REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
WOBURN COUNTRY FOODS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
WOBURN COUNTRY FOODS LIMITED |
WOBURN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 04322435) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Chartered Certified Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
WOBURN COUNTRY FOODS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Buckinghamshire |
MK12 5NN |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
WOBURN COUNTRY FOODS LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Woburn Country Foods Limited for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the Board of Directors of Woburn Country Foods Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Woburn Country Foods Limited and state those matters that we have agreed to state to the Board of Directors of Woburn Country Foods Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Woburn Country Foods Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Woburn Country Foods Limited. You consider that Woburn Country Foods Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Woburn Country Foods Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Certified Accountants |
2 Manor Farm Court |
Old Wolverton Road |
Old Wolverton |
Buckinghamshire |
MK12 5NN |
WOBURN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 04322435) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
WOBURN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 04322435) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WOBURN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 04322435) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATEMENT OF COMPLIANCE |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements have been prepared under the historical cost convention and on a going concern basis. |
TURNOVER |
The company's turnover represents the value, excluding value added tax, of goods and services supplied to customers during the year. |
TANGIBLE FIXED ASSETS |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
WOBURN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 04322435) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
HIRE PURCHASE AND LEASING COMMITMENTS |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
DEBTORS AND CREDITORS RECEIVABLE/PAYABLE WITHIN ONE YEAR |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses. |
INVESTMENTS IN JOINTLY CONTROLLED ENTITIES |
Investments in jointly controlled entities are stated at cost less any provision for impairment. Dividends arising from those investments are taken to the Income Statement. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Improvements | Plant and | and | Motor |
to property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
WOBURN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 04322435) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Disposals | ( |
) | ( |
) |
Transfer to ownership | (33,000 | ) | - | (33,000 | ) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Transfer to ownership | (23,375 | ) | - | (23,375 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
Interest in |
joint |
venture |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
WOBURN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 04322435) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 7,301 | 26,854 |
Hire purchase liabilities are secured against the relevant assets. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 300 | 300 |
Producer | £1 | 100 | 100 |
400 | 400 |
WOBURN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 04322435) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
10. | CALLED UP SHARE CAPITAL - continued |
On 10 April 2008 28 ordinary shares of £1 each were issued by way of bonus issue. On 19 November 2008 a further 240 ordinary shares of £1 each were issued by way of bonus issue. A further 30 ordinary shares of £1 each were then issued for cash at a premium of £1665.6666 per share. |
On 10 November 2008 a new category of shares known as Producer Shares was created in connection with the establishment of the Woburn Country Foods Producer Group. The shares are Cumulative Participating Redeemable Preference Shares with a nominal value of £1 each. During the year ended 31 March 2009, 1,260 Producer Shares were issued at par for cash. 260 of those Producer Shares were redeemed at par for cash during the year ended 31 March 2020. A further 900 of those Producer Shares were redeemed at par for cash on 20 April 2021. |
The Producer Shares shall only be issued to Members of the Woburn Country Foods Producer Group ("the Producer Group") as defined in the Formation Agreement for the Producer Group dated 10 November 2008. |
The Producer Shares are Cumulative Participating Redeemable Preference Shares and confer on their holders the following rights:- |
1. As to income:- the right to a fixed cumulative preferential dividend at the rate of 5% per annum on the capital for the time being paid up or credited as paid up on the Shares as at 31 March in each year to be paid to the extent that there are profits available for distribution annually on 31 March in each year in respect of the 12 months ending on that date.The right to a participating dividend which shall be calculated by taking 10% of the net profit of the Company after tax in each year (as certified by the company's accountants), dividing the same by the authorised number of Producer Shares and paying the resultant amount as a dividend on each Producer Share for the time being paid up or credited as paid up on 31 March in each year but subject to the provisions relating to cancellation of the dividends set out in the Formation Agreement. |
2. As to capital - the right on a winding up or other return of capital to repayment in priority to any payment to the holder of any shares in the capital of the Company of the amounts paid up on the Producer Shares held by them and any arrears or accruals of the fixed dividend on the Producer Shares held by them whether declared or earned or not calculated down to the date of such repayment. |
3. As to voting - the right to attend any general meeting of the Company but not to vote at such meeting or vote on any written resolution proposed to be passed by the Company unless at the date of notice or requisition to convene the meeting the fixed preferential dividend is in arrears for more than 6 months after any date for payment of it (unless the Company is prevented by law from paying the dividend); or the proposition to be submitted to the meeting abrogates or varies or otherwise directly affects the special rights and privileges attaching to the Producer Shares. |
The Producer Shares shall subject to the provisions of the Companies Act 2006 Part 18, Chapter 3 be redeemed upon and subject to the following terms and conditions:- |
The company shall have the right at any time after the holder of any of the Producer Shares shall cease to be a Member of the Producer Group or as otherwise provided in the Formation Agreement to redeem all Producer Shares held by such shareholder at their par value. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023: |
2024 | 2023 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
WOBURN COUNTRY FOODS LIMITED (REGISTERED NUMBER: 04322435) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
The loans were interest free and repayable on demand. |
12. | GOVERNMENT GRANTS RECEIVABLE |
In the years up to 2010, government grants were receivable by the company in respect of capital expenditure. Out of amounts deferred from the previous year, £11,088 (2023 - £11,088) has been credited to the Income Statement in accordance with the corresponding depreciation policies for the assets concerned. At the year end the deferred balance of £73,919 (2023 - £85,007) has been included in accruals and deferred income. |