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REGISTERED NUMBER: 02919146 (England and Wales)





















HOUGHTON HAMS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 8

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13 to 14

Notes to the Financial Statements 15 to 26


HOUGHTON HAMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: N C W Wagstaff
Mrs J M Wagstaff
P Wagstaff





SECRETARY: Mrs J M Wagstaff





REGISTERED OFFICE: 58-60 Tenter Road
Moulton Park Industrial Estate
Northampton
Northamptonshire
NN3 6AX





REGISTERED NUMBER: 02919146 (England and Wales)





INDEPENDENT AUDITORS: Phipps Henson McAllister
Chartered Accountants
and Statutory Auditors
22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their strategic report for the year ended 31 March 2024.

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

We feel the overall results are encouraging, as the turnover has increased by 34.06%. The company's balance sheet has increased by £1,163,417 reflecting profitability for the year exceeding dividends paid. The directors are confident of achieving continued profitability and growth.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal financial risks faced by the company and their objectives and policies in relation to those risks are as follows;-

Cash flow risk

The company closely monitor and manage cash flow. Cash flow forecasts are prepared with the objective of alerting the directors to potential future risks. It is the company's policy to ensure that forecast funding requirements can be met from available facilities.

Credit risk

Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the company if it is unable to recover sums due from customers. Setting maximum levels of credit tolerance for more significant customers and regularly reviewing these levels mitigate this.

KEY PERFORMANCE INDICATORS
We consider our key performance indicators are those that communicate the financial performance and strength of the company, these being turnover, profits and return on net assets.

The overall results continue to improve and remain encouraging.

Turnover has increased by 34.06% compared to the previous year.

Return on net assets for the year was 34.66% (2023 : 33.36%) Return on net assets is calculated as profit on ordinary activities for the year before taxation as a percentage of net assets.

Operating profit for the year was £2,270,428 (2023 : £1,819,202)

ON BEHALF OF THE BOARD:





N C W Wagstaff - Director


27 August 2024

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of producers of cured cooked ham and pork meat products.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £ 668,900 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

N C W Wagstaff
Mrs J M Wagstaff
P Wagstaff

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 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.

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Phipps Henson McAllister, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N C W Wagstaff - Director


27 August 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOUGHTON HAMS LIMITED


Opinion
We have audited the financial statements of Houghton Hams Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 March 2024 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOUGHTON HAMS LIMITED


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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 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, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HOUGHTON HAMS LIMITED


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.

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the sector
in which they operate. We determined that the following laws and regulations were most significant: the
Companies Act 2006 and UK corporate taxation laws.
- We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by
making inquiries to the management. We corroborated our inquiries through our review of board minutes and
other papers.
- We assessed the susceptibility of the Company's financial statements to material misstatement, including how
fraud might occur. Audit procedures performed by the engagement team included:
- identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud;
- understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process;
- challenging assumptions and judgments made by management in its significant accounting estimates;
- identifying and testing journal entries, in particular any journal entries posted with unusual account
combinations; and
- assessing the extent of compliance with the relevant laws and regulations.

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from an error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

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
HOUGHTON HAMS 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.




Stuart Armstrong FCCA (Senior Statutory Auditor)
for and on behalf of Phipps Henson McAllister
Chartered Accountants
and Statutory Auditors
22-24 Harborough Road
Kingsthorpe
Northampton
NN2 7AZ

27 August 2024

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

TURNOVER 4 20,999,273 15,664,188

Cost of sales 15,163,202 10,995,716
GROSS PROFIT 5,836,071 4,668,472

Administrative expenses 3,570,261 2,854,499
2,265,810 1,813,973

Other operating income 4,618 5,229
OPERATING PROFIT 6 2,270,428 1,819,202

Interest receivable and similar income 36,529 10,069
2,306,957 1,829,271

Interest payable and similar expenses 7 13,216 9,375
PROFIT BEFORE TAXATION 2,293,741 1,819,896

Tax on profit 8 461,424 252,264
PROFIT FOR THE FINANCIAL YEAR 1,832,317 1,567,632

OTHER COMPREHENSIVE INCOME
Revaluation reserve - 174,543
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE
YEAR, NET OF INCOME TAX

-

174,543
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

1,832,317

1,742,175

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,819,075 1,712,314

CURRENT ASSETS
Stocks 11 844,744 740,309
Debtors 12 2,780,805 2,367,021
Cash at bank and in hand 3,997,993 2,528,896
7,623,542 5,636,226
CREDITORS
Amounts falling due within one year 13 3,562,224 1,610,936
NET CURRENT ASSETS 4,061,318 4,025,290
TOTAL ASSETS LESS CURRENT LIABILITIES 6,880,393 5,737,604

CREDITORS
Amounts falling due after more than one year 14 (93,185 ) (130,060 )

PROVISIONS FOR LIABILITIES 18 (168,621 ) (152,374 )
NET ASSETS 6,618,587 5,455,170

CAPITAL AND RESERVES
Called up share capital 19 25,000 25,000
Revaluation reserve 20 174,543 174,543
Retained earnings 20 6,419,044 5,255,627
SHAREHOLDERS' FUNDS 6,618,587 5,455,170

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





N C W Wagstaff - Director


HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 25,000 4,407,995 - 4,432,995

Changes in equity
Dividends - (720,000 ) - (720,000 )
Total comprehensive income - 1,567,632 174,543 1,742,175
Balance at 31 March 2023 25,000 5,255,627 174,543 5,455,170

Changes in equity
Dividends - (668,900 ) - (668,900 )
Total comprehensive income - 1,832,317 - 1,832,317
Balance at 31 March 2024 25,000 6,419,044 174,543 6,618,587

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,877,212 1,709,665
Interest paid (13,216 ) (9,375 )
Tax paid (172,078 ) (439,545 )
Net cash from operating activities 2,691,918 1,260,745

Cash flows from investing activities
Purchase of tangible fixed assets (526,556 ) (456,999 )
Sale of tangible fixed assets - (1 )
Interest received 36,529 10,069
Net cash from investing activities (490,027 ) (446,931 )

Cash flows from financing activities
Loan repayments in year (48,878 ) (49,936 )
Amount introduced by directors 880,366 -
Amount withdrawn by directors - (431 )
Government grants 4,618 5,229
Transfer of property from directors (900,000 ) -
Equity dividends paid (668,900 ) (720,000 )
Net cash from financing activities (732,794 ) (765,138 )

Increase in cash and cash equivalents 1,469,097 48,676
Cash and cash equivalents at beginning of
year

2

2,528,896

2,480,220

Cash and cash equivalents at end of year 2 3,997,993 2,528,896

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 2,293,741 1,819,896
Depreciation charges 319,415 249,233
Loss on disposal of fixed assets 382 2,924
Government grants (4,618 ) (5,229 )
Finance costs 13,216 9,375
Finance income (36,529 ) (10,069 )
2,585,607 2,066,130
Increase in stocks (104,435 ) (346,234 )
Increase in trade and other debtors (414,215 ) (525,457 )
Increase in trade and other creditors 810,255 515,226
Cash generated from operations 2,877,212 1,709,665

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 March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 3,997,993 2,528,896
Year ended 31 March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 2,528,896 2,480,220


HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 2,528,896 1,469,097 3,997,993
2,528,896 1,469,097 3,997,993
Debt
Debts falling due within 1 year (49,972 ) 12,004 (37,968 )
Debts falling due after 1 year (130,060 ) 36,875 (93,185 )
(180,032 ) 48,879 (131,153 )
Total 2,348,864 1,517,976 3,866,840

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Houghton Hams 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to leasehold property - straight line between 5 and 10 years
Plant and machinery - 20% on cost
Fixtures and office equipment - 20% on cost
Motor vehicles - 25% on reducing balance

No depreciation is provided on the freehold land as this is not required under FRS102, the freehold building is not being depreciated as the estimated useful life exceeds 50 years and it is felt that the depreciation is immaterial and would not influence the decisions of a user of the accounts.

In accordance with FRS102 an annual impairment review is conducted on the freehold building to ensure the carrying value is less than or equal to the recoverable amount.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including duties and transport and handling directly attributable to bringing the inventory to its present location and condition.

At the end of each reporting period stocks are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.


HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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
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.

Debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

To be able to prepare financial statements in accordance with FRS102, Houghton Hams Limited must make certain estimates and judgements that have an impact on the policies and the amounts reported in the annual accounts. The estimates and judgement are based on historical experiences and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgements are made. Actual experience may vary from these estimates.
The estimates and assumptions which have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below:

Inventory Provisions
Houghton Hams Limited writes down inventories to net realisable value based on an estimate of the realisability of inventories. Write downs on inventories are recorded where events or changes in circumstances indicate that the current carrying values may not realised. The write down will be recognised in the income statements in the year the change in estimate occurs.

Tangible Assets
Houghton Hams Limited determines the estimated useful lives, residual values and related depreciation charges for its property, plant and equipment with reference to the estimated periods that the company intends to derive future economic benefits from the use of these assets. Management will revise the depreciation charge where useful lives or residual values are materially different from those previously estimated. Actual economic lives may differ from estimated useful lives and actual residual values may differ from estimated residual values. Periodic review could result in a change in depreciable lives and residual values and therefore depreciation expenses in the future periods.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

Turnover of £20,999,274 (2023: £15,664,188) was all within United Kingdom.

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,401,246 1,702,505
Social security costs 223,491 128,870
Other pension costs 222,705 428,560
2,847,442 2,259,935

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administration 14 12
Production 76 67
Directors 3 3
93 82

2024 2023
£    £   
Directors' remuneration 34,366 24,583
Directors' pension contributions to money purchase schemes 180,000 160,000

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

Money purchase schemes 3 3

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 37,091 45,273
Rent 138,184 93,500
Depreciation - owned assets 319,413 249,234
Loss on disposal of fixed assets 382 2,924
Auditors' remuneration 12,504 11,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Mortgage interest 13,216 9,375

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 555,981 282,882
Corporation tax adjustment - prior years (110,804 ) (92,761 )
Total current tax 445,177 190,121

Deferred tax 16,247 62,143
Tax on profit 461,424 252,264

UK corporation tax has been charged at 25% (2023 - 19%).

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

2024 2023
£    £   
Profit before tax 2,293,741 1,819,896
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

573,435

345,780

Effects of:
Expenses not deductible for tax purposes 3,717 -
Capital allowances in excess of depreciation (21,267 ) (63,454 )
Loss on disposal of assets 96 556
Deferred tax 16,247 62,143
Prior year R&D refund (110,804 ) (92,761 )

Total tax charge 461,424 252,264

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 March 2024.


HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. TAXATION - continued
2023
Gross Tax Net
£    £    £   
Revaluation reserve 174,543 - 174,543

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 668,900 720,000

10. TANGIBLE FIXED ASSETS
Improvements
to
Freehold leasehold Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 April 2023 865,000 581,969 3,097,099
Additions 995,869 86,270 327,929
Disposals - - -
At 31 March 2024 1,860,869 668,239 3,425,028
DEPRECIATION
At 1 April 2023 - 439,353 2,626,320
Charge for year - 23,341 232,742
Eliminated on disposal - - -
At 31 March 2024 - 462,694 2,859,062
NET BOOK VALUE
At 31 March 2024 1,860,869 205,545 565,966
At 31 March 2023 865,000 142,616 470,779

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. TANGIBLE FIXED ASSETS - continued

Fixtures
and
office Motor
equipment vehicles Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 322,797 357,609 5,224,474
Additions 16,488 - 1,426,556
Disposals (1,910 ) - (1,910 )
At 31 March 2024 337,375 357,609 6,649,120
DEPRECIATION
At 1 April 2023 288,969 157,518 3,512,160
Charge for year 13,307 50,023 319,413
Eliminated on disposal (1,528 ) - (1,528 )
At 31 March 2024 300,748 207,541 3,830,045
NET BOOK VALUE
At 31 March 2024 36,627 150,068 2,819,075
At 31 March 2023 33,828 200,091 1,712,314

During the year, properties owned by certain directors were transferred to ownership by the company.

Cost or valuation at 31 March 2024 is represented by:

Improvements
to
Freehold leasehold Plant and
property property machinery
£    £    £   
Valuation in 2023 174,543 - -
Cost 1,686,326 668,239 3,425,028
1,860,869 668,239 3,425,028

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. TANGIBLE FIXED ASSETS - continued

Fixtures
and
office Motor
equipment vehicles Totals
£    £    £   
Valuation in 2023 - - 174,543
Cost 337,375 357,609 6,474,577
337,375 357,609 6,649,120

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 690,457 690,457

Freehold land and buildings were valued on an open market basis on 31 March 2023 by Underwoods LLP .

11. STOCKS
2024 2023
£    £   
Stocks 844,744 740,309

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,598,848 1,915,590
Other debtors 15,393 -
Amount due from Factoring
Company 9,352 166,222
Directors' current accounts - 431
Tax 13,744 107,812
VAT 90,334 95,486
Prepayments 53,134 81,480
2,780,805 2,367,021

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 37,968 49,972
Trade creditors 1,180,047 1,012,375
Corporation tax 555,981 282,882
Social security and other taxes 47,861 -
Other creditors 11,216 11,472
Directors' current accounts 879,935 -
Accruals and deferred income 849,216 254,235
3,562,224 1,610,936

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 93,185 130,060

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 37,968 49,972

Amounts falling due between one and two years:
Bank loans - 1-2 years 14,776 39,494

Amounts falling due between two and five years:
Bank loans - 2-5 years 44,327 44,216

Amounts falling due in more than five years:

Repayable by instalments
Bank Loans over 5 years 34,082 46,350

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 7,611 7,611
Between one and five years 13,319 20,930
20,930 28,541

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 131,153 180,032

The bank loans are secured against the company's freehold property.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 168,621 152,374

Deferred
tax
£   
Balance at 1 April 2023 152,374
Accelerated capital allowances 16,247
Balance at 31 March 2024 168,621

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
NIL Ordinary £1 - 25,000
(2023 - 25,000 )
8,334 A Ordinary £1 8,334 -
4,167 B Ordinary £1 4,167 -
4,166 C Ordinary £1 4,166 -
4,167 D Ordinary £1 4,167 -
4,166 E Ordinary £1 4,166 -
25,000 25,000

During the year, the Company reclassified its Ordinary Shares as A, B, C, D and E Ordinary Shares.

20. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 5,255,627 174,543 5,430,170
Profit for the year 1,832,317 1,832,317
Dividends (668,900 ) (668,900 )
At 31 March 2024 6,419,044 174,543 6,593,587

Retained earnings comprise accumulated profits and losses.

The Revaluation reserve is a non-distributable reserve arising on revaluation of certain freehold properties.

21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £11,216 (2023: £11,472) were payable to the fund at the balance sheet date and are included in other creditors.

22. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 18,000 18,000

HOUGHTON HAMS LIMITED (REGISTERED NUMBER: 02919146)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
N C W Wagstaff
Balance outstanding at start of year 144 4,515
Amounts advanced 174,269 144
Amounts repaid (614,400 ) (4,515 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (439,987 ) 144

Mrs J M Wagstaff
Balance outstanding at start of year 144 4,515
Amounts advanced 174,308 144
Amounts repaid (614,400 ) (4,515 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (439,948 ) 144

P Wagstaff
Balance outstanding at start of year 143 4,515
Amounts advanced 175,105 143
Amounts repaid (175,248 ) (4,515 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 143

24. RELATED PARTY DISCLOSURES

During the year the company paid rent of £101,000 (2023 - £52,000) to N & J Wagstaff, who are directors of the company.

25. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party. all shares are held in equal proportion between members of the Wagstaff family, of which Mr. N C W Wagstaff, Mrs J M Wagstaff and Mr. P Wagstaff are directors.