IRIS Accounts Production v24.3.0.553 11277483 director 31.1.24 1.2.23 31.1.24 31.1.24 ... true true false true true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh112774832023-01-31112774832024-01-31112774832023-02-012024-01-31112774832022-01-31112774832022-02-012023-01-31112774832023-01-3111277483ns15:EnglandWales2023-02-012024-01-3111277483ns14:PoundSterling2023-02-012024-01-3111277483ns10:Director12023-02-012024-01-3111277483ns10:Consolidated2024-01-3111277483ns10:ConsolidatedGroupCompanyAccounts2023-02-012024-01-3111277483ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3111277483ns10:Consolidatedns10:FRS1022023-02-012024-01-3111277483ns10:Consolidatedns10:Audited2023-02-012024-01-3111277483ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3111277483ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3111277483ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3111277483ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-02-012024-01-3111277483ns10:FullAccounts2023-02-012024-01-3111277483ns10:Consolidated2023-02-012024-01-3111277483ns10:RegisteredOffice2023-02-012024-01-3111277483ns10:Consolidated2022-02-012023-01-3111277483ns5:CurrentFinancialInstruments2024-01-3111277483ns5:CurrentFinancialInstruments2023-01-3111277483ns5:ShareCapital2024-01-3111277483ns5:ShareCapital2023-01-3111277483ns5:RetainedEarningsAccumulatedLosses2024-01-3111277483ns5:RetainedEarningsAccumulatedLosses2023-01-3111277483ns5:ShareCapital2022-01-3111277483ns5:RetainedEarningsAccumulatedLosses2022-01-3111277483ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-3111277483ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-3111277483ns5:UnlistedNon-exchangeTradedns5:CostValuation2023-01-3111277483ns5:UnlistedNon-exchangeTraded2024-01-3111277483ns5:UnlistedNon-exchangeTraded2023-01-3111277483ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3111277483ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3111277483ns5:RetainedEarningsAccumulatedLosses2023-01-31
REGISTERED NUMBER: 11277483 (England and Wales)



















Group Strategic Report, Report of the Director and

Consolidated Financial Statements

for the Year Ended 31 January 2024

for

Owen Taylor and Sons Holdings Limited

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)






Contents of the Consolidated Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Profit and Loss Account 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Financial Statements 13


Owen Taylor and Sons Holdings Limited

Company Information
for the Year Ended 31 January 2024







DIRECTOR: R J O Taylor





REGISTERED OFFICE: 27 Main Road
Leabrooks
Alfreton
Derbyshire
DE55 1LA





REGISTERED NUMBER: 11277483 (England and Wales)





AUDITORS: Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Group Strategic Report
for the Year Ended 31 January 2024

The director presents his strategic report of the company and the group for the year ended 31 January 2024.

REVIEW OF BUSINESS
Overall, the group has reported an increase in turnover of 12.3% in comparison to the prior year.

The gross profit margin has decreased to 17.8% (2023 - 18.6%).

The cash position of the group has increased mainly due to a significant increase in revenue and profits.

The overall results for the period are considered very good, particularly when taking into account the competitive market conditions and the cost of living crisis.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the group and the execution of the group's strategy are subject to several risks. The group continues to face challenges from global food price increases as a result of the Russia and Ukraine conflict, tight margins on sales and a greater than average risk of insolvency in the catering market. These global food prices are monitored by the director with any necessary action undertaken.

The main risk to the group is the cost of living crisis which is prompting consumers to spend less. The group continually updates plans to manage the situation and the group is well placed to deal with the disruption.

Additional risks include increasing energy costs and border issues. The group has sufficient margins to account for the increases in energy costs. Brexit has caused some supply chain issues with lorries being delayed and held up at ports.

ORGANISATION
The director continues to monitor the group's organisation and profitability in the light of changes within a highly competitive industry. Changes are implemented where deemed appropriate in order to minimise the effects of the risks and uncertainties the group faces in retaining market share and maintaining margins.

FINANCIAL INSTRUMENTS
Due to the high cash resources in place, the need for other financial instruments is minimal. The main purpose of the financial instruments and cash resources is to provide working capital and finance for the group's operations and improvements.

ON BEHALF OF THE BOARD:





R J O Taylor - Director


30 October 2024

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Report of the Director
for the Year Ended 31 January 2024

The director presents his report with the financial statements of the company and the group for the year ended 31 January 2024.

DIVIDENDS
An interim dividend of 1.66383 per share was paid on 5 April 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2024 will be £ 100,000 .

DIRECTOR
R J O Taylor held office during the whole of the period from 1 February 2023 to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The matters required to be disclosed under SI (2008) 410 Sch 7 relating to financial instruments are
contained within the Strategic Report as applicable in accordance with s414C(11) of the Companies Act 2006.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and 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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





R J O Taylor - Director


30 October 2024

Report of the Independent Auditors to the Members of
Owen Taylor and Sons Holdings Limited

Opinion
We have audited the financial statements of Owen Taylor and Sons Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

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

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

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

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

Report of the Independent Auditors to the Members of
Owen Taylor and Sons Holdings Limited


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

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

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Based on our understanding of the Group and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the food industry and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. Audit procedures performed by the engagement team included:

- Enquiry of management, those charged with governance and the entity's solicitors (or in-house legal
team) around actual and potential litigation and claims;
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with
laws and regulations;
- Reviewing minutes of meetings of those charged with governance;
- Performing audit work over the risk of management 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 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 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 located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Owen Taylor and Sons Holdings Limited


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 a Report of the Auditors 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.




Ian Neal FCA CTA (Senior Statutory Auditor)
for and on behalf of Bates Weston Audit Ltd
Statutory Auditors
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

31 October 2024

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Consolidated
Profit and Loss Account
for the Year Ended 31 January 2024

2024 2023
Notes £    £    £    £   

TURNOVER 26,708,061 23,788,896

Cost of sales 21,957,126 19,361,330
GROSS PROFIT 4,750,935 4,427,566

Distribution costs 501,768 500,312
Administrative expenses 2,794,695 2,047,722
3,296,463 2,548,034
1,454,472 1,879,532

Other operating income 147,203 159,428
OPERATING PROFIT 4 1,601,675 2,038,960

Interest receivable and similar income 60,029 6,530
PROFIT BEFORE TAXATION 1,661,704 2,045,490

Tax on profit 5 409,039 424,784
PROFIT FOR THE FINANCIAL YEAR 1,252,665 1,620,706

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,252,665

1,620,706

Profit attributable to:
Owners of the parent 1,252,665 1,620,706

Total comprehensive income attributable to:
Owners of the parent 1,252,665 1,620,706

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Consolidated Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,463,855 991,539
Investments 9 - -
Investment property 10 1,849,931 1,820,455
3,313,786 2,811,994

CURRENT ASSETS
Stocks 11 1,897,603 2,448,588
Debtors 12 2,380,124 2,321,535
Investments 13 50,000 50,000
Cash at bank and in hand 3,996,274 2,874,492
8,324,001 7,694,615
CREDITORS
Amounts falling due within one year 14 2,151,077 2,260,813
NET CURRENT ASSETS 6,172,924 5,433,802
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,486,710

8,245,796

PROVISIONS FOR LIABILITIES 16 302,906 214,657
NET ASSETS 9,183,804 8,031,139

CAPITAL AND RESERVES
Called up share capital 17 60,102 60,102
Capital redemption reserve 18 20,572 20,572
Retained earnings 18 9,103,130 7,950,465
SHAREHOLDERS' FUNDS 9,183,804 8,031,139

The financial statements were approved by the director and authorised for issue on 30 October 2024 and were signed by:





R J O Taylor - Director


Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Company Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 - -
Investments 9 60,102 60,102
Investment property 10 1,749,931 1,720,455
1,810,033 1,780,557

CURRENT ASSETS
Debtors 12 1,636,334 1,217,385
Cash at bank 2,510,066 1,999,518
4,146,400 3,216,903
CREDITORS
Amounts falling due within one year 14 43,882 41,038
NET CURRENT ASSETS 4,102,518 3,175,865
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,912,551

4,956,422

CAPITAL AND RESERVES
Called up share capital 17 60,102 60,102
Retained earnings 18 5,852,449 4,896,320
SHAREHOLDERS' FUNDS 5,912,551 4,956,422

Company's profit for the financial year 1,056,129 1,672,457

The financial statements were approved by the director and authorised for issue on 30 October 2024 and were signed by:





R J O Taylor - Director


Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Consolidated Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 February 2022 60,102 6,379,759 20,572 6,460,433

Changes in equity
Dividends - (50,000 ) - (50,000 )
Total comprehensive income - 1,620,706 - 1,620,706
Balance at 31 January 2023 60,102 7,950,465 20,572 8,031,139

Changes in equity
Dividends - (100,000 ) - (100,000 )
Total comprehensive income - 1,252,665 - 1,252,665
Balance at 31 January 2024 60,102 9,103,130 20,572 9,183,804

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Company Statement of Changes in Equity
for the Year Ended 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 February 2022 60,102 3,273,863 3,333,965

Changes in equity
Dividends - (50,000 ) (50,000 )
Total comprehensive income - 1,672,457 1,672,457
Balance at 31 January 2023 60,102 4,896,320 4,956,422

Changes in equity
Dividends - (100,000 ) (100,000 )
Total comprehensive income - 1,056,129 1,056,129
Balance at 31 January 2024 60,102 5,852,449 5,912,551

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Consolidated Cash Flow Statement
for the Year Ended 31 January 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 21 2,269,024 2,042,625
Tax paid (352,718 ) (462,586 )
Net cash from operating activities 1,916,306 1,580,039

Cash flows from investing activities
Purchase of tangible fixed assets (720,039 ) (376,406 )
Purchase of investment property (29,476 ) (223,249 )
Sale of tangible fixed assets - 15,251
Interest received 60,029 6,530
Net cash from investing activities (689,486 ) (577,874 )

Cash flows from financing activities
Amount introduced by directors 2,928 3,477
Amount withdrawn by directors (7,966 ) (30,513 )
Equity dividends paid (100,000 ) (50,000 )
Net cash from financing activities (105,038 ) (77,036 )

Increase in cash and cash equivalents 1,121,782 925,129
Cash and cash equivalents at
beginning of year

22

2,874,492

1,949,363

Cash and cash equivalents at end of
year

22

3,996,274

2,874,492

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Notes to the Consolidated Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Owen Taylor and Sons Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

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

Merger accounting has been adopted to include the results of the trading subsidiary as if it had always formed part of the group and the comparatives reflects this.

Merger relief under S612 CA 2006 has been applied and the investments have been accounted for at the nominal value of the shares issued.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover represents the net sales of invoiced goods on despatch or pick-up, excluding value added tax. Turnover is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and it is probable that the company will receive the agreed upon payment. Rental income is recognised in other income.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment loss. 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.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property- 2% on cost
Improvements to property- 10% on cost
Plant and machinery- 15% on reducing balance
Motor vehicles- at varying rates on cost
Computer equipment- 33% on cost

Freehold land is not depreciated.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively as 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 within 'administrative expenses' in the profit and loss account.

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is not depreciated but is revalued annually at its market value in accordance with the Financial Reporting Standard 102. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for slow moving and obsolete items. Cost is based on a first in, first out basis and is calculated as original purchase price plus labour costs of production and preparation.

Net realisable value is based on the estimated selling price less further costs expected to be incurred to completion and disposal.

At each reporting date, stock is assessed for impairment. If 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.

Deferred tax
Deferred tax arises from timing differences that are differences between taxable total profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.

A deferred tax asset is recognised only when it is more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences and losses can be deducted.

Provision is made at current rates for taxation deferred in respect of all material timing differences.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account as they are incurred.

Pension costs and other post-retirement benefits
The group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the group pays fixed contributions into a separate entity. Once the contributions have been paid the group has no further payments obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the group in independently administered funds.

Current asset investments
Current asset investments are stated at cost less provision for permanent diminution in value. An investment is treated as a current asset investment if it is not intended to be held long term and/or readily convertible to cash were it to be sold.

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised in the profit and loss account so as to match them with the expenditure towards which they are intended to contribute.
Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the group's accounting policies the director is required to make judgement estimates and assumptions about the carrying amounts of the group's assets and liabilities. These are based on historical experience and other factors that are considered relevant and are reviewed on a regular basis and recognised in the period in which the estimate is revised. Actual results may differ from these estimates.

The following are the critical judgements and where relevant the key sources of estimation uncertainty:

Tangible fixed assets are depreciated over their useful economic lives, taking into account their residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.

The recoverability of debtors is assessed on the likelihood and circumstances of the particular cost.

The value of stock is assessed for impairment. In re-assessing the stock value, factors such as slow movement and obsolescence are taken into account.

Investment properties are not depreciated but are held at fair value based on the director's judgement and experience taking into account local conditions, market values for similar properties and the group's long-term plans for their use at the balance sheet date. The assumptions are reviewed at least annually and revisions recognised in the current or previous period as is applicable.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,371,761 3,733,262
Social security costs 392,911 345,579
Other pension costs 128,021 114,863
4,892,693 4,193,704

The average number of employees during the year was as follows:
2024 2023

Direct 112 98
Drivers 30 28
Administration 28 28
170 154

2024 2023
£    £   
Director's remuneration 16,404 14,447

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

Money purchase schemes 1 1

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

4. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery - 1,298
Depreciation - owned assets 247,723 162,470
Profit on disposal of fixed assets - (11,225 )
Auditors' remuneration 23,140 23,140
Auditors' remuneration for non audit work 6,860 6,860
Operating lease payments 48,496 27,677

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 320,000 327,000
Adjustment re prior year 790 (414 )
Total current tax 320,790 326,586

Deferred tax 88,249 98,198
Tax on profit 409,039 424,784

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

2024 2023
£    £   
Profit before tax 1,661,704 2,045,490
Profit multiplied by the standard rate of corporation tax in the UK of
24.030 % (2023 - 19 %)

399,307

388,643

Effects of:
Expenses not deductible for tax purposes 8,943 36,555
Adjustments to tax charge in respect of previous periods 789 (414 )
Total tax charge 409,039 424,784

6. INDIVIDUAL PROFIT AND LOSS ACCOUNT

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


7. DIVIDENDS
2024 2023
£    £   
Interim 100,000 50,000

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

8. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 February 2023 249,974 473,291 1,305,508
Additions - - 587,451
At 31 January 2024 249,974 473,291 1,892,959
DEPRECIATION
At 1 February 2023 138,478 473,291 860,360
Charge for year 4,467 - 102,572
At 31 January 2024 142,945 473,291 962,932
NET BOOK VALUE
At 31 January 2024 107,029 - 930,027
At 31 January 2023 111,496 - 445,148

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 February 2023 666,204 329,945 3,024,922
Additions 126,786 5,802 720,039
At 31 January 2024 792,990 335,747 3,744,961
DEPRECIATION
At 1 February 2023 297,806 263,448 2,033,383
Charge for year 114,192 26,492 247,723
At 31 January 2024 411,998 289,940 2,281,106
NET BOOK VALUE
At 31 January 2024 380,992 45,807 1,463,855
At 31 January 2023 368,398 66,497 991,539

Included in cost of land and buildings is freehold land of £26,620 (2023 - £26,620) which is not depreciated.

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

9. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 February 2023
and 31 January 2024 60,102
NET BOOK VALUE
At 31 January 2024 60,102
At 31 January 2023 60,102

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

Subsidiary

Owen Taylor and Sons Limited
Registered office: 27 Main Road, Leabrooks, Alfreton, Derbyshire, DE55 1LA
Nature of business: Wholesale catering and single retail butchers
%
Class of shares: holding
Ordinary 100.00


10. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 February 2023 1,820,455
Additions 29,476
At 31 January 2024 1,849,931
NET BOOK VALUE
At 31 January 2024 1,849,931
At 31 January 2023 1,820,455

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2024 1,849,931

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

10. INVESTMENT PROPERTY - continued

Group

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,810,431 1,780,955
Aggregate depreciation (122,719 ) (86,510 )

Investment property was valued on a fair value basis on 31 January 2024 by the director .

Company
Total
£   
FAIR VALUE
At 1 February 2023 1,720,455
Additions 29,476
At 31 January 2024 1,749,931
NET BOOK VALUE
At 31 January 2024 1,749,931
At 31 January 2023 1,720,455

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2024 1,749,931

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,749,931 1,720,455
Aggregate depreciation (111,829 ) (76,830 )

Investment property was valued on a fair value basis on 31 January 2024 by the director .

11. STOCKS

Group
2024 2023
£    £   
Consumables, packaging and
hygiene 42,254 44,434
Raw meat/produce 1,855,349 2,404,154
1,897,603 2,448,588

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,798,915 1,873,032 36,751 22,330
Amounts owed by group undertakings - - 1,581,846 1,170,970
Other debtors 413,526 310,719 11,871 20,881
Prepayments 167,683 137,784 5,866 3,204
2,380,124 2,321,535 1,636,334 1,217,385

13. CURRENT ASSET INVESTMENTS

Group
2024 2023
£    £   
Unlisted investments 50,000 50,000

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 1,647,081 1,753,676 21,692 23,408
Tax 152,986 184,914 - -
Social security and other taxes 107,248 91,553 - -
Other creditors 126,506 98,716 - -
Directors' current accounts 46,065 51,104 - -
Accrued expenses 71,191 80,850 22,190 17,630
2,151,077 2,260,813 43,882 41,038

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Group
Other operating leases
2024 2023
£ £
Obligations repayable:
Within one year 26,933 22,270
Between one and five years 21,806 47,568
48,739 74,838

The minimum lease income on non-cancellable operating leases committed to be received is £20,000 (2023: £68,000)


Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

16. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 302,906 214,657

Group
Deferred
tax
£   
Balance at 1 February 2023 214,657
Provided during year 88,249
Balance at 31 January 2024 302,906

17. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2020 2019
Value: £ £
60,102 Ordinary £1 60,102 60,102


18. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 February 2023 7,950,465 20,572 7,971,037
Profit for the year 1,252,665 1,252,665
Dividends (100,000 ) (100,000 )
At 31 January 2024 9,103,130 20,572 9,123,702

Company
Retained
earnings
£   

At 1 February 2023 4,896,320
Profit for the year 1,056,129
Dividends (100,000 )
At 31 January 2024 5,852,449


19. RELATED PARTY DISCLOSURES

The director maintains an interest free current account with the group. At the balance sheet date, the amount owing to the director is shown in the creditors note. The balance is repayable upon demand.

Owen Taylor and Sons Holdings Limited (Registered number: 11277483)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 January 2024

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R J O Taylor.

21. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,661,704 2,045,490
Depreciation charges 247,722 162,470
Profit on disposal of fixed assets - (11,225 )
Finance income (60,029 ) (6,530 )
1,849,397 2,190,205
Decrease/(increase) in stocks 550,985 (249,077 )
Increase in trade and other debtors (58,589 ) (452,238 )
(Decrease)/increase in trade and other creditors (72,769 ) 553,735
Cash generated from operations 2,269,024 2,042,625

22. CASH AND CASH EQUIVALENTS

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

Year ended 31 January 2024
31.1.24 1.2.23
£    £   
Cash and cash equivalents 3,996,274 2,874,492
Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 2,874,492 1,949,363


23. ANALYSIS OF CHANGES IN NET FUNDS

At 1.2.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank and in hand 2,874,492 1,121,782 3,996,274
2,874,492 1,121,782 3,996,274

Liquid resources
Current asset investments 50,000 - 50,000
50,000 - 50,000
Total 2,924,492 1,121,782 4,046,274