Company registration number 03310507 (England and Wales)
FRANK BIRD (POULTRY) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
FRANK BIRD (POULTRY) LIMITED
COMPANY INFORMATION
Directors
Mr F Bird
Mr ME Bird
Secretary
Mr F Bird
Company number
03310507
Registered office
Underlyne
Langwathby
Penrith
Cumbria
CA10 1NB
Auditor
Waters & Atkinson
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
FRANK BIRD (POULTRY) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 20
FRANK BIRD (POULTRY) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -

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

Review of the business

As a poultry processor, the company continues to sell fresh and frozen poultry, primarily to a range of wholesaler customers within the UK.

The results for the year ended 31 January 2024 are set out on page 9. These show an increase in turnover along with an increased GP% from 12.70% to 13.38%, both these increases are principally due to the increased selling price achieved in the year.

Principal risks and uncertainties

The poultry market is subject to sudden changes in market price caused by shortage or oversupply of birds, availability and price of foreign imports and customer demand and these are difficult to predict. Due to recent events in Ukraine, we are particularly affected by the fluctuating grain and energy prices. As a result, the poultry market remains competitive and forward planning remains challenging.

By reviewing ongoing management accounts for the next accounting year, profits can be seen being made to a similar level of the same period in the prior year. Although the company expects the next 12 month period to be profitable, the results are expected to be lower as a result of the rising cost of living. For this reason, we continue to adopt the going concern basis in preparing the annual financial statements.

Development and performance

The directors continue to monitor the performance of the company, its employees, customers and suppliers and to take action when that performance fails to meet up to expectations.

Key performance indicators

The key performance indicators are:

 

 

 

31st January 2024

31st January 2023

Turnover

 

£78,016,051

 

£75,694,358

Gross profit as a % of turnover

13.38%

 

12.70%

Profit before tax

 

£916,252

 

£823,896

 

 

FRANK BIRD (POULTRY) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Section 172(1) statement

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 benefits of its members as a whole, and in doing so have regard (amongst other matter) to factors (a) to (f).

 

(a) the likely consequences of any decision in the long term,

(b) the interest 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 environment,

(e) the desirability of the company maintaining a reputation for high standards of business conduct, and

(f) the need to act fairly as between members of the company.

 

This is ultimately a family owned company with no exterior members, directors or investors. The aim of the directors is to continue to operate a successful business ultimately for the benefit of the Bird family.

 

The company provides employment for 206 people in various roles, including many long term staff with a wealth of experience. The directors recognise the importance of providing adequate training and a safe working environment.

 

The company has built long standing relationships with a number of suppliers over many years and works closely with these, notably the chicken growers, all of which are UK based.

 

Similarly, the company has many long standing customers with whom they have traded for many years.

 

The directors are aware of the potential impact on the local community and have made every effort to minimise this.

 

The company's operations are subject to numerous regulations regarding all aspects of its operations and has an annual audit which ensures compliance with the BRC (British Retail Consortium) global standards in food safety. Although certification is not compulsory, it is an accepted standard and at the last reporting date the company received an AA grade.

On behalf of the board

Mr F Bird
Director
28 August 2024
FRANK BIRD (POULTRY) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 January 2024.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

 

Mr F Bird
Mr ME Bird
Auditor

Waters and Atkinson are deemed to be re-appointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

We are obliged to report UK energy consumption in accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
14,827,390
14,542,722
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
666.10
611.45
- Fuel consumed for owned transport
1,926.31
1,779.54
2,592.41
2,390.99
Scope 2 - indirect emissions
- Electricity purchased
814.80
870.81
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
3,407.21
3,261.80
Intensity ratio
Tonnes of CO2e per total £m sales revenue
43.706
43.126
Quantification and reporting methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors - Revised January 2022 for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is Tonnes of CO2e per total £m sales revenue.

FRANK BIRD (POULTRY) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
Measures taken to improve energy efficiency

Continual investment in processing and infrastructure that has delivered greater energy efficiency in the business.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

 

 

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.

Strategic report

The directors' notes on business relationships are shown in the strategic report as part of the section 172(1) statement.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr F Bird
Director
28 August 2024
FRANK BIRD (POULTRY) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRANK BIRD (POULTRY) LIMITED
- 5 -
Opinion

We have audited the financial statements of Frank Bird (Poultry) Limited (the 'company') for the year ended 31 January 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

FRANK BIRD (POULTRY) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRANK BIRD (POULTRY) LIMITED (CONTINUED)
- 6 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

FRANK BIRD (POULTRY) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRANK BIRD (POULTRY) LIMITED (CONTINUED)
- 7 -
Auditor's 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 an auditor's 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 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.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

-the nature of the industry and sector, control environment and business performance;

-results of our inquiries of management and assessment of the risks of irregularities;

-any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

-identifying, evaluating, and complying with laws and regulations and whether management were aware of any instances of non-compliance;

-detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected, or alleged fraud;

-the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations and

-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

-Posting of unusual journals and complex transactions

 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We considered the following areas:

-UK Companies Act

-Tax legislation

-Latest BRC (British Retail Consortium) audit

-Reviewing any potential Avian Infuenza Prevention Zones

 

As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud.

 

In addition to the above, our procedures to respond to risks identified included the following:

 

-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-in addressing the risk of fraud through management override of controls, we assessed whether the judgements made in making the accounting estimates are indicative of potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business;

 

FRANK BIRD (POULTRY) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRANK BIRD (POULTRY) LIMITED (CONTINUED)
- 8 -

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's 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.

Damien Sissons BA FCA
Senior Statutory Auditor
For and on behalf of Waters & Atkinson
28 August 2024
Chartered Accountants
Statutory Auditor
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
FRANK BIRD (POULTRY) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
78,016,050
75,694,358
Cost of sales
(67,578,225)
(66,078,674)
Gross profit
10,437,825
9,615,684
Administrative expenses
(9,973,578)
(9,098,536)
Other operating income
193,408
221,642
Operating profit
6
657,655
738,790
Interest receivable and similar income
8
258,596
85,106
Profit before taxation
916,251
823,896
Tax on profit
9
(61,153)
(258,207)
Profit for the financial year
855,098
565,689
Retained earnings brought forward
3,511,154
2,945,465
Retained earnings carried forward
4,366,252
3,511,154

The profit and loss account has been prepared on the basis that all operations are continuing operations.

FRANK BIRD (POULTRY) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
2,876,763
2,085,190
Current assets
Stocks
11
562,634
316,058
Debtors
12
15,145,917
15,652,824
Cash at bank and in hand
7,320,468
7,447,142
23,029,019
23,416,024
Creditors: amounts falling due within one year
13
(10,970,265)
(11,526,334)
Net current assets
12,058,754
11,889,690
Total assets less current liabilities
14,935,517
13,974,880
Provisions for liabilities
Deferred tax liability
14
569,266
463,726
(569,266)
(463,726)
Net assets
14,366,251
13,511,154
Capital and reserves
Called up share capital
15
10,000,000
10,000,000
Profit and loss reserves
4,366,251
3,511,154
Total equity
14,366,251
13,511,154
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr F Bird
Director
Company registration number 03310507 (England and Wales)
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 11 -
1
Accounting policies
Company information

Frank Bird (Poultry) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Underlyne, Langwathby, Penrith, Cumbria, CA10 1NB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of F and N One Limited.

The company's accounting reference date is the 31st January but this year the company has elected to prepare accounts up to 3rd February 2024. Last year, the company elected to prepare accounts up to 28th January 2023.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which was 20 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 12 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10% on cost
Helicopter
Originally at 5% on cost however no longer depreciated as directors consider market value is in excess of book value and is likely to remain so
Motor vehicles
25% on cost and 20% on cost
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments
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.

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 and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.12
Retirement benefits

The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate for all qualifying employees.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 14 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Trade debtors

Trade and other debtors are recognised to the extent they are judged recoverable. Management reviews are performed to estimate the level of reserves required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

Depreciation

Management have reviewed the asset lives and associated residual values of all tangible fixed asset classes and have concluded that asset lives and residual values are appropriate.

Accruals

At each balance sheet date, management undertake an assessment of the costs which have not yet been invoiced based upon their contractual arrangements and include appropriate provisions for these costs.

Stock

Estimates for provisions for slow moving or obsolete stock are made by management. The valuation of stock requires the application of judgement. These are based on assumptions and values and reflect historical experience and current trends.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of poultry
77,952,726
75,635,043
Canteen income
63,325
59,315
78,016,050
75,694,358
2024
2023
£
£
Other revenue
Interest income
258,596
85,106
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
14,500
14,500
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 15 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
2
2
Office and managerial
17
18
Production
187
183
Total
206
203

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
11,205,420
9,827,878
Social security costs
1,274,153
1,152,127
Pension costs
145,174
126,474
12,624,747
11,106,479
6
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,500
14,500
Depreciation of owned tangible fixed assets
325,303
283,741
Loss/(profit) on disposal of tangible fixed assets
11,334
(20,912)
Operating lease charges
3,000
3,000
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
4,672,439
4,071,282
Company pension contributions to defined contribution schemes
1,321
1,321
4,673,760
4,072,603
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
7
Directors' remuneration
(Continued)
- 16 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
4,600,000
4,000,000
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
242,617
80,451
Other interest income
15,979
4,655
Total income
258,596
85,106
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
44,740
150,715
Adjustments in respect of prior periods
(89,128)
-
0
Total current tax
(44,388)
150,715
Deferred tax
Origination and reversal of timing differences
105,541
107,492
Total tax charge
61,153
258,207
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
9
Taxation
(Continued)
- 17 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
916,251
823,896
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
229,063
156,540
Tax effect of expenses that are not deductible in determining taxable profit
(542)
1,330
Adjustments in respect of prior years
(89,128)
-
0
Tax at marginal rate
(1,806)
-
0
Capital allowances in excess of depreciation
(184,807)
(3,182)
Origination and reversal of timing differtences
105,540
107,492
Losses/(Profits) on sale of assets
2,833
(3,973)
Taxation charge for the year
61,153
258,207
10
Tangible fixed assets
Plant and equipment
Helicopter
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
6,268,183
635,646
2,396,630
9,300,459
Additions
696,857
-
0
528,080
1,224,937
Disposals
(368,995)
-
0
(145,434)
(514,429)
At 31 January 2024
6,596,045
635,646
2,779,276
10,010,967
Depreciation and impairment
At 1 February 2023
5,160,329
420,646
1,634,294
7,215,269
Depreciation charged in the year
153,991
-
0
171,312
325,303
Eliminated in respect of disposals
(282,249)
-
0
(124,119)
(406,368)
At 31 January 2024
5,032,071
420,646
1,681,487
7,134,204
Carrying amount
At 31 January 2024
1,563,974
215,000
1,097,789
2,876,763
At 31 January 2023
1,107,854
215,000
762,336
2,085,190
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 18 -
11
Stocks
2024
2023
£
£
Finished goods and goods for resale
562,634
316,058
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,964,462
6,218,744
Corporation tax recoverable
140,311
129,054
Amounts owed by group undertakings
5,925,642
5,793,059
Other debtors
2,862,571
3,280,803
Prepayments and accrued income
252,931
231,164
15,145,917
15,652,824
13
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,500,053
4,431,685
Amounts owed to group undertakings
6,679,163
6,636,575
Taxation and social security
294,811
280,103
Other creditors
243,801
-
0
Accruals and deferred income
252,437
177,971
10,970,265
11,526,334
14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
569,266
463,726
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
14
Deferred taxation
(Continued)
- 19 -
2024
Movements in the year:
£
Liability at 1 February 2023
463,726
Charge to profit or loss
105,540
Liability at 31 January 2024
569,266

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

15
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000,000
10,000,000
10,000,000
10,000,000
16
Ultimate Parent Company

This company is a wholly owned subsidiary of F and N Holdings Limited. This in turn is a wholly owned subsidiary of F and N One Limited, a company registered in England and Wales which is the ultimate holding company and is controlled by the director Frank Bird.    

17
Financial commitments, guarantees and contingent liabilities

Barclays Bank hold a £700,000 guarantee from Frank Bird (Poultry) Limited against the Paul Bird Motorsport Limited bank account and also retain a charge over the company's credit balances as an additional form of security.

18
Operating lease commitments
Lessee

The sum of £2,500 is payable to the parent company F and N Holdings Limited under the terms of an annually renewable lease. This is expected to continue for the foreseeable future.

19
Directors Advances, Credits and Guarantees

The directors current account is included within other debtors as shown in note 12 and relates to Frank Bird. During the year, this account was overdrawn to a maximum of £573,470 and interest was paid at the official rate. The total overdrawn amount at the year end was £159,107.

20
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
20
Related party transactions
(Continued)
- 20 -
2024
2023
£
£
F and N Properties
98,492
89,779
F and N Two
240,199
338,242
F and N Three
(243,801)
(52,728)
Other related parties
194,929
182,013

Other related parties is amounts owed from Paul Bird Motorsport Limited for expenses recharged during the year via the sales ledger. Management have confirmed that the outstanding balance will be paid following the year end.

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