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REGISTERED NUMBER: 01540571 (England and Wales)












DRINKWATER'S MUSHROOMS LIMITED

STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Strategic Report 2

Directors' Report 3

Independent Auditors' Report 4

Statement of Income and Retained Earnings 7

Balance Sheet 8

Cash Flow Statement 9

Notes to the Cash Flow Statement 10

Notes to the Financial Statements 11


DRINKWATER'S MUSHROOMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







Directors: Mr K S Drinkwater
Mr P E Drinkwater
Mrs J A Drinkwater



Registered office: Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Business address: Hampson Farm
Hampson Lane
Galgate
LANCASTER
LA2 0JB



Registered number: 01540571 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Bankers: HSBC Bank Plc
49a Fishergate
PRESTON
Lancashire
PR1 8BH



Accountants: Scott & Wilkinson
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023


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

Review of business
The company is principally engaged in the production and sale of mushrooms. The company is also continually developing its property assets to generate greater returns.

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

As a mushroom producer, the company continues to supply its produce to national supermarket outlets.

We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole, these being gross profit and profit after tax.

We are satisfied that the business has performed satisfactorily and in line with expectations.

Turnover has increased to £12,639,406 from £12,568,479 last year.

Gross profit has increased slightly to £1,960,749 from £1,848,934 and gross profit margins have also risen due to increased staff efficiencies. Non trading income has decreased resulting in an overall net profit after tax for the year of £53,632 compared to £288,104 in the previous year.

Principal risks and uncertainties
As for similar businesses we are continuing to operate in challenging times. The increasing power of the supermarkets, who are our major customers, mean our selling prices are continually review and kept to a minimum. This is a constant concern for us but our continual investment in new technology is making us more cost efficient enabling us to keep margins fairly steady.

With these risks and uncertainties in mind, we are aware that any plans for the future development of our business may be subject to unforeseen future events outside of our control.

On behalf of the board:





Mr K S Drinkwater - Director


28 September 2023

DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023


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

Dividends
An interim dividend of £20 per share was paid on the Ordinary £1 A £1 shares on 6 April 2023. No dividends were paid on the Ordinary £1 B £1 shares.

The total distribution of dividends for the year ended 31 May 2023 will be £ 100,000 .

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

Mr K S Drinkwater
Mr P E Drinkwater
Mrs J A Drinkwater

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr K S Drinkwater - Director


28 September 2023

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
DRINKWATER'S MUSHROOMS LIMITED


Opinion
We have audited the financial statements of Drinkwater's Mushrooms Limited (the 'company') for the year ended 31 May 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the 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.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
DRINKWATER'S MUSHROOMS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 an Auditors' 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

· enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.
· audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
· analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years, budgets and expectations to ensure the reasonableness of the figures therein.
· third party confirmation is obtained from the company's bankers to confirm bank balances, loan facilities and security held.
· detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.
· financial statement disclosures are reviewed and tested 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 Auditors' Report.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
DRINKWATER'S MUSHROOMS 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 an Auditors' 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.




Tim Preece F.C.C.A. (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

5 October 2023

DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   

Turnover 12,639,406 12,568,479

Cost of sales 10,678,657 10,719,545
Gross profit 1,960,749 1,848,934

Administrative expenses 2,098,555 1,926,444
(137,806 ) (77,510 )

Other operating income 332,239 384,657
Operating profit 4 194,433 307,147

Interest receivable and similar income 8,876 130
203,309 307,277

Interest payable and similar expenses 5 24,709 21,933
Profit before taxation 178,600 285,344

Tax on profit 6 124,968 (2,760 )
Profit for the financial year 53,632 288,104

Retained earnings at beginning of year 3,994,934 3,806,830

Dividends 7 (100,000 ) (100,000 )

Retained earnings at end of year 3,948,566 3,994,934

DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 8 2,543,910 2,695,082

Current assets
Stocks 9 573,080 520,098
Debtors 10 982,519 1,108,299
Cash at bank and in hand 1,926,175 1,500,048
3,481,774 3,128,445
Creditors
Amounts falling due within one year 11 1,703,160 1,532,622
Net current assets 1,778,614 1,595,823
Total assets less current liabilities 4,322,524 4,290,905

Provisions for liabilities 14 366,958 288,971
Net assets 3,955,566 4,001,934

Capital and reserves
Called up share capital 15 7,000 7,000
Retained earnings 16 3,948,566 3,994,934
Shareholders' funds 3,955,566 4,001,934

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





Mr K S Drinkwater - Director


DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 842,176 559,416
Interest paid (24,709 ) (21,933 )
Tax paid 19,558 25,675
Net cash from operating activities 837,025 563,158

Cash flows from investing activities
Purchase of tangible fixed assets (275,649 ) (595,115 )
Sale of tangible fixed assets 300 75,950
Interest received 8,876 130
Net cash from investing activities (266,473 ) (519,035 )

Cash flows from financing activities
New loans in year - 97,530
Loan repayments in year (66,619 ) -
Capital repayments in year - (2,700 )
Amount introduced by directors 176,781 253,636
Amount withdrawn by directors (154,587 ) (347,131 )
Equity dividends paid (100,000 ) (100,000 )
Net cash from financing activities (144,425 ) (98,665 )

Increase/(decrease) in cash and cash equivalents 426,127 (54,542 )
Cash and cash equivalents at beginning of
year

2

1,500,048

1,554,590

Cash and cash equivalents at end of year 2 1,926,175 1,500,048

DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2023


1. Reconciliation of profit before taxation to cash generated from operations
2023 2022
£    £   
Profit before taxation 178,600 285,344
Depreciation charges 400,024 423,234
Loss/(profit) on disposal of fixed assets 26,497 (63,427 )
Finance costs 24,709 21,933
Finance income (8,876 ) (130 )
620,954 666,954
Increase in stocks (52,982 ) (62,413 )
Decrease in trade and other debtors 106,222 91,285
Increase/(decrease) in trade and other creditors 167,982 (136,410 )
Cash generated from operations 842,176 559,416

2. Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2023
31/5/23 1/6/22
£    £   
Cash and cash equivalents 1,926,175 1,500,048
Year ended 31 May 2022
31/5/22 1/6/21
£    £   
Cash and cash equivalents 1,500,048 1,554,590


3. Analysis of changes in net funds

At 1/6/22 Cash flow At 31/5/23
£    £    £   
Net cash
Cash at bank and in hand 1,500,048 426,127 1,926,175
1,500,048 426,127 1,926,175
Debt
Debts falling due within 1 year (97,530 ) 66,619 (30,911 )
(97,530 ) 66,619 (30,911 )
Total 1,402,518 492,746 1,895,264

DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. Statutory information

Drinkwater's Mushrooms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for goods provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at a point in time when a performance obligation is satisfied by transferring goods to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% Straight line
Short leasehold - 10% Reducing balance (excluding land)
Plant and machinery - 15% Reducing balance
Fixtures and fittings - 15% Reducing balance
Motor vehicles - 25% Reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


2. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors
2023 2022
£    £   
Wages and salaries 5,202,377 5,470,171
Social security costs 482,244 484,361
Other pension costs 167,555 171,203
5,852,176 6,125,735

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

Production 198 233
Administration and support 3 2
201 235

2023 2022
£    £   
Directors' remuneration 394,093 320,016
Directors' pension contributions to money purchase schemes 114,978 57,553

DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


3. Employees and directors - continued

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

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 255,640 209,494
Pension contributions to money purchase schemes 54,814 24,812

4. Operating profit

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

2023 2022
£    £   
Hire of plant and machinery 53,263 35,300
Other operating leases 183,473 194,140
Depreciation - owned assets 400,024 423,234
Loss/(profit) on disposal of fixed assets 26,497 (63,427 )
Auditors' remuneration 6,666 5,995
Foreign exchange differences 66 2,930

5. Interest payable and similar expenses
2023 2022
£    £   
Other interest payable 24,709 21,933

6. Taxation

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 46,981 (66,165 )

Deferred tax 77,987 63,405
Tax on profit 124,968 (2,760 )

DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


6. Taxation - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 178,600 285,344
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

33,934

54,215

Effects of:
Expenses not deductible for tax purposes 13,357 14,621
Capital allowances in excess of depreciation (12,722 ) (24,990 )
Increase from effect of different tax rates 90,399 -
Under provision prior year - (46,606 )
Total tax charge/(credit) 124,968 (2,760 )

7. Dividends
2023 2022
£    £   
Ordinary £1 A shares of £1 each
Interim 100,000 100,000

8. Tangible fixed assets
Freehold Short Plant and
property leasehold machinery
£    £    £   
Cost
At 1 June 2022 513,395 2,394,651 4,725,817
Additions - - 218,978
Disposals - - (209,383 )
At 31 May 2023 513,395 2,394,651 4,735,412
Depreciation
At 1 June 2022 162,436 1,775,981 3,412,902
Charge for year 10,128 61,867 227,386
Eliminated on disposal - - (185,452 )
At 31 May 2023 172,564 1,837,848 3,454,836
Net book value
At 31 May 2023 340,831 556,803 1,280,576
At 31 May 2022 350,959 618,670 1,312,915

DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


8. Tangible fixed assets - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Cost
At 1 June 2022 453,528 556,069 62,859 8,706,319
Additions - 47,888 8,783 275,649
Disposals (2,328 ) (5,500 ) (3,780 ) (220,991 )
At 31 May 2023 451,200 598,457 67,862 8,760,977
Depreciation
At 1 June 2022 258,838 347,982 53,098 6,011,237
Charge for year 27,953 63,384 9,306 400,024
Eliminated on disposal (1,906 ) (3,056 ) (3,780 ) (194,194 )
At 31 May 2023 284,885 408,310 58,624 6,217,067
Net book value
At 31 May 2023 166,315 190,147 9,238 2,543,910
At 31 May 2022 194,690 208,087 9,761 2,695,082

9. Stocks
2023 2022
£    £   
Stocks 573,080 520,098

10. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 879,684 955,345
Tax - 19,558
VAT 43,571 37,897
Prepayments 59,264 95,499
982,519 1,108,299

11. Creditors: amounts falling due within one year
2023 2022
£    £   
Other loans (see note 12) 30,911 97,530
Trade creditors 635,556 511,535
Tax 46,981 -
Social security and other taxes 169,128 193,194
Other creditors 139,753 123,090
Directors' current accounts 199,480 177,286
Accruals 481,351 429,987
1,703,160 1,532,622

DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


12. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Other loans 30,911 97,530

13. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 150,000 150,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £150,000 (2022 - £164,000).

14. Provisions for liabilities
2023 2022
£    £   
Deferred tax 366,958 288,971

Deferred
tax
£   
Balance at 1 June 2022 288,971
Provided during year 77,987
Balance at 31 May 2023 366,958

15. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 Ordinary £1 A £1 5,000 5,000
2,000 Ordinary £1 B £1 2,000 2,000
7,000 7,000

DRINKWATER'S MUSHROOMS LIMITED (REGISTERED NUMBER: 01540571)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


15. Called up share capital - continued

Rights, preferences and restrictions

Ordinary A Shares have the following rights, preferences and restrictions:
Full rights to dividends and right to attend and vote at general meetings of the company and to participate in distributions.
Right to repayment at par and to participate in distributions on winding up of the company.

Ordinary B shares have the following rights, preferences and restrictions:
No rights to attend and vote at general meetings of the company. Rights to dividends.
Right to repayment of the nominal value of each share in the event of a winding up of the company.

16. Reserves
Retained
earnings
£   

At 1 June 2022 3,994,934
Profit for the year 53,632
Dividends (100,000 )
At 31 May 2023 3,948,566