IRIS Accounts Production v23.3.1.45 00633546 Board of Directors 1.3.22 28.2.23 28.2.23 poultry, arable, fruit and general farming. true false true true false false true false 'A' Ordinary 1.00000 'B' Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh006335462022-02-28006335462023-02-28006335462022-03-012023-02-28006335462021-02-28006335462021-03-012022-02-28006335462022-02-2800633546ns10:Originalns15:EnglandWales2022-03-012023-02-2800633546ns14:PoundSterlingns10:Original2022-03-012023-02-2800633546ns10:Originalns10:Director12022-03-012023-02-2800633546ns10:Original2022-03-012023-02-2800633546ns10:Original2023-02-2800633546ns10:Originalns10:PrivateLimitedCompanyLtd2022-03-012023-02-2800633546ns10:Originalns10:FRS1022022-03-012023-02-2800633546ns10:Originalns10:Audited2022-03-012023-02-2800633546ns10:Originalns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-03-012023-02-2800633546ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Original2022-03-012023-02-2800633546ns10:Originalns10:FullAccounts2022-03-012023-02-2800633546ns10:Originalns10:OrdinaryShareClass12022-03-012023-02-2800633546ns10:Originalns10:OrdinaryShareClass22022-03-012023-02-2800633546ns10:Originalns10:Director22022-03-012023-02-2800633546ns10:Originalns10:Director32022-03-012023-02-2800633546ns10:Originalns10:Director42022-03-012023-02-2800633546ns10:Originalns10:Director52022-03-012023-02-2800633546ns10:CompanySecretary1ns10:Original2022-03-012023-02-2800633546ns10:Originalns10:RegisteredOffice2022-03-012023-02-2800633546ns10:Original2021-03-012022-02-2800633546ns10:Original2022-02-2800633546ns10:Originalns5:CurrentFinancialInstruments2023-02-2800633546ns10:Originalns5:CurrentFinancialInstruments2022-02-2800633546ns10:Originalns5:Non-currentFinancialInstruments2023-02-2800633546ns10:Originalns5:Non-currentFinancialInstruments2022-02-2800633546ns5:ShareCapitalns10:Original2023-02-2800633546ns5:ShareCapitalns10:Original2022-02-2800633546ns10:Originalns5:SharePremium2023-02-2800633546ns10:Originalns5:SharePremium2022-02-2800633546ns10:Originalns5:CapitalRedemptionReserve2023-02-2800633546ns10:Originalns5:CapitalRedemptionReserve2022-02-2800633546ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-02-2800633546ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-2800633546ns5:ShareCapitalns10:Original2021-02-2800633546ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-02-2800633546ns10:Originalns5:SharePremium2021-02-2800633546ns10:Originalns5:CapitalRedemptionReserve2021-02-2800633546ns10:Original2021-02-2800633546ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-03-012022-02-2800633546ns10:Originalns5:CapitalRedemptionReserve2021-03-012022-02-2800633546ns5:ShareCapitalns10:Original2022-03-012023-02-2800633546ns10:Originalns5:SharePremium2022-03-012023-02-2800633546ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-2800633546ns10:Originalns5:CapitalRedemptionReserve2022-03-012023-02-2800633546ns10:Original2022-02-2800633546ns10:Originalns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-03-012023-02-2800633546ns10:Originalns5:LeaseholdImprovements2022-03-012023-02-2800633546ns10:Originalns5:PlantMachinery2022-03-012023-02-2800633546ns10:Originalns10:HighestPaidDirector2022-03-012023-02-2800633546ns10:Originalns10:HighestPaidDirector2021-03-012022-02-2800633546ns10:Originalns5:HirePurchaseContracts2022-03-012023-02-2800633546ns10:Originalns5:HirePurchaseContracts2021-03-012022-02-2800633546ns10:Originalns5:FinanceLeases2022-03-012023-02-2800633546ns10:Originalns5:FinanceLeases2021-03-012022-02-2800633546ns10:Originalns5:LandBuildings2022-02-2800633546ns10:Originalns5:LeaseholdImprovements2022-02-2800633546ns10:Originalns5:PlantMachinery2022-02-2800633546ns10:Originalns5:LandBuildings2022-03-012023-02-2800633546ns10:Originalns5:LandBuildings2023-02-2800633546ns10:Originalns5:LeaseholdImprovements2023-02-2800633546ns10:Originalns5:PlantMachinery2023-02-2800633546ns10:Originalns5:LandBuildings2022-02-2800633546ns10:Originalns5:LeaseholdImprovements2022-02-2800633546ns10:Originalns5:PlantMachinery2022-02-2800633546ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-02-2800633546ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-02-2800633546ns10:Originalns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-02-2800633546ns10:Originalns5:UnlistedNon-exchangeTradedns5:CostValuation2022-02-2800633546ns10:Originalns5:UnlistedNon-exchangeTradedns5:AdditionsToInvestments2023-02-2800633546ns10:Originalns5:UnlistedNon-exchangeTradedns5:CostValuation2023-02-2800633546ns10:Originalns5:UnlistedNon-exchangeTraded2023-02-2800633546ns10:Originalns5:UnlistedNon-exchangeTraded2022-02-2800633546ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2800633546ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-2800633546ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-02-2800633546ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-02-2800633546ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-02-2800633546ns10:Originalns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-02-2800633546ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2800633546ns10:Originalns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-02-2800633546ns10:Originalns5:WithinOneYear2023-02-2800633546ns10:Originalns5:WithinOneYear2022-02-2800633546ns5:BetweenOneFiveYearsns10:Original2023-02-2800633546ns5:BetweenOneFiveYearsns10:Original2022-02-2800633546ns10:Originalns5:AllPeriods2023-02-2800633546ns10:Originalns5:AllPeriods2022-02-2800633546ns10:Originalns5:DeferredTaxation2022-02-2800633546ns10:Originalns5:DeferredTaxation2023-02-2800633546ns10:Originalns10:OrdinaryShareClass12023-02-2800633546ns10:Originalns10:OrdinaryShareClass22023-02-2800633546ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-02-2800633546ns10:Originalns5:SharePremium2022-02-2800633546ns10:Originalns5:CapitalRedemptionReserve2022-02-2800633546ns10:Originalns10:Director222022-02-2800633546ns10:Originalns10:Director222021-02-2800633546ns10:Originalns10:Director222022-03-012023-02-2800633546ns10:Originalns10:Director222021-03-012022-02-2800633546ns10:Originalns10:Director222023-02-2800633546ns10:Originalns10:Director222022-02-2800633546ns10:Original1ns10:Director12022-02-2800633546ns10:Original1ns10:Director12021-02-2800633546ns10:Original1ns10:Director12022-03-012023-02-2800633546ns10:Original1ns10:Director12021-03-012022-02-2800633546ns10:Original1ns10:Director12023-02-2800633546ns10:Original1ns10:Director12022-02-2800633546ns10:Originalns10:Director332022-02-2800633546ns10:Originalns10:Director332021-02-2800633546ns10:Originalns10:Director332022-03-012023-02-2800633546ns10:Originalns10:Director332021-03-012022-02-2800633546ns10:Originalns10:Director332023-02-2800633546ns10:Originalns10:Director332022-02-2800633546ns10:Originalns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-03-012023-02-2800633546ns10:Originalns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2021-03-012022-02-2800633546ns10:Originalns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-02-2800633546ns10:Originalns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-02-2800633546ns10:Originalns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2022-03-012023-02-2800633546ns10:Originalns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2021-03-012022-02-2800633546ns10:Originalns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2023-02-2800633546ns10:Originalns5:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties2022-02-2800633546ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControlns10:Original2022-03-012023-02-2800633546ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControlns10:Original2021-03-012022-02-2800633546ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControlns10:Original2023-02-2800633546ns5:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControlns10:Original2022-02-2800633546ns10:Original12022-03-012023-02-28
REGISTERED NUMBER: 00633546 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 28 February 2023

for

Corbett Farms Limited

Corbett Farms Limited (Registered number: 00633546)

Contents of the Financial Statements
for the Year Ended 28 February 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Corbett Farms Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mrs P Corbett
R G U Corbett
Mrs P A Corbett
Mrs S C Hudson
R S Gwilliam





SECRETARY: R G U Corbett





REGISTERED OFFICE: Ox House
Shobdon
Leominster
Herefordshire
HR6 9LT





REGISTERED NUMBER: 00633546 (England and Wales)





AUDITORS: A D Accounts Limited (Statutory Auditors)
Rural Enterprise Centre
Vincent Carey Road
Rotherwas
Hereford
Herefordshire
HR2 6FE

Corbett Farms Limited (Registered number: 00633546)

Strategic Report
for the Year Ended 28 February 2023


The directors present their strategic report for the year ended 28 February 2023.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As a farming business largely based in poultry, the company continues to provide hatching eggs.This along with the company's other main activities are organized in the following enterprises:-

Poultry
Cereals and Crops
Apples and Blackcurrants
Sundry other income largely arising from agricultural activities and assets

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and return on capital employed.


The turnover of the company by departments was as follows:

2023 2022
£   's £   's
Poultry 9,965 9,054
Cereals and Crops 323 292
Apples and Blackcurrants 416 277
Miscellaneous sales 96 29
10,800 9,652

Overall operating profit has increased to £1,178,186 (10%) from £1,151,178 (13% 2022) . Profit before tax has decreased to £1,116,797 (£1,253,153 - 2022). Return on capital employed has decreased to 9% (11% 2022).

PRINCIPAL RISKS AND UNCERTAINTIES
With the ongoing consequence of livestock disease, Brexit and the war in Ukraine (such as staff and fuel shortages), together with the increase in inflation and general current economy uncertainties and risks in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control.

ON BEHALF OF THE BOARD:





R G U Corbett - Director


28 November 2023

Corbett Farms Limited (Registered number: 00633546)

Report of the Directors
for the Year Ended 28 February 2023


The directors present their report with the financial statements of the company for the year ended 28 February 2023.

DIVIDENDS
£150,000 of dividends were voted during the year ended 28th February 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

Mrs P Corbett
R G U Corbett
Mrs P A Corbett
Mrs S C Hudson
R S Gwilliam

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 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.

Corbett Farms Limited (Registered number: 00633546)

Report of the Directors
for the Year Ended 28 February 2023


AUDITORS
The auditors, A D Accounts Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



R G U Corbett - Director


28 November 2023

Report of the Independent Auditors to the Members of
Corbett Farms Limited


Opinion
We have audited the financial statements of Corbett Farms Limited (the 'company') for the year ended 28 February 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 28 February 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
Corbett Farms 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 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.

Report of the Independent Auditors to the Members of
Corbett Farms 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 risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows;
- The engagement partner ensured that the audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- Specific laws and regulations applicable to the company were identified through discussions with the Managing Director, and from our knowledge and experience of the agricultural industry.
- We focused on specific laws and regulations which we considered may have a direct material affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, environmental and health and safety legislation.
- We assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal documentation.
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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 as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud.
-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.
- Investigated the rationale behind significant and 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 disclosure to underlying supporting documentation.
- Enquiring of management as to actual and potential litigation and claims.
- Reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and the inspection of the regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

Responsibility for the prevention of irregularities, including fraud, rests with the directors.

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
Corbett Farms 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.




Allan James Davies F.C.C.A. (Senior Statutory Auditor)
for and on behalf of A D Accounts Limited (Statutory Auditors)
Rural Enterprise Centre
Vincent Carey Road
Rotherwas
Hereford
Herefordshire
HR2 6FE

28 November 2023

Corbett Farms Limited (Registered number: 00633546)

Statement of Comprehensive Income
for the Year Ended 28 February 2023

2023 2022
Notes £    £   

TURNOVER 4 10,799,380 9,651,712

Cost of sales (8,829,647 ) (7,672,118 )
GROSS PROFIT 1,969,733 1,979,594

Administrative expenses (1,351,520 ) (1,405,323 )
618,213 574,271

Other operating income 559,973 576,907
OPERATING PROFIT 6 1,178,186 1,151,178

Income from fixed asset investments - 102,220
Interest receivable and similar income 15,221 23,380
1,193,407 1,276,778

Interest payable and similar expenses 7 (76,610 ) (23,625 )
PROFIT BEFORE TAXATION 1,116,797 1,253,153

Tax on profit 8 (206,618 ) (291,213 )
PROFIT FOR THE FINANCIAL YEAR 910,179 961,940

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

910,179

961,940

Corbett Farms Limited (Registered number: 00633546)

Balance Sheet
28 February 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 10 7,510,046 7,423,308
Investments 11 726,191 554,748
8,236,237 7,978,056

CURRENT ASSETS
Stocks 12 2,311,253 1,984,178
Debtors 13 2,186,555 2,142,351
Cash at bank and in hand 717,740 335,728
5,215,548 4,462,257
CREDITORS
Amounts falling due within one year 14 (1,931,062 ) (1,503,518 )
NET CURRENT ASSETS 3,284,486 2,958,739
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,520,723

10,936,795

CREDITORS
Amounts falling due after more than one
year

15

(1,285,499

)

(1,469,750

)

PROVISIONS FOR LIABILITIES 18 (435,452 ) (409,952 )
NET ASSETS 9,799,772 9,057,093

CAPITAL AND RESERVES
Called up share capital 19 40,539 58,039
Share premium 20 58,565 58,565
Capital redemption reserve 20 37,470 19,970
Retained earnings 20 9,663,198 8,920,519
SHAREHOLDERS' FUNDS 9,799,772 9,057,093

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





R G U Corbett - Director


Corbett Farms Limited (Registered number: 00633546)

Statement of Changes in Equity
for the Year Ended 28 February 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 March 2021 58,039 8,108,579 58,565 19,970 8,245,153

Changes in equity
Dividends - (150,000 ) - - (150,000 )
Total comprehensive income - 961,940 - - 961,940
Balance at 28 February 2022 58,039 8,920,519 58,565 19,970 9,057,093

Changes in equity
Issue of share capital (17,500 ) - - - (17,500 )
Dividends - (150,000 ) - - (150,000 )
Total comprehensive income - 892,679 - 17,500 910,179
Balance at 28 February 2023 40,539 9,663,198 58,565 37,470 9,799,772

Corbett Farms Limited (Registered number: 00633546)

Cash Flow Statement
for the Year Ended 28 February 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,882,042 762,084
Interest paid (60,759 ) (20,398 )
Interest element of hire purchase payments
paid

(15,851

)

(3,227

)
Tax paid (228,100 ) (231,952 )
Net cash from operating activities 1,577,332 506,507

Cash flows from investing activities
Purchase of tangible fixed assets (749,642 ) (2,778,810 )
Purchase of fixed asset investments (171,443 ) (67,060 )
Sale of tangible fixed assets 90,713 14,450
Interest received 15,221 23,380
Dividends received - 102,220
Net cash from investing activities (815,151 ) (2,705,820 )

Cash flows from financing activities
New loans in year - 1,500,000
Loan repayments in year (187,831 ) (84,186 )
Capital repayments in year (44,761 ) (66,977 )
Amount introduced by directors 241,172 306,068
Amount withdrawn by directors (221,249 ) (192,664 )
Share issue (17,500 ) -
Equity dividends paid (150,000 ) (150,000 )
Net cash from financing activities (380,169 ) 1,312,241

Increase/(decrease) in cash and cash equivalents 382,012 (887,072 )
Cash and cash equivalents at beginning of
year

2

335,728

1,222,800

Cash and cash equivalents at end of year 2 717,740 335,728

Corbett Farms Limited (Registered number: 00633546)

Notes to the Cash Flow Statement
for the Year Ended 28 February 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,116,797 1,253,153
Depreciation charges 590,262 570,729
Profit on disposal of fixed assets (18,070 ) (13,450 )
Finance costs 76,610 23,625
Finance income (15,221 ) (125,600 )
1,750,378 1,708,457
Increase in stocks (327,075 ) (196,359 )
Increase in trade and other debtors (57,807 ) (163,893 )
Increase/(decrease) in trade and other creditors 516,546 (586,121 )
Cash generated from operations 1,882,042 762,084

2. 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 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 717,740 335,728
Year ended 28 February 2022
28.2.22 1.3.21
£    £   
Cash and cash equivalents 335,728 1,222,800


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.3.22 Cash flow At 28.2.23
£    £    £   
Net cash
Cash at bank and in hand 335,728 382,012 717,740
335,728 382,012 717,740
Debt
Finance leases (44,761 ) 44,761 -
Debts falling due within 1 year (207,143 ) 3,579 (203,564 )
Debts falling due after 1 year (1,469,750 ) 184,251 (1,285,499 )
(1,721,654 ) 232,591 (1,489,063 )
Total (1,385,926 ) 614,603 (771,323 )

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements
for the Year Ended 28 February 2023


1. STATUTORY INFORMATION

Corbett Farms 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.

Turnover from the sale of eggs and other goods is recognised when the significant risks and rewards of the ownership of them has transferred to the buyer. For the sale of eggs, this is usually at the point of hatching. For the sale of other goods, this is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Straight line over 50 years
Improvements to property - Straight line over 16 years
Plant and machinery - 10% on reducing balance and Straight line over 5 to 10 years

Stocks
Stock is valued using various methods that are intended to estimate the value at the lower of cost or net realisable value, after making due allowances for obsolete and slow moving items. In respect of livestock an estimated NRV is arrived at by consistently writing off cost, down to anticipated cull value, on a straight line basis over the animals useful life.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement. They are classified as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Investments
Investments in minority holdings in trade related companies are recognised at cost.

The company is not required to produce group accounts as all wholly owned subsidiaries are immaterial to the financial statements and have been dormant during the year.

Other income
Other income, including dividends and rent, is recognised when due.

4. TURNOVER

The analysis of turnover by activity is as follows:
20232022
££
Sale of goods10,799,3809,651,712

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,628,813 1,560,499
Social security costs 164,001 136,053
1,792,814 1,696,552

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


5. EMPLOYEES AND DIRECTORS - continued

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

Farming 65 74
Office 4 3
Management 3 3
72 80

2023 2022
£    £   
Directors' remuneration 255,621 219,367

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 143,907 106,309

6. OPERATING PROFIT

The operating profit is stated after charging:

20232022
££

Depreciation - owned assets590,261610,463
Depreciation - assets on hire purchase contracts-21,258
Loss/(profit) on disposal of fixed assets(18,070)(13,450)
Auditors' remuneration8,0007,750
Auditors' fees for other services2,00010,0001,3009,050

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest and charges 60,759 20,398
Hire purchase charges 30 10
Leasing 15,821 3,217
76,610 23,625

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


8. 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 175,476 218,261
Over/underprovision of tax 5,642 -
Total current tax 181,118 218,261

Deferred tax - current year 25,500 72,952
Tax on profit 206,618 291,213

UK corporation tax has been charged at 19% (2022 - 19%).

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 1,116,797 1,253,153
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

212,191

238,099

Effects of:
Expenses not deductible for tax purposes 200 -
Income not taxable for tax purposes - (19,422 )
Capital allowances in excess of depreciation (40,715 ) (19 )
Adjustments to tax charge in respect of previous periods 9,442 (397 )
Deferred tax charge for the year 25,500 72,952
Total tax charge 206,618 291,213

9. DIVIDENDS

20232022
££
'B' Ordinary £1 shares

Paid in year150,000150,000
Paid after the year end--
Paid equity dividends on "B" Ordinary shares (per share)3.703.70

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


10. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST
At 1 March 2022 4,472,386 4,649,329 6,091,264 15,212,979
Additions - 18,131 731,511 749,642
Disposals - - (106,698 ) (106,698 )
At 28 February 2023 4,472,386 4,667,460 6,716,077 15,855,923
DEPRECIATION
At 1 March 2022 548,075 3,217,214 4,024,382 7,789,671
Charge for year 47,888 167,710 374,663 590,261
Eliminated on disposal - - (34,055 ) (34,055 )
At 28 February 2023 595,963 3,384,924 4,364,990 8,345,877
NET BOOK VALUE
At 28 February 2023 3,876,423 1,282,536 2,351,087 7,510,046
At 28 February 2022 3,924,311 1,432,115 2,066,882 7,423,308

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 March 2022 215,170
Transfer to ownership (215,170 )
At 28 February 2023 -
DEPRECIATION
At 1 March 2022 39,399
Transfer to ownership (39,399 )
At 28 February 2023 -
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 175,771

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 March 2022 554,748
Additions 171,443
At 28 February 2023 726,191
NET BOOK VALUE
At 28 February 2023 726,191
At 28 February 2022 554,748

Minority share interests are held in a number of companies for trade related or investment purposes.

12. STOCKS

20232022
££

Livestock1,826,6751,674,391
Crops & stores484,578309,787
2,311,253,1,984,178


13. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 817,606 899,403
Other debtors 185,078 134,619
Directors' current accounts 10,065 23,668
VAT 207,205 101,641
Prepayments and accrued income 84,379 44,934
1,304,333 1,204,265

Amounts falling due after more than one year:
Other debtors 882,222 938,086

Aggregate amounts 2,186,555 2,142,351

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 203,564 207,143
Hire purchase contracts (see note 17) - 44,761
Trade creditors 1,248,179 618,033
Corporation tax 171,676 218,658
Social security and other taxes 118,791 98,600
Other creditors 166,001 299,792
Directors' current accounts 22,851 16,531
1,931,062 1,503,518

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) 1,285,499 1,469,750

16. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loan 128,993 133,133
Bearwood loan 74,571 74,010
203,564 207,143

Amounts falling due between one and two years:
Bank loan 140,923 137,171
Bearwood loan 41,596 75,552
182,519 212,723

Amounts falling due between two and five years:
Bank loan 445,334 434,077
Bearwood loan - 38,355
445,334 472,432

Amounts falling due in more than five years:

Repayable by instalments
Bank loan 657,646 784,595

HSBC plc holds a floating charge over the company's assets together with legal charges over various elements of the company's freehold land and buildings, in order to secure its borrowings.

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 44,761

Non-cancellable operating leases
2023 2022
£    £   
Within one year 7,460 -
Between one and five years 9,070 -
16,530 -

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 435,452 409,952

Deferred
tax
£   
Balance at 1 March 2022 409,952
Accelerated capital allowances 25,500
Balance at 28 February 2023 435,452

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
17,500 'A' Ordinary £1 - 17,500
40,539 'B' Ordinary £1 40,539 40,539
40,539 58,039

A shares were redeemed at par and have been cancelled.

B shares have full voting and other rights.

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


20. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 March 2022 8,920,519 58,565 19,970 8,999,054
Profit for the year 910,179 910,179
Dividends (150,000 ) (150,000 )
Transfer (17,500 ) - 17,500 -
At 28 February 2023 9,663,198 58,565 37,470 9,759,233

21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contribution payable by the company to these funds and amounted to £64,920 (2022 - £64,946). Contributions totalling £9,114 (2022- £8,105) were payable to the funds as at 28th February 2023.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
Mrs P Corbett
Balance outstanding at start of year 23,667 12,517
Amounts advanced 10,399 11,150
Amounts repaid (24,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,066 23,667

R G U Corbett
Balance outstanding at start of year (4,567 ) 57,710
Amounts advanced 174,379 138,612
Amounts repaid (177,540 ) (200,889 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (7,728 ) (4,567 )

Mrs P A Corbett
Balance outstanding at start of year (4,567 ) 57,710
Amounts advanced 36,469 42,902
Amounts repaid (39,360 ) (105,179 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (7,458 ) (4,567 )

After the year end, the balances were repaid.

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023


23. RELATED PARTY DISCLOSURES

During the year the following sales and purchases took place with the following companies of which Mr RGU Corbett is a key member of management personnel;

Herefordshire Biogas Ltd
2023 2022
£    £   
Sales 151,674 155,547
Amount due from related party 67,322 32,396

Arrow Buying and Marketing Company Limited
2023 2022
£    £   
Sales 190,397 181,464
Purchases 130,979 81,561
Amount due from related party 1,250 30,000
Amount due to related party 29,090 30,489

Arrow Vale Contracting Limited
2023 2022
£    £   
Sales 208,288 173,984
Purchases 172,301 98,182
Amount due from related party 301,323 421,837
Amount due to related party 145,961 197,690

24. POST BALANCE SHEET EVENTS

An investment included within fixed asset investments (note 11) at £325,040 has entered liquidation after the year end. The financial effect of this will be reflected in the current year.

25. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

26. KEY MANAGEMENT PERSONNEL

The key management personnel are the directors of the company. The total remuneration received by them is shown in note 5.