216 true false false true true false false false false false false true false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 8,362,024 5,813,139 20 20 20 720,000 870,000 205,000 59,000 264,000 264,000 205,000 6 6 6 1,544,000 336,000 1,880,000 1 6 6 xbrli:pure xbrli:shares iso4217:GBP 14073169 2022-07-01 2023-06-30 14073169 2023-06-30 14073169 2021-07-01 2022-06-30 14073169 2022-06-30 14073169 bus:Consolidated 2022-07-01 2023-06-30 14073169 bus:Consolidated core:Subsidiary1 2022-07-01 2023-06-30 14073169 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 14073169 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 14073169 core:FurnitureFittings 2022-07-01 2023-06-30 14073169 bus:Consolidated core:FurnitureFittings 2022-07-01 2023-06-30 14073169 core:MotorVehicles 2022-07-01 2023-06-30 14073169 bus:Consolidated core:MotorVehicles 2022-07-01 2023-06-30 14073169 bus:RegisteredOffice 2022-07-01 2023-06-30 14073169 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 14073169 bus:Consolidated bus:OrdinaryShareClass1 2022-07-01 2023-06-30 14073169 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 14073169 bus:Consolidated bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 14073169 bus:Director1 2022-07-01 2023-06-30 14073169 bus:Director2 2022-07-01 2023-06-30 14073169 bus:Director3 2022-07-01 2023-06-30 14073169 bus:Consolidated 2023-06-30 14073169 bus:Consolidated core:WithinOneYear 2023-06-30 14073169 bus:Consolidated core:WithinOneYear 2022-06-30 14073169 core:WithinOneYear 2023-06-30 14073169 core:WithinOneYear 2022-06-30 14073169 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 14073169 bus:Consolidated core:PlantMachinery 2022-06-30 14073169 bus:Consolidated core:FurnitureFittings 2022-06-30 14073169 bus:Consolidated core:MotorVehicles 2022-06-30 14073169 bus:Consolidated 2022-06-30 14073169 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 14073169 bus:Consolidated core:PlantMachinery 2023-06-30 14073169 bus:Consolidated core:FurnitureFittings 2023-06-30 14073169 bus:Consolidated core:MotorVehicles 2023-06-30 14073169 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 14073169 core:FurnitureFittings 2023-06-30 14073169 bus:Consolidated core:PlantMachinery 2022-07-01 2023-06-30 14073169 bus:Consolidated 2021-07-01 2022-06-30 14073169 bus:Consolidated 2022-06-30 14073169 core:AfterOneYear bus:Consolidated 2023-06-30 14073169 core:AfterOneYear bus:Consolidated 2022-06-30 14073169 bus:Consolidated core:ShareCapital 2021-07-01 2022-06-30 14073169 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 14073169 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 14073169 core:ShareCapital 2021-07-01 2022-06-30 14073169 core:RetainedEarningsAccumulatedLosses 2021-07-01 2022-06-30 14073169 core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 14073169 bus:Consolidated core:UKTax 2022-07-01 2023-06-30 14073169 bus:Consolidated core:UKTax 2021-07-01 2022-06-30 14073169 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 14073169 bus:Consolidated bus:OrdinaryShareClass1 2021-07-01 2022-06-30 14073169 bus:Consolidated core:ShareCapital 2023-06-30 14073169 bus:Consolidated core:ShareCapital 2022-06-30 14073169 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-06-30 14073169 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2022-06-30 14073169 core:ShareCapital 2023-06-30 14073169 core:ShareCapital 2022-06-30 14073169 core:RetainedEarningsAccumulatedLosses 2023-06-30 14073169 core:RetainedEarningsAccumulatedLosses 2022-06-30 14073169 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2021-06-30 14073169 bus:Consolidated core:RestatedAmount 2021-06-30 14073169 bus:Consolidated core:RestatedAmount 2022-06-30 14073169 core:RestatedAmount 2022-06-30 14073169 core:BetweenOneFiveYears bus:Consolidated 2023-06-30 14073169 core:BetweenOneFiveYears bus:Consolidated 2022-06-30 14073169 bus:Consolidated core:FinancialLiabilitiesAmortisedCost 2023-06-30 14073169 bus:Consolidated core:FinancialLiabilitiesAmortisedCost 2022-06-30 14073169 bus:Consolidated core:DeferredTaxation 2022-07-01 2023-06-30 14073169 bus:Consolidated core:CostValuation core:Non-currentFinancialInstruments 2022-06-30 14073169 bus:Consolidated core:Non-currentFinancialInstruments core:ShareProfitOrLossIncreaseDecreaseInInvestments 2023-06-30 14073169 bus:Consolidated core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 14073169 bus:Consolidated core:Non-currentFinancialInstruments 2023-06-30 14073169 bus:Consolidated core:Non-currentFinancialInstruments 2022-06-30 14073169 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-06-30 14073169 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 14073169 core:Non-currentFinancialInstruments 2023-06-30 14073169 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2023-06-30 14073169 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2022-06-30 14073169 bus:Consolidated core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 14073169 bus:Consolidated core:PlantMachinery 2022-06-30 14073169 bus:Consolidated core:FurnitureFittings 2022-06-30 14073169 bus:Consolidated core:MotorVehicles 2022-06-30 14073169 bus:Consolidated core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-06-30 14073169 bus:Consolidated core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-06-30 14073169 bus:Consolidated core:DeferredTaxation 2022-06-30 14073169 bus:Consolidated core:DeferredTaxation 2023-06-30 14073169 bus:Consolidated bus:LeadAgentIfApplicable 2021-07-01 2022-06-30 14073169 bus:FRS102 2022-07-01 2023-06-30 14073169 bus:Audited 2022-07-01 2023-06-30 14073169 bus:FullAccounts 2022-07-01 2023-06-30 14073169 bus:LargeMedium-sizedCompaniesRegimeForAccounts 2022-07-01 2023-06-30 14073169 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 14073169 bus:OrdinaryShareClass1 2023-06-30 14073169 bus:Consolidated bus:OrdinaryShareClass1 2023-06-30 14073169 bus:OrdinaryShareClass1 2022-06-30 14073169 bus:Consolidated bus:OrdinaryShareClass1 2022-06-30 14073169 core:AfterOneYear 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 14073169
CHESTERFIELD POULTRY HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 June 2023
CHESTERFIELD POULTRY HOLDINGS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
Contents
Page
Strategic report
1
Directors' report
4
Independent auditor's report to the members
6
Consolidated statement of comprehensive income
11
Consolidated statement of financial position
12
Company statement of financial position
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Notes to the financial statements
17
CHESTERFIELD POULTRY HOLDINGS LIMITED
STRATEGIC REPORT
YEAR ENDED 30 JUNE 2023
Business review 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 side and non-complex nature of our business and is written in the context of the risks and uncertainties we face. The group continues to supply halal poultry chicken to businesses in the United Kingdom. The directors consider the key performance indicators of the group to be turnover and net profit. Turnover for the year was £204,520,405 compared to £163,082,350 in 2022, an increase of 25.4%. Overall, the group has achieved a profit before tax of £11,032,812 compared to £7,681,553 in the previous year, a result which the directors are satisfied with given the increase in turnover. The group has seen administrative expenses level off as the continued development of new premises acquired in 2014 continues. Work continues to be undertaken to the property which, whilst fully operational, continues to require improvements and modifications. Chesterfield Poultry Holdings Limited was incorporated on 27th April 2022, becoming the parent company to its subsidiary company, Chesterfield Poultry Limited. Principal risks and uncertainties The principal risks and uncertainties facing the company continue to be the cost of poultry, which in itself is affected by the market price of feed, and the market price for the end product, affected by supply and demand. The directors closely monitor these to ensure that the company remains competitive and profitable. The directors are satisfied that the group is adequately placed for another successful year. Plans for the future With support from our team and financial backers, we are confident that the 2024 year end will be another profitable year. Engagement with suppliers, customers and others in a business relationship with the company Management monitor closely how suppliers, customers, and other business relationships are managed. The company has fostered good working relationships with the various suppliers and customers, who are paid on a timely basis to ensure no disruption to the supply chain, and payments from customers are closely monitored to ensure cashflow is not affected. Promoting the success of the company Management constantly review the operations of the company to ensure the welfare of the employees, reputation of the company and its impact on the local environment are meeting the highest standards in accordance with all legal and industry requirements so that they ultimately benefit and contribute to the overall success of the company. Support of a local football team via sponsorship gives visible promotion of the company in the local area, as well as utilisation of social media platforms. Streamlined energy and carbon reporting UK Greenhouse gas emissions and energy use data for the period ended 30 June 2023:
2023 2022
£ £
Energy consumption used to calculate emissions (kWh) 10,205,648 9,841,835
Scope 1 emissions in metric tonnes CO2e
Gas 1,863 1,786
Scope 2 emissions in metric tonnes CO2e
Purchased electricity 1,395 1,793
Scope 3 emissions in metric tonnes CO2e
Business travel in employee owned vehicles 3 5
Total gross emissions in metric tonnes CO2e 3,261 3,584
Intensity ratio
Tonnes / £m turnover 16 22
Quantification and reporting methodology We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2023 UK Government's Conversion Factors for Carbon Reporting. Intensity Measurement The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £1m of turnover which we believe is an appropriate ratio for the size of the company and the sector we operate. Measures take to improve efficiency Processes are monitored to ensure any efficiencies are gained, specific measures taken include: Use of LED lighting in place of standard tungsten / halogen lighting throughout the site; Meetings are held remotely where possible to reduce unnecessary travelling; and Working with a utilities provider to reduce electricity consumption via the use of additional consumption data.
This report was approved by the board of directors on 14 March 2024 and signed on behalf of the board by:
M F Ahmed
Director
Registered office:
5 Coulman Street
Thorne
Doncaster
DN8 5JT
CHESTERFIELD POULTRY HOLDINGS LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 JUNE 2023
The directors present their report and the financial statements of the group for the year ended 30 June 2023 .
Directors
The directors who served the company during the year were as follows:
M F Ahmed
N Iqbal
K Ahmed
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 28 to the financial statements.
Disclosure of information in the strategic report
Information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the Strategic Report.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 14 March 2024 and signed on behalf of the board by:
M F Ahmed
Director
Registered office:
5 Coulman Street
Thorne
Doncaster
DN8 5JT
CHESTERFIELD POULTRY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHESTERFIELD POULTRY HOLDINGS LIMITED
YEAR ENDED 30 JUNE 2023
Opinion
We have audited the financial statements of Chesterfield Poultry Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2023 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 30 June 2023 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's or the parent 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 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 is 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the company and sector in which it operates; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - 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; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; - enquiring of management as to actual and potential litigation and claims; and - reviewing correspondence with 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 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. 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's report 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.
ROBERT ANDERSON
(Senior Statutory Auditor)
For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Tower House
Lucy Tower Street
Lincoln
LN1 1XW
15 March 2024
CHESTERFIELD POULTRY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
YEAR ENDED 30 JUNE 2023
2023
2022
Note
£
£
Turnover
4
204,520,405
163,082,350
Cost of sales
152,067,920
116,848,465
---------------
---------------
Gross profit
52,452,485
46,233,885
Distribution costs
14,176,158
11,695,677
Administrative expenses
27,541,708
26,813,068
Other operating income
5
260,337
86,855
---------------
---------------
Operating profit
6
10,994,956
7,811,995
Share of profit of associates
15
59,000
58,000
Other interest receivable and similar income
10
131,325
6,476
Amounts written back to investments
50
Interest payable and similar expenses
11
152,469
194,868
---------------
---------------
Profit before taxation
11,032,812
7,681,553
Tax on profit
12
2,670,788
1,868,414
---------------
-------------
Profit for the financial year and total comprehensive income
8,362,024
5,813,139
---------------
-------------
All the activities of the group are from continuing operations.
CHESTERFIELD POULTRY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
14
24,088,204
15,308,242
Investments:
15
Investments in associates
264,000
204,950
Other fixed asset investments
50
---------------
---------------
24,352,204
15,513,242
Current assets
Stocks
16
1,661,357
1,547,939
Debtors
17
19,016,495
22,015,704
Cash at bank and in hand
13,527,888
13,102,964
---------------
---------------
34,205,740
36,666,607
Creditors: amounts falling due within one year
18
23,596,052
25,063,365
---------------
---------------
Net current assets
10,609,688
11,603,242
---------------
---------------
Total assets less current liabilities
34,961,892
27,116,484
Creditors: amounts falling due after more than one year
19
1,708,233
1,840,849
Provisions
21
1,880,000
1,544,000
---------------
---------------
Net assets
31,373,659
23,731,635
---------------
---------------
Capital and reserves
Called up share capital
25
6
6
Profit and loss account
31,373,653
23,731,629
---------------
---------------
Shareholders funds
31,373,659
23,731,635
---------------
---------------
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
M F Ahmed
Director
Company registration number: 14073169
CHESTERFIELD POULTRY HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
14
5,682,855
1,005,752
Investments
15
6
6
-------------
-------------
5,682,861
1,005,758
Current assets
Debtors
17
82,671
18,288
Cash at bank and in hand
7,464,433
-------------
---------
7,547,104
18,288
Creditors: amounts falling due within one year
18
95,984
1,034,204
-------------
-------------
Net current assets/(liabilities)
7,451,120
( 1,015,916)
---------------
-------------
Total assets less current liabilities
13,133,981
( 10,158)
---------------
---------
Net assets/(liabilities)
13,133,981
( 10,158)
---------------
---------
Capital and reserves
Called up share capital
25
6
6
Profit and loss account
13,133,975
( 10,164)
---------------
---------
Shareholders funds/(deficit)
13,133,981
( 10,158)
---------------
---------
The profit for the financial year of the parent company was £ 13,949,139 (2022: £ 74,836 ).
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
M F Ahmed
Director
Company registration number: 14073169
CHESTERFIELD POULTRY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 JUNE 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 July 2021
18,788,490
18,788,490
Profit for the year
5,813,139
5,813,139
----
--------------
--------------
Total comprehensive income for the year
5,813,139
5,813,139
Issue of shares
6
6
Dividends paid and payable
13
( 870,000)
( 870,000)
----
--------------
--------------
Total investments by and distributions to owners
6
( 870,000)
( 869,994)
At 30 June 2022
6
23,731,629
23,731,635
Profit for the year
8,362,024
8,362,024
----
--------------
--------------
Total comprehensive income for the year
8,362,024
8,362,024
Dividends paid and payable
13
( 720,000)
( 720,000)
----
----------
----------
Total investments by and distributions to owners
( 720,000)
( 720,000)
----
--------------
--------------
At 30 June 2023
6
31,373,653
31,373,659
----
--------------
--------------
CHESTERFIELD POULTRY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30 JUNE 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 July 2021
Profit for the year
74,836
74,836
----
---------
---------
Total comprehensive income for the year
74,836
74,836
Issue of shares
6
6
Dividends paid and payable
13
( 85,000)
( 85,000)
----
---------
---------
Total investments by and distributions to owners
6
( 85,000)
( 84,994)
At 30 June 2022
6
( 10,164)
( 10,158)
Profit for the year
13,949,139
13,949,139
----
--------------
--------------
Total comprehensive income for the year
13,949,139
13,949,139
Dividends paid and payable
13
( 805,000)
( 805,000)
----
----------
----------
Total investments by and distributions to owners
( 805,000)
( 805,000)
----
--------------
--------------
At 30 June 2023
6
13,133,975
13,133,981
----
--------------
--------------
CHESTERFIELD POULTRY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 30 JUNE 2023
2023
2022
£
£
Cash flows from operating activities
Profit for the financial year
8,362,024
5,813,139
Adjustments for:
Depreciation of tangible assets
2,062,222
1,761,039
Share of profit of associates
( 59,000)
( 58,000)
Other interest receivable and similar income
( 131,325)
( 6,476)
Interest payable and similar expenses
152,469
194,868
Loss on disposal of tangible assets
121,314
Tax on profit
2,670,788
1,868,414
Accrued expenses
98,760
2,485,968
Changes in:
Stocks
( 113,418)
( 184,632)
Trade and other debtors
2,999,209
1,484,253
Trade and other creditors
170,917
5,142,933
---------------
---------------
Cash generated from operations
16,212,646
18,622,820
Interest paid
( 152,469)
( 194,868)
Interest received
131,325
6,476
Tax (paid)/received
( 3,200,000)
421,982
---------------
---------------
Net cash from operating activities
12,991,502
18,856,410
---------------
---------------
Cash flows from investing activities
Purchase of tangible assets
( 10,842,184)
( 4,364,838)
Proceeds from sale of tangible assets
4,666
Proceeds from sale of subsidiaries
50
---------------
---------------
Net cash used in investing activities
( 10,842,184)
( 4,360,122)
---------------
---------------
Cash flows from financing activities
Repayments of borrowings
( 759,218)
( 2,505,989)
Payments of finance lease liabilities
( 245,176)
( 447,714)
Dividends paid
( 720,000)
( 870,000)
---------------
---------------
Net cash used in financing activities
( 1,724,394)
( 3,823,703)
---------------
---------------
Net increase in cash and cash equivalents
424,924
10,672,585
Cash and cash equivalents at beginning of year
13,102,964
2,430,379
---------------
---------------
Cash and cash equivalents at end of year
13,527,888
13,102,964
---------------
---------------
CHESTERFIELD POULTRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Coulman Street, Thorne, Doncaster, DN8 5JT.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Basis of consolidation
The financial statements consolidate the financial statements of the Group and all of its subsidiary undertakings, except where they are held for sale and have not previously been consolidated. The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income. During the prior year there was a group reconstruction resulting in the new holding company, Chesterfield Poultry Holdings Limited. The results of the group undertakings have been brought into the financial statements of the combined entity from the beginning of the year in which the combination occurred. These financial statements have been prepared under UK GAAP in force as at the beginning of the groups financial year.
Judgements and key sources of estimation uncertainty
The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within financial year include: Tangible fixed assets are recognised at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen. The recoverability of debtors and associated provisioning is considered on a regular basis. When calculating the debtor provision, the directors consider the age of the debts and the financial position of its customers. Recoverability of related party debtors is also considered.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Building Improvements
-
20% reducing balance
Plant and machinery
-
8%/33% straight line/20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Depreciation on freehold property is not provided for in the financial statements on the grounds of immateriality. The directors consider freehold properties to have a long useful economic life and the residual value of the freehold properties not to be materially different from the value in the financial statements.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in subsidiaries and associates
Investments in associates and subsidiaries are accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are valued at the lower of cost and net realisable value, on a first in, first out basis, after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Turnover
Turnover arises from:
2023
2022
£
£
Sale of goods
204,520,405
163,082,350
---------------
---------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2023
2022
£
£
Rental income
255,336
86,855
Other operating income
5,001
----------
---------
260,337
86,855
----------
---------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2023
2022
£
£
Depreciation of tangible assets
2,062,222
1,761,039
Loss on disposal of tangible assets
121,314
Impairment of trade debtors
257,027
98,841
Foreign exchange differences
( 7,031)
( 38,217)
-------------
-------------
7. Auditor's remuneration
2023
2022
£
£
Fees payable for the audit of the financial statements
16,000
13,250
---------
---------
Fees payable to the company's auditor and its associates for other services:
Taxation advisory services
10,470
11,600
Other non-audit services
5,917
900
---------
---------
16,387
12,500
---------
---------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2023
2022
No.
No.
Production staff
182
156
Administrative staff
34
31
----
----
216
187
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2023
2022
£
£
Wages and salaries
14,550,677
13,528,947
Social security costs
781,522
631,457
Other pension costs
121,486
116,721
---------------
---------------
15,453,685
14,277,125
---------------
---------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2023
2022
£
£
Remuneration
78,682
63,805
---------
---------
10. Other interest receivable and similar income
2023
2022
£
£
Interest on cash and cash equivalents
130,412
6,476
Interest on loan to director
913
----------
-------
131,325
6,476
----------
-------
11. Interest payable and similar expenses
2023
2022
£
£
Interest on banks loans and overdrafts
149,703
191,340
Interest on obligations under finance leases and hire purchase contracts
2,766
3,528
----------
----------
152,469
194,868
----------
----------
12. Tax on profit
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
2,334,788
1,568,414
Deferred tax:
Origination and reversal of timing differences
336,000
300,000
-------------
-------------
Tax on profit
2,670,788
1,868,414
-------------
-------------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
11,032,812
7,681,553
---------------
-------------
Profit on ordinary activities by rate of tax
2,085,024
1,450,406
Effect of expenses not deductible for tax purposes
903,770
628,931
Effect of capital allowances and depreciation
( 318,006)
( 210,923)
---------------
-------------
Tax on profit
2,670,788
1,868,414
---------------
-------------
Factors that may affect future tax expense
Changes to the UK corporation tax rates were substantively enacted as part of the Finance Bill 2021 (on 10 June 2021) including an increase to the main rate to 25% from 1 April 2023.
13. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Equity dividends on ordinary shares
720,000
870,000
----------
----------
14. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Investment property
Total
£
£
£
£
£
£
Cost
At 1 Jul 2022
5,735,512
16,472,598
2,869,021
353,450
1,560,621
26,991,202
Additions
1,167,758
5,354,424
284,254
12,548
4,023,200
10,842,184
-------------
--------------
-------------
----------
-------------
--------------
At 30 Jun 2023
6,903,270
21,827,022
3,153,275
365,998
5,583,821
37,833,386
-------------
--------------
-------------
----------
-------------
--------------
Depreciation
At 1 Jul 2022
1,261,050
8,339,861
1,941,212
140,837
11,682,960
Charge for the year
276,670
1,519,443
222,750
43,359
2,062,222
-------------
--------------
-------------
----------
-------------
--------------
At 30 Jun 2023
1,537,720
9,859,304
2,163,962
184,196
13,745,182
-------------
--------------
-------------
----------
-------------
--------------
Carrying amount
At 30 Jun 2023
5,365,550
11,967,718
989,313
181,802
5,583,821
24,088,204
-------------
--------------
-------------
----------
-------------
--------------
At 30 Jun 2022
4,474,462
8,132,737
927,809
212,613
1,560,621
15,308,242
-------------
--------------
-------------
----------
-------------
--------------
Company
Freehold property
Fixtures and fittings
Investment property
Total
£
£
£
£
Cost
At 1 July 2022
Additions
559,854
114,047
5,028,952
5,702,853
-------------
----------
-------------
-------------
At 30 June 2023
559,854
114,047
5,028,952
5,702,853
-------------
----------
-------------
-------------
Depreciation
At 1 July 2022
Charge for the year
19,998
19,998
-------------
----------
-------------
-------------
At 30 June 2023
19,998
19,998
-------------
----------
-------------
-------------
Carrying amount
At 30 June 2023
559,854
94,049
5,028,952
5,682,855
-------------
----------
-------------
-------------
At 30 June 2022
-------------
----------
-------------
-------------
The investment property has been included at its purchase price, including stamp duty. The directors consider this to be a reasonable assessment, and not materially different from any fluctuation to the value at the year end.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
£
At 30 June 2023
118,942
----------
At 30 June 2022
988,170
----------
The company has no tangible assets held under finance lease or hire purchase agreements.
15. Investments
Group
Interests in associates
£
Share of net assets/cost
At 1 July 2022
205,000
Share of profit or loss
59,000
----------
At 30 June 2023
264,000
----------
Impairment
At 1 July 2022 and 30 June 2023
----------
Carrying amount
At 30 June 2023
264,000
----------
At 30 June 2022
205,000
----------
Company
Shares in group undertakings
£
Cost
At 1 July 2022
Additions
6
----
At 30 June 2023
6
----
Impairment
At 1 July 2022 and 30 June 2023
----
Carrying amount
At 30 June 2023
6
----
At 30 June 2022
----
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Chesterfield Poultry Limited
Ordinary
100
Investments relate to 50% of share capital held in Volaille Properties Limited, a company registered in England and Wales with a financial year ending 30th June.
16. Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
386,615
310,739
Parts stock
1,274,742
1,237,200
-------------
-------------
----
----
1,661,357
1,547,939
-------------
-------------
----
----
Parts stock held at the year end includes a provision for impairment of £67,092 (2022 - £65,115).
17. Debtors
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade debtors
14,186,649
13,563,180
13,100
415
Prepayments and accrued income
833,245
780,592
69,073
Directors loan account
61,870
Other debtors
3,934,731
7,671,932
498
17,873
---------------
---------------
---------
---------
19,016,495
22,015,704
82,671
18,288
---------------
---------------
---------
---------
Trade debtors are stated after provisions for impairment of £476,931 (2022 - £233,580).
18. Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
140,741
778,734
Trade creditors
14,996,211
14,545,258
85,891
97,783
Amounts owed to group undertakings
3,606
936,421
Accruals and deferred income
5,281,071
5,182,311
6,487
Corporation tax
1,125,184
1,990,396
Social security and other taxes
191,118
158,125
Obligations under finance leases and hire purchase contracts
11,401
245,186
Other creditors
1,850,326
2,163,355
---------------
---------------
---------
-------------
23,596,052
25,063,365
95,984
1,034,204
---------------
---------------
---------
-------------
Bank loans and overdrafts of £140,741 are secured by a fixed and floating charge over the assets of the company. Hire purchase agreements are secured against the assets to which they relate.
19. Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans and overdrafts
1,708,233
1,829,458
Obligations under finance leases and hire purchase contracts
11,391
-------------
-------------
----
----
1,708,233
1,840,849
-------------
-------------
----
----
Bank loans and overdrafts of £1,708,233 are secured by a fixed and floating charge over the assets of the company. Hire purchase agreements are secured against the assets to which they relate.
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
11,401
245,186
Later than 1 year and not later than 5 years
11,391
---------
----------
----
----
11,401
256,577
---------
----------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 1 July 2022
1,544,000
Charge against provision
336,000
-------------
At 30 June 2023
1,880,000
-------------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Included in provisions (note 21)
1,880,000
1,544,000
-------------
-------------
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2023
2022
2023
2022
£
£
£
£
Accelerated capital allowances
1,880,000
1,544,000
-------------
-------------
----
----
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 120,165 (2022: £ 115,400 ).
24. Financial instruments
The carrying amount for each category of financial instrument is as follows:
Financial assets that are debt instruments measured at amortised cost
Group
2023
2022
£
£
Trade debtors
14,186,649
27,125,945
---------------
---------------
Financial liabilities measured at amortised cost
Group
2023
2022
£
£
Bank loans
1,848,974
5,216,384
Hire purchase agreements
11,401
513,154
Trade creditors
14,996,211
28,992,733
---------------
---------------
16,856,586
34,722,271
---------------
---------------
25. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
6
6
6
6
----
----
----
----
26. Analysis of changes in net debt
At 1 Jul 2022
Cash flows
At 30 Jun 2023
£
£
£
Cash at bank and in hand
13,102,964
424,924
13,527,888
Debt due within one year
(1,023,920)
871,778
(152,142)
Debt due after one year
(1,840,849)
132,616
(1,708,233)
---------------
-------------
---------------
10,238,195
1,429,318
11,667,513
---------------
-------------
---------------
CHESTERFIELD POULTRY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 JUNE 2023
27. Operating leases
As lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
122,086
156,685
Later than 1 year and not later than 5 years
332,334
235,677
----------
----------
----
----
454,420
392,362
----------
----------
----
----
As lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
Group
Company
2023
2022
2023
2022
£
£
£
£
Not later than 1 year
77,800
70,000
Later than 1 year and not later than 5 years
140,000
210,000
----------
----------
----
----
217,800
280,000
----------
----------
----
----
28. Events after the end of the reporting period
100% of the share capital of Ivy Farm Limited, a company registered in England and Wales, was acquired on 6th November 2023.
29. Directors' advances, credits and guarantees
During the year there have been advances of £115,957, repayments of £55,000 and interest charged of £913. The balance owed by the director at the year end is £61,870 (2022 - £Nil) by N Iqbal . Bank loans are secured by a fixed and floating charge over all property and assets owned by the company. The directors have also given personal guarantees for £250,000 as well as providing personal property as additional security. The loans are on normal commercial terms and repayable by instalments.
30. Related party transactions
Company
Dividends of £Nil (2022 - £392,500) and £Nil (2022 - £392,500) were paid to M F Ahmed and N Iqbal , the directors, respectively. Dividends of £13,800,000 (2022 - £85,000) were paid to Chesterfield Poultry Holdings Limited. Transactions took place with three (2022 - four) related company's during the year. A total of £55,561 (2022 - £3,389,292) of sales, and £3,759,905 (2022 - £2,980,159) of purchases were made to the related company'sassociates. At the year end, there was an amount of £314,884 (2022 - £1,316,280 - debtor) owed to the companies, which is held within trade and other creditors. Dividends of £13,800,000 were received from Chesterfield Poultry Limited. The directors are considered to be key management, with no other remuneration being received other than dividends during the current year. No further transactions with related parties were undertaken such as are required to be disclosed under FRS 102.
31. Controlling party
Chesterfield Poultry Holdings Limited is controlled by M F Ahmed and N Iqbal.