Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3132falseWholesale of grain, unmanufactured tobacco, seeds and animal feeds2023-04-0133truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02804214 2023-04-01 2024-03-31 02804214 2022-04-01 2023-03-31 02804214 2024-03-31 02804214 2023-03-31 02804214 2022-04-01 02804214 c:Director1 2023-04-01 2024-03-31 02804214 d:Buildings 2023-04-01 2024-03-31 02804214 d:Buildings 2024-03-31 02804214 d:Buildings 2023-03-31 02804214 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02804214 d:Buildings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02804214 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 02804214 d:PlantMachinery 2023-04-01 2024-03-31 02804214 d:PlantMachinery 2024-03-31 02804214 d:PlantMachinery 2023-03-31 02804214 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02804214 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02804214 d:MotorVehicles 2023-04-01 2024-03-31 02804214 d:MotorVehicles 2024-03-31 02804214 d:MotorVehicles 2023-03-31 02804214 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02804214 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02804214 d:FurnitureFittings 2023-04-01 2024-03-31 02804214 d:FurnitureFittings 2024-03-31 02804214 d:FurnitureFittings 2023-03-31 02804214 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02804214 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02804214 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02804214 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 02804214 d:Goodwill 2024-03-31 02804214 d:Goodwill 2023-03-31 02804214 d:ComputerSoftware 2024-03-31 02804214 d:ComputerSoftware 2023-03-31 02804214 d:CurrentFinancialInstruments 2024-03-31 02804214 d:CurrentFinancialInstruments 2023-03-31 02804214 d:Non-currentFinancialInstruments 2024-03-31 02804214 d:Non-currentFinancialInstruments 2023-03-31 02804214 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 02804214 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 02804214 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 02804214 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 02804214 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 02804214 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 02804214 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 02804214 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 02804214 d:ShareCapital 2024-03-31 02804214 d:ShareCapital 2023-03-31 02804214 d:RetainedEarningsAccumulatedLosses 2024-03-31 02804214 d:RetainedEarningsAccumulatedLosses 2023-03-31 02804214 c:OrdinaryShareClass1 2023-04-01 2024-03-31 02804214 c:OrdinaryShareClass1 2024-03-31 02804214 c:OrdinaryShareClass2 2023-04-01 2024-03-31 02804214 c:OrdinaryShareClass2 2024-03-31 02804214 c:OrdinaryShareClass3 2023-04-01 2024-03-31 02804214 c:OrdinaryShareClass3 2024-03-31 02804214 c:OrdinaryShareClass4 2023-04-01 2024-03-31 02804214 c:OrdinaryShareClass4 2024-03-31 02804214 c:FRS102 2023-04-01 2024-03-31 02804214 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 02804214 c:FullAccounts 2023-04-01 2024-03-31 02804214 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02804214 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 02804214 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 02804214 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-03-31 02804214 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-03-31 02804214 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2023-04-01 2024-03-31 02804214 2 2023-04-01 2024-03-31 02804214 6 2023-04-01 2024-03-31 02804214 d:InternallyGeneratedIntangibleAssets 2023-04-01 2024-03-31 02804214 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 02804214 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02804214 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-03-31 02804214 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 02804214 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-03-31 02804214 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-03-31 02804214 d:LeasedAssetsHeldAsLessee 2024-03-31 02804214 d:LeasedAssetsHeldAsLessee 2023-03-31 02804214 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 02804214









EAF GROUP LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
EAF GROUP LTD
REGISTERED NUMBER: 02804214

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
127,151
72,000

Tangible assets
 5 
1,056,115
958,119

Investments
 6 
1
1

  
1,183,267
1,030,120

Current assets
  

Stocks
 7 
1,007,076
1,032,219

Debtors: amounts falling due after more than one year
 8 
298,441
323,400

Debtors: amounts falling due within one year
 8 
790,826
617,870

Cash at bank and in hand
 9 
647,200
685,669

  
2,743,543
2,659,158

Creditors: amounts falling due within one year
 10 
(1,166,460)
(1,107,144)

Net current assets
  
 
 
1,577,083
 
 
1,552,014

Total assets less current liabilities
  
2,760,350
2,582,134

Creditors: amounts falling due after more than one year
 11 
(109,486)
(142,659)

Provisions for liabilities
  

Deferred tax
 14 
(172,962)
(146,898)

Net assets
  
2,477,902
2,292,577


Capital and reserves
  

Called up share capital 
 15 
105
103

Profit and loss account
  
2,477,797
2,292,474

  
2,477,902
2,292,577


Page 1

 
EAF GROUP LTD
REGISTERED NUMBER: 02804214
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by 




S R Bird
Director

Date: 21 August 2024

The notes on pages 3 to 14 form part of these financial statements.

Page 2

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

EAF Group Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Frieze Hall, South Weald, Brentwood, Essex, CM14 5RE. The principal activity of the company during the year has been that of wholesale and retail of animal feed and accessories.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The company is exempt from the requirement to prepare consolidated financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Leased assets: the company as lessee

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

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

              Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated
              useful lives, using the straight-line method.depreciation is provided, on the following bases:-


Land and buildings
-
4% on cost - building
Improvements to property
-
25% on cost
Plant and machinery
-
10% on cost
Motor vehicles
-
20% on cost
Fixtures and fittings
-
20% on cost

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Work in progress relates to work carried out on property development which is incomplete at the year end. It is valued at cost and includes all direct costs.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 6

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2023 - 33).


4.


Intangible assets




Website develop-ment
Goodwill
Total

£
£
£



Cost


At 1 April 2023
72,000
3,000
75,000


Additions - internal
55,151
-
55,151



At 31 March 2024

127,151
3,000
130,151



Amortisation


At 1 April 2023
-
3,000
3,000



At 31 March 2024

-
3,000
3,000



Net book value



At 31 March 2024
127,151
-
127,151



At 31 March 2023
72,000
-
72,000

Page 7

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
           4.Intangible assets (continued)



Page 8

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
264,493
1,280,482
460,564
200,384
2,205,923


Additions
4,468
77,723
66,000
116,371
264,562


Disposals
-
(1,980)
(42,000)
-
(43,980)



At 31 March 2024

268,961
1,356,225
484,564
316,755
2,426,505



Depreciation


At 1 April 2023
85,603
611,495
379,208
171,498
1,247,804


Charge for the year on owned assets
10,221
72,417
19,454
22,535
124,627


Charge for the year on financed assets
-
29,401
11,400
-
40,801


Disposals
-
(842)
(42,000)
-
(42,842)



At 31 March 2024

95,824
712,471
368,062
194,033
1,370,390



Net book value



At 31 March 2024
173,137
643,754
116,502
122,722
1,056,115



At 31 March 2023
178,890
668,987
81,356
28,886
958,119

Page 9

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           5.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, is as follows:


2024
2023
£
£



Plant and machinery
75,011
259,831

Motor vehicles
56,000
33,833

131,011
293,664


6.


Fixed asset investments





Shares in group under-takings

£



Cost or valuation


At 1 April 2023
1



At 31 March 2024

1






Net book value



At 31 March 2024
1



At 31 March 2023
1


7.


Stocks

2024
2023
£
£

Work in progress (property development)
50,076
-

Finished goods and goods for resale
957,000
1,032,219


Page 10

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
298,441
323,400


2024
2023
£
£

Due within one year

Trade debtors
643,491
499,120

Other debtors
64,709
63,177

Prepayments and accrued income
82,626
55,573

790,826
617,870



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
647,200
685,669



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
39,754
37,361

Trade creditors
902,812
876,999

Corporation tax
43,305
62,421

Other taxation and social security
86,271
36,667

Obligations under finance lease and hire purchase contracts
33,474
27,460

Other creditors
50,834
46,523

Accruals and deferred income
10,010
19,713

1,166,460
1,107,144


Page 11

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
76,994
119,360

Net obligations under finance leases and hire purchase contracts
32,492
23,299

109,486
142,659


Net obligations under hire purchase and finance leases are secured on the assets to which they relate. 


12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
39,754
37,361

Amounts falling due 1-2 years

Bank loans
42,298
39,754

Amounts falling due 2-5 years

Bank loans
34,696
79,606


116,748
156,721


Security
Bank loans are secured by a fixed and floating charge over the undertaking and all assets owned by the company.


13.


Hire purchase and finance leases


Minimum finance payments under hire purchase agreements fall due as follows:

2024
2023
£
£


Within one year
33,474
27,460

Between 1-5 years
32,492
23,299

65,966
50,759

Page 12

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Deferred taxation




2024
2023


£

£






At beginning of year
(146,898)
(157,508)


Credited/(charged) to profit or loss
(26,064)
10,610



At end of year
(172,962)
(146,898)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(172,962)
(146,898)


15.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100  Ordinary A shares of £1.00 each
100
100
3 Ordinary B shares of £1.00 each
3
3
1 Ordinary C share of £1.00
1
-
1 Ordinary D share of £1.00
1
-

105

103





16.


Related party transactions

Included within trade debtors due within one year is an amount owed by an unincorporated business owned by a director of EAF Group Limited totalling £134,404 (2023:£88,424). During the year, management charges totaling £72,754 (2023:£69,779) were charged to the unincorporated business. These balances are cleared under normal trade terms. Also, included within other creditors due within one year is an amount owed to the unincorporated business totalling £2,644 (2023:£50,348)
Also included within other debtors due after more than one year is an amount owed by a company in which a director of EAF Group Limited is both a director and shareholder totalling £298,441 
(2023: £323,400).

Page 13

 
EAF GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Controlling party

S R Bird is the ultimate controlling party.

 
Page 14