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REGISTERED NUMBER: 00949706 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

SHEPCOTE DISTRIBUTORS LIMITED

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


SHEPCOTE DISTRIBUTORS LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: E R Shepherdson
Mrs I M Shepherdson





SECRETARY: Mrs I M Shepherdson





REGISTERED OFFICE: Pexton Road
Kelleythorpe Industrial Estate
Driffield
East Yorkshire
YO25 9DJ





REGISTERED NUMBER: 00949706 (England and Wales)

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

STRATEGIC REPORT
for the year ended 31 March 2023


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

REVIEW OF BUSINESS
The results for the year show an increase in annual revenue of 4.5% and a small decrease in gross margin to 15.5% (2022 - 15.6%).

After distribution, administration and finance costs the company recorded a profit before tax of £613,996 (2022 - £829,027). The balance sheet shows an improvement of £155,546 in shareholders funds and a reduction in borrowing.

The last financial year was another unpredictable year dominated by geopolitical uncertainty with Russia's invasion of Ukraine. Further challenges were faced following the Covid-19 Omicron variant, which caused further supply chain disruption and serious inflationary pressures. Climate change is affecting crops around the world leading to greater price fluctuations.

Thanks must go to our Senior Management Team and all our staff for their dedication and hard work.

Shepcote remains flexible to meet the challenges ahead with strong net assets and a varied customer base.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board is ultimately responsible for the company's system of internal control and for reviewing its effectiveness. Such a system is designed to manage rather than eliminate the risk of failure to achieve the business objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Directors regularly review the risks to which the company is exposed, as well as the operation and effectiveness of the system of internal controls.

The company's principal financial instruments comprise banks balances, trade creditors, trade debtors, and loans to the company. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The company does not have any external loans outside of the group. With the majority of sales revenue cash based, working capital remains low enabling management of cash flow.

ON BEHALF OF THE BOARD:





E R Shepherdson - Director


7 November 2023

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

REPORT OF THE DIRECTORS
for the year ended 31 March 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of sugar merchants, food distribution and the manufacture of marzipan related confectionery.

DIVIDENDS
An interim dividend of £35 per share was paid on 31 March 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2023 will be £ 350,000 .

DIRECTORS
E R Shepherdson has held office during the whole of the period from 1 April 2022 to the date of this report.

Other changes in directors holding office are as follows:

Mrs I M Shepherdson - appointed 20 October 2022

DIRECTORS' RESPONSIBILITIES STATEMENT
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





E R Shepherdson - Director


7 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SHEPCOTE DISTRIBUTORS LIMITED


Opinion
We have audited the financial statements of Shepcote Distributors Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 31 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.

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
SHEPCOTE DISTRIBUTORS LIMITED


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, 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 obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, the Food Safety Act 1990 and applicable food standards, UK financial reporting standards as issued by the Financial Reporting Council, taxation legislation, employment, and health and safety legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance and inquired as to any known or suspected instances of non-compliance with laws and regulations.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance 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:
- perform analytical procedures to identify any unusual or unexpected relationships;
- test journal entries to identify unusual transactions;
- assess whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigate the rationale behind significant or unusual transactions.

To address 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;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors as necessary.

Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SHEPCOTE DISTRIBUTORS 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.




Sarah-Jane Sargent (Senior Statutory Auditor)
for and on behalf of Smailes Goldie Watson Limited
Statutory Auditors
Chartered Accountants
12 Alma Square
Scarborough
North Yorkshire
YO11 1JU

7 November 2023

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

INCOME STATEMENT
for the year ended 31 March 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 15,388,090 14,725,050

Cost of sales 13,004,913 12,429,574
GROSS PROFIT 2,383,177 2,295,476

Distribution costs 682,293 699,968
Administrative expenses 1,099,285 814,185
1,781,578 1,514,153
601,599 781,323

Other operating income 4 11,873 47,701
OPERATING PROFIT 6 613,472 829,024

Interest receivable and similar income 524 3
PROFIT BEFORE TAXATION 613,996 829,027

Tax on profit 7 108,450 185,528
PROFIT FOR THE FINANCIAL YEAR 505,546 643,499

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 505,546 643,499


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

505,546

643,499

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

STATEMENT OF FINANCIAL POSITION
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 579,750 529,692

CURRENT ASSETS
Stocks 10 691,815 868,731
Debtors 11 1,707,922 1,576,108
Cash at bank and in hand 604,750 443,504
3,004,487 2,888,343
CREDITORS
Amounts falling due within one year 12 2,172,785 2,173,026
NET CURRENT ASSETS 831,702 715,317
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,411,452

1,245,009

PROVISIONS FOR LIABILITIES 14 127,688 116,791
NET ASSETS 1,283,764 1,128,218

CAPITAL AND RESERVES
Called up share capital 15 10,000 10,000
Retained earnings 16 1,273,764 1,118,218
SHAREHOLDERS' FUNDS 1,283,764 1,128,218

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:





E R Shepherdson - Director


SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2021 10,000 474,719 484,719

Changes in equity
Total comprehensive income - 643,499 643,499
Balance at 31 March 2022 10,000 1,118,218 1,128,218

Changes in equity
Dividends - (350,000 ) (350,000 )
Total comprehensive income - 505,546 505,546
Balance at 31 March 2023 10,000 1,273,764 1,283,764

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023


1. STATUTORY INFORMATION

Shepcote Distributors 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
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.

The presentational and functional currency is Pound Sterling (GBP).

Going concern
The company has a net asset position and a healthy bank position and the director is satisfied that there are sufficient resources in place to continue operating for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In preparing the financial statements, management is required to make estimates and assumptions, which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Critical judgements in applying the company's policies
No significant judgements have had to made by management in preparing these financial statements.

Critical accounting estimates and assumptions
Impairment of inventories
An impairment review is performed on stock at each year end by the director and impairment losses are estimated and recognised based on current condition and obsolescence.

Useful economic lives and residual values of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The assumptions used regarding useful economic lives and residual values are assessed annually. They are amended when necessary to reflect current estimates, based on market conditions and the physical condition of the asset.

Irrecoverable debts
A review is performed on trade debtors at each year end by the director and a bad debt provision is estimated based on current knowledge and past experience.

The directors do not consider that any other estimates and assumptions used in the preparation of these financial statements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover represents goods and services supplied, excluding value added tax. Revenue is recognised to the extent that the company has obtained the right to consideration through its performance, which is at the point the goods are physically delivered to the customer, and is measured at the fair value of the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Government grants
Grants are recognised using the accruals model. Revenue grants are recognised as other operating income on a systematic basis over the period in which the related costs for which the grants are intended to compensate are so recognised. Grants receivable as compensation for expenses or losses already incurred, or for the purpose of receiving immediate financial support, are recognised in other operating income in the period in which they become receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, using the FIFO basis.

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

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised costs using the effective interest method.

The company does enter into some derivative financial instruments to manage exposures to foreign currency risk, including exposures arising from forecast transactions.

Derivative financial instruments are classified as other financial instruments and accounted for at fair value.

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.

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.

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
Payments to defined contribution pension schemes are charged as an expense in the period to which they relate.

3. TURNOVER

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

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Sale of goods 15,388,090 14,725,050
15,388,090 14,725,050

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 15,388,090 14,725,050
15,388,090 14,725,050

4. OTHER OPERATING INCOME
2023 2022
£    £   
Sundry receipts 4,888 5,645
Grants receivable 6,985 42,056
11,873 47,701

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,604,632 1,500,466
Social security costs 152,572 130,519
Other pension costs 55,290 45,081
1,812,494 1,676,066

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

Production and distribution 47 47
Administration 18 16
65 63

The split of comparative figures for employee numbers has been adjusted to give a better reflection of the roles undertaken.

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


5. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration - -

The above details do not include directors' emoluments paid by the holding company which are partially recharged to the company as part of management charges made. It is not practicable to separately identify the amount of directors' emoluments included in the management charge.

6. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 94,288 90,767
Loss on disposal of fixed assets 2,093 2,245
Auditors' remuneration 10,750 10,000
Foreign exchange differences 10,856 3,116
Operating lease rentals 17,018 8,801
Government grants receivable (6,985 ) (42,056 )

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 97,553 165,189

Deferred tax 10,897 20,339
Tax on profit 108,450 185,528

Reconciliation of total tax charge 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 before tax 613,996 829,027
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2022 -
19%)

116,659

157,515

Effects of:
Expenses not deductible for tax purposes (5,668 ) 106
Depreciation on non-qualifying assets 851 475
Difference in tax rates 2,614 28,032
Permanent timing differences (6,006 ) (600 )
Total tax charge 108,450 185,528

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 350,000 -

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 April 2022 998,522 194,360 56,409 1,249,291
Additions 59,497 71,071 15,871 146,439
Disposals - (7,786 ) - (7,786 )
At 31 March 2023 1,058,019 257,645 72,280 1,387,944
DEPRECIATION
At 1 April 2022 582,681 120,005 16,913 719,599
Charge for year 67,239 16,485 10,564 94,288
Eliminated on disposal - (5,693 ) - (5,693 )
At 31 March 2023 649,920 130,797 27,477 808,194
NET BOOK VALUE
At 31 March 2023 408,099 126,848 44,803 579,750
At 31 March 2022 415,841 74,355 39,496 529,692

10. STOCKS
2023 2022
£    £   
Raw materials and consumables 691,815 868,731

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,524,718 1,508,971
Other debtors 33,247 -
VAT 23,784 -
Prepayments and accrued income 126,173 67,137
1,707,922 1,576,108

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 891,066 916,951
Amounts owed to group undertakings 987,385 887,985
Tax 97,554 164,499
Social security and other taxes 53,818 44,341
VAT - 857
Accruals and deferred income 101,050 109,496
Deferred government grants 41,912 48,897
2,172,785 2,173,026

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 78,609 78,285
Between one and five years 155,561 218,995
234,170 297,280

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 127,688 116,791

Deferred
tax
£   
Balance at 1 April 2022 116,791
Provided during year 10,897
Balance at 31 March 2023 127,688

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

Ordinary shares carry voting rights and are eligible for full dividends at a level determined by the directors and approved by the members. They will be repaid in any distribution including on winding up, and shall be entitled to receive any surplus remaining after repayment. They are not redeemable.

16. RESERVES
Retained
earnings
£   

At 1 April 2022 1,118,218
Profit for the year 505,546
Dividends (350,000 )
At 31 March 2023 1,273,764

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

17. PENSION COMMITMENTS

The company operates defined contribution pension schemes for its employees. The level of contributions made by the company to the schemes during the year was £55,290 (2022 - £45,081). Outstanding contributions due at the balance sheet date amount to £nil (2022 - £3,868).

SHEPCOTE DISTRIBUTORS LIMITED (REGISTERED NUMBER: 00949706)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


18. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 26,950 -

19. RELATED PARTY DISCLOSURES

Key management personnel are paid by the holding company and are partially recharged to the company as part of management charges made. It is not practicable to separately identify the amount of remuneration for key management personnel included in the management charge.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is E R Shepherdson.

The company is a wholly owned subsidiary of Shepcote Holdings Limited.

The parent undertaking of the only group for which consolidated accounts are prepared is Shepcote Holdings Ltd of Pexton Road, Kelleythorpe Industrial Estate, Driffield, East Yorkshire YO25 9DJ which is registered in England and Wales.