts falling due
after 1 year (3,206,988 ) 711,427 - (2,495,561 )
(4,640,022 ) 897,170 (18,501 ) (3,761,353 )
Total (7,499,634 ) 3,217,268 (18,501 ) (4,300,867 )