REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31st March 2023 |
for |
Yorkwold Pigpro Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Yorkwold Pigpro Limited (Registered number: 01046828) |
Profit and loss account |
for the year ended 31st March 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
1,528,674 | (671,797 | ) |
Other operating income |
Gain/loss on revaluation of investment property |
- |
53,493 |
OPERATING PROFIT/(LOSS) | 4 | ( |
) |
Interest receivable and similar income |
2,086,367 | 16,850 |
Interest payable and similar expenses | 5 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 6 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Yorkwold Pigpro Limited (Registered number: 01046828) |
Balance Sheet |
31st March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
Investment property | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Investments | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Revaluation reserve | 22 |
Capital redemption reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 31st March 2022 |
Changes in equity |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 31st March 2023 |
Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 1st April 2021 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 31st March 2022 |
Changes in equity |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 31st March 2023 |
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 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Short term loans | ( |
) |
Long term loans | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
28 |
(2,859,726 |
) |
(580,487 |
) |
Cash and cash equivalents at end of year |
28 |
( |
) |
( |
) |
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 |
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 land | Nil |
Freehold & leasehold property | 1%, 2%, 4% and 5% on cost |
Plant & machinery | 15% on reducing balance, 4% and 15% on cost |
Motor vehicles | 15% 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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Production | 64 | 64 |
Other | 13 | 13 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
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 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
BPS entitlements amortisation |
Auditors' remuneration |
Other non-audit services |
Rents receivable | ( |
) | ( |
) |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank loan interest |
Preference share interest |
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 |
Deferred tax | ( |
) |
Tax on profit/(loss) | ( |
) |
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 | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) | ( |
) |
Other relief | (205,718 | ) | (77,824 | ) |
Total tax charge/(credit) | 96,925 | (302,000 | ) |
7. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Final |
8. | INTANGIBLE FIXED ASSETS |
BPS |
entitlements |
£ |
COST |
At 1st April 2022 |
Additions |
At 31st March 2023 |
AMORTISATION |
At 1st April 2022 |
Amortisation for year |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
10. | FIXED ASSET INVESTMENTS |
Interest |
in joint |
venture |
£ |
COST |
At 1st April 2022 |
and 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
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 |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
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 |
Feed |
Parts stock | 15,625 | 7,096 |
Produce |
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 assets | 8,044,128 |
Reconciliation of changes in the carrying amount of biological assets: |
Pigs | Cultivations |
£ | £ |
Carrying value brought forward | 7,610,068 | 38,071 |
Increases resulting from purchases | 24,150,937 | 95,573 |
Decreases attributable to sales | (20,687,071 | ) |
Decreases resulting from harvest | (95,006 | ) |
Other changes | (3,068,444 | ) |
Carrying value carried forward | 8,005,490 | 38,638 |
13. | DEBTORS |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Tax |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
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) |
Preference shares (see note 17) |
Hire purchase contracts (see note 18) |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 17) |
Hire purchase contracts (see note 18) |
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 |
Bank loans |
Preference shares - less 1 yr | 500,000 | 500,000 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 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 |
Between one and five years |
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 |
Between one and five years |
In more than five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
Bank loans |
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: | £ | £ |
Ordinary | £1 | 8,590 | 8,590 |
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 |
25. | RELATED PARTY DISCLOSURES |
2023 | 2022 |
£ | £ |
Dividends paid |
2023 | 2022 |
£ | £ |
Dividends received | 57,500 | 87,500 |
Amount due from related party |
2023 | 2022 |
£ | £ |
Total compensation paid |
Yorkwold Pigpro Limited (Registered number: 01046828) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
25. | RELATED PARTY DISCLOSURES - continued |
2023 | 2022 |
£ | £ |
Management income |
Rents received |
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 |
Other sales |
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 | ( |
) |
Depreciation charges |
(Profit)/loss on disposal of fixed assets | ( |
) |
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 | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
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 | ( |
) | ( |
) |
(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 | ( |
) | ( |
) |
(2,859,726 | ) | (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 | ) | (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 | ) |