IRIS Accounts Production v24.2.0.383 00539028 Board of Directors 31.12.23 1.1.23 31.12.23 31.12.23 farming and the manufacture of dog biscuits and the marketing thereof to the retail trade. true true true false true true false false false false true false Preference 1.00000 Redeemable Preference Shares 2020 1.00000 "A" ordinary 1.00000 "B" ordinary 1.00000 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REGISTERED NUMBER: 00539028 (England and Wales)












J W GRANT CO

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






J W GRANT CO (REGISTERED NUMBER: 00539028)

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










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


J W GRANT CO

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs J Grant
J J Grant
A J Grant
T A Grant
W J Grant





REGISTERED OFFICE: Fold Hill
Old Leake
Boston
Lincolnshire
PE22 9PJ





REGISTERED NUMBER: 00539028 (England and Wales)





AUDITORS: Dexter & Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

J W GRANT CO (REGISTERED NUMBER: 00539028)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

The principal activities of the group in the year under review were those of farming and the manufacture of dog biscuits and the marketing thereof to the retail trade.

REVIEW OF BUSINESS
The directors report a profit for the financial period with an operating profit of £1,156,887 (2022 Profit : £181,744).

During 2023 the pet food business saw another strong recovery in turnover of 18%, following the negative impacts created by the iniquitous and unsubstantiated feline pancytopenia cat food recall which effected Fold Hill Foods in 2021. This improvement has been as a result of improving the customer and product mix with the business focusing on products and sectors where the company has an advantage.

The company continues to develop its product and customer base with the objective of generating additional turnover and sustainable profitability.

In the farming business the adoption of a new business model during the year, involving share farm agreements with J E G Farms Ltd and A J Grant Ltd, has resulted in significantly increased turnover and higher profits.

PRINCIPAL RISKS AND UNCERTAINTIES
The group operates in a challenging economic climate with significant fluctuation in commodity prices. The crop output from the farming undertaken is dependant on many factors such as weather, crop rotation and the quality of the land available. As such the management of the company's business and the execution of the group's strategies are subject to a number of risks:

- the volatility of raw material and commodity prices;
- the weather, availability of land,crop rotational plans;
- the pressures on labour costs;
- the requirement to constantly upgrade equipment and invest in new equipment as new products are developed:
- the reliance on a few key customers to generate the current level of turnover.

The pet food manufacturing strategy is to continue to develop and diversify the product range and invest in plant and equipment, production planning and scheduling software and processes and engineers.

The farming business has adopted a new approach to mitigating these risks by entering into share farm agreements with JEG Farms Ltd and A J Grant Ltd. This reduces the risk to J W Grant Co as the usual risks relating to the farming industry are largely devolved to the other companies.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The group uses various financial instruments including cash, hire purchase agreements and items such as trade debtors and trade creditors that arise directly from its operations, the main purpose of which is to ensure liquidity for the group's activities. Certain overseas suppliers are paid in foreign currency. Forward currency contract derivatives may be taken out from time to time to hedge against the cash flow risk.These financial instruments expose the group to a number of financial risks, as set out below along with the means in which the group manages its exposures in these areas.

Interest rate and liquidity risks

The group finances its activities largely through working capital management and bank borrowings are not currently a highly significant part of the group's funds. The group has also acquired a limited number of fixed assets using hire purchase facilities, but at known interset rates at the inception of the contract.

Credit risk

The group's main financial assets are cash and trade debtors. The main credit risk is linked to trade debtors, albeit, this is mitigated as the customers tend to be "blue chip". Risk is minimised through the use of credit agencies, trade references and general experience of the industry. A proactive approach to debt collection is adopted with the accounts processed regularly for obtaining payments, with collection history, and credit limits being reviewed on an ongoing basis.


J W GRANT CO (REGISTERED NUMBER: 00539028)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

KEY PERFORMANCE INDICATORS
We consider the key performance indicators to be measured by both turnover and operating profit, both of which have increased in the year.

ON BEHALF OF THE BOARD:





A J Grant - Director


9 September 2024

J W GRANT CO (REGISTERED NUMBER: 00539028)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


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

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1 January 2023 to the date of this report unless otherwise stated.

Other changes in directors holding office are as follows:

J E Grant Deceased - deceased 10.11.2023

The beneficial interests of the directors holding office at 31 December 2023 in the shares of the company, according to the register of directors' interests, were as follows:

31.12.23 1.1.23
"A" ordinary shares of £1 each
Mrs J Grant 2,100 2,100
J J Grant - -
A J Grant 105 105
T A Grant - -
W J Grant - -

Preference shares of £1 each
Mrs J Grant 225,000 225,000
J J Grant - -
A J Grant - -
T A Grant - -
W J Grant - -

Redeemable Preference Shares 2020 shares of £1 each
Mrs J Grant 150,000 150,000
J J Grant - -
A J Grant - -
T A Grant - -
W J Grant - -

These directors did not hold any beneficial interests in the "B" ordinary shares of £1 each.

These directors did not hold any non-beneficial interests in any of the shares of the company.

The estate of Mr J E Grant and Mr A J Grant have an interest in shares as beneficiaries of a Trust which holds shares in J W Grant (Co).

THANKS
The directors wish to register their thanks for the years of hard work and commitment shown to the company by Mr J E Grant Deceased.


J W GRANT CO (REGISTERED NUMBER: 00539028)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Dexter & Sharpe Audit Services Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A J Grant - Director


9 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
J W GRANT CO


Opinion
We have audited the financial statements of J W Grant Co (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
J W GRANT CO


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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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:

We have enquired of those charged with governance around actual and potential litigation and claims.

We have reviewed financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Enquired of staff engaged in the completion of VAT, tax and compliance work to identify any instances of non compliance with laws and regulations.

Audited the risk of management override of controls including review of journal entries and large or unusual transaction, evaluating the business rationale of any significant transactions outside the course of business.

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.




Mrs Nicola Michelle Lenton F.C.C.A. (Senior Statutory Auditor)
for and on behalf of Dexter & Sharpe Audit Services Ltd
(Statutory Auditor)
Rollestone House
Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

9 September 2024

J W GRANT CO (REGISTERED NUMBER: 00539028)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 42,189,480 36,301,490

Cost of sales (36,403,049 ) (31,511,661 )
GROSS PROFIT 5,786,431 4,789,829

Distribution costs (2,054,023 ) (2,323,619 )
Administrative expenses (3,111,702 ) (2,774,592 )
620,706 (308,382 )

Other operating income 536,181 490,126
OPERATING PROFIT 3 1,156,887 181,744

Interest receivable and similar income 104 143
1,156,991 181,887

Interest payable and similar expenses 4 (30,861 ) (16,088 )
PROFIT BEFORE TAXATION 1,126,130 165,799

Tax on profit 5 94,559 110,346
PROFIT FOR THE FINANCIAL YEAR 1,220,689 276,145
Profit attributable to:
Owners of the parent 1,098,799 280,695
Non-controlling interests 121,890 (4,550 )
1,220,689 276,145

J W GRANT CO (REGISTERED NUMBER: 00539028)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 1,220,689 276,145


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,220,689

276,145

Total comprehensive income attributable to:
Owners of the parent 1,098,799 280,695
Non-controlling interests 121,890 (4,550 )
1,220,689 276,145

J W GRANT CO (REGISTERED NUMBER: 00539028)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 249,358 251,064
Tangible assets 8 9,520,698 9,580,713
Investments 9 380 380
9,770,436 9,832,157

CURRENT ASSETS
Stocks 10 4,882,095 5,479,112
Debtors 11 9,730,722 7,778,512
Cash at bank and in hand 1,976,572 1,499,875
16,589,389 14,757,499
CREDITORS
Amounts falling due within one year 12 7,547,609 6,908,387
NET CURRENT ASSETS 9,041,780 7,849,112
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,812,216

17,681,269

CREDITORS
Amounts falling due after more than one year 13 (1,125,000 ) (1,125,000 )

PROVISIONS FOR LIABILITIES 17 (1,850 ) (50,091 )

ACCRUALS AND DEFERRED INCOME 18 (281,411 ) (322,912 )
NET ASSETS 17,403,955 16,183,266

CAPITAL AND RESERVES
Called up share capital 19 26,250 26,250
Capital reserves 20 56,292 56,292
Retained earnings 20 17,066,227 15,967,428
SHAREHOLDERS' FUNDS 17,148,769 16,049,970

NON-CONTROLLING INTERESTS 21 255,186 133,296
TOTAL EQUITY 17,403,955 16,183,266

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





A J Grant - Director


J W GRANT CO (REGISTERED NUMBER: 00539028)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - 6
Tangible assets 8 4,331,306 4,443,189
Investments 9 11,729 11,729
4,343,035 4,454,924

CURRENT ASSETS
Stocks 10 143,215 730,083
Debtors 11 3,355,534 487,697
Cash at bank and in hand 888,545 481,198
4,387,294 1,698,978
CREDITORS
Amounts falling due within one year 12 4,058,489 2,093,303
NET CURRENT ASSETS/(LIABILITIES) 328,805 (394,325 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,671,840

4,060,599

CREDITORS
Amounts falling due after more than one year 13 1,125,000 1,125,000
NET ASSETS 3,546,840 2,935,599

CAPITAL AND RESERVES
Called up share capital 19 26,250 26,250
Capital reserves 20 56,292 56,292
Retained earnings 20 3,464,298 2,853,057
SHAREHOLDERS' FUNDS 3,546,840 2,935,599

Company's profit for the financial year 611,241 298,895

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





A J Grant - Director


J W GRANT CO (REGISTERED NUMBER: 00539028)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Capital
capital earnings reserves
£    £    £   
Balance at 1 January 2022 26,250 15,686,733 56,292

Changes in equity
Total comprehensive income - 280,695 -
Balance at 31 December 2022 26,250 15,967,428 56,292

Changes in equity
Total comprehensive income - 1,098,799 -
Balance at 31 December 2023 26,250 17,066,227 56,292
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 January 2022 15,769,275 137,846 15,907,121

Changes in equity
Total comprehensive income 280,695 (4,550 ) 276,145
Balance at 31 December 2022 16,049,970 133,296 16,183,266

Changes in equity
Total comprehensive income 1,098,799 121,890 1,220,689
Balance at 31 December 2023 17,148,769 255,186 17,403,955

J W GRANT CO (REGISTERED NUMBER: 00539028)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Capital Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 January 2022 26,250 2,554,162 56,292 2,636,704

Changes in equity
Total comprehensive income - 298,895 - 298,895
Balance at 31 December 2022 26,250 2,853,057 56,292 2,935,599

Changes in equity
Total comprehensive income - 611,241 - 611,241
Balance at 31 December 2023 26,250 3,464,298 56,292 3,546,840

J W GRANT CO (REGISTERED NUMBER: 00539028)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,241,776 1,450,058
Interest paid (30,861 ) (16,088 )
Tax paid 95,326 42,080
Net cash from operating activities 1,306,241 1,476,050

Cash flows from investing activities
Purchase of tangible fixed assets (803,154 ) (437,731 )
Sale of tangible fixed assets 10,501 86,049
Interest received 104 143
Net cash from investing activities (792,549 ) (351,539 )

Cash flows from financing activities
Loan repayments in year (36,995 ) (53,357 )
Net cash from financing activities (36,995 ) (53,357 )

Increase in cash and cash equivalents 476,697 1,071,154
Cash and cash equivalents at beginning of year 2 1,499,875 428,721

Cash and cash equivalents at end of year 2 1,976,572 1,499,875

J W GRANT CO (REGISTERED NUMBER: 00539028)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,126,130 165,799
Depreciation charges 834,559 861,113
Loss/(profit) on disposal of fixed assets 19,816 (77,692 )
Finance costs 30,861 16,088
Finance income (104 ) (143 )
2,011,262 965,165
Decrease/(increase) in stocks 597,017 (664,732 )
Increase in trade and other debtors (2,001,218 ) (431,604 )
Increase in trade and other creditors 634,715 1,581,229
Cash generated from operations 1,241,776 1,450,058

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,976,572 1,499,875
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,499,875 428,721


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 1,499,875 476,697 1,976,572
1,499,875 476,697 1,976,572
Debt
Debts falling due within 1 year (36,994 ) 36,994 -
Debts falling due after 1 year (875,000 ) - (875,000 )
(911,994 ) 36,994 (875,000 )
Total 587,881 513,691 1,101,572

J W GRANT CO (REGISTERED NUMBER: 00539028)

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


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of J W Grant Co and all of its subsidiary undertakings for the year ended 31 December 2018. No profit and loss account is presented for J W Grant Co as permitted by Section 408 of the Companies Act 2006.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of nil years.

Goodwill are being amortised evenly over their estimated useful life of nil years.

Know-how is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost and 2% on cost
Plant and machinery - 25% on reducing balance, 15% on reducing balance and at varying rates on cost
Fixtures and fittings - 25% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Buildings are written off over 10 to 25 years on a straight line basis. Land is not depreciated.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Valuation of tenantright and stocks are prepared in accordance with SSAP9 and BEN19 and certified by an independent valuer.

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

Current or deferred taxation assets and liabilities are not discounted.

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


J W GRANT CO (REGISTERED NUMBER: 00539028)

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


1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Rents receivable
Amounts received as rental for land temporarily not farmed by the company are recognised on a straight line basis over the term of the lease.

Government grants
Grants received to fund the purchase of tangible fixed assets are included within provisions as deferred assets, and are credited to the profit and loss account over the expected useful lives of the related assets.

Operating leases
Rentals applicable to operating leases when substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss as incurred.

2. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 6,457,257 6,111,827
Social security costs 594,124 579,230
Other pension costs 236,554 227,015
7,287,935 6,918,072

J W GRANT CO (REGISTERED NUMBER: 00539028)

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


2. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Directors 5 6
Office 29 23
Managers 16 16
Operatives 151 153
201 198

The average number of employees by undertakings that were proportionately consolidated during the year was 204 (2022 - 183 ) .

2023 2022
£    £   
Directors' remuneration 32,880 15,000
Directors' pension contributions to money purchase schemes 4,918 263

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

3. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 832,852 859,337
Loss/(profit) on disposal of fixed assets 19,816 (77,692 )
Entitlements amortisation 5 73
Goodwill amortisation 1,701 1,701
Auditors' remuneration 17,150 15,625
Auditors' remuneration for non audit work 22,437 20,544
Foreign exchange differences (171 ) 4,279

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest - 123
Bank loan interest 30,861 15,965
30,861 16,088

J W GRANT CO (REGISTERED NUMBER: 00539028)

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


5. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - (49,008 )
Under / (Overprovision) in
previous year (46,318 ) (42,080 )
Total current tax (46,318 ) (91,088 )

Deferred tax (48,241 ) (19,258 )
Tax on profit (94,559 ) (110,346 )

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,126,130 165,799
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 - 19
%)

281,533

31,502

Effects of:
Expenses not deductible for tax purposes 9,087 -
Income not taxable for tax purposes - (191 )
Capital allowances in excess of depreciation (67,188 ) -
Depreciation in excess of capital allowances - 9,806
Utilisation of tax losses (309,534 ) (74,430 )
Adjustments to tax charge in respect of previous periods (46,318 ) (42,080 )
R & D enhanced relief (6,350 ) (49,008 )
Group relief (8 ) -
Deferred tax (48,241 ) (19,258 )
Losses carried forward 92,460 48,074
Profit on disposal of assets - (14,761 )
Total tax credit (94,559 ) (110,346 )

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


J W GRANT CO (REGISTERED NUMBER: 00539028)

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


7. INTANGIBLE FIXED ASSETS

Group
Entitlements Goodwill Know-how Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 2,068 427,828 173,686 603,582
AMORTISATION
At 1 January 2023 2,063 176,769 173,686 352,518
Amortisation for year 5 1,701 - 1,706
At 31 December 2023 2,068 178,470 173,686 354,224
NET BOOK VALUE
At 31 December 2023 - 249,358 - 249,358
At 31 December 2022 5 251,059 - 251,064

Company
Entitlements
£   
COST
At 1 January 2023
and 31 December 2023 2,068
AMORTISATION
At 1 January 2023 2,062
Amortisation for year 6
At 31 December 2023 2,068
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 6

J W GRANT CO (REGISTERED NUMBER: 00539028)

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


8. TANGIBLE FIXED ASSETS

Group
Land and Solar Plant and
buildings site machinery
£    £    £   
COST
At 1 January 2023 8,796,885 1,018,598 22,177,778
Additions - - 801,454
Disposals - - (1,036,727 )
At 31 December 2023 8,796,885 1,018,598 21,942,505
DEPRECIATION
At 1 January 2023 3,429,629 380,276 18,679,997
Charge for year 53,255 40,744 708,109
Eliminated on disposal - - (1,006,424 )
At 31 December 2023 3,482,884 421,020 18,381,682
NET BOOK VALUE
At 31 December 2023 5,314,001 597,578 3,560,823
At 31 December 2022 5,367,256 638,322 3,497,781

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 175,923 19,938 144,680 32,333,802
Additions - 1,700 - 803,154
Disposals - (8,668 ) - (1,045,395 )
At 31 December 2023 175,923 12,970 144,680 32,091,561
DEPRECIATION
At 1 January 2023 175,923 19,920 67,344 22,753,089
Charge for year - 34 30,710 832,852
Eliminated on disposal - (8,654 ) - (1,015,078 )
At 31 December 2023 175,923 11,300 98,054 22,570,863
NET BOOK VALUE
At 31 December 2023 - 1,670 46,626 9,520,698
At 31 December 2022 - 18 77,336 9,580,713

Included in cost of land and buildings is freehold land of £3,402,752 (2022 - £3,402,752) which is not depreciated.


J W GRANT CO (REGISTERED NUMBER: 00539028)

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


8. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Land and Solar Plant and and
buildings site machinery fittings Totals
£    £    £    £    £   
COST
At 1 January 2023 3,936,766 1,018,598 4,044,132 53,360 9,052,856
Additions - - 515 - 515
At 31 December 2023 3,936,766 1,018,598 4,044,647 53,360 9,053,371
DEPRECIATION
At 1 January 2023 437,616 380,276 3,738,415 53,360 4,609,667
Charge for year 12,617 40,744 59,037 - 112,398
At 31 December 2023 450,233 421,020 3,797,452 53,360 4,722,065
NET BOOK VALUE
At 31 December 2023 3,486,533 597,578 247,195 - 4,331,306
At 31 December 2022 3,499,150 638,322 305,717 - 4,443,189

Included in freehold property is land at a cost of £3,402,712 (2022 - £3,402,712) which is not depreciated.

9. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 380
NET BOOK VALUE
At 31 December 2023 380
At 31 December 2022 380
Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 11,349 380 11,729
NET BOOK VALUE
At 31 December 2023 11,349 380 11,729
At 31 December 2022 11,349 380 11,729

J W GRANT CO (REGISTERED NUMBER: 00539028)

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


9. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Fold Hill Foods Limited
Registered office: Fold Hill, Old Leake, Boston, Lincolshire, PE22 9PJ
Nature of business: Manufacture of pet foods
%
Class of shares: holding
A 100.00
2023 2022
£    £   
Aggregate capital and reserves 11,801,089 10,963,621
Profit/(loss) for the year 837,468 (33,919 )

In addition to the investment in Fold Hill Foods Limited the company held 99% holdings ( other than nominee holdings) in 3 dormant subsidiaries:

W E Grant Co
Fold Hill Nurseries
James Grant (Farmers) Ltd



10. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Produce - 488,131 - 488,131
Consumable stores & materials 3,240,887 3,464,297 143,215 241,952
Finished goods 1,641,208 1,526,684 - -
4,882,095 5,479,112 143,215 730,083

11. DEBTORS

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year:
Trade debtors 6,208,900 6,689,084 1,043,197 188,507
Other debtors 3,521,812 1,040,410 2,312,337 299,190
Tax - 49,008 - -
9,730,712 7,778,502 3,355,534 487,697

Amounts falling due after more than one year:
Called up share capital not paid 10 10 - -

Aggregate amounts 9,730,722 7,778,512 3,355,534 487,697

J W GRANT CO (REGISTERED NUMBER: 00539028)

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


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 14) - 36,994 - 36,994
Trade creditors 2,980,248 4,111,676 190,844 262,203
Amounts owed to group undertakings - - 1,564,229 1,564,229
Social security and other taxes 399,223 1,088,919 5,115 5,607
VAT 192,696 307,087 - -
Other creditors 3,870,321 1,258,590 2,298,301 224,270
Directors' current accounts 105,121 105,121 - -
7,547,609 6,908,387 4,058,489 2,093,303

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Preference shares (see note 14) 875,000 875,000 875,000 875,000
Pension Fund loan 250,000 250,000 250,000 250,000
1,125,000 1,125,000 1,125,000 1,125,000

14. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - 36,994 - 36,994
Amounts falling due between one and two years:
Preference shares 875,000 875,000 875,000 875,000

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
225,000 Preference £1 225,000 225,000
650,000 Redeemable Preference Shares 2 £1 650,000 650,000
875,000 875,000

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

J W GRANT CO (REGISTERED NUMBER: 00539028)

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


15. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 37,800 37,800
Between one and five years 37,800 78,750
75,600 116,550

16. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans - 36,994 - 36,994

17. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 1,850 50,091

Group
Deferred
tax
£   
Balance at 1 January 2023 50,091
Credit to Income Statement during year (48,241 )
Balance at 31 December 2023 1,850

18. ACCRUALS AND DEFERRED INCOME

Group
2023 2022
£    £   
Deferred government grants 281,411 322,912

J W GRANT CO (REGISTERED NUMBER: 00539028)

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


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
21,000 "A" ordinary £1 21,000 21,000
5,250 "B" ordinary £1 5,250 5,250
26,250 26,250

The "B" shares are non-voting shares. Holders of these shares are able to receive dividends in excess of, but not less than, dividends declared to the "A" shareholders. In all other respects "A" and "B" shares rank pari-passu.

20. RESERVES

Group
Retained Capital
earnings reserves Totals
£    £    £   

At 1 January 2023 15,967,428 56,292 16,023,720
Profit for the year 1,098,799 1,098,799
At 31 December 2023 17,066,227 56,292 17,122,519

Company
Retained Capital
earnings reserves Totals
£    £    £   

At 1 January 2023 2,853,057 56,292 2,909,349
Profit for the year 611,241 611,241
At 31 December 2023 3,464,298 56,292 3,520,590


21. NON-CONTROLLING INTERESTS

The minority interest represents a 20% minority holding in Fold Hill Foods Limited and a 1% minority holding in the three dormant subsidiaries Fold Hill Nurseries, James Grant (Farmers) and W E Grant Co.

22. RELATED PARTY DISCLOSURES

Rent paid to the J W Grant Co Pension Fund amounted to £26,680 (2022 £26,680). A loan due to the pension fund amounted to £250,000 at 31 December 2023 (2022 £250,000).

Interest is being charged at 2% on the outstanding balance.

23. SUBSIDIARY

The following subsidiaries have taken audit exemption under Section 479A

Fold Hill Foods (Liverpool) Limited;
Pointer Pet Products Limited.