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REGISTERED NUMBER: 05476225 (England and Wales)















MONKFIELD NUTRITION LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023






MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 6

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13 to 21


MONKFIELD NUTRITION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: D Wise
J Wise
R Wise





SECRETARY: Mrs Z Wise





REGISTERED OFFICE: Arthur Rickwood Farm
Chatteris Road
Mepal
Ely
Cambs
CB6 2AZ





REGISTERED NUMBER: 05476225 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their strategic report for the year ended 30 June 2023.

REVIEW OF BUSINESS
The company's principal activity is the breeding and sale of live insects, reptiles related products.

The directors anticipated FY23 would be lower in terms of both turnover and net profit, and that has proved to be the case. In the prior year, coming out of Covid, spending was high, but this became more normal in the current year. Profitability was also reduced through global inflation increasing both energy and material costs.

This resulted in turnover reducing by 12.3% and the gross profit margin reducing from 37.6% to 32.8%, resulting in a net profit before tax this year of £1,929,378 compared to a profit in the prior year of £4,659,648.

The company holds a strong position in a market that continues to be challenging and the directors are confident that the trading levels of this year will continue to improve and benefit from an increased focus on efficiency and service levels.

The company focuses on a high standard of quality by investing in infrastructure to ensure best practice and to protect their conduct against the threat of disease and infection.

A strong net asset position is maintainted to support operations.

PRINCIPAL RISKS AND UNCERTAINTIES
Risk to the business include its relationships with key customers and key suppliers. The company continues to foster strong relationships with its suppliers and makes payment in line with agrees terms and constantly monitors customer service levels to ensure customer satisfaction.

The directors routinely monitor all known risks and uncertainties and appropriate actions are taken to mitigate the risks of their potential outcomes.

FINANCIAL KEY PERFORMANCE INDICATORS
The Directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the company as whole, these being turnover, gross profit margin and operating profit.

OTHER KEY PERFORMANCE INDICATORS
Other key performance indicators include customer satisfaction and levels of repeat business.

ON BEHALF OF THE BOARD:





J Wise - Director


6 November 2023

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2023

The directors present their report with the financial statements of the company for the year ended 30 June 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the breeding and sale of lives insects, reptiles and reptile related products.

DIVIDENDS
The directors recommend that no final dividend be paid. The total distribution of dividends for the year ended 30 June 2023 will be £266,667.

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

D Wise
J Wise
R Wise

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.

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 Wise - Director


6 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MONKFIELD NUTRITION LIMITED

Opinion
We have audited the financial statements of Monkfield Nutrition Limited (the 'company') for the year ended 30 June 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 30 June 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MONKFIELD NUTRITION LIMITED


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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.

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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit.We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of fixed assets, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Food Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the external audits conducted in the year, confirmation of renewed relevant memberships and licenses and consideration of Health and Safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
MONKFIELD NUTRITION 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.




Alistair Main BFP FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

6 November 2023

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 21,556,445 24,586,763

Cost of sales 14,482,457 15,350,818
GROSS PROFIT 7,073,988 9,235,945

Distribution costs 1,815,631 1,649,275
Administrative expenses 3,405,437 3,009,565
5,221,068 4,658,840
1,852,920 4,577,105

Other operating income 84,412 90,497
OPERATING PROFIT 5 1,937,332 4,667,602


Interest payable and similar expenses 6 7,954 7,954
PROFIT BEFORE TAXATION 1,929,378 4,659,648

Tax on profit 7 412,437 917,152
PROFIT FOR THE FINANCIAL YEAR 1,516,941 3,742,496

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,516,941 3,742,496


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,516,941 3,742,496

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 6,961,756 6,892,469
6,961,756 6,892,469

CURRENT ASSETS
Stocks 11 3,132,509 3,266,907
Debtors 12 3,897,565 5,533,126
Cash at bank and in hand 3,536,718 2,035,850
10,566,792 10,835,883
CREDITORS
Amounts falling due within one year 13 1,583,503 3,012,970
NET CURRENT ASSETS 8,983,289 7,822,913
TOTAL ASSETS LESS CURRENT LIABILITIES 15,945,045 14,715,382

CREDITORS
Amounts falling due after more than one year 14 (15,984 ) (54,347 )

PROVISIONS FOR LIABILITIES 17 (471,176 ) (453,424 )
NET ASSETS 15,457,885 14,207,611

CAPITAL AND RESERVES
Called up share capital 18 1,000 1,000
Retained earnings 19 15,456,885 14,206,611
SHAREHOLDERS' FUNDS 15,457,885 14,207,611

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:





J Wise - Director


MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 July 2021 1,000 10,730,782 10,731,782

Changes in equity
Dividends - (266,667 ) (266,667 )
Total comprehensive income - 3,742,496 3,742,496
Balance at 30 June 2022 1,000 14,206,611 14,207,611

Changes in equity
Dividends - (266,667 ) (266,667 )
Total comprehensive income - 1,516,941 1,516,941
Balance at 30 June 2023 1,000 15,456,885 15,457,885

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,211,898 2,875,815
Interest element of hire purchase payments paid (7,954 ) (7,954 )
Tax paid (656,678 ) (948,185 )
Net cash from operating activities 2,547,266 1,919,676

Cash flows from investing activities
Purchase of tangible fixed assets (654,015 ) (890,598 )
Sale of tangible fixed assets 83,983 42,845
Net cash from investing activities (570,032 ) (847,753 )

Cash flows from financing activities
Capital repayments in year (38,363 ) (38,364 )
Amount introduced by directors - 178,621
Amount withdrawn by directors (171,336 ) -
Equity dividends paid (266,667 ) (266,667 )
Net cash from financing activities (476,366 ) (126,410 )

Increase in cash and cash equivalents 1,500,868 945,513
Cash and cash equivalents at beginning of year 2 2,035,850 1,090,337

Cash and cash equivalents at end of year 2 3,536,718 2,035,850

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,929,378 4,659,648
Depreciation charges 503,384 411,315
(Profit)/loss on disposal of fixed assets (2,639 ) 6,366
Finance costs 7,954 7,954
2,438,077 5,085,283
Decrease/(increase) in stocks 134,398 (857,368 )
Decrease/(increase) in trade and other debtors 1,635,561 (1,327,142 )
Decrease in trade and other creditors (996,138 ) (24,958 )
Cash generated from operations 3,211,898 2,875,815

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 3,536,718 2,035,850
Year ended 30 June 2022
30.6.22 1.7.21
£    £   
Cash and cash equivalents 2,035,850 1,090,337


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.22 Cash flow At 30.6.23
£    £    £   
Net cash
Cash at bank and in hand 2,035,850 1,500,868 3,536,718
2,035,850 1,500,868 3,536,718
Debt
Finance leases (92,710 ) 38,363 (54,347 )
(92,710 ) 38,363 (54,347 )
Total 1,943,140 1,539,231 3,482,371

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Monkfield Nutrition 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(i) Stock provision

A provision is made for obsolete stock which relates to items of stock that are old and have been replaced by different products. An excess stock provision is also maintained which is calculated by comparing year end stock levels to stock sold in the year and applying an appropriate percentage assessed by management to that excess level. The allowance is reviewed periodically to assess it's adequacy. In making this assessment management takes into consideration any circumstances of which they are aware regarding stock movement and sales levels.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets - intellectual property
Intellectual property is initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Intellectual property is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life of 2 years.

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Freehold property - 2% straight line
Plant and machinery - 10% straight line
Motor vehicles - 25% straight line
Fixtures and fittings-10- 25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if 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 in profit or loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks, other third parties and related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the financial reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is as enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Foreign currencies
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non­ monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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 or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. 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 the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each statement of financial position 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, and impairment loss is recognised in the income statement unless the asset is carried at a revalued amount where the impairment loss is recognised in the revaluation reserve.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

The company's principal activity was primarily carried on within the United Kingdom.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,621,250 3,589,431
Social security costs 342,586 302,217
Other pension costs 105,571 136,257
4,069,407 4,027,905

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

Production, sales and administration 132 132

2023 2022
£    £   
Directors' remuneration 11,797 9,919
Directors' pension contributions to money purchase schemes 39,600 39,600

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 1 1

5. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 44,827 41,617
Depreciation - owned assets 499,548 392,229
Depreciation - assets on hire purchase contracts 3,836 3,836
Loss on disposal of fixed assets 40,486 6,366
Auditors' remuneration 21,500 14,250
Foreign exchange differences 67,975 (477,325 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase interest 7,954 7,954

7. 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 394,685 740,968
Adjustment re previous years - (1,577 )
Total current tax 394,685 739,391

Deferred tax 17,752 177,761
Tax on profit 412,437 917,152

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

7. 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 1,929,378 4,659,648
Profit multiplied by the standard rate of corporation tax in the UK of 20.500%
(2022 - 19%)

395,522

885,333

Effects of:
Expenses not deductible for tax purposes 34,372 254
Depreciation in excess of capital allowances 12,613 7,385
Adjustments to tax charge in respect of previous periods - (1,577 )
R&D expenditure (5,285 ) (17,814 )
Change in rates 9,348 42,376
Movement in deferred tax not recognised (34,133 ) 1,195
Total tax charge 412,437 917,152

Factors that may affect future tax charges

The statutory UK corporation tax rate is currently 19%, however the UK Government announced on 3 March 2021 its intention to increase the UK corporation tax rate to 25% from 1 April 2023. This was substantially enacted on 24 May 2021.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised, based on tax law and the corporation tax rates that have been enacted, or substantially enacted, at the year end date.

8. DIVIDENDS
2023 2022
£    £   
Ordinary Shares shares of £1 each
Interim 266,667 266,667

9. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 July 2022
and 30 June 2023 1,720,000 209,359 1,929,359
AMORTISATION
At 1 July 2022
and 30 June 2023 1,720,000 209,359 1,929,359
NET BOOK VALUE
At 30 June 2023 - - -
At 30 June 2022 - - -

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 July 2022 4,832,430 797,908 2,989,936 8,620,274
Additions 11,410 615,691 36,713 663,814
Disposals - (74,153 ) (29,671 ) (103,824 )
Reclassification/transfer - (2,499 ) (7,300 ) (9,799 )
At 30 June 2023 4,843,840 1,336,947 2,989,678 9,170,465
DEPRECIATION
At 1 July 2022 290,831 135,737 1,301,237 1,727,805
Charge for year 71,745 107,638 324,001 503,384
Eliminated on disposal - (2,770 ) (19,710 ) (22,480 )
At 30 June 2023 362,576 240,605 1,605,528 2,208,709
NET BOOK VALUE
At 30 June 2023 4,481,264 1,096,342 1,384,150 6,961,756
At 30 June 2022 4,541,599 662,171 1,688,699 6,892,469

Included in cost of land and buildings is freehold land of £ 1,263,973 (2022 - £ 1,263,973 ) which is not depreciated.

The net book value of tangible fixed assets includes £177,604 (2022 - £181,441) in respect of assets held under hire purchase contracts.

11. STOCKS
2023 2022
£    £   
Stocks 3,132,509 3,266,907

12. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 3,256,224 4,067,211
Other debtors 4,915 271,907
Prepayments and accrued income 636,426 1,094,008
3,897,565 5,433,126

Amounts falling due after more than one year:
Other debtors - 100,000

Aggregate amounts 3,897,565 5,533,126

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 38,363 38,363
Trade creditors 922,291 1,546,994
Taxation 139,951 401,944
Other taxes and social security 83,599 139,674
VAT 220,940 -
Other creditors 51,242 165,398
Directors' current accounts 7,285 178,621
Accruals and deferred income 119,832 541,976
1,583,503 3,012,970

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 15,984 54,347

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 38,363 38,363
Between one and five years 15,984 54,347
54,347 92,710

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 54,347 92,710

Liabilities under hire purchase contracts are secured on the assets to which they relate.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 421,176 403,424
Other provisions 50,000 50,000
471,176 453,424

Deferred Other
tax provisions
£    £   
Balance at 1 July 2022 403,424 50,000
Provided during year 17,752 -
Balance at 30 June 2023 421,176 50,000

MONKFIELD NUTRITION LIMITED (REGISTERED NUMBER: 05476225)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary Shares £1 1,000 1,000

19. RESERVES
Retained
earnings
£   

At 1 July 2022 14,206,611
Profit for the year 1,516,941
Dividends (266,667 )
At 30 June 2023 15,456,885