Registered number
07158437
TW Ludgate & Son Ltd
Annual Report of the Directors and
Audited Financial Statements for the Year Ended
31 January 2024
TW Ludgate & Son Ltd
Company Information
Directors
M J Ludgate
A B Ludgate
Auditors
Ridgefield Consulting Ltd
2 Hinksey Court
Church Way
Oxford
Oxfordshire
OX2 9SX
Registered office
2 Hinksey Court
Church Way
Oxford
Oxfordshire
OX2 9SX
Registered number
07158437
TW Ludgate & Son Ltd
Registered number: 07158437
Directors' Report
The directors present their report and financial statements for the year ended 31 January 2024.
Principal activities
The company's principal activity during the year continued to be that of the wholesale of meat and meat products.
Dividends
The directors recommend a final dividend of £812,500 for the year.
Directors
The following persons served as directors during the year:
M J Ludgate
A B Ludgate
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK 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 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.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board on 30 October 2024 and signed on its behalf.
M J Ludgate
Director
TW Ludgate & Son Ltd
Strategic Report
The directors present their strategic report for the year ended 31 January 2024.
Review of business
The company has continued to grow with improved profitability.

Turnover for the year has increased by 3.1% from £16,660,281 to £17,176,838. Gross profit margin is 13.1% (2023: 12.4%).

Profit before tax increased by 17.8% to £1,244,584 (2023:£1,056,372). Distributable reserves are in a strong position totalling £4,111,587 (2023: £3,983,645), being an increase of 3.2%.
Principal risks and uncertainties
The company may not perform as expected either due to external factors such as competitive pressure. There is also general risk given the global economic situation, but the directors continue to manage this closely.
This report was approved by the board on 30 October 2024 and signed on its behalf.
M J Ludgate
Director
TW Ludgate & Son Ltd
Independent auditor's report
to the members of TW Ludgate & Son Ltd
Opinion
We have audited the financial statements of TW Ludgate & Son Ltd (the 'company') for the year ended 31 January 2024 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the 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 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the 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 the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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 directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:
• enquiring of management concerning actual and potential litigation and claims;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Simon Thomas BA, BFP, FCCA, ACA
(Senior Statutory Auditor) 2 Hinksey Court
for and on behalf of Church Way
Ridgefield Consulting Ltd Oxford
Statutory Auditor Oxfordshire
30 October 2024 OX2 9SX
TW Ludgate & Son Ltd
Income Statement
for the year ended 31 January 2024
Notes 2024 2023
£ £
Turnover 2 17,176,838 16,660,281
Cost of sales (14,923,097) (14,581,388)
Gross profit 2,253,741 2,078,893
Administrative expenses (1,070,444) (1,033,680)
Operating profit 3 1,183,297 1,045,213
Loss on sale of fixed assets (2,898) (3,165)
Interest receivable 64,185 14,324
Profit on ordinary activities before taxation 1,244,584 1,056,372
Tax on profit on ordinary activities 5 (304,142) (196,705)
Profit for the financial year 940,442 859,667
TW Ludgate & Son Ltd
Statement of Financial Position
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 6 362,820 337,639
Current assets
Stocks 7 270,255 308,114
Debtors 8 1,110,088 1,105,335
Cash at bank and in hand 4,174,094 3,716,795
5,554,437 5,130,244
Creditors: amounts falling due within one year 9 (1,742,134) (1,436,699)
Net current assets 3,812,303 3,693,545
Total assets less current liabilities 4,175,123 4,031,184
Provisions for liabilities
Deferred taxation 10 (53,536) (37,539)
Net assets 4,121,587 3,993,645
Capital and reserves
Called up share capital 11 10,000 10,000
Profit and loss account 12 4,111,587 3,983,645
Total equity 4,121,587 3,993,645
M J Ludgate
Director
Approved by the board on 30 October 2024
TW Ludgate & Son Ltd
Statement of Changes in Equity
for the year ended 31 January 2024
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 February 2022 10,000 - - 3,798,978 3,808,978
Profit for the financial year 859,667 859,667
Dividends (675,000) (675,000)
At 31 January 2023 10,000 - - 3,983,645 3,993,645
At 1 February 2023 10,000 - - 3,983,645 3,993,645
Profit for the financial year 940,442 940,442
Dividends (812,500) (812,500)
At 31 January 2024 10,000 - - 4,111,587 4,121,587
TW Ludgate & Son Ltd
Statement of Cash Flows
for the year ended 31 January 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 940,442 859,667
Adjustments for:
Loss on sale of fixed assets 2,898 3,165
Interest receivable (64,185) (14,324)
Tax on profit on ordinary activities 304,142 196,705
Depreciation 74,310 65,883
Decrease in stocks 37,859 14,667
Increase in debtors (4,753) (120,624)
Increase in creditors 197,626 48,069
1,488,339 1,053,208
Interest received 64,185 14,324
Corporation tax paid (196,463) (223,841)
Cash generated by operating activities 1,356,061 843,691
Investing activities
Payments to acquire tangible fixed assets (116,890) (70,278)
Proceeds from sale of tangible fixed assets 14,501 1,166
Cash used in investing activities (102,389) (69,112)
Financing activities
Equity dividends paid (812,500) (675,000)
Cash used in financing activities (812,500) (675,000)
Net cash generated
Cash generated by operating activities 1,356,061 843,691
Cash used in investing activities (102,389) (69,112)
Cash used in financing activities (812,500) (675,000)
Net cash generated 441,172 99,579
Cash and cash equivalents at 1 February 3,672,243 3,572,664
Cash and cash equivalents at 31 January 4,113,415 3,672,243
Cash and cash equivalents comprise:
Cash at bank 4,174,094 3,716,795
Bank overdrafts 9 (60,679) (44,552)
4,113,415 3,672,243
TW Ludgate & Son Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% straight line
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Analysis of turnover 2024 2023
£ £
Sale of goods 17,176,838 16,660,281
By geographical market:
UK 17,176,838 16,660,281
3 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 74,310 65,883
Auditors' remuneration for audit services 11,000 -
Carrying amount of stock sold 14,872,563 14,529,455
4 Staff costs 2024 2023
£ £
Wages and salaries 484,017 473,648
Social security costs 53,303 48,263
Other pension costs 12,347 10,510
549,667 532,421
Employees Number Number
Average number of employees during the year 16 17
5 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 288,170 196,464
Adjustments in respect of previous periods (25) -
288,145 196,464
Deferred tax:
Origination and reversal of timing differences 15,997 241
Tax on profit on ordinary activities 304,142 196,705
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 1,244,584 1,056,372
Standard rate of corporation tax in the UK 24% 19%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 298,700 200,711
Effects of:
Expenses not deductible for tax purposes 1,057 594
Capital allowances for period in excess of depreciation (11,587) (4,841)
Adjustments to tax charge in respect of previous periods (25) -
Current tax charge for period 288,145 196,464
6 Tangible fixed assets
Land and buildings Plant and machinery Fixtures, fittings, tools and equipment Total
At cost At cost At cost
£ £ £ £
Cost or valuation
At 1 February 2023 139,892 689,511 114,695 944,098
Additions - 116,890 - 116,890
Disposals - (78,638) - (78,638)
At 31 January 2024 139,892 727,763 114,695 982,350
Depreciation
At 1 February 2023 - 502,119 104,340 606,459
Charge for the year - 71,721 2,589 74,310
On disposals - (61,239) - (61,239)
At 31 January 2024 - 512,601 106,929 619,530
Carrying amount
At 31 January 2024 139,892 215,162 7,766 362,820
At 31 January 2023 139,892 187,392 10,355 337,639
7 Stocks 2024 2023
£ £
Raw materials and consumables 270,255 308,114
8 Debtors 2024 2023
£ £
Trade debtors 1,050,801 1,056,647
Other debtors 42,826 27,152
Prepayments and accrued income 16,461 21,536
1,110,088 1,105,335
9 Creditors: amounts falling due within one year 2024 2023
£ £
Bank overdrafts 60,679 44,552
Trade creditors 838,271 778,576
Corporation tax 288,170 196,488
Other taxes and social security costs 11,373 13,549
Other creditors 489,642 337,132
Accruals and deferred income 53,999 66,402
1,742,134 1,436,699
10 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 53,536 37,539
2024 2023
£ £
At 1 February 37,539 37,298
Charged to the profit and loss account 15,997 241
At 31 January 53,536 37,539
11 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 10,000 10,000 10,000
12 Profit and loss account 2024 2023
£ £
At 1 February 3,983,645 3,798,978
Profit for the financial year 940,442 859,667
Dividends (812,500) (675,000)
At 31 January 4,111,587 3,983,645
13 Dividends 2024 2023
£ £
Dividends on ordinary shares (note 12) 812,500 675,000
14 Other financial commitments
Total future minimum lease payments under non-cancellable operating leases:
Land and buildings Land and buildings
2024 2023
£ £
Falling due:
within one year 91,300 80,300
within two to five years 440,000 401,500
531,300 481,800
15 Related party transactions
During the period, the company paid rent of £91,300 (2023: £80,300) to Mr M J Ludgate for the use of the premises. The company also purchased £24,225 of meat from a farm owned by Mr M J Ludgate, nothing was owed to the farm at the year end.
16 Controlling party
During the current and previous financial year, the company was controlled by Mr M J Ludgate, the director who has a majority shareholding in the company.
17 Presentation currency
The financial statements are presented in Sterling.
18 Legal form of entity and country of incorporation
TW Ludgate & Son Ltd is a private company limited by shares and incorporated in England.
19 Principal place of business
The address of the company's principal place of business is:
Unit 3b Dormer Road
Thame Industrial Estate
Thame
Oxon
OX9 3UD
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