REGISTERED NUMBER: 02627984 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DUNSTERS FARM (HOLDINGS) LTD |
REGISTERED NUMBER: 02627984 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
DUNSTERS FARM (HOLDINGS) LTD |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
DUNSTERS FARM (HOLDINGS) LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
7 Lower Brook Street |
Oswestry |
Shropshire |
SY11 2HG |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The Group's main trading company, Dunsters Farm Limited, is a leading independent, family-owned Foodservice Wholesaler, who specialise in providing a wide range of products to a range of customers within the leisure, hospitality, education and care sectors. |
The Group continued to show resilience and grow despite a number of challenges in the macroeconomic environment. |
We are proud of the heritage and the family values of the business but do not dwell on the past. We are a forward-thinking team who are committed to doing business the right way by providing excellent service to our customers, looking after our team and supporting the communities in which we serve. |
2023 has been a landmark year; our 60th year of trading marked a significant expansion of our range and reach for frozen distribution to build on our already strong chilled and ambient range. This expansion set us up to win some significant contracts, which materialised in the latter part of the year. |
FINANCIAL REVIEW AND KEY FINANCIAL PERFORMANCE INDICATORS |
The Group considers the key financial performance indicators to be turnover and profit before tax - these are detailed in the attached. Revenue has increased by £6,75 million arising from a robust growth plan. Non-financial KPIs include our service level to customers, our suppliers' service level to us, team absence rates and retention rates, community impact and reportable accidents. In addition to these key metrics, we also actively measure and monitor our sustainability and drive improvement actions to ensure we continue to reduce the impact we have as a business on the local and national environment. |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the Group are continued inflation, product availability, customer demand, our ability to win and retain business, and fluctuations in the labour market. |
As part of the management of the Group the directors have established controls in place to respond to and to mitigate the impact of such risks which are all capable of impacting the Group's profitability. |
Significant food inflation continued in 2023 but did start to ease. We have mitigated this risk by adjusting new contracts and ensuring that we regularly review pricing to reflect the current reality of a more inflationary environment. |
The UK labour market is a key risk to the Group as we deem it important that we recruit and retain the best people to deliver market-leading customer service. Wage inflation is an ongoing risk and our People team constantly review and enhance our benefits package, recruitment and onboarding processes in order to mitigate this. |
Customer-demand in the leisure, destination and casual dining sectors is a function of consumer confidence and in the context of the wider macro-economic picture this is a risk. We mitigate this risk somewhat by being very strong in public-sector catering. |
Our ability to win and retain business is key in a competitive marketplace and allows us to continue our growth. The loss of key customers and / or an increase in bad debts is naturally a risk to the Group. We mitigate this risk by monitoring how balanced our customer base, targeting business with a lower risk profile and through continuously monitoring and improving our credit control processes. |
The Directors consider that effective risk management is critical to enabling the delivery of the long-term strategy of the Group. Profit and cash forecasts are reviewed on a regular basis by the Directors, as is the monitoring of actual performance against those forecasts. Regular profit and cash forecasting is used to aid the Board for when making decisions for the short, medium, and long term. |
ON BEHALF OF THE BOARD: |
4 September 2024 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
The directors recommend that no final dividend shall be voted. |
The total distribution of dividends for the year ended 31st December 2023 will be £46,000 at £131.0526 per share. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he 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 group's auditors are aware of that information. |
AUDITORS |
The auditors, D.R.E. & Co. (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DUNSTERS FARM (HOLDINGS) LTD |
Opinion |
We have audited the financial statements of Dunsters Farm (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DUNSTERS FARM (HOLDINGS) LTD |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DUNSTERS FARM (HOLDINGS) LTD |
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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
-the 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 regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the client's operating sector; |
-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, employment, environmental and health and safety legislation; |
-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
-making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and |
-reviewing the client's system notes and internal controls. |
To address the risk of fraud through management bias and override of controls, we: |
-performed analytical procedures to identify any unusual or unexpected relationships; |
-tested journal entries to identify unusual transactions; |
-assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; |
-investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
-agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
-enquiring of management as to actual and potential litigation and claims; |
-reviewing correspondence with HMRC. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DUNSTERS FARM (HOLDINGS) LTD |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
7 Lower Brook Street |
Oswestry |
Shropshire |
SY11 2HG |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER | 29,268,375 | 22,515,258 |
Cost of sales | (21,856,281 | ) | (16,696,880 | ) |
GROSS PROFIT | 7,412,094 | 5,818,378 |
Distribution costs | (668,719 | ) | (556,402 | ) |
Administrative expenses | (5,867,541 | ) | (4,127,743 | ) |
875,834 | 1,134,233 |
Other operating income | 6,999 | 14,000 |
OPERATING PROFIT | 5 | 882,833 | 1,148,233 |
Interest receivable and similar income | 4,629 | 980 |
887,462 | 1,149,213 |
Interest payable and similar expenses | 6 | (31,657 | ) | (16,340 | ) |
PROFIT BEFORE TAXATION | 855,805 | 1,132,873 |
Tax on profit | 7 | (237,113 | ) | (235,721 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 618,692 | 897,152 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 618,692 | 897,152 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
618,692 |
897,152 |
Total comprehensive income attributable to: |
Owners of the parent | 618,692 | 897,152 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 692,857 | 711,501 |
Tangible assets | 11 | 1,125,818 | 791,389 |
Investments | 12 | - | - |
1,818,675 | 1,502,890 |
CURRENT ASSETS |
Stocks | 13 | 1,743,431 | 1,508,518 |
Debtors | 14 | 3,961,322 | 3,417,434 |
Investments | 15 | 2 | 2 |
Cash at bank and in hand | 1,138,587 | 1,213,489 |
6,843,342 | 6,139,443 |
CREDITORS |
Amounts falling due within one year | 16 | 5,022,562 | 4,494,818 |
NET CURRENT ASSETS | 1,820,780 | 1,644,625 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,639,455 |
3,147,515 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(503,766 |
) |
(707,858 |
) |
PROVISIONS FOR LIABILITIES | 21 | (269,469 | ) | (146,129 | ) |
NET ASSETS | 2,866,220 | 2,293,528 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 500 | 500 |
Retained earnings | 23 | 2,865,720 | 2,293,028 |
SHAREHOLDERS' FUNDS | 2,866,220 | 2,293,528 |
The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by: |
J J Mathew - Director |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 196,386 | 1,078,715 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | 500 | 1,463,076 | 1,463,576 |
Changes in equity |
Dividends | - | (67,200 | ) | (67,200 | ) |
Total comprehensive income | - | 897,152 | 897,152 |
Balance at 31 December 2022 | 500 | 2,293,028 | 2,293,528 |
Changes in equity |
Dividends | - | (46,000 | ) | (46,000 | ) |
Total comprehensive income | - | 618,692 | 618,692 |
Balance at 31 December 2023 | 500 | 2,865,720 | 2,866,220 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,104,758 | 1,604,445 |
Interest paid | (31,657 | ) | (16,340 | ) |
Tax paid | (278,607 | ) | (6,609 | ) |
Net cash from operating activities | 794,494 | 1,581,496 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (62,783 | ) | (766,396 | ) |
Purchase of tangible fixed assets | (642,221 | ) | (527,662 | ) |
Sale of tangible fixed assets | 63,642 | - |
Interest received | 4,629 | 980 |
Net cash from investing activities | (636,733 | ) | (1,293,078 | ) |
Cash flows from financing activities |
Loan repayments in year | (138,730 | ) | (141,278 | ) |
Capital repayments in year | (8,767 | ) | (5,580 | ) |
Amount introduced by directors | - | 47,200 |
Amount withdrawn by directors | (46,165 | ) | (500 | ) |
Government grants received | 6,999 | 14,000 |
Equity dividends paid | (46,000 | ) | (67,200 | ) |
Net cash from financing activities | (232,663 | ) | (153,358 | ) |
(Decrease)/increase in cash and cash equivalents | (74,902 | ) | 135,060 |
Cash and cash equivalents at beginning of year |
2 |
1,213,489 |
1,078,429 |
Cash and cash equivalents at end of year | 2 | 1,138,587 | 1,213,489 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation | 855,805 | 1,132,873 |
Depreciation charges | 356,122 | 243,176 |
(Profit)/loss on disposal of fixed assets | (30,545 | ) | 29,067 |
Government grants | (6,999 | ) | (14,000 | ) |
Finance costs | 31,657 | 16,340 |
Finance income | (4,629 | ) | (980 | ) |
1,201,411 | 1,406,476 |
Increase in stocks | (234,913 | ) | (774,571 | ) |
Increase in trade and other debtors | (543,888 | ) | (1,279,437 | ) |
Increase in trade and other creditors | 682,148 | 2,251,977 |
Cash generated from operations | 1,104,758 | 1,604,445 |
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 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 1,138,587 | 1,213,489 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,213,489 | 1,078,429 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,213,489 | (74,902 | ) | 1,138,587 |
1,213,489 | (74,902 | ) | 1,138,587 |
Liquid resources |
Current asset investments | 2 | - | 2 |
2 | - | 2 |
Debt |
Finance leases | (51,590 | ) | 8,767 | (42,823 | ) |
Debts falling due within 1 year | (116,667 | ) | (23,337 | ) | (140,004 | ) |
Debts falling due after 1 year | (360,386 | ) | 162,067 | (198,319 | ) |
(528,643 | ) | 147,497 | (381,146 | ) |
Total | 684,848 | 72,595 | 757,443 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Dunsters Farm (Holdings) Ltd is a |
2. | STATEMENT OF COMPLIANCE |
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. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling (£), rounded to the nearest £1. |
These financial statements are for the group as well as for the individual entity. |
Basis of consolidation |
The consolidated financial statements present the results of the parent company and its subsidiaries ("the group") as they form a single business entity. Intercompany transactions and balances between group companies are therefor eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. they are deconsolidated from the date control ceases. |
Significant judgements and estimates |
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision only affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
Grants for immediate financial support or to cover costs are recognised in the profit and loss account on the date received. |
Grants are recognised in the profit and loss based on the performance model. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are recognised in the group's balance sheet when the company becomes party to the contractual provisions on the instrument. |
The group only enters into transactions in 'basic' financial instruments which result in the recognition of assets and other liabilities; these include trade and other debtors and creditors, bank balances, loans form banks and other third parties, and loans to related parties. |
Basic financial assets (other than those classified as receivable within one year) are initially measured at cost, and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classified as receivable within one year are not amortised. |
Basic financial liabilities (other than those classified as payable within one year) are initially recognised at present value of future cash flows and subsequently amortised cost using the effective interest method. Basic financial liabilities classified as payable within one year are not amortised. |
Financial assets and liabilities are offset, with the net amounts reported in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling as at the date of the transaction. Exchange differences are taken into account in arriving at the operating result. |
Current asset investments |
Current asset investments are valued at cost less any provision for diminution in value with the exception of listed investments which are shown at market value. |
Fixed asset investments |
Fixed asset investments includes the group share of investments in associated companies. |
4. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries | 3,258,120 | 2,425,475 |
Social security costs | 223,775 | 175,223 |
Other pension costs | 322,376 | 45,824 |
3,804,271 | 2,646,522 |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Office and administration | 14 | 16 |
Sales, marketing and distribution | 101 | 71 |
115 | 87 |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration | 196,143 | 197,171 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery | 70,255 | 77,702 |
Other operating leases | 256,638 | 190,886 |
Depreciation - owned assets | 274,695 | 188,281 |
(Profit)/loss on disposal of fixed assets | (30,545 | ) | 29,067 |
Goodwill amortisation | 72,640 | 54,480 |
Development costs amortisation | 8,787 | 415 |
Auditors' remuneration | 26,167 | 36,625 |
Auditors' remuneration for non audit work | 16,349 | 7,808 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Bank loan interest | 29,584 | 16,340 |
Other interest | 2,073 | - |
31,657 | 16,340 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | 113,773 | 150,340 |
Deferred tax | 123,340 | 85,381 |
Tax on profit | 237,113 | 235,721 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax | 855,805 | 1,132,873 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19 %) |
213,951 |
215,246 |
Effects of: |
Expenses not deductible for tax purposes | 2,299 | 7,110 |
Capital allowances in excess of depreciation | (113,481 | ) | (72,016 | ) |
Consolidation adjustments | 18,160 | - |
Effects of rate movement | (7,156 | ) | 18,637 |
Deferred tax | 123,340 | 66,744 |
Total tax charge | 237,113 | 235,721 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
31.12.23 | 31.12.22 |
£ | £ |
Ordinary shares of 1 each |
Final | - | 67,200 |
Interim | 46,000 | - |
46,000 | 67,200 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Development |
Goodwill | costs | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 726,396 | 40,000 | 766,396 |
Additions | - | 62,783 | 62,783 |
At 31 December 2023 | 726,396 | 102,783 | 829,179 |
AMORTISATION |
At 1 January 2023 | 54,480 | 415 | 54,895 |
Amortisation for year | 72,640 | 8,787 | 81,427 |
At 31 December 2023 | 127,120 | 9,202 | 136,322 |
NET BOOK VALUE |
At 31 December 2023 | 599,276 | 93,581 | 692,857 |
At 31 December 2022 | 671,916 | 39,585 | 711,501 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 January 2023 | 25,000 | 539,680 | 13,485 |
Additions | - | 126,202 | 158 |
Disposals | (12,285 | ) | (28,138 | ) | (1,306 | ) |
At 31 December 2023 | 12,715 | 637,744 | 12,337 |
DEPRECIATION |
At 1 January 2023 | 7,500 | 391,042 | 12,541 |
Charge for year | 2,355 | 56,973 | 134 |
Eliminated on disposal | (1,850 | ) | (34,136 | ) | (1,306 | ) |
At 31 December 2023 | 8,005 | 413,879 | 11,369 |
NET BOOK VALUE |
At 31 December 2023 | 4,710 | 223,865 | 968 |
At 31 December 2022 | 17,500 | 148,638 | 944 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 1,195,377 | 66,178 | 1,839,720 |
Additions | 513,881 | 1,980 | 642,221 |
Disposals | (242,805 | ) | (21,627 | ) | (306,161 | ) |
At 31 December 2023 | 1,466,453 | 46,531 | 2,175,780 |
DEPRECIATION |
At 1 January 2023 | 578,718 | 58,530 | 1,048,331 |
Charge for year | 210,889 | 4,344 | 274,695 |
Eliminated on disposal | (214,145 | ) | (21,627 | ) | (273,064 | ) |
At 31 December 2023 | 575,462 | 41,247 | 1,049,962 |
NET BOOK VALUE |
At 31 December 2023 | 890,991 | 5,284 | 1,125,818 |
At 31 December 2022 | 616,659 | 7,648 | 791,389 |
Included within the above are assets held under hire purchase agreements. |
Motor vehicles held on hire purchase agreements have a carrying value of £31,363 (2022: £41,817) and |
depreciation charges for the year of £10,454 (2022: £10,454). |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
31.12.23 | 31.12.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
13. | STOCKS |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Stocks | 1,743,431 | 1,508,518 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Trade debtors | 3,316,005 | 2,831,874 |
Amounts owed by group undertakings | - | - |
Other debtors | 102,944 | 21,125 |
Amounts owed by related parties | 243,830 | 237,657 | - | - |
VAT | 64,303 | 121,841 |
Prepayments and accrued income | 234,240 | 204,937 |
3,961,322 | 3,417,434 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
15. | CURRENT ASSET INVESTMENTS |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Unlisted investments | 2 | 2 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 140,004 | 116,667 |
Hire purchase contracts (see note 19) | 42,823 | 9,565 |
Trade creditors | 3,715,625 | 2,754,448 |
Tax | 10,530 | 175,364 |
Social security and other taxes | 69,852 | 46,197 |
Other creditors | 534,121 | 952,991 |
Amounts owed to group undertakings | - | - |
Directors' loan accounts | 620 | 46,785 | - | - |
Accruals and deferred income | 508,987 | 392,801 |
5,022,562 | 4,494,818 |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.12.23 | 31.12.22 | 31.12.23 | 31.12.22 |
£ | £ | £ | £ |
Bank loans (see note 18) | 198,319 | 360,386 |
Hire purchase contracts (see note 19) | - | 42,025 |
Other creditors | 305,447 | 305,447 |
503,766 | 707,858 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 140,004 | 116,667 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 140,004 | 140,004 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 58,315 | 220,382 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.12.23 | 31.12.22 |
£ | £ |
Net obligations repayable: |
Within one year | 42,823 | 9,565 |
Between one and five years | - | 42,025 |
42,823 | 51,590 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans | 338,323 | 477,053 |
Hire purchase contracts | 42,823 | 51,590 |
381,146 | 528,643 |
National Westminster Bank PLC hold a debenture as security over all assets of Dunsters Farm Limited, which include a specific equitable charge over all freehold and leasehold properties. They also hold a guarantee for a third party of £300,000. |
21. | PROVISIONS FOR LIABILITIES |
Group |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 269,469 | 146,129 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 146,129 |
Provided during year | 123,340 |
Balance at 31 December 2023 | 269,469 |
DUNSTERS FARM (HOLDINGS) LTD (REGISTERED NUMBER: 02627984) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | 1 | 120 | 120 |
Ordinary A | 1 | 380 | 380 |
500 | 500 |
23. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | 2,293,028 |
Profit for the year | 618,692 |
Dividends | (46,000 | ) |
At 31 December 2023 | 2,865,720 |
The financial statements for the year ended 31st December 2022 show a closing Retained Earnings figure of £2,281,513. The closing Retained Earnings figure per the Statement of Changes in Equity was £2,293,028. The difference is due to a consolidation adjustment regarding the acquiting of The Little Food Company Ltd during 2022. The Retained Earnings figure brought forward in 2023 has therefore been restated to correct the difference. This restatement is immaterial and does not affect any opinion given. |
24. | CONTINGENT LIABILITIES |
A fixed and floating charge is held over the assets of The Little Food Company Limited. |
25. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
During the year, rent totalling £91,820 (2022: £80,792) was paid to J J & E L Mathew (Waterfold) Limited, a |
company which one of the directors has a controlling interest in. At the year end, a balance of £243,830 (2022:£237,657) was owed to the company. |
As at 31 December 2023, T Mathew and H Barlow each owed £60 to Dunsters Farm Limited. These amounts were repaid within 9 months of the year end. |
As at 31 December 2023 Dunsters Farm Limited owed £740 to J Mathew. |
During the year, a total of key management personnel compensation of £195,736 was paid (2022: £153,445) |
26. | ULTIMATE CONTROLLING PARTY |
Mrs Hannah Barlow and Mr Thomas Mathew are the ultimate controlling parties by virtue of their majority |
shareholding of the company. |