Registered number:
statements For the year ended |
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Company information
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Contents
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Directors' report
For the year ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The profit for the year, after taxation, amounted to £757,858 (2022 - £1,882,287).
Further information on the performance of the group during the year and the group's state of affairs at the balance sheet date are noted within the strategic report on pages 3 and 4.
Dividends amounting to £200,000 (2022 - £62,350) were paid during the year. The directors do not recommend the payment of any further dividends.
The directors are not aware of any likely future developments which would have a significant effect on the group.
Details of movements in fixed assets are set out in the notes to the accounts.
The directors who served during the year were:
There have been no events subsequent to the year end which materially affect the results for the year of the group's state of affairs at 31 December 2023.
The group is currently involved in numerous research and development projects relating primarily to the formulation of new fertiliser products.
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Directors' report (continued)
For the year ended 31 December 2023
The directors are responsible for preparing thegroup strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgments 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 group 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 the group and to 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.
Under section 487(2) of the Companies Act 2006, Clay Ratnage Strevens & Hills will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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Group strategic report
For the year ended 31 December 2023
The group's principal activities are that of the manufacture and retail of liquid and suspension fertilisers. There have been no changes to these activities during the year.
The directors are pleased with the performance of the group, considering the market conditions prevailing during the year under review.
The group's gross profit for the year decreased to £2,745,244 for the year ended 31 December 2023 (2022 - £3,591,752). However, the group's gross profit margin has increased from 18.3% in 2022 to 22.7% for 2023. The increase in margin is attributable to the fall in the market price of raw materials purchased by the group. The conflict in the Ukraine contributed to a significant increase in the price of fuel and other raw materials of fertiliser during the previous year. The market became more stable during the year under review, leading to a decrease in the price of raw materials. These prices have remained in line with historic levels subsequent to the year end. Profit before tax has decreased from £2,323,005 to £1,008,566, this is mainly attributable to the decrease in turnover during the year. The directors will continue to develop and invest in the group’s research and development with regards to the formulation of commercial fertiliser. The directors are pleased with the state of the financial affairs of the group at the balance sheet date.
The group has invested significantly in its infrastructure to ensure that it is able to deal with any changes in the industry.
Other general principal risks and uncertainties identified by the directors of the group relate to factors concerning the price volatility of raw materials; the effect of government taxation; and environmental policies. The group is, however, in a good position operationally to adapt to continuing challenges.
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Group strategic report (continued)
For the year ended 31 December 2023
The directors consider that the key financial performance indicators are as follows:
Gross Profit Percentage - The directors confirm that the gross profit percentage has increased to 22.7% (2022 – 18.3%), which is in line with expectations. The directors believe that margins will remain fairly consistent in the short to medium term. Trade Receivable Days - The directors confirm that trade receivable days have increased significantly to 38 days (2022 – 24 days) the increase indicates that the credit control procedures have been less stringent than during the previous year. However, the results have been skewed by the volitility of fertiliser prices. The directors expect trade receivable days to return to prior year levels in the short to medium term.
This report was approved by the board on 6 August 2024 and signed on its behalf.
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Independent auditors' report to the members of Billericay Fertiliser Services Limited
We have audited the financial statements of Billericay Fertiliser Services Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023, which comprise the Consolidated profit and loss account, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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.
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Independent auditors' report to the members of Billericay Fertiliser Services Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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Independent auditors' report to the members of Billericay Fertiliser Services Limited (continued)
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 an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
To identify risks of material misstatement due to fraud we assess events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures include: • Obtaining an understanding of the legal and regulatory frameworks applicable to the group and the sectors in which it operates. • Obtaining an understanding of how the group is complying with those legal and regulatory frameworks by making enquiries to the group accounting department and management. • Assessing the susceptibility of the group financial statements to material misstatement caused by fraud or other irregularities, by undertaking the following procedures: - Identifying and assessing the design effectiveness of controls which management have in place to prevent and detect fraud. - Understanding how those charged with governance consider and address the potential for override of controls and management bias. - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. - Assessing the extent of compliance with the relevant laws and regulations. - Assessing the extent to which pressures exist which may increase the risk of fraudulent revenue recognition. Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team, as well as potential risks pertaining to the group of which this company is a member. The inherent limitations of audit present an unavoidable risk that we, the auditors, may not detect some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements. We take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
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 Auditors' report.
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Independent auditors' report to the members of Billericay Fertiliser Services Limited (continued)
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of Statutory Auditors
Construction House
Runwell Road
Wickford
SS11 7HQ
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Consolidated profit and loss account
For the year ended 31 December 2023
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Consolidated balance sheet
As at
The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 6 August 2024.
The notes on pages 17 to 33 form part of these financial statements.
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Company balance sheet
As at
The financial statements were approved and authorised for issue by the board; and were signed on its behalf on
The notes on pages 17 to 33 form part of these financial statements.
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Consolidated statement of changes in equity
For the year ended 31 December 2023
Consolidated statement of changes in equity
For the year ended 31 December 2022
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Company statement of changes in equity
For the year ended 31 December 2023
Company statement of changes in equity
For the year ended 31 December 2022
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Consolidated statement of cash flows
For the year ended 31 December 2023
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Consolidated statement of cash flows (continued)
For the year ended 31 December 2023
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Consolidated Analysis of Net Debt
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
Billericay Fertiliser Services Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Quaintways, Workhouse Lane, South Woodham Ferrers, Chelmsford, CM3 8RD.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies (see note 3).
The group has applied the exemption available under FRS102 whereby freehold property previously revalued under the previously extant UK GAAP is no longer required. The value of this property as at transition has now been treated as its deemed cost.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both straight line and reducing balance methods.
Depreciation is provided at the following rates:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's Balance sheet when the group becomes party to the contractual provisions of the instrument.
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Notes to the financial statements
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and loss account in these financial statements. The profit after tax of the parent company for the year was £749,940 (2022 - £
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Notes to the financial statements
For the year ended 31 December 2023
12.Taxation (continued)
There were no factors that may affect future tax charges.
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Notes to the financial statements
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
13.Tangible fixed assets (continued)
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Notes to the financial statements
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
Included within other debtors due within one year is a loan to R Platt amounting to £69,161 (2022 - £Nil) and a loan to D Platt amounting to £Nil (2022 - £16,509). No interest was charged on these loans.
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Notes to the financial statements
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
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Notes to the financial statements
For the year ended 31 December 2023
The group operates defined pension contributions pension schemes. The assets of the schemes are held separately from those of the group in independently administered funds. The pension charge represents contributions payable by the group to the funds and amounted to £61,247 (2022 - £123,938).
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