C & K Wood (U.K.) Limited Cover
C & K Wood (U.K.) Limited
Company No. 04252828
Directors' Report and Audited Financial Statements
31 October 2023
C & K Wood (U.K.) Limited Contents
Pages
Company Information
2
Strategic Report
3
Directors' Report
4
Auditor's Report
5 to 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Statement of Cash Flows
12
Notes to the Financial Statements
13 to 24
C & K Wood (U.K.) Limited Company Information
Directors
A.L. Bennett-Whitelock
S.L. Binns
T.J. Norton
Secretary
S.L. Binns
Registered Office
Hall Farm
Newton on Derwent
North Yorkshire
YO41 4DB
Auditor
Hansons
St Oswald House
St Oswald Street
Castleford
WF10 1DH
C & K Wood (U.K.) Limited Strategic Report
The Directors present their strategic report for the year ended 31 October 2023.
Business review
The company continues to supply vaccine eggs to Seqirus under the terms of the long-term supply contract.  The company also supplies eggs to the general commercial market.
For the year under review, the company has reported a profit before taxation of £8,552,728. The underlying trade of the company remains profitable, and margins have been maintained due the strong management team and consistent stable market during the period of non vaccine commercial eggs.
Financial and other key performance indicators:
The long-term supply contract with Seqirus is ongoing and the management and directors have no reason to believe this presents any increased risks to the business.  The company uses a range of KPI including daily monitoring and performance of eggs leaving each farm and managing the three principal cost categories on each of the farm ensuring yields are within budgeted performance criteria, such as pullet costs, feed costs and rents.  The directors also use other financial performance indicators, monitoring working capital and cashflow analysis throughout.
Principal risks and uncertainties
1
The principal risk facing the business will always be Avian Influenza threats being suffered throughout the industry and the country.  Disease control protocols and surveillance have been constant and are constantly reviewed and improved if required to mitigate any risk possible.  The company continues to uphold strict biosecurity rules throughout all business activities.
2
The market will always remain uncertain, however the management strategy remains on course to mitigate the risks and uncertainties wherever possible.
Signed on behalf of the board
A.L. Bennett-Whitelock
Director
31 July 2024
C & K Wood (U.K.) Limited Directors Report
The Directors present their report and the financial statements for the year ended 31 October 2023.
Principal activities
The principal activity of the company during the year under review was production and supply of eggs.

Directors
The Directors who served at any time during the year were as follows:
A.L. Bennett-Whitelock
S.L. Binns
T.J. Norton
Dividends
The total distribution of dividends for the year ended 31 October 2023 will be £6,000,000.
Statement of directors' responsibilities
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to:
*
select suitable accounting policies and then apply them consistently;
*
make judgements and estimates that are reasonable and prudent;
*
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statments; and
*
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 of disclosure of information to auditor
So far as the directors are aware, there is no relevant audit information 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 information and to establish that the company's auditors are aware of that information.
Signed on behalf of the board
A.L. Bennett-Whitelock
Director
31 July 2024
C & K Wood (U.K.) Limited Audit Report Unqualified
Independent Auditor's Report to the members of C & K Wood (U.K.) Limited
Opinion
We have audited the financial statements of C & K Wood (U.K.) Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the Notes to the Financial Statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• give a true and fair view of the state of the company's affairs as at 31 October 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 Auditor’s 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 accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 accounts are authorised for issue.
Our responsibilities and the responsibillities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based upon the work undertaken in the course of the audit:
• the information given in the strategic report and the directors' report for the financial year for which
the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the directors' report have been prepared in accordance with applicable
legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept, 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 directors’ responsibilities statement found in the directors' report, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non compliance with applicable laws and regulations.

• We identified the laws and regulation applicable to the company through discussions with directors
and management, and from our commercial knowledge of the sector in which the business operates.

• We focused on specific laws and regulations which we consider to have material effect on the financial
statements or the operations of the company, including the companies act 2006, taxation legalisation,
data protection, anti bribery, employment, environmental and health and safety.

• We assessed the extent of compliance with the laws and regulations mentioned above through
discussions with management and inspecting of legal correspondence.

• Identified laws and regulations were communicated with the audit team regularly and the team
remained alert to instances of non compliance during the audit
We assessed the susceptibility of the company financial statements to material misstatement, including
obtaining an understanding of how fraud may occur by
• Considering the internal controls in place to mitigate the risk of fraud and non compliance with laws
and regulations.

• Making enquires to management as to where they consider there was a susceptibility to fraud, their
knowledge of actual, suspected or alleged fraud
To address the risk of fraud through management bias and override of controls we:
• Performance analytical procedures to identify any unusual or unexpected relationships.

• Assess whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias.

• Investigated rational behind significant and unusual transaction.
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 the auditors report.
Use of this 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.
Mark Upex BA FCA
Senior Statutory Auditor
For and on behalf of
Hansons
Accountants and Statutory Auditors
St Oswald House
St Oswald Street
Castleford
WF10 1DH
31 July 2024
C & K Wood (U.K.) Limited Statement of Comprehensive Income
for the year ended 31 October 2023
Notes
2023
2022
£
£
Revenue
32,888,422
27,304,852
Cost of sales
(23,043,468)
(22,122,027)
Gross profit
9,844,954
5,182,825
Distribution costs and selling expenses
(200)
(200)
Administrative expenses
(1,615,087)
(1,200,050)
Other operating income
323,061
31,072
Operating profit
3
8,552,728
4,013,647
Profit on ordinary activities before taxation
8,552,728
4,013,647
Taxation
6
(2,603,901)
(763,349)
Profit for the financial year after taxation
5,948,827
3,250,298
Other comprehensive income
-
-
Total comprehensive income/(loss)
5,948,827
3,250,298
C & K Wood (U.K.) Limited Statement of Financial Position
at
31 October 2023
Company No.
04252828
Notes
2023
2022
£
£
Fixed assets
Intangible assets
7
--
Tangible assets
8
236,374285,634
236,374285,634
Current assets
Stocks
9
2,865,2333,461,903
Debtors
10
3,873,4352,565,999
Cash at bank and in hand
5,639,6696,369,636
12,378,33712,397,538
Creditors: Amount falling due within one year
11
(2,130,961)
(2,146,096)
Net current assets
10,247,37610,251,442
Total assets less current liabilities
10,483,75010,537,076
Provisions for liabilities
Deferred taxation
12
(19,493)
(21,646)
Net assets
10,464,25710,515,430
Capital and reserves
Called up share capital
13
400400
Profit and loss account
14
10,463,85710,515,030
Total equity
10,464,25710,515,430
Approved by the board on 31 July 2024 and signed on its behalf by:
A.L. Bennett-Whitelock
Director
31 July 2024
C & K Wood (U.K.) Limited Statement of Changes in Equity
for the year ended 31 October 2023
Share Capital
Retained earnings
Total equity
£
£
£
At 1 November 2021
400
8,264,732
8,265,132
Profit for the period
3,250,298
3,250,298
Dividends
(1,000,000)
(1,000,000)
At 31 October 2022 and 1 November 2022
40010,515,03010,515,430
Profit for the period
5,948,8275,948,827
Dividends
(6,000,000)
(6,000,000)
At 31 October 2023
40010,463,85710,464,257
C & K Wood (U.K.) Limited Statement of Cash Flows
for the year ended 31 October 2023
2023
2022
£
£
Cash flows from operating activities
Operating profit
8,552,728
4,013,645
Adjustments for:
Depreciation of property, plant and equipment
49,260
60,207
Loss on disposal of tangible fixed assets
-
18,740
Decrease/(Increase) in stocks
596,670
(863,800)
Increase in trade and other receivables
(2,245,188)
(854,333)
(Decrease)/Increase in trade and other payables
(783,437)
1,161,893
Net cash generated from operations
6,170,033
3,536,352
Income taxes paid
(900,000)
(1,200,000)
Net cash generated from operating activities
5,270,0332,336,352
Cash flows from investing activities
Net cash used in investing activities
-
(6,702)
Cash flows from financing activities
Equity dividends paid
(6,000,000)
(1,000,000)
Net cash used in financing activities
(6,000,000)
(1,000,000)
Net (decrease)/increase in cash and cash equivalents
(729,967)
1,329,650
Cash and cash equivalents at the beginning of the year
6,369,636
5,039,986
Cash and cash equivalents at the end of the year
5,639,669
6,369,636
Components of cash and cash equivalents
Cash and bank balances
5,639,669
6,369,636
5,639,669
6,369,636
C & K Wood (U.K.) Limited Notes to the Financial Statements
for the year ended 31 October 2023
1
General information
C & K Wood (U.K.) Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 04252828
Its registered office is:
Hall Farm
Newton on Derwent
North Yorkshire
YO41 4DB
The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
1
The financial statements have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue 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.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Tangible fixed assets and depreciation
Land and buildings held and used in the Company's own activities for production and supply of goods or for administrative purposes are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. Depreciation on revalued buildings is charged to profit or loss so as to write off their value, less residual value, over their estimated useful lives, using the straight-line method.

Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.
Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. Depreciation on plant and equipment is charged to profit or loss so as to write off their value, over their estimated useful lives, using the straight-line method.

Assets held under finance leases are depreciated in the same manner as owned assets.

At each balance sheet date, the Company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Plant and machinery
20% Reducing Balance
Motor vehicles
25% Reducing Balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For all other financial assets, objective evidence of impairment could include:
• significant financial difficulty of the issuer or counterparty; or
• breach of contract, such as a default or delinquency in interest or principal payments; or
• it becoming probable that the borrower will enter bankruptcy or financial re-organisation; or
• the disappearance of an active market for that financial asset because of financial difficulties.
Financial Instruments (Continued)
For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period of 50 days, as well as observable changes in national or local economic conditions that correlate with default on receivables.

For financial assets carried at amortised cost, the amount of the impairment loss recognised is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against
the allowance account. Changes in the carrying amount of the allowance account are recognised in profit or loss.

For financial assets measured at amortised cost, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognised.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Related parties
For the purposes of these financial statements, a party is considered to be related to the Company if:

• the party has the ability, directly or indirectly, through one or more intermediaries, to control the
Company or exercise significant influence over the company in making financial and operating policy
decisions, or has joint control over the Company;
• the Company and the party are subject to common control;
• the party is an associate of the Company or a joint venture in which the Company is a venturer;
• the party is a member of key management personnel of the Company or the Company’s parent, or a
close family member of such an individual, or is an entity under the control, joint control or
significant influence of such individuals;
• the party is a close family member of a party referred to in (i) or is an entity under the control, joint
control or significant influence of such individuals; or
• the party is a post-employment benefit plan which is for the benefit of employees of the
Company or of any entity that is a related party of the Company.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the periods in which they are incurred.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and
uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial position.
3
Operating Profit
2023
2022
This is stated after charging:
£
£
Depreciation of owned fixed assets
49,260
60,205
Auditors' remuneration for:
Audit of the company's annual accounts
5,950
5,750
4
Staff costs
2023
2022
Staff costs during the year (including directors) were as follows:
£
£
Wages and salaries
383,615
345,796
Social security costs
43,193
37,954
Other pension costs
24,449
20,642
Total in company
451,257
1
404,392
-
-
The average monthly number of employees (including directors) during the year was:
Number
Number
Administration
3
3
Production
6
6
Total in company
99
5
Directors' remuneration
2023
2022
Remuneration included within staff costs - Note 4 - in respect of directors was as follows:
£
£
Aggregate remuneration in respect of qualifying services
158,035
148,333
Total remuneration
158,035
1
148,333
6
Taxation
(a) Tax on profit on ordinary activities
2023
2022
The tax charge is made up as follows:
£
£
UK corporation tax
Charge for the period
1,956,356774,383
Charge for prior periods
649,698-
Total corporation tax
2,606,054774,383
Origination and reversal of timing differences
(2,153)
(11,034)
Total deferred tax
(2,153)
(11,034)
Tax on profit on ordinary activities
2,603,901763,349
(b) Factors affecting the total tax charge for the period
The tax assessed for the year is higher than the standard rate of corporation tax in the UK of 25% (2022: 19%). The differences are reconciled below:
Higher
2023
2022
465719
£
£
Profit on ordinary activities before tax
8,552,7284,013,647
Standard rate of corporation tax in the United Kingdom
25%
19%
Profit on ordinary activities multiplied by standard rate of corporation tax in the United Kingdom
2,138,182762,593
Expenses not deductible for tax purposes
31,675756
Adjustments to charge in respect of prior periods
649,698-
Part of accounting period at lower corporation tax rate of 19%
(215,654)
-
Tax on profit on ordinary activities
2,603,901763,349
7
Intangible fixed assets
Patents and trademarks
Total
£
£
Cost
At 1 November 2022
16,80016,800
At 31 October 2023
16,80016,800
Amortisation and impairment
At 1 November 2022
16,80016,800
At 31 October 2023
16,80016,800
Net book values
At 31 October 2023
--
At 31 October 2022
--
8
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost or revaluation
At 1 November 2022
485,8111,375,29998,6841,959,794
At 31 October 2023
485,8111,375,29998,6841,959,794
Depreciation and impairment
At 1 November 2022
413,1661,172,55488,4401,674,160
Charge for the year
6,58039,3873,29349,260
At 31 October 2023
419,7461,211,94191,7331,723,420
Net book values
At 31 October 2023
66,065163,3586,951236,374
At 31 October 2022
72,645202,74510,244285,634
9
Stocks
2023
2022
£
£
Finished goods
2,865,2333,461,903
2,865,2333,461,903
The carrying value of stock as at 31st October 2023 is £2,865,223. With opening stock at 1st November 2022,
recognised as an expense during the year of £3,461,903 With no impairment losses reversed during the year
and none pledged as security
10
Debtors
2023
2022
£
£
Trade debtors
1,150,9211,170,036
Corporation tax recoverable
-937,752
VAT recoverable
122,915122,037
Prepayments and accrued income
2,599,599336,174
3,873,4352,565,999
11
Creditors:
amounts falling due within one year
2023
2022
£
£
Trade creditors
1,150,8801,288,467
Corporation tax
768,302-
Other taxes and social security
17,30911,341
Accruals and deferred income
194,470846,288
2,130,9612,146,096
12
Provisions for liabilities
Deferred taxation
Accelerated capital allowances, losses and other timing differences
Total
£
£
At 1 November 2022
21,646
21,646
Charge to the profit and loss account for the period
(2,153)
(2,153)
At 31 October 2023
19,493
19,493
2023
2022
£
£
Accelerated capital allowances
19,49321,646
19,49321,646
Deferred Tax has been assed based on corporation tax rate of 25%. As based on profit levels and
current legalisation , this will be tax rate for financial year commencing April 2023
13
Share Capital
Called-up share capital represents the nominal value of shares that have been issued.
Nominal value
2023
2023
2022
£
Number
£
£
Allotted, called up and fully paid:
Ordinary A 1200200200
Ordinary B1100100100
Ordinary C1100100100
400400
Each Share is entitled to one vote in any circumstances. Dividend rights are same across all 3 classes of
shares. No preferences are given.
14
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
15
Reconciliation of net debt
At 1 November 2022
Cash flows
New HP/Finance leases
At 31 October 2023
£
£
£
£
Cash and cash equivalents
6,369,636
(729,967)
5,639,669
6,369,636
(729,967)
-
5,639,669
Net debt
6,369,636
(729,967)
-
5,639,669
16
Dividends
2023
2022
£
£
Dividends for the period:
Dividends by type:
Equity dividends
6,000,0001,000,000
6,000,000
1,000,000
17
Related party disclosures
Key management personnel
2023
2022
£
£
All directors and certain senior employees who have responsibility for planning directing and controlling the activities of the Company are considered to be key management personnel. Total remuneration in respect of these individuals is:
158,035148,333
Controlling party
Immediate controlling party:
No single party controls the company
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