Registration number:
Mark Hunter Ltd
for the Year Ended 30 April 2024
Mark Hunter Ltd
Contents
Company Information |
|
Strategic Report |
|
Statement of Directors' Responsibilities |
|
Directors' Report |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
Mark Hunter Ltd
Company Information
Directors |
Mr M T Hunter Mrs S Hunter |
Registered office |
|
Auditors |
|
Mark Hunter Ltd
Strategic Report for the Year Ended 30 April 2024
The directors present their strategic report for the year ended 30 April 2024.
Principal activity
The principal activity of the company continues to be purchasing raw milk, processing, bottling and selling milk, dairy and other associated products, to wholesalers, shops and end users.
We transport our own raw and bottled milk and work with a national organic cooperative to collect and transport their raw milk to their processing dairies. We also have doorstep delivery depots in Cardiff and Swansea with approximately 7000 doorstep customers.
The company has been focused on sustainability and carbon reduction throughout the business, as well as using reusable materials and reducing food miles by sourcing locally we pride ourselves on our commitment and aim to achieve net zero carbon emissions by 2050.
There have not been any significant changes in the company’s activities in the period under review.
Fair review of the business
Mark Hunter Ltd had a reduction in its turnover during this period to £21,472,962 from £25,136,175 based on reduction in farm gate price and reduced customer prices. Net profitability after tax increased from £426,798 to £779,828. This is after a reduction in profits of £401,393 relating to the write-offs of bad debts, while reviewing our accounts to move into a new ordering and invoicing system.
The Company’s balance sheet showed a healthy increase from £5,384,379 to £6,164,207.
We specialise in the school milk (189ml bottle) production and wholesale and are proud to have maintained farms for direct supply to Totally Welsh to ensure we have sufficient local milk to supply existing customers and give us capacity to grow the production and supply of Totally Welsh Milk. During the 23/24 year we were awarded new County Council contracts in Monmouthshire, Cardiff and Vale of Glamorgan and renewed the Pembrokeshire CC supply of milk.
We have invested in a large scale glass bottling plant which became operational in the first quarter of 24/25 financial year, this is the first new line to be built in the UK in 40 years and we look forward to supplying our existing and new doorstep and wholesale customers with glass produced in Haverfordwest. This line will have the capacity to produce in excess on 1 million pints a week. Having an excess in raw milk from our farms, will allow glass production to move in house and expand in this market with our existing farm supplies.
We have also made further capital improvements within our factory in Haverfordwest with a fourth filler added, to facilitate our future growth plans.
Mark Hunter Ltd
Strategic Report for the Year Ended 30 April 2024
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2024 |
2023 |
Gross profit margin |
% |
35 |
27 |
Net profit margin after tax |
% |
4 |
2 |
Principal risks and uncertainties
Credit risk
The company manages credit risk by tight control by agreeing terms on a customer by customer basis and actively managing accounts on a weekly basis. The company feels in the current climate it prudent to have credit insurance for high value customers.
Commodity pricing risk
The company is exposed to commodity pricing risk for raw milk, packaging costs, wholesale purchased items i.e. bread, fruit and veg and fuel costs. This is managed by having strong relationships with its suppliers and customers and passing on changing prices to customers when necessary. High inflation in the UK economy has increased this risk.
Other risk
The company is conscious that skilled workers are highly sought after in the geographical area this adds risk to staffing levels, availability and inflated remuneration to retain. We have seen an increase in labour costs over the last 12 months with further increases ahead in April 2024 we are hopeful that by investing in technology and automation the efficiencies of the business help maintain a levelled labour cost to the business.
The company continues to monitor potential business risks through a competent and professional management team in order to strengthen and continue growth in the business.
The Directors expect to see a continued growth in turnover during the 2024/25 financial year with the introduction of the glass line and other projects which will increase profitability.
Approved and authorised by the
......................................... |
Mark Hunter Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
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 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.
Mark Hunter Ltd
Directors' Report for the Year Ended 30 April 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Mark Hunter Ltd
Independent Auditor's Report to the Members of Mark Hunter Ltd
Opinion
We have audited the financial statements of Mark Hunter Ltd (the 'company') for the year ended 30 April 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 company's affairs as at 30 April 2024 and of its 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Mark Hunter Ltd
Independent Auditor's Report to the Members of Mark Hunter Ltd
Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the 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 4], 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.
Auditor 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.
Mark Hunter Ltd
Independent Auditor's Report to the Members of Mark Hunter Ltd
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
• |
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; |
• |
Reviewing of minutes of meetings of those charged with governance; |
• |
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operation of the entity through enquiry and inspection; |
• |
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
• |
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. |
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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Mark Hunter Ltd
Independent Auditor's Report to the Members of Mark Hunter Ltd
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.
......................................
For and on behalf of
Llys Deri
Parc Pensarn
SA31 2NF
Mark Hunter Ltd
Profit and Loss Account for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
309,088 |
597,471 |
|
Gain on financial assets at fair value through profit and loss |
|
- |
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
( |
( |
|
699,707 |
(67,450) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Mark Hunter Ltd
Statement of Comprehensive Income for the Year Ended 30 April 2024
2024 |
2023 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Mark Hunter Ltd
(Registration number: 03805020)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
- |
|
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
6,164,107 |
5,384,279 |
|
Shareholders' funds |
6,164,207 |
5,384,379 |
Approved and authorised by the
......................................... |
Mark Hunter Ltd
Statement of Changes in Equity for the Year Ended 30 April 2024
Share capital |
Retained earnings |
Total |
|
At 1 May 2023 |
|
|
|
Profit for the year |
- |
|
|
At 30 April 2024 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 May 2022 |
|
|
|
Profit for the year |
- |
|
|
At 30 April 2023 |
100 |
5,384,279 |
5,384,379 |
Mark Hunter Ltd
Statement of Cash Flows for the Year Ended 30 April 2024
Note |
2024 |
2023 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
Fair value gain on investment properties |
( |
- |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
Decrease/(increase) in stocks |
|
( |
|
Decrease/(increase) in trade debtors |
|
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
|
|
|
Income taxes received |
|
|
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of intangible assets |
( |
- |
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Repayment of bank borrowing |
( |
( |
|
Receipts from finance lease debtors |
|
|
|
Payments to finance lease creditors |
( |
( |
|
Net cash flows from financing activities |
( |
( |
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 May |
|
|
|
Cash and cash equivalents at 30 April |
214,086 |
288,801 |
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The financial statements are presented in pounds Sterling and rounded to the nearest pound.
Going concern
The financial statements have been prepared on a going concern basis.
The directors consider that there are no material uncertainties about the company's ability to continue as a
going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the
company.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is stated net of trade discounts and rebates at the point of dispatch.
Government grants
Grants on capital expenditure are credited to a deferred revenue account and are released to the profit and loss account over the expected useful life of the relevant tangible fixed assets by instalments. Revenue grants are credited in the same period as the relevant expenditure.
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold and Leasehold property |
2% straight line |
Motor vehicles |
25% reducing balance |
Plant and machinery |
20% straight line & 15% reducing balance |
Fixtures, fittings, tools & equipment |
20% straight line & 15% reducing balance |
Computer equipment |
25% straight line |
Investment property
Goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.
Intangible assets
Intangible fixed assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
2 |
Accounting policies (continued) |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Useful life of 2 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, and it is probably that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Proposed dividend distribution to the company's shareholders is recognised as a liability in the financial
statements in the reporting period in which the dividends are declared. Interim dividends paid during
the period are not included in liabilities.
Defined contribution pension obligation
Contributions to defined contribution (or money purchase) schemes are expensed in the period to which they relate.
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
2 |
Accounting policies (continued) |
Judgements and key sources of estimations 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 results.
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 period, or in the period of the revision and future periods were the revision affects both current and future periods.
Bad debt provision
Impairment of trade debtors represent the company's best estimate of recoverable amounts of trade debtors at the balance sheet date. The company is required to exercise judgement in making assumptions and estimate when calculating trade debtor impairment losses. The estimates are calculated by reviewing post balance sheet receipts up to the date the financial statements are approved and considering prevailing market conditions such as customer behaviour, changes in laws and regulations and other influences on customer payment patterns. The accuracy of provision could therefore be affected by unexpected changes to these assumptions.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Sale of goods |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2024 |
2023 |
|
Sub lease rental income |
|
|
Miscellaneous other operating income |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2024 |
2023 |
|
(Loss)/gain on disposal of Tangible assets |
( |
|
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
Operating profit |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Amortisation expense |
|
- |
Operating lease expense - plant and machinery |
|
|
Exceptional expenses |
- |
153,076 |
Loss/(profit) on disposal of property, plant and equipment |
|
( |
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Foreign exchange gains |
|
- |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
9 |
Staff costs (continued) |
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Production |
|
|
Administration and support |
|
|
Distribution |
|
|
Other departments |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
20,717 |
20,535 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2024 |
2023 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
- |
(14,640) |
23,901 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
Tax increase from other short-term timing differences |
|
|
Effect of fair value gain on investment property |
( |
- |
Effect of expense not deductible in determining taxable profit (tax loss) |
|
( |
Total tax charge |
|
|
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
12 |
Taxation (continued) |
Deferred tax
Deferred tax assets and liabilities
2024 |
Asset |
Liability |
Accelerated tax deprecation |
- |
|
Fair value gain on investment properties |
- |
|
- |
|
2023 |
Asset |
Liability |
Accelerated tax deprecation |
- |
|
- |
|
Intangible assets |
Goodwill |
Total |
|
Cost |
||
At 1 May 2023 |
|
|
Additions acquired separately |
|
|
At 30 April 2024 |
|
|
Amortisation |
||
At 1 May 2023 |
|
|
Amortisation charge |
|
|
At 30 April 2024 |
|
|
Carrying amount |
||
At 30 April 2024 |
|
|
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
Tangible assets |
Land and buildings |
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
||||||
At 1 May 2023 |
|
- |
|
|
|
|
Additions |
|
|
|
|
|
|
Disposals |
- |
- |
- |
( |
( |
( |
Transfers (to)/from investment property |
|
- |
- |
- |
- |
|
At 30 April 2024 |
|
|
|
|
|
|
Depreciation |
||||||
At 1 May 2023 |
|
- |
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
( |
( |
( |
At 30 April 2024 |
|
|
|
|
|
|
Carrying amount |
||||||
At 30 April 2024 |
|
|
|
|
|
|
At 30 April 2023 |
|
- |
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Plant and machinery |
591,174 |
444,104 |
Motor vehicles |
400,064 |
521,071 |
991,238 |
965,175 |
Charges
NatWest PLC holds a fixed and floating charge over all assets of the business dated 8 January 2003 and a further fixed and floating charge over all assets dated 30 March 2022.
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
Investment properties |
2024 |
|
At 1 May |
|
Transfers to and from owner-occupied property |
(390,858) |
Fair value adjustments |
|
At 30 April |
|
The valuer confirms that the valuation approach, adopted in respect to valuing this property, is the comparable method of valuation. The valuer's opinion of market value was primarily derived using comparable recent market transactions on arm's length terms. Comparables should at best be recently sold or valued for related security by the valuer.
The comparables noted in this report have then been adjusted to consider their respective qualities in comparison to the subject property with appropriate adjustments made in order to reach the valuation figure reported.
The fair value of the investment properties has been determined by an independent, professionally-qualified valuer, Mr I A R Jones BSc, MRICS, FAAV. The valuations were completed on 14th July 2024.
Stocks |
2024 |
2023 |
|
Finished goods and goods for resale |
|
|
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Directors' loan accounts |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
55,876 |
23,901 |
|
Other creditors |
157,983 |
115,697 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
|
Other creditors |
|
|
|
703,101 |
1,506,833 |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £1,023,115 (2023 - £1,853,445).
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 May 2023 |
|
|
Additional provisions |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 April 2024 |
|
|
|
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
Pension and other schemes |
Defined contribution pension scheme
A defined contribution pension scheme is operated for all qualifying employees. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
99 |
|
99 |
|
|
1 |
|
1 |
|
|
|
|
Rights, preferences and restrictions
A ordinary and B ordinary shares have the following rights, preferences and restrictions: |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
22 |
Loans and borrowings (continued) |
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Hire purchase contracts |
|
|
|
|
Bank borrowings
The loan is payable by instalments with the following timing:
|
The NatWest loan has been fully repaid during year-end 30 April 2024.
|
Included in the loans and borrowings are the following amounts due after more than five years:
2024 |
2023 |
|
After more than five years by instalments |
- |
|
- |
- |
Obligations under leases and hire purchase contracts |
Operating leases - lessor
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Mark Hunter Ltd
Notes to the Financial Statements for the Year Ended 30 April 2024
23 |
Obligations under leases and hire purchase contracts (continued) |
In September 2022 the lease rolled over, generating a further 5 year commitment to September 2027 at £69,300 per annum.
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £