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REGISTERED NUMBER: 08764950 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 May 2023

for

A & C Poultry Ltd

A & C Poultry Ltd (Registered number: 08764950)

Contents of the Financial Statements
for the Year Ended 31 May 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


A & C Poultry Ltd

Company Information
for the Year Ended 31 May 2023







DIRECTORS: CD Watts
AJ Watts
DF Watts
Mrs SL Watts





REGISTERED OFFICE: Little Froome Farm
Avenbury
Bromyard
HR7 4RX





REGISTERED NUMBER: 08764950 (England and Wales)





ACCOUNTANTS: The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
A & C Poultry Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A & C Poultry Ltd for the year ended 31 May 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of A & C Poultry Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A & C Poultry Ltd and state those matters that we have agreed to state to the Board of Directors of A & C Poultry Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & C Poultry Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A & C Poultry Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of A & C Poultry Ltd. You consider that A & C Poultry Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A & C Poultry Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






The Hutchinson Partnership Limited
trading as The Hutchinson Partnership
Chartered Accountants
The Bull Pen
Grove Farm
Portway, Burghill
Hereford
HR4 8NF


6 February 2024

A & C Poultry Ltd (Registered number: 08764950)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,491,192 4,088,273

CURRENT ASSETS
Stocks 158,894 37,823
Debtors 5 291,425 770,527
Cash at bank 57,700 59,182
508,019 867,532
CREDITORS
Amounts falling due within one year 6 600,276 540,903
NET CURRENT (LIABILITIES)/ASSETS (92,257 ) 326,629
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,398,935

4,414,902

CREDITORS
Amounts falling due after more than one
year

7

(3,779,224

)

(4,072,850

)

PROVISIONS FOR LIABILITIES 9 (250,166 ) (207,059 )
NET ASSETS 369,545 134,993

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 368,545 133,993
SHAREHOLDERS' FUNDS 369,545 134,993

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

A & C Poultry Ltd (Registered number: 08764950)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:




CD Watts - Director



AJ Watts - Director


A & C Poultry Ltd (Registered number: 08764950)

Notes to the Financial Statements
for the Year Ended 31 May 2023


1. STATUTORY INFORMATION

A & C Poultry Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have considered the financial requirements of the company and although it has net current liabilities, it is considered to to be able to operate within its agreed finance facilities for the next 12 months. The directors therefore consider it appropriate to prepare accounts on the going concern basis.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - straight line over 100 years
Improvements to property - 4% on cost
Plant and machinery - 15% on reducing balance, 6.67% on cost, 5% on cost and 4% on cost

No depreciation is charged on freehold land.

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

The company has the following biological assets which are valued as disclosed:

Livestock - poultry - valued at cost amortised over the productive life of the bird.

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


A & C Poultry Ltd (Registered number: 08764950)

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.

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

The average number of employees during the year was 13 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST
At 1 June 2022 1,543,441 872,066 3,003,231 5,418,738
Additions - 59,491 623,460 682,951
At 31 May 2023 1,543,441 931,557 3,626,691 6,101,689
DEPRECIATION
At 1 June 2022 17,533 222,164 1,090,768 1,330,465
Charge for year 4,669 37,262 238,101 280,032
At 31 May 2023 22,202 259,426 1,328,869 1,610,497
NET BOOK VALUE
At 31 May 2023 1,521,239 672,131 2,297,822 4,491,192
At 31 May 2022 1,525,908 649,902 1,912,463 4,088,273

Included in the cost of freehold property is freehold land of £1,076,582 (2022 - £1,076,582) which is not depreciated.

A & C Poultry Ltd (Registered number: 08764950)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


4. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 59,743 (2022 - £ 63,477 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 263,345 166,051
Prepayments 28,080 581,461
VAT - 23,015
291,425 770,527

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 395,828 291,103
Hire purchase contracts 12,910 12,164
Trade creditors 109,664 151,220
Social security and other taxes 2,382 2,802
VAT 10,345 -
Directors' current accounts 63,510 78,642
Accruals and deferred income 4,155 3,490
Deferred government grants 1,482 1,482
600,276 540,903

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 285,693 263,856
Bank loans - 2-5 years 814,395 672,442
Bank loans more than 5 years 2,544,729 2,987,972
Bank loans more 5 yrs non-inst 101,406 101,187
Hire purchase contracts 19,657 32,567
Deferred government grants 13,344 14,826
3,779,224 4,072,850

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 101,406 101,187

Repayable by instalments
Bank loans more than 5 years 2,544,729 2,987,972

A & C Poultry Ltd (Registered number: 08764950)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 4,142,051 4,316,560
Hire purchase contracts 32,567 -
4,174,618 4,316,560

The bank loans are secured against land and property at Little Froome Farm, Bromyard owned by DF and Mrs SL Watts; land, agricultural buildings and a residential farmhouse at Lower Crundelend Farm, Stanford Bridge; 63 acres of land at Upton Snodsbury and a floating charge over the assets of the company.

A personal guarantee limited to £1,200,000 has been provided by DF and Mrs SL Watts (two of the directors) against the AMC loans.

Hire purchase agreements are secured against the assets to which they relate.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated Capital Allowances 389,278 263,306
Revenue losses (139,112 ) (56,247 )
250,166 207,059

Deferred
tax
£   
Balance at 1 June 2022 207,059
Charge to Statement of Income and Retained Earnings during year 43,107
Balance at 31 May 2023 250,166

10. RELATED PARTY DISCLOSURES

During the year the company sold £444,385 (2022 - £nil) of feed to a partnership of which the directors of this company are also partners.