IRIS Accounts Production v24.3.0.553 01237354 director 1.2.23 31.1.24 31.1.24 true false true true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh012373542023-01-31012373542024-01-31012373542023-02-012024-01-31012373542022-01-31012373542022-02-012023-01-31012373542023-01-3101237354ns15:EnglandWales2023-02-012024-01-3101237354ns14:PoundSterling2023-02-012024-01-3101237354ns10:Director12023-02-012024-01-3101237354ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3101237354ns10:FRS1022023-02-012024-01-3101237354ns10:Audited2023-02-012024-01-3101237354ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-02-012024-01-3101237354ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-02-012024-01-3101237354ns10:FullAccounts2023-02-012024-01-3101237354ns10:OrdinaryShareClass12023-02-012024-01-3101237354ns10:RegisteredOffice2023-02-012024-01-3101237354ns5:CurrentFinancialInstruments2024-01-3101237354ns5:CurrentFinancialInstruments2023-01-3101237354ns5:ShareCapital2024-01-3101237354ns5:ShareCapital2023-01-3101237354ns5:CapitalRedemptionReserve2024-01-3101237354ns5:CapitalRedemptionReserve2023-01-3101237354ns5:RetainedEarningsAccumulatedLosses2024-01-3101237354ns5:RetainedEarningsAccumulatedLosses2023-01-3101237354ns5:ShareCapital2022-01-3101237354ns5:RetainedEarningsAccumulatedLosses2022-01-3101237354ns5:CapitalRedemptionReserve2022-01-3101237354ns5:RetainedEarningsAccumulatedLosses2022-02-012023-01-3101237354ns5:CapitalRedemptionReserve2022-02-012023-01-3101237354ns5:RetainedEarningsAccumulatedLosses2023-02-012024-01-3101237354ns5:CapitalRedemptionReserve2023-02-012024-01-3101237354ns5:OwnedAssets2023-02-012024-01-3101237354ns5:OwnedAssets2022-02-012023-01-3101237354112023-02-012024-01-3101237354112022-02-012023-01-3101237354ns10:OrdinaryShareClass12022-02-012023-01-3101237354ns5:LandBuildings2023-01-3101237354ns5:LeaseholdImprovements2023-01-3101237354ns5:PlantMachinery2023-01-3101237354ns5:LandBuildings2023-02-012024-01-3101237354ns5:LeaseholdImprovements2023-02-012024-01-3101237354ns5:PlantMachinery2023-02-012024-01-3101237354ns5:LandBuildings2024-01-3101237354ns5:LeaseholdImprovements2024-01-3101237354ns5:PlantMachinery2024-01-3101237354ns5:LandBuildings2023-01-3101237354ns5:LeaseholdImprovements2023-01-3101237354ns5:PlantMachinery2023-01-3101237354ns5:MotorVehicles2023-01-3101237354ns5:ComputerEquipment2023-01-3101237354ns5:MotorVehicles2023-02-012024-01-3101237354ns5:ComputerEquipment2023-02-012024-01-3101237354ns5:MotorVehicles2024-01-3101237354ns5:ComputerEquipment2024-01-3101237354ns5:MotorVehicles2023-01-3101237354ns5:ComputerEquipment2023-01-3101237354ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3101237354ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3101237354ns5:AcceleratedTaxDepreciationDeferredTax2024-01-3101237354ns5:AcceleratedTaxDepreciationDeferredTax2023-01-3101237354ns5:DeferredTaxation2023-01-3101237354ns5:DeferredTaxation2023-02-012024-01-3101237354ns5:DeferredTaxation2024-01-3101237354ns10:OrdinaryShareClass12024-01-3101237354ns5:RetainedEarningsAccumulatedLosses2023-01-3101237354ns5:CapitalRedemptionReserve2023-01-31
REGISTERED NUMBER: 01237354 (England and Wales)



















Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 January 2024

for

Owen Taylor and Sons Limited

Owen Taylor and Sons Limited (Registered number: 01237354)






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




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Profit and Loss Account 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


Owen Taylor and Sons 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: 01237354 (England and Wales)





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

Owen Taylor and Sons Limited (Registered number: 01237354)

Strategic Report
for the Year Ended 31 January 2024

The director presents his strategic report for the year ended 31 January 2024.

REVIEW OF BUSINESS
Overall, the company 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 company maintains a healthy cash position.

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 company and the execution of the company's strategy are subject to several risks. The company faces 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 company is the cost of living crisis which is prompting consumers to spend less. The company continually updates plans to manage the situation and the company is well placed to deal with the disruption.

Additional risks include increasing energy costs and border issues. The company 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 company'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 company 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 company's operations and improvements.

ON BEHALF OF THE BOARD:





R J O Taylor - Director


30 October 2024

Owen Taylor and Sons Limited (Registered number: 01237354)

Report of the Director
for the Year Ended 31 January 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of predominantly a wholesale catering butcher and a single retail butchers shop.

DIVIDENDS
An interim dividend of £18.3022 per share was paid on 31 January 2024. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 January 2024 will be £ 1,100,000 .

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 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company'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 Limited

Opinion
We have audited the financial statements of Owen Taylor and Sons Limited (the 'company') for the year ended 31 January 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity 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 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; 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 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 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 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 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 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 Limited


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 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, 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 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 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 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 company and industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the food service 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 around actual and potential litigation and claims;
- Reviewing financial statement disclosures and testing to supporting documentation to assess
compliance with applicable 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 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 Limited (Registered number: 01237354)

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 2,577,522 1,919,350
3,079,290 2,419,662
1,671,645 2,007,904

Other operating income 5,678 8,525
OPERATING PROFIT 4 1,677,323 2,016,429

Interest receivable and similar income 27,796 6,530
PROFIT BEFORE TAXATION 1,705,119 2,022,959

Tax on profit 5 408,582 424,709
PROFIT FOR THE FINANCIAL YEAR 1,296,537 1,598,250

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,296,537

1,598,250

Owen Taylor and Sons Limited (Registered number: 01237354)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 1,463,856 991,540
Investment property 8 100,000 100,000
1,563,856 1,091,540

CURRENT ASSETS
Stocks 9 1,897,603 2,448,588
Debtors 10 2,331,037 2,275,120
Investments 11 50,000 50,000
Cash at bank and in hand 1,486,208 874,974
5,764,848 5,648,682
CREDITORS
Amounts falling due within one year 12 3,694,441 3,390,745
NET CURRENT ASSETS 2,070,407 2,257,937
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,634,263

3,349,477

PROVISIONS FOR LIABILITIES 14 302,906 214,657
NET ASSETS 3,331,357 3,134,820

CAPITAL AND RESERVES
Called up share capital 15 60,102 60,102
Capital redemption reserve 16 20,572 20,572
Retained earnings 16 3,250,683 3,054,146
SHAREHOLDERS' FUNDS 3,331,357 3,134,820

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 Limited (Registered number: 01237354)

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 3,105,896 20,572 3,186,570

Changes in equity
Dividends - (1,650,000 ) - (1,650,000 )
Total comprehensive income - 1,598,250 - 1,598,250
Balance at 31 January 2023 60,102 3,054,146 20,572 3,134,820

Changes in equity
Dividends - (1,100,000 ) - (1,100,000 )
Total comprehensive income - 1,296,537 - 1,296,537
Balance at 31 January 2024 60,102 3,250,683 20,572 3,331,357

Owen Taylor and Sons Limited (Registered number: 01237354)

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

1. STATUTORY INFORMATION

Owen Taylor and Sons 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 Company 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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.

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.

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.

Owen Taylor and Sons Limited (Registered number: 01237354)

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

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further 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 company in independently administered funds.

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

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.

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 company's accounting policies the director is required to make judgement estimates and assumptions about the carrying amounts of the company'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.

Owen Taylor and Sons Limited (Registered number: 01237354)

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

2. ACCOUNTING POLICIES - continued

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 company'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

4. OPERATING PROFIT

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

2024 2023
£    £   
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

Owen Taylor and Sons Limited (Registered number: 01237354)

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

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 333 (489 )
Total current tax 320,333 326,511

Deferred tax 88,249 98,198
Tax on profit 408,582 424,709

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

2024 2023
£    £   
Profit before tax 1,705,119 2,022,959
Profit multiplied by the standard rate of corporation tax in the UK of
24.030% (2023 - 19%)

409,740

384,362

Effects of:
Expenses not deductible for tax purposes 8,942 40,836
Adjustments to tax charge in respect of previous periods 333 (489 )
Group relief (10,433 ) -
Total tax charge 408,582 424,709

6. DIVIDENDS
2024 2023
£    £   
Interim 1,100,000 1,650,000

Owen Taylor and Sons Limited (Registered number: 01237354)

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

7. TANGIBLE FIXED ASSETS
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 666,205 329,945 3,024,923
Additions 126,786 5,802 720,039
At 31 January 2024 792,991 335,747 3,744,962
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 380,993 45,807 1,463,856
At 31 January 2023 368,399 66,497 991,540

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

8. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 100,000
NET BOOK VALUE
At 31 January 2024 100,000
At 31 January 2023 100,000

Owen Taylor and Sons Limited (Registered number: 01237354)

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

8. INVESTMENT PROPERTY - continued

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2024 100,000

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

2024 2023
£    £   
Cost 60,500 60,500
Aggregate depreciation (10,890 ) (9,680 )

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

9. STOCKS
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

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,762,165 1,850,702
Other debtors 401,655 289,838
Prepayments 167,217 134,580
2,331,037 2,275,120

11. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 50,000 50,000


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,625,389 1,730,268
Amounts owed to group undertakings 1,581,845 1,170,970
Tax 152,986 184,914
Social security and other taxes 107,248 91,553
Other creditors 126,506 98,716
Director's current account 46,065 51,104
Accrued expenses 54,402 63,220
3,694,441 3,390,745

Owen Taylor and Sons Limited (Registered number: 01237354)

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

13. LEASING AGREEMENTS

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

Other operating leases
2024 2023
£ £
Obligations repayable:
Within one year 26,933 27,270
Between one and five years 21,806 47,568
48,739 74,838

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 302,906 214,657

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

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
60,102 Ordinary £1 60,102 60,102

16. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 February 2023 3,054,146 20,572 3,074,718
Profit for the year 1,296,537 1,296,537
Dividends (1,100,000 ) (1,100,000 )
At 31 January 2024 3,250,683 20,572 3,271,255

Owen Taylor and Sons Limited (Registered number: 01237354)

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

17. ULTIMATE PARENT COMPANY

The company's immediate and ultimate parent undertaking is Owen Taylor and Sons Holdings Limited, which prepares group financial accounts.

The registered office of Owen Taylor and Sons Holdings Limited is 27 Main Road, Leabrooks, Derby, DE55 1LA.

Copies of the consolidated financial statements of Owen Taylor and Sons Holdings Limited are available from the Registrar of Companies, Companies House, Crown Walk, Cardiff, CF14 3UZ.

18. RELATED PARTY DISCLOSURES

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

19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R J O Taylor.