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REGISTERED NUMBER: 00786115 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

DUNSTERS FARM LIMITED

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


DUNSTERS FARM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Ms H E Barlow
G Lumby
T J Mathew
J J Mathew
Mrs E L Mathew





SECRETARY: Mrs E L Mathew





REGISTERED OFFICE: Waterfold Business Park
Bury
Lancashire
BL9 7BR





REGISTERED NUMBER: 00786115 (England and Wales)





AUDITORS: D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

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

REVIEW OF BUSINESS
The company 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 business 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 Company considers the key financial performance indicators to be turnover and profit before tax - these are detailed in the attached. Revenue has increased by £5,42 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 LIMITED (REGISTERED NUMBER: 00786115)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the business 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 business 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 business'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 business 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 business. 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:




J J Mathew - Director


4 September 2024

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

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

DIVIDENDS
An interim dividend of 92 per share was paid on 31 December 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 200,886 .

FUTURE DEVELOPMENTS
The Group's intention is to continue to grow our range and continuously improve what we do for our customers, our team and the communities in which we serve.

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

Ms H E Barlow
G Lumby
T J Mathew
J J Mathew
Mrs E L Mathew

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.

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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:





J J Mathew - Director


4 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUNSTERS FARM LIMITED

Opinion
We have audited the financial statements of Dunsters Farm Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DUNSTERS FARM LIMITED


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

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 LIMITED

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.




Aled Davies FCCA (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited
7 Lower Brook Street
Oswestry
Shropshire
SY11 2HG

4 September 2024

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 24,366,862 18,940,789

Cost of sales (18,440,295 ) (14,056,947 )
GROSS PROFIT 5,926,567 4,883,842

Distribution costs (598,464 ) (493,838 )
Administrative expenses (4,697,310 ) (3,392,580 )
630,793 997,424

Other operating income 6,999 14,000
OPERATING PROFIT 5 637,792 1,011,424


Interest payable and similar expenses 6 (31,658 ) (16,340 )
PROFIT BEFORE TAXATION 606,134 995,084

Tax on profit 7 (158,897 ) (197,077 )
PROFIT FOR THE FINANCIAL YEAR 447,237 798,007

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 447,237 798,007


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

447,237

798,007

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 93,581 39,585
Tangible assets 10 1,062,484 745,187
1,156,065 784,772

CURRENT ASSETS
Stocks 11 911,744 985,272
Debtors 12 3,449,669 2,990,250
Investments 13 2 2
Cash at bank and in hand 998,792 652,608
5,360,207 4,628,132
CREDITORS
Amounts falling due within one year 14 4,136,348 3,194,295
NET CURRENT ASSETS 1,223,859 1,433,837
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,379,924

2,218,609

CREDITORS
Amounts falling due after more than one
year

15

(198,319

)

(402,411

)

PROVISIONS FOR LIABILITIES 19 (253,636 ) (134,580 )
NET ASSETS 1,927,969 1,681,618

CAPITAL AND RESERVES
Called up share capital 20 500 500
Retained earnings 1,927,469 1,681,118
SHAREHOLDERS' FUNDS 1,927,969 1,681,618

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 LIMITED (REGISTERED NUMBER: 00786115)

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 1,461,826 1,462,326

Changes in equity
Dividends - (578,715 ) (578,715 )
Total comprehensive income - 798,007 798,007
Balance at 31 December 2022 500 1,681,118 1,681,618

Changes in equity
Dividends - (200,886 ) (200,886 )
Total comprehensive income - 447,237 447,237
Balance at 31 December 2023 500 1,927,469 1,927,969

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

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

1. STATUTORY INFORMATION

Dunsters Farm 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.

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 have been prepared under the historical cost convention.

The presentation currency is sterling (£) rounded to the nearest £1.

The financial statements are for the individual entity only.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirement of paragraph 33.7.

Significant judgements and estimates
In the application of the company'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.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 20% on cost
Plant and machinery - varying rates between 10-20% on cost
Motor vehicles - 25% on reducing balance

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

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

3. ACCOUNTING POLICIES - continued

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.

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

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

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where 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 have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in the profit or loss.

If there is a decrease in the impairment loss of arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks an rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the assets has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract the evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

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

3. ACCOUNTING POLICIES - continued
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors ae obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments do not meet the conditions in FRS 102 paragraph 11.8 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or of the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, not of transaction costs. Dividends payable on equity instruments are recognised liabilities one they are no longer at the discretion of the group.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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.

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

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

3. ACCOUNTING POLICIES - continued

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.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

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.

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 2,820,253 1,985,403
Social security costs 210,468 164,964
Other pension costs 42,974 33,378
3,073,695 2,183,745

The average number of employees during the year was as follows:
31.12.23 31.12.22

Office and administration 10 13
Sales, marketing and distribution 77 48
87 61

31.12.23 31.12.22
£    £   
Directors' remuneration 209,684 197,171

Information regarding the highest paid director for the year ended 31 December 2023 is as follows:
31.12.23
£   
Emoluments etc 85,475

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

NOTES TO THE 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
£    £   
Other operating leases 153,100 142,665
Depreciation - owned assets 257,806 178,587
(Profit)/loss on disposal of fixed assets (18,680 ) 29,067
Development costs amortisation 8,787 415
Auditors' remuneration 21,667 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 2,074 -
31,658 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 39,841 119,425

Deferred tax 119,056 77,652
Tax on profit 158,897 197,077

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 606,134 995,084
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

151,534

189,066

Effects of:
Expenses not deductible for tax purposes 1,114 5,469
Capital allowances in excess of depreciation (109,176 ) (75,110 )
Group relief (1,125 ) -
Effects of tax rate changes (2,506 ) -
Deferred tax movement 119,056 77,652
Total tax charge 158,897 197,077

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

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

8. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of 1 each
Final - 67,200
Interim 200,886 511,515
200,886 578,715

9. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2023 40,000
Additions 62,783
At 31 December 2023 102,783
AMORTISATION
At 1 January 2023 415
Amortisation for year 8,787
At 31 December 2023 9,202
NET BOOK VALUE
At 31 December 2023 93,581
At 31 December 2022 39,585

10. TANGIBLE FIXED ASSETS
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 25,000 507,126 1,013,566 1,545,692
Additions - 125,819 482,381 608,200
Disposals (12,285 ) - (202,080 ) (214,365 )
At 31 December 2023 12,715 632,945 1,293,867 1,939,527
DEPRECIATION
At 1 January 2023 7,500 358,607 434,398 800,505
Charge for year 2,355 56,762 198,689 257,806
Eliminated on disposal (1,850 ) (5,998 ) (173,420 ) (181,268 )
At 31 December 2023 8,005 409,371 459,667 877,043
NET BOOK VALUE
At 31 December 2023 4,710 223,574 834,200 1,062,484
At 31 December 2022 17,500 148,519 579,168 745,187

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

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

10. TANGIBLE FIXED ASSETS - continued

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)

11. STOCKS
31.12.23 31.12.22
£    £   
Stocks 911,744 985,272

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 2,827,093 2,493,243
Other debtors 5,631 -
Amounts owed by group
undertakings 304,338 237,657
Tax 63,403 -
VAT 44,065 102,024
Prepayments and accrued income 205,139 157,326
3,449,669 2,990,250

13. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Unlisted investments 2 2

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 16) 140,004 116,667
Hire purchase contracts (see note 17) 42,823 9,565
Trade creditors 3,035,171 2,412,964
Tax - 119,374
Social security and other taxes 59,816 37,646
Other creditors 10,804 60,444
Amounts owed to group
undertakings 355,304 -
Directors' loan accounts 560 46,785
Accruals and deferred income 491,866 390,850
4,136,348 3,194,295

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

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

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 16) 198,319 360,386
Hire purchase contracts (see note 17) - 42,025
198,319 402,411

16. LOANS

An analysis of the maturity of loans is given below:

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

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

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

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 46,568 33,251
Between one and five years 78,325 64,895
124,893 98,146

DUNSTERS FARM LIMITED (REGISTERED NUMBER: 00786115)

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

18. SECURED DEBTS

The following secured debts are included within creditors:

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 the company, which include a specific equitable charge over all freehold and leasehold properties. They also hold a guarantee for a third party of £300,000.

19. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 253,636 134,580

Deferred
tax
£   
Balance at 1 January 2023 134,580
Provision movement 119,056
Balance at 31 December 2023 253,636

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
500 Ordinary 1 500 500

21. 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.

During the year, rent totalling £91,820 (2022: £80,792) was paid to J J & E L Mathew (Waterfold) Limited, a company which two of the directors have 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 E Mathew, 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).

22. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Dunsters Farm (Holdings) Limited by virtue of their 100% shareholding in the company.