REGISTERED NUMBER: 03031052 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
FOR |
STOURGARDEN LIMITED |
REGISTERED NUMBER: 03031052 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
FOR |
STOURGARDEN LIMITED |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 8 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 19 |
STOURGARDEN LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
910 The Crescent |
Colchester Business Park |
Colchester |
Essex |
CO4 9YQ |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
The directors present their strategic report of the company and the group for the period 31 July 2022 to 29 July 2023. |
REVIEW OF BUSINESS |
The group has continued to grow and operate profitably throughout the year under review. Turnover increased by 40.48% from the the previous year to £77,176,452, and the gross margin obtained remained broadly consistent, resulting in gross profits of £8,338,633 (10.8% of turnover), compared with £6,245,369 (11.4% of turnover) in the corresponding period last year. |
Net operating costs saw a 23.2% increase to £6,077,433 (from £4,934,690), and overall this resulted in net profit before tax of £2,380,617 (3.08% of turnover) compared with £1,401,167 (2.55% of turnover) in 2022. |
Post tax profits of £1,729,274 have all been transferred to reserves, thus increasing the Retained Earnings from £15,481,624 to £17,210,898 . This continues to represent a very healthy position from which the group can continue to grow and trade profitably. |
During the year the group has invested a further £1,509,530 in tangible fixed assets. This reflects the aim of the directors to continually look to expand and modernise in order to maintain the market position of the group. |
Cash funds of £3,467,982 continue to provide sufficient resources for ongoing trading purposes and to fund ongoing anticipated capital expenditure. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors are aware of the risks and uncertainties inherent in the current economic climate and are constantly striving to mitigate these with a detailed and far reaching business plan. They are aware that more than 50% of turnover is derived from one major customer but strive to ensure that the company is not unduly dependent upon that source of income by developing other potential markets, and this policy has proved highly successful in recent years with the introduction of new customers and product lines. |
Health and safety, and environmental considerations are also taken very seriously and are reviewed internally and externally on a regular basis. |
SECTION 172(1) STATEMENT |
The Board of directors are aware of their duty under Section 172 of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole. |
As a family owned company, the Board gives careful consideration to the consequences of any decision in the long term, focusing on flexibility to meet the ever changing consumer need. Particular recognition is also given to the need to act fairly between members of the company. |
The interests of the company's employees and the need to foster the company's business relationships with suppliers, customers and others is also prioritised, with continual engagement with wider stakeholder groups forming part of the day to day operations. |
Continual re-investment into the most up to date technology ensures that the growth of the business is undertaken in a sustainable manner, with a positive impact from of the company's operations on the community and the environment. |
The company's ongoing success has come from the Board's desire to maintain a reputation for high standards of business conduct, and this ethos continues to inform all operational decisions. |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
GROUP STRATEGIC REPORT |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
STAFF POLICY |
Although all four directors are male, the company employs approximately an equal number of male and female staff at all levels, and endeavours to ensure that there is no discrimination on grounds of gender, race or disability. |
ON BEHALF OF THE BOARD: |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
The directors present their report with the financial statements of the company and the group for the period 31 July 2022 to 29 July 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the period under review was that of pre-packaging and sale of onions |
DIVIDENDS |
No dividends will be distributed for the period ended 29 July 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 31 July 2022 to the date of this report. |
FINANCIAL INSTRUMENTS |
The company considers itself to have a normal level of exposure to price, credit, liquidity and cash flow risks arising from operating activities. |
DISABLED EMPLOYEES |
The directors recognise their responsibilities toward giving full and fair consideration to applications for employment to the company made by disabled persons, having regard to their particular aptitudes and abilities. |
No discrimination is made in terms of training, careers development and promotion of disabled persons employed by the company. |
If employees become disabled, every effort is made for continuing their employment. and for arranging appropriate training. |
ENGAGEMENT WITH EMPLOYEES |
The directors maintain constant communication with their employees regarding all matters affecting their interests. Regular updates on factors affecting the performance of the company are provided, and feedback encouraged so that employees views can be taken into account. Principal decisions taken during the year considered employee engagement, welfare and performance. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS |
The directors are conscious of the need to foster positive business relationships with suppliers, customers and others to promote the success of the business as a whole. The company has a dedicated grower group, and works hard to source suitable onion growers around the world; building long lasting relationships. Principal decisions made during the year are made made with a focus on flexibility, and the company is well placed to meet the ever changing needs of their customers. |
STREAMLINED ENERGY AND CARBON REPORTING |
Summary |
Total emissions for the year were 998 tonnes of carbon dioxide equivalents (tCO2e) based on a verified usage of 4,566,505 kilo-Watt-hours (kWh) of energy. Emissions have Increased by 5.1% on the previous reporting year and increased by 0.6% from the 19/20 baseline reporting year.. |
No energy efficiency actions (EEA) have been undertaken by the organisation in this reporting year and the intensity ratio has decreased from 40.33 to 37.79 kWh/tonne when compared to the previous reporting year. |
Methodology |
This report has been compiled in line with the "Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance March 2019". |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
Base Year Methodology and Adjustments |
The base year method that has been used to compile this report is:- Fixed Year - All-Year |
Boundary |
A Financial Control Boundary has been chosen for reporting on Green House Gases (GHGs). |
A Financial Control Boundary has been chosen to align with the rest of the Director Financial Report. |
The main site and operations in the UK have been included in the report. |
No sites have been omitted from the reporting process. |
Reporting Period |
This report covers emissions from the period 01 Aug 2022 to 31 Jul 2023. This reporting period has been chosen to match the organisations financial reporting year. |
Environmental Impacts |
Only environmental impacts from greenhouse gases (GHG) are included in this report/section. |
Environmental impacts from waste, water, resource efficiency, ecosystem interaction and non-GHG emission are considered separately and are outside the scope of this report. |
The report has been limited to scope 1 and scope 2 emissions with scope 3 emissions for grey fleet travel as required by SECR reporting. |
Greenhouse Gas Emissions |
Table 1 below shows the GHG emissions for Stourgarden in tonnes of carbon dioxide equivalent for the base year of 19/20, last year and the current reporting year. Total emissions for 21/22 are 949 tonnes of carbon dioxide equivalent. This is 1.9% below the 19/20 baseline and 6.4% above last year. |
The general definitions of the GHG Scopes are detailed below: |
Scope 1 - All Direct Emissions from the activities of an organisation or under their control. Including combustion of fuel on site such as gas boilers, purchased fuel for vehicles and air-conditioning leaks. |
Scope 2 - Indirect Emissions from electricity purchased and used by the organisation. |
Scope 3 - All Other Indirect Emissions from activities of the organisation, occurring from sources that they do not own or control. Only Grey Fleet/employee car mileage claims need including for SECR. |
Emission Source | Units | Baseline | Last Year | Report Year |
19/20 | 21/22 | 22/23 |
Scope 1 | Gaseous Fuel | Emissions (tCO2e) | 43.8 | 41.5 | 29.0 |
Passenger Vehicles | Emissions (tCO2e) | 20.9 | 23.9 | 25.5 |
Delivery Vehicles | Emissions (tCO2e) | 207.6 | 373.7 | 390.9 |
Sub Total | Emissions (tCO2e) | 272.4 | 439.0 | 445.4 |
Scope 2 | Grid Electricity | Emissions (tCO2e) | 715.4 | 508.1 | 551.0 |
Sub Total | Emissions (tCO2e) | 715.4 | 508.1 | 551.0 |
Scope 3 | Grey Fleet | Emissions (tCO2e) | 4.3 | 2.4 | 1.4 |
Sub Total | Emissions (tCO2e) | 4.3 | 2.4 | 1.4 |
TOTAL EMISSIONS | Emissions (tCO2e) | 992 | 949.4 | 997.7 |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
Variance | % | 0.6% | 5.1% |
Variance | % | 0.6% | 5.1% |
Table 1: Greenhouse Gas Emission (GHG) |
Underlying Energy Use |
Table 2 below shows the energy use for Stourgarden in kilowatt hours (kWh) for the base year of 19/20, last year and the current reporting year. Total energy used for 22/23 was 4,566,505 kWh. This is 6.4% above the 19/20 baseline and 0.5% above last year. |
Emission Source | Units | Baseline | Last Year | Report Year |
19/20 | 21/22 | 22/23 |
Scope 1 | Gaseous Fuel | Energy (kWh) | 204,334 | 193,399 | 136,723 |
Passenger Vehicles | Energy (kWh) | 87,670 | 98,920 | 106,615 |
Delivery Vehicles | Energy (kWh) | 863,127 | 1,549,503 | 1,634,894 |
Sub Total | Energy (kWh) | 1,155,131 | 1,841,821 | 1,878,232 |
Scope 2 | Grid Electricity | Energy (kWh) | 3,068,455 | 2,627,226 | 2,660,818 |
Renewable Energy | Energy (kWh) | 51,161 | 66,273 | 21,821 |
Sub Total | Energy (kWh) | 3,119,616 | 2,693,499 | 2,682,639 |
Scope 3 | Grey Fleet | Energy (kWh) | 17,215 | 9,542 | 5,633 |
Sub Total | Energy (kWh) | 17,215 | 9,542 | 5,633 |
TOTAL ENERGY | Energy (kWh) | 4,291,961 | 4,554,862 | 4,566,505 |
Variance | % | 6.4% | 0.5% |
Table 2: Underlying Energy Use |
Intensity Ratios |
The tables below show the intensity ratios for the organisation. |
Type | Units | Baseline | Last Year | Report Year |
19/20 | 21/22 | 22/23 |
Production | kWh/tonne | 39.2 | 40.3 | 37.8 |
Table 3: Operation Consumption Intensity Ratios |
Type | Units | Baseline | Last Year | Report Year |
19/20 | 21/22 | 22/23 |
Production | kgCO2e/tonne | 9.0 | 8.8 | 7.6 |
Table 4: Operation Emissions Intensity Ratios |
Energy Efficiency Actions Taken |
During the reporting year 22/23 no specific energy efficiency actions were taken, however the organisation did achieve certified B Corporation status in June 2023. |
DISCLOSURE IN THE STRATEGIC REPORT |
The company has chosen in accordance with section 414C (11) of the Companies Act 2006 (Strategic Report and Directors Report) Regulations 2013 to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
REPORT OF THE DIRECTORS |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group 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 the group and of 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 judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
STOURGARDEN LIMITED |
Opinion |
We have audited the financial statements of Stourgarden Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 29 July 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 29 July 2023 and of the group's profit for the period 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 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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 |
STOURGARDEN LIMITED |
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 Group 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 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 Statement of Directors' Responsibilities set out on page seven, 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 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. |
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. |
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: |
- Enquiry of management around actual and potential litigation and claims; |
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluation the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; |
- Reviewing minutes of meetings of those charged with governance; and |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
STOURGARDEN LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Colchester |
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership |
in England and Wales (Registered number OC312313). |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
Period | Period |
31.7.22 | 1.8.21 |
to | to |
29.7.23 | 30.7.22 |
Notes | £ | £ |
TURNOVER | 77,176,452 | 54,938,835 |
Cost of sales | 68,837,819 | 48,693,466 |
GROSS PROFIT | 8,338,633 | 6,245,369 |
Administrative expenses | 6,077,433 | 4,934,690 |
2,261,200 | 1,310,679 |
Other operating income | 90,413 | 90,413 |
OPERATING PROFIT | 5 | 2,351,613 | 1,401,092 |
Interest receivable and similar income | 29,004 | 75 |
PROFIT BEFORE TAXATION | 2,380,617 | 1,401,167 |
Tax on profit | 6 | 651,343 | (498,384 | ) |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 1,729,274 | 1,899,551 |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
Period | Period |
31.7.22 | 1.8.21 |
to | to |
29.7.23 | 30.7.22 |
Notes | £ | £ |
PROFIT FOR THE PERIOD | 1,729,274 | 1,899,551 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
1,729,274 |
1,899,551 |
Total comprehensive income attributable to: |
Owners of the parent | 1,729,274 | 1,899,551 |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
CONSOLIDATED BALANCE SHEET |
29 JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 6,168,806 | 6,179,612 |
Investments | 9 | 100 | 100 |
Investment property | 10 | 1,982,335 | 1,982,335 |
8,151,241 | 8,162,047 |
CURRENT ASSETS |
Stocks | 11 | 1,621,108 | 913,202 |
Debtors | 12 | 11,603,989 | 8,560,140 |
Cash at bank | 3,467,982 | 2,837,576 |
16,693,079 | 12,310,918 |
CREDITORS |
Amounts falling due within one year | 13 | 6,620,306 | 4,126,226 |
NET CURRENT ASSETS | 10,072,773 | 8,184,692 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
18,224,014 |
16,346,739 |
PROVISIONS FOR LIABILITIES | 14 | (518,585 | ) | (280,171 | ) |
ACCRUALS AND DEFERRED INCOME | 15 | (444,531 | ) | (534,944 | ) |
NET ASSETS | 17,260,898 | 15,531,624 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 200 | 200 |
Share premium | 17 | 49,800 | 49,800 |
Retained earnings | 17 | 17,210,898 | 15,481,624 |
SHAREHOLDERS' FUNDS | 17,260,898 | 15,531,624 |
The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2024 and were signed on its behalf by: |
W H Rix - Director |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
COMPANY BALANCE SHEET |
29 JULY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
Investment property | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Share premium | 17 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,706,469 | 1,879,303 |
The financial statements were approved by the Board of Directors and authorised for issue on |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 August 2021 | 200 | 13,582,073 | 49,800 | 13,632,073 |
Changes in equity |
Total comprehensive income | - | 1,899,551 | - | 1,899,551 |
Balance at 30 July 2022 | 200 | 15,481,624 | 49,800 | 15,531,624 |
Changes in equity |
Total comprehensive income | - | 1,729,274 | - | 1,729,274 |
Balance at 29 July 2023 | 200 | 17,210,898 | 49,800 | 17,260,898 |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 August 2021 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 July 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 29 July 2023 |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
Period | Period |
31.7.22 | 1.8.21 |
to | to |
29.7.23 | 30.7.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,189,640 | 957,781 |
Tax paid | (239,720 | ) | (210,075 | ) |
Net cash from operating activities | 1,949,920 | 747,706 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (1,509,530 | ) | (1,869,064 | ) |
Sale of tangible fixed assets | 161,012 | 90,395 |
Interest received | 29,004 | 75 |
Net cash from investing activities | (1,319,514 | ) | (1,778,594 | ) |
Increase/(decrease) in cash and cash equivalents | 630,406 | (1,030,888 | ) |
Cash and cash equivalents at beginning of period |
2 |
2,837,576 |
3,868,464 |
Cash and cash equivalents at end of period | 2 | 3,467,982 | 2,837,576 |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period | Period |
31.7.22 | 1.8.21 |
to | to |
29.7.23 | 30.7.22 |
£ | £ |
Profit before taxation | 2,380,617 | 1,401,167 |
Depreciation charges | 1,474,748 | 1,376,836 |
Profit on disposal of fixed assets | (115,423 | ) | (65,062 | ) |
Government grants | (90,413 | ) | (90,413 | ) |
Finance income | (29,004 | ) | (75 | ) |
3,620,525 | 2,622,453 |
Increase in stocks | (707,906 | ) | (48,220 | ) |
Increase in trade and other debtors | (3,217,058 | ) | (1,896,387 | ) |
Increase in trade and other creditors | 2,494,079 | 279,935 |
Cash generated from operations | 2,189,640 | 957,781 |
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: |
Period ended 29 July 2023 |
29.7.23 | 31.7.22 |
£ | £ |
Cash and cash equivalents | 3,467,982 | 2,837,576 |
Period ended 30 July 2022 |
30.7.22 | 1.8.21 |
£ | £ |
Cash and cash equivalents | 2,837,576 | 3,868,464 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 31.7.22 | Cash flow | At 29.7.23 |
£ | £ | £ |
Net cash |
Cash at bank | 2,837,576 | 630,406 | 3,467,982 |
2,837,576 | 630,406 | 3,467,982 |
Total | 2,837,576 | 630,406 | 3,467,982 |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
1. | STATUTORY INFORMATION |
Stourgarden Limited is a private company, limited by shares, registered and incorporated in England and Wales. The company's registered number and registered office address can be found on the General Information page. |
2. | COMPLIANCE WITH ACCOUNTING STANDARDS |
The Accounts have been prepared in accordance with applicable accounting standards. There were no material departures from those standards. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts. |
These financial statements do not include a cashflow statement for the parent only as the relevant exemptions for qualifying entities in s1.12(b) of FRS 102 have been applied. |
The Company's functional and presentational currency is Pound Sterling. The financial statements are rounded to the nearest Pound. |
Significant judgements and estimates |
In applying the Group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
The directors do not believe that the have been judgements made in the process of applying the above accounting policies that have had a significant effect on amounts recognised in the financial statements. Furthermore, the directors considers that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods. |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is calculated on a straight line basis. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property is stated at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair value are included in profit or loss in the period in which they arise. Fair value is measured by reference to recent similar transactions involving properties of a similar nature, location and condition in the current market. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost includes all costs of purchase and costs incurred in bringing stock to its present location and condition. |
Financial instruments |
The Group has chosen to adopt Sections 11 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price. Such assets are subsequently carried at amortised cost using the effective interest method. |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.The Group's investments in equity instruments are not publicly traded, and therefore such assets are subsequently measured at cost less impairment. |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest method. |
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
All provisions take into account factors that may affect future tax charges such as future changes in corporation tax rates. |
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 period 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
4. | EMPLOYEES AND DIRECTORS |
Period | Period |
31.7.22 | 1.8.21 |
to | to |
29.7.23 | 30.7.22 |
£ | £ |
Wages and salaries | 10,490,546 | 8,929,306 |
Social security costs | 984,168 | 817,759 |
Other pension costs | 222,477 | 183,261 |
11,697,191 | 9,930,326 |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the period was as follows: |
Period | Period |
31.7.22 | 1.8.21 |
to | to |
29.7.23 | 30.7.22 |
Management & administration | 24 | 23 |
Production | 321 | 290 |
The average number of employees by undertakings that were proportionately consolidated during the period was 2 (2022 - 2 ) . |
During the year total directors' remuneration including benefits in kind amounted to £331,373 (2022: £311,304) |
Period | Period |
31.7.22 | 1.8.21 |
to | to |
29.7.23 | 30.7.22 |
£ | £ |
Directors' remuneration | 277,047 | 259,375 |
Information regarding the highest paid director is as follows: |
Period | Period |
31.7.22 | 1.8.21 |
to | to |
29.7.23 | 30.7.22 |
£ | £ |
Emoluments etc | 83,114 | 77,813 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period | Period |
31.7.22 | 1.8.21 |
to | to |
29.7.23 | 30.7.22 |
£ | £ |
Hire of plant and machinery | 10,985 | 25,377 |
Other operating leases | 311,181 | 311,181 |
Depreciation - owned assets | 1,474,747 | 1,376,835 |
Profit on disposal of fixed assets | (115,423 | ) | (65,062 | ) |
Auditors' remuneration |
- for audit services | 17,000 | 16,500 |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the period was as follows: |
Period | Period |
31.7.22 | 1.8.21 |
to | to |
29.7.23 | 30.7.22 |
£ | £ |
Current tax: |
UK corporation tax | 412,929 | (468,396 | ) |
Underprovision in prior year | - | (133 | ) |
Total current tax | 412,929 | (468,529 | ) |
Deferred tax | 238,414 | (29,855 | ) |
Tax on profit | 651,343 | (498,384 | ) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period | Period |
31.7.22 | 1.8.21 |
to | to |
29.7.23 | 30.7.22 |
£ | £ |
Profit before tax | 2,380,617 | 1,401,167 |
Profit multiplied by the standard rate of corporation tax in the UK of 21 % (2022 - 19 %) |
499,930 |
266,222 |
Effects of: |
Expenses not deductible for tax purposes | 3,468 | 1,067 |
Capital allowances in excess of depreciation | (89,772 | ) | (140,377 | ) |
Movement in deferred tax | 238,414 | (29,855 | ) |
Research & Development expenditure credit | - | (9,055 | ) |
Adjustments to tax charge in respect of previous period Research & Development claims | - |
(586,386 |
) |
Effect of Marginal Relief | (697 | ) | - |
Total tax charge/(credit) | 651,343 | (498,384 | ) |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 31 July 2022 | 2,117,842 | 12,616,124 | 260,430 | 228,871 | 15,223,267 |
Additions | 9,205 | 1,326,069 | - | 174,256 | 1,509,530 |
Disposals | - | (296,039 | ) | - | (90,975 | ) | (387,014 | ) |
At 29 July 2023 | 2,127,047 | 13,646,154 | 260,430 | 312,152 | 16,345,783 |
DEPRECIATION |
At 31 July 2022 | 435,478 | 8,273,003 | 239,137 | 96,037 | 9,043,655 |
Charge for period | 109,740 | 1,289,934 | 5,647 | 69,426 | 1,474,747 |
Eliminated on disposal | - | (296,039 | ) | - | (45,386 | ) | (341,425 | ) |
At 29 July 2023 | 545,218 | 9,266,898 | 244,784 | 120,077 | 10,176,977 |
NET BOOK VALUE |
At 29 July 2023 | 1,581,829 | 4,379,256 | 15,646 | 192,075 | 6,168,806 |
At 30 July 2022 | 1,682,364 | 4,343,121 | 21,293 | 132,834 | 6,179,612 |
Company |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 31 July 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 29 July 2023 |
DEPRECIATION |
At 31 July 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 29 July 2023 |
NET BOOK VALUE |
At 29 July 2023 |
At 30 July 2022 |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
9. | FIXED ASSET INVESTMENTS |
Group |
Shares in |
group |
undertakings |
£ |
COST |
At 31 July 2022 |
and 29 July 2023 | 100 |
NET BOOK VALUE |
At 29 July 2023 | 100 |
At 30 July 2022 | 100 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 31 July 2022 |
and 29 July 2023 |
NET BOOK VALUE |
At 29 July 2023 |
At 30 July 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
9. | FIXED ASSET INVESTMENTS - continued |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the period |
Joint venture |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
As a qualifying dormant subsidiary, The Pink Onion Company has claimed exemption from the requirement to prepare individual accounts under section 394A of the Companies Act 2006. |
As a qualifying subsidiary, Stourgarden Farms Limited has claimed exemption from audit under section 479A of the Companies Act 2006. |
10. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 31 July 2022 |
and 29 July 2023 | 1,982,335 |
NET BOOK VALUE |
At 29 July 2023 | 1,982,335 |
At 30 July 2022 | 1,982,335 |
The Directors have measured the fair value of the investment property at the balance sheet date in line with the accounting policy adopted. |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
11. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Raw materials | 717,719 | 440,744 |
Packaging materials | 903,389 | 472,458 | 903,389 | 472,458 |
1,621,108 | 913,202 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 10,364,907 | 6,853,192 |
Other debtors | 515,980 | 472,975 |
Corporation Tax | 294,610 | 467,819 |
Prepayments and accrued income | 428,492 | 766,154 |
11,603,989 | 8,560,140 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 4,931,321 | 2,968,498 |
Social security and other taxes | 230,821 | 198,427 |
Accrued expenses | 1,367,751 | 868,888 |
Deferred government grants | 90,413 | 90,413 |
6,620,306 | 4,126,226 |
14. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 518,585 | 280,171 | 518,585 | 280,171 |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
14. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 31 July 2022 | 280,171 |
Provided during the year | 113,954 |
Changes to tax rates | 124,460 |
Balance at 29 July 2023 | 518,585 |
Company |
Deferred |
tax |
£ |
Balance at 31 July 2022 |
Provided during the year | 113,954 |
Changes to tax rates | 124,460 |
Balance at 29 July 2023 |
The deferred tax liability comprises the tax effect of the accelerated allowances for tax purposes of tangible assets. |
15. | ACCRUALS AND DEFERRED INCOME |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred government grants | 444,531 | 534,944 | 444,531 | 534,944 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary "A" | £1 | 100 | 100 |
Ordinary "B" | £1 | 100 | 100 |
200 | 200 |
The holders of the majority of the issued "A" Ordinary Shares can appoint up to three directors and the holders of the majority of the issued "B" Ordinary Shares can appoint another three directors. In all other respects the shares rank pari passu. |
STOURGARDEN LIMITED (REGISTERED NUMBER: 03031052) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 31 JULY 2022 TO 29 JULY 2023 |
17. | RESERVES |
Group |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 31 July 2022 | 15,481,624 | 49,800 | 15,531,424 |
Profit for the period | 1,729,274 | 1,729,274 |
At 29 July 2023 | 17,210,898 | 49,800 | 17,260,698 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 31 July 2022 | 15,298,730 | 49,800 | 15,348,530 |
Profit for the period | 1,706,469 | 1,706,469 |
At 29 July 2023 | 17,005,199 | 49,800 | 17,054,999 |
18. | CAPITAL COMMITMENTS |
At the balance sheet date the group had total capital commitments of £268,249 (2022 - £666,940), and had already paid deposits in respect of those assets of £157,059 (2022 - £405,246) to leave a balance of £111,190 (2022 - £261,694). |
19. | RELATED PARTY DISCLOSURES |
During the year the group purchased produce amounting to £6,764,330 (2022: £5,393,363) from a company under common control on a normal commercial basis. Rent of £311,181 (2022: £311,181) was paid for the group's premises, as were professional service charges of £849,720 (2022: £409,577). Fixed assets totalling £50,000 (2022: nil) were also purchased from the same company. Rent at an open market value of £25,000 (2022: £25,000) for use of farmland was also paid by a company under common control. |
The group made sales of £488,604 (2022: £613,817 ) to a company under common control on a normal commercial basis. |
At the year end a net amount of £516,017 was due to a company under common control (2022: £463,094 due to that company). |
Key management personnel are considered to be the same as the group's Directors. |
20. | ULTIMATE CONTROLLING PARTY |
The group is controlled jointly by the four Directors. |