REGISTERED NUMBER: |
Dugdale Nutrition Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 30 April 2024 |
REGISTERED NUMBER: |
Dugdale Nutrition Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements |
for the Year Ended 30 April 2024 |
Dugdale Nutrition Limited (Registered number: 00294023) |
Contents of the Financial Statements |
for the year ended 30 April 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 8 |
Income Statement | 12 |
Other Comprehensive Income | 13 |
Balance Sheet | 14 |
Statement of Changes in Equity | 15 |
Notes to the Financial Statements | 16 |
Dugdale Nutrition Limited |
Company Information |
for the year ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditor |
28 Eaton Avenue |
Matrix Office Park |
Buckshaw Village |
Chorley |
Lancashire |
PR7 7NA |
Dugdale Nutrition Limited (Registered number: 00294023) |
Strategic Report |
for the year ended 30 April 2024 |
The directors present their strategic report for the year ended 30 April 2024. |
The company is a member of the B. Dugdale & Son Limited group of companies. For a fuller understanding of the business as a whole reference should be made the consolidated financial statements and the group's strategic report. |
REVIEW OF BUSINESS |
With the dramatic events in the food markets in the previous trading year following the outbreak of war in Ukraine, and the subsequent rapid inflation in the cost of raw materials and the price paid for milk on farm, this trading year saw a gradual return to more normalised trading conditions. The raw material markets returned to pre-war levels, and this has reduced the company's turnover in the year. The record price paid for milk and the subsequent high levels of profitability of dairy farmers mentioned in the previous year's report, proved to be a very short-lived event. Dairy farmers were under significant pressure throughout this trading year and reduced their spending accordingly. Beef and lamb on the other hand enjoyed extremely buoyant prices and sales of both beef and lamb feed were strong in this year. Overall volumes held up extremely well throughout the year but margins were put under pressure by the fall of raw material values devaluing current stocks. This has led to a decline in profits compared to the previous year. |
In a year of reduced milk prices and reduced national demand, the company has delivered a profit before taxation of £276,796 (2023: £1,597,120). |
The company's commitment to delivering outstanding customer service and products necessitates a continual plan of capital investment. The fleet has continued to be refreshed as the 7 days a week delivery service the company offers its customers is a key component in our success. A modern up to date fleet with good reliability is essential. Further additions to the manufacturing facilities have also been made in the trading year. |
KEY PERFORMANCE INDICATORS |
2024 | 2023 |
Gross profit margin | 14.8% | 14.8% |
Operating profit margin | 0.9% | 2.2% |
Return on capital employed (profit after tax / shareholders funds) | 3.9% | 32.6% |
Capital spend | £2.8m | £2.0m |
PRINCIPAL RISKS AND UNCERTAINTIES |
At the time of writing, milk prices are beginning to show signs of rising and our customers returning to profitability. Lamb prices remain at extremely good levels and this all points to a decent trading year for 2024/25. The principle risks and uncertainties as has become the norm relate to world weather events putting pressure on crop production and the volatile political situation in major crop production areas. |
Dugdale Nutrition Limited (Registered number: 00294023) |
Strategic Report |
for the year ended 30 April 2024 |
SECTION 172(1) STATEMENT |
In governing the Company on behalf of its shareholders and discharging their duties under section 172, the board has had regard to the factors set out in section 172 (see below) and other factors which the board considers appropriate. |
Matters identified that may affect the Company's performance in the long term are set out in the principal risks disclosed in the strategic report below. |
The Company has engaged with key stakeholders and the outcome from such engagement has been considered by the directors during the decision-making process where appropriate. |
SECTION 172 FACTORS |
Section 172 requires a director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: |
a) | The likely long-term consequences of the decision; |
b) | The interests of the company's employees; |
c) | The need to foster the company's business relationships with suppliers, customers, and others; |
d) | The impact of the company's operations on the community and the environment; |
e) | The desire to maintain the company's reputation for high standards of business conduct; and |
f) | The need to act fairly between members of the company. |
Shareholder and long term strategy |
As a subsidiary of B Dugdale & Son Limited ("BDS"), the directors have the support of the Group in the discharge of their duties. The directors have monthly review meetings with the board of BDS to review the performance of the Company. |
The Company looks to Group initiatives for guidance and takes them into account in its decision making and the directors of the company have access to functional assurance support from BDS to identify matters which may have an impact on any proposed decision including, where relevant, section 172 factors as outlined above. |
Any key investment decisions are made with the involvement of the directors of BDS. Long term investments are based on strategic decisions to underpin the growth of the Company and the Group as a whole. This has proven to have been very successful in recent years enabling growth to satisfy demand for its products. The Company continues to review capacity and investment decisions are based largely on ensuring the Company can fulfil its customer's needs. |
Customers |
The Company has strong customer relations and is in regular contact with all customers to ensure they deliver the best business relationship they can. Recent years have been particularly challenging due to market conditions and price fluctuations. The Company seeks to behave responsibly treating all its customers fairly. The Company has a complaints procedure should customers have any issues on quality or service levels. |
Communities |
The Company seeks to support the community areas in which it does business in. Examples include supporting the Air Ambulance (recognising the remoteness of some farming customers), Field Nurse (promoting physical and mental heath and wellbeing across Lancashire and Yorkshire) and McMillan Cancer coffee mornings among others. The Company also offers work experience and is proud to have employed apprentices. |
Employees |
The Company's employees are fundamental to the delivery of its' strategy. The Company aims to be a responsible employer and is committed to enabling its people to develop, ensuring that they are engaged and have the skills and capabilities to serve its customers. The Company maintains its policy of training and career development, actively encouraging this to employees for their advancement and promotion. |
Dugdale Nutrition Limited (Registered number: 00294023) |
Strategic Report |
for the year ended 30 April 2024 |
The Board addresses the employees in forums to update them on the Company's performance and to enable employees to put forward comments and feedback any suggestions for change. |
Suppliers |
The Company assesses its suppliers a cross a number of key risk areas, initially at the onboarding stage for all suppliers and periodically thereafter for any key suppliers to ensure critical and high dependency suppliers are still suitable. Regular supplier meetings take place where any feedback on quality, delivery and payment times can be discussed openly and honestly. |
Results, business review and future developments |
During the year the directors continued to monitor progress against both the Company's and Group's strategy, as highlighted in the business review section of the strategic report of the Company. In line with this strategy the key decisions taken by the directors during the financial year and the impact on the Group as a whole were; |
- the capital spend of £2.8m to further invest in quality new assets to improve our products and delivery; |
- liaising with both customers and suppliers to try as far as possible to be fair in our trade dealings as the price of raw materials, animal feeds and farming produce fluctuates back and forth, largely due to factors out of our control. |
ON BEHALF OF THE BOARD: |
Dugdale Nutrition Limited (Registered number: 00294023) |
Report of the Directors |
for the year ended 30 April 2024 |
The directors present their report with the financial statements of the company for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the manufacture and distribution of animal foods. |
DIVIDENDS |
The company paid a dividend of £84,249 to its holding company (2023: £nil). |
FUTURE DEVELOPMENTS |
The Company will look to continue to develop its direct-to-the-market sales team and to forge longstanding relationships with existing and new wholesale customers. The Company will also look to explore further opportunities to develop its offering to its core customer base of Dairy, Beef and Sheep farmers. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
STREAMLINED ENERGY AND CARBON REPORTING |
Dugdale Nutrition Limited's greenhouse gas emissions, reportable under the Streamlined Energy and Carbon Reporting (SECR) for the period 1 May 2023 to 30 April 2024 were 5,116 tonnes CO2e (2023: 5,056). These include the emissions associated with electricity, kerosene and business travel in company and private vehicles by employees. In accordance with the legislation an intensity ratio has been calculated, and for Dugdale Nutrition Limited, this is 63.65 tonnes CO2e per £m revenue (2023: 59.48). |
Greenhouse gas emissions |
Greenhouse gas emissions for the year 2023/24 expressed in tonnes CO2e ("tCO2e") totalled 5,116 (100%) on revenues of £80m equating to an Intensity ratio (tCO2e per £m of revenue) of 63.65. This can be broken down as: |
2024 | 2023 |
Electricity | 2,068 (41% | ) | 1,980 (39% | ) |
Kerosene | 323 (6% | ) | 413 (8% | ) |
Transport | 2,725 (53% | ) | 2,663 (53% | ) |
The breakdown of greenhouse gas emissions by scope for the year 2023/24 expressed in tonnes CO2e were: |
2024 | 2023 |
Scope 1- Transport | 2,725 (53% | ) | 2,663 (53% | ) |
Scope 2- Electricity & Kerosene | 2,391 (47% | ) | 2,393 (47% | ) |
Dugdale Nutrition Limited (Registered number: 00294023) |
Report of the Directors |
for the year ended 30 April 2024 |
Energy consumption |
Energy consumption by year |
2024 | 2023 |
Electricity, kWh | 9,741,761 (44% | ) | 9,326,685 (42% | ) |
Kerosene, KWh | 1,248,272 (5% | ) | 1,630,015 (7% | ) |
Transport fuel, kWh |
11,279,906 (51% |
) |
11,291,671 (51% |
) |
Total Energy Consumption (kWh) |
22,269,939 (100% |
) |
22,248,371 (100% |
) |
Boundary, methodology and exclusions |
An 'operational control' approach has been used to define the Greenhouse Gas emissions boundary. This approach captures emissions associated with the operation of all buildings such as warehouses, offices, and manufacturing sites, plus company-owned and leased transport. This report covers UK operations only, as required by SECR for Non-Quoted Large Companies. |
This information was collected and reported in line with the methodology set out in the UK Government's Environmental Reporting Guidelines, 2019. Emissions have been calculated using the latest conversion factors provided by the UK Government. There are no material omissions from the mandatory reporting scope. The reporting period is 1 May 2023 to 30 April 2024, as per the financial accounts. |
Energy efficiency initiatives |
The company has been pro-active in the 2023/24 reporting period and we have set out the following energy efficiency initiatives: |
Replacement of all office area to LED lights, |
Move towards better more efficient motors in our mills, |
Move towards more efficient vehicles of which all are Euro 6, |
More meetings held on Microsoft Teams to prevent unnecessary travel. |
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; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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. |
Dugdale Nutrition Limited (Registered number: 00294023) |
Report of the Directors |
for the year ended 30 April 2024 |
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. |
AUDITORS |
The auditors, McMillan & Co LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Dugdale Nutrition Limited |
Opinion |
We have audited the financial statements of Dugdale Nutrition Limited (the 'company') for the year ended 30 April 2024 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 30 April 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. |
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 |
Dugdale Nutrition 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 six, 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 |
Dugdale Nutrition 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 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 and data protection, anti-bribery, 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 inspecting legal correspondence; 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 where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; and |
- | tested journal entries to identify 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; and |
- | reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
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. |
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 |
Dugdale Nutrition 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. |
for and on behalf of |
Chartered Accountants and |
Statutory Auditor |
Dugdale Nutrition Limited (Registered number: 00294023) |
Income Statement |
for the year ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
11,164,583 | 10,752,059 |
OPERATING PROFIT | 5 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
Dugdale Nutrition Limited (Registered number: 00294023) |
Other Comprehensive Income |
for the year ended 30 April 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Dugdale Nutrition Limited (Registered number: 00294023) |
Balance Sheet |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Dugdale Nutrition Limited (Registered number: 00294023) |
Statement of Changes in Equity |
for the year ended 30 April 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 April 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 30 April 2024 |
Dugdale Nutrition Limited (Registered number: 00294023) |
Notes to the Financial Statements |
for the year ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Dugdale Nutrition Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The amounts in the financial statements have been rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements contain information about Dugdale Nutrition Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements. |
Going Concern and business continuity |
Notwithstanding the uncertainty caused by the on-going conflict in Ukraine and the effect this will have on the raw material supply chain and prices, the company continues to trade profitably. The directors have prepared forecasts which cover a period of at least 12 months from the date of approval of the financial statements and the directors confirm that the going concern basis remains appropriate for the preparation of the financial statements. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption 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. |
Turnover |
Turnover represents sales of goods excluding value added tax and is recognised on delivery. |
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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Short leasehold improvements | - 10% on cost |
Plant and machinery | - 10% on cost |
Office equipment | - 25% on cost |
Motor vehicles | - 20% on reducing balance |
Investments in subsidiaries |
Investments in subsidiary and associated undertakings are stated at cost less any provisions for impairment. |
Dugdale Nutrition Limited (Registered number: 00294023) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and net realisable value. For work in progress and finished goods, manufactured by the company, cost is taken as production cost which includes an appropriate proportion of attributable overheads. |
Financial instruments |
Financial instruments are classified and accounted for according to the substance of the contractual arrangement as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
Dugdale Nutrition Limited (Registered number: 00294023) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Management | 4 | 4 |
Sales | 14 | 12 |
Administration | 17 | 20 |
Operational | 95 | 87 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
Dugdale Nutrition Limited (Registered number: 00294023) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
Taxation compliance services |
Other non - audit services |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest |
Group interest |
Hire purchase |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
Corporate taxes group relief | (205,514 | ) | - |
Deferred tax: |
Timing differences in the year |
Tax on profit |
UK corporation tax has been charged at 25% (2023 - 25%). |
Dugdale Nutrition Limited (Registered number: 00294023) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
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: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to prior years corporation and deferred tax | 16,773 | - |
Amortisation and depreciation on non qualifying assets | 12,521 | 11,696 |
Capital expenditure qualifying for enhanced deductions | - | (132,453 | ) |
Reversal of enhanced deduction on disposal of assets | 13,900 | - |
Expenditure qualifying for enhanced deductions | (750 | ) | - |
Total tax charge | 114,102 | 278,523 |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Dividends paid |
9. | TANGIBLE FIXED ASSETS |
Short | Plant and | Office | Motor |
leasehold | machinery | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Included within tangible fixed assets are assets held under hire purchase and finance lease agreements. The net book value of these assets at the year end was £1,646,051 (2023: £499,843) and the depreciation charged on them in the year was £202,411 (2023: £21,457). |
Dugdale Nutrition Limited (Registered number: 00294023) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
Finished goods |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors | 334,322 | 213,475 |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 15) |
Amounts owed to group undertakings |
The company pays charges to its parent which includes amounts for the provision of any group borrowing. |
14. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Dugdale Nutrition Limited (Registered number: 00294023) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable |
operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Hire purchase contracts | 1,406,625 | 452,295 |
There is a cross guarantee in place dated 8 December 2017 between B. Dugdale & Son Limited and Dugdale Nutrition Limited in the name of Barclays Bank PLC. |
The hire purchase obligations are secured on certain motor vehicles to which the liability relates. |
17. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred tax |
£ |
Balance at 1 May 2023 |
Charge to Income Statement during year |
Balance at 30 April 2024 |
Deferred tax has been provided for using a tax rate of 25% (2023: 25%). |
Dugdale Nutrition Limited (Registered number: 00294023) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 28,380 | 28,380 |
19. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 4,018,972 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 30 April 2024 | 4,097,417 |
20. | 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. |
21. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors the ultimate parent company and ultimate controlling party is B.Dugdale & Son Limited. The parent undertaking of the largest and smallest group, which includes this Company, and for which group financial statements are prepared, is B. Dugdale & Son Limited, incorporated in England and Wales. |
Copies of the group financial statements, B. Dugdale & Son Limited, are available from its registered address, which is Bellman Mill, Salthill, Clitheroe, Lancashire, BB7 1QW. |