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REGISTERED NUMBER: 09686568 (England and Wales)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 October 2023

for

Claydon Family Holdings Limited

Claydon Family Holdings Limited (Registered number: 09686568)






Contents of the Consolidated Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


Claydon Family Holdings Limited

Company Information
for the Year Ended 31 October 2023







DIRECTORS: J Claydon
O Claydon
S Claydon
D Claydon





REGISTERED OFFICE: Gaines Hall
Attleton Green
Wickhambrook
Newmarket
Suffolk
CB8 8YA





REGISTERED NUMBER: 09686568 (England and Wales)





AUDITORS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

Claydon Family Holdings Limited (Registered number: 09686568)

Group Strategic Report
for the Year Ended 31 October 2023

The directors present their strategic report of the company and the group for the year ended 31 October 2023.

REVIEW OF BUSINESS
The directors are pleased with the results of the group. The group reports another record-breaking level of turnover and profits.

The directors consider the key performance indicators to be as follows:

2023 2022
£'000000 £'000000
Turnover 13,815 11,696
Gross profit 4,916 4,178
Net profit 1,720 1,788
Net assets 10,490 8,946


The group has had two very strong years, both 2023 and 2022 have been record-breaking, despite the significant challenges around component and labour supply. The business' main revenue generation came from the sale of its Hybrid Trailed Drills to its European customer base and Hybrid Mounted Drills to the UK, with supplementary income from Straw Harrow, TerraStar and Terrablade products. The business also had a very strong trade for spare parts during the period too, with many dealers being prepared to take a stock of spare parts due to the shortages in the market.

During this period the business was developing, and finally launched in October 2023, the New Evolution Mounted Drill which has replaced the Mounted Hybrid Drill. The market has responded fantastically to the introduction of this model update and sales have been very strong. In addition to this, front hopper and toolbar versions of this machine have been developed and launched in 2024.

Grain prices were strong in the period of 2022-2023 with a surge in commodity prices across the board which increased the cost of machinery too. This meant that E.T. Claydon and Sons our contracting partner and symbiotic business purchased a new main tractor costing £260,000 as there was an opportunity to buy before the price increased significantly. The purchase has put the businesses in a good position with fixed costs due to the warranty for the next 5 years+.

Yields from crops where average but the grain price more than made up for this making it a great year for Claydon Family Holdings.

Given the circumstances, the directors are satisfied with the progress made during the year, especially when taking into consideration the turbulent post Covid environment with challenges for both the supply of components and labour in a way nobody has seen in decades.

PRINCIPAL RISKS AND UNCERTAINTIES
During the course of its business the main trading company of the group. Claydon Yield-o-Meter Ltd is exposed to relatively low levels of financial risks which are dealt with in the next section.

In regards to the agricultural side of the group, unfortunately agriculture has many risks primarily including the weather which has huge impacts on crop yields, commodity prices, currency strength, staffing and labour, input and machinery prices/costs too. It is also an industry that is rarely able to do anything to enhance the price of its product which is defined by the commodities market. Fortunately for Claydon Family Holdings the farm is run using Claydon equipment which offers a considerably lower cost of establishing crops than the majority of other systems out there. The system has proven over 2 decades to also maintain yields above the majority of systems out there too. As the limited company CFH and the partnership ETC are both owned and run by Claydon family members the payroll is kept very low too, significantly reducing risks compared to other businesses in the sector.

Other risks include but are not limited to the failure to comply with legislative and regulatory requirements including environmental and litigation failures, business continuity and the actions of customers and competitors. The Group has implemented risk controls and loss mitigation plans but cannot give absolute assurance that such procedures will be effective in identifying or controlling each of the operational risks faced by the Group.


Claydon Family Holdings Limited (Registered number: 09686568)

Group Strategic Report
for the Year Ended 31 October 2023

FINANCIAL RISK MANAGEMENT POLICIES
The overall aim of the group financial risk management policy is to minimise potential adverse effects on financial performance and net assets. In the course of the business, the group is exposed primarily to foreign exchange risk, liquidity risk and credit risk. Interest rate is not considered significant as the group does not have any liabilities that accrue significant interest and interest income on bank deposits is not material.

The group manages the principal financial risk within policies and operating parameters approved by the Board of Directors. The group does not enter into speculative transactions.

i) Foreign currency risk
The group operates domestically and overseas. The group does hedge certain cash flows when the directors believe this to be appropriate.

ii) Liquidity risk
The group's policy on liquidity risk is to ensure that sufficient cash is available to fund on-going operations without the need to carry significant net debt. Where appropriate financing can be negotiated, assets may be purchased under finance lease agreement. The extent of this financing is not considered material.

iii) Credit risk
Credit risk arises on financial instruments such as trade receivables. Policies and procedures exist to ensure that
customers have an appropriate credit history. Machinery is generally not released to customers until payment is received in full. Overall, the group considers that it is not exposed to a significant amount of credit risk.

OUTLOOK AHEAD
Management are focused on continued product development and identifying new products and markets in which to trade.

ON BEHALF OF THE BOARD:





J Claydon - Director


31 October 2024

Claydon Family Holdings Limited (Registered number: 09686568)

Report of the Directors
for the Year Ended 31 October 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the manufacture and sale of specialised agricultural machinery to the farming industry.

DIVIDENDS
The total distribution of dividends for the year ended 31 October 2023 will be £ 176,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

J Claydon
O Claydon
S Claydon
D Claydon

Other changes in directors holding office are as follows:

F Claydon ceased to be a director after 31 October 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group 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 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 directors are 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 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Claydon Family Holdings Limited (Registered number: 09686568)

Report of the Directors
for the Year Ended 31 October 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J Claydon - Director


31 October 2024

Report of the Independent Auditors to the Members of
Claydon Family Holdings Limited

Opinion
We have audited the financial statements of Claydon Family Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, 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 Consolidated Cash Flow Statement, 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 October 2023 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 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Claydon Family 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 Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006).

In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those relating to the environment, occupational health and safety.

We obtained an understanding to how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through correspondence with management and a review of any correspondence received from regulatory bodies.

We assessed the susceptivity of the group's financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand the systems and controls of the group.

Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved; journal entry testing; focusing on manual journals and journals indicating large or unusual transactions based on our understanding of the business; enquiries of management and focused testing in relation to revenue and management override.

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
Claydon Family Holdings Limited


Other matters which we are required to address
The financial statements of Claydon Family Holdings Limited Group for the year ended 31 October 2022 were unaudited.

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.




Kristi Johnson ACA FCCA CTA (Senior Statutory Auditor)
for and on behalf of Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

31 October 2024

Claydon Family Holdings Limited (Registered number: 09686568)

Consolidated
Income Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

TURNOVER 3 13,815,166 11,695,984

Cost of sales 8,899,376 7,517,810
GROSS PROFIT 4,915,790 4,178,174

Administrative expenses 2,615,436 1,932,817
2,300,354 2,245,357

Other operating income 17,694 10,470
OPERATING PROFIT 5 2,318,048 2,255,827

Interest receivable and similar income 5,979 170
2,324,027 2,255,997

Interest payable and similar expenses 6 70,962 50,332
PROFIT BEFORE TAXATION 2,253,065 2,205,665

Tax on profit 7 532,585 416,860
PROFIT FOR THE FINANCIAL YEAR 1,720,480 1,788,805
Profit attributable to:
Owners of the parent 1,720,480 1,788,805

Claydon Family Holdings Limited (Registered number: 09686568)

Consolidated
Other Comprehensive Income
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   

PROFIT FOR THE YEAR 1,720,480 1,788,805


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,720,480

1,788,805

Total comprehensive income attributable to:
Owners of the parent 1,720,480 1,788,805

Claydon Family Holdings Limited (Registered number: 09686568)

Consolidated Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 4,854,172 4,645,175
Investments 12 - -
4,854,172 4,645,175

CURRENT ASSETS
Stocks 13 5,827,047 4,115,143
Debtors 14 1,608,341 1,191,259
Cash at bank and in hand 2,281,687 2,806,775
9,717,075 8,113,177
CREDITORS
Amounts falling due within one year 15 2,398,533 2,121,555
NET CURRENT ASSETS 7,318,542 5,991,622
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,172,714

10,636,797

CREDITORS
Amounts falling due after more than one
year

16

(1,356,182

)

(1,411,645

)

PROVISIONS FOR LIABILITIES 19 (326,121 ) (279,221 )
NET ASSETS 10,490,411 8,945,931

CAPITAL AND RESERVES
Called up share capital 20 200 200
Retained earnings 21 10,490,211 8,945,731
SHAREHOLDERS' FUNDS 10,490,411 8,945,931

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





J Claydon - Director


Claydon Family Holdings Limited (Registered number: 09686568)

Company Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 2,810,261 2,810,261
Investments 12 200 200
2,810,461 2,810,461

CURRENT ASSETS
Stocks 13 70,811 134,381
Debtors 14 231,503 16,336
Cash at bank 1,070,381 157,496
1,372,695 308,213
CREDITORS
Amounts falling due within one year 15 38,193 28,161
NET CURRENT ASSETS 1,334,502 280,052
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,144,963

3,090,513

CAPITAL AND RESERVES
Called up share capital 20 200 200
Retained earnings 4,144,763 3,090,313
SHAREHOLDERS' FUNDS 4,144,963 3,090,513

Company's profit for the financial year 1,230,450 208,548

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2024 and were signed on its behalf by:





J Claydon - Director


Claydon Family Holdings Limited (Registered number: 09686568)

Consolidated Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 200 7,296,926 7,297,126

Changes in equity
Dividends - (140,000 ) (140,000 )
Total comprehensive income - 1,788,805 1,788,805
Balance at 31 October 2022 200 8,945,731 8,945,931

Changes in equity
Dividends - (176,000 ) (176,000 )
Total comprehensive income - 1,720,480 1,720,480
Balance at 31 October 2023 200 10,490,211 10,490,411

Claydon Family Holdings Limited (Registered number: 09686568)

Company Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 200 3,021,765 3,021,965

Changes in equity
Dividends - (140,000 ) (140,000 )
Total comprehensive income - 208,548 208,548
Balance at 31 October 2022 200 3,090,313 3,090,513

Changes in equity
Dividends - (176,000 ) (176,000 )
Total comprehensive income - 1,230,450 1,230,450
Balance at 31 October 2023 200 4,144,763 4,144,963

Claydon Family Holdings Limited (Registered number: 09686568)

Consolidated Cash Flow Statement
for the Year Ended 31 October 2023

31.10.23 31.10.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 459,560 1,422,765
Interest paid (70,226 ) (50,332 )
Interest element of hire purchase payments
paid

(736

)

-
Tax paid (421,772 ) (349,380 )
Net cash from operating activities (33,174 ) 1,023,053

Cash flows from investing activities
Purchase of tangible fixed assets (341,433 ) (635,242 )
Sale of tangible fixed assets 2,791 325
Interest received 5,979 170
Net cash from investing activities (332,663 ) (634,747 )

Cash flows from financing activities
New loans in year 110,587 810,848
Loan repayments in year (133,124 ) (1,416,083 )
Capital repayments in year (2,264 ) (13,859 )
Amount introduced by directors 41,426 91,700
Equity dividends paid (176,000 ) (140,000 )
Net cash from financing activities (159,375 ) (667,394 )

Decrease in cash and cash equivalents (525,212 ) (279,088 )
Cash and cash equivalents at beginning of
year

2

2,806,775

3,085,863

Cash and cash equivalents at end of year 2 2,281,563 2,806,775

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 October 2023

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

31.10.23 31.10.22
£    £   
Profit before taxation 2,253,065 2,205,665
Depreciation charges 131,052 93,648
Profit on disposal of fixed assets (1,407 ) (325 )
Finance costs 70,962 50,332
Finance income (5,979 ) (170 )
2,447,693 2,349,150
Increase in stocks (1,711,904 ) (1,296,816 )
Increase in trade and other debtors (417,082 ) (78,664 )
Increase in trade and other creditors 140,853 449,095
Cash generated from operations 459,560 1,422,765

2. 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 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 2,281,687 2,806,775
Bank overdrafts (124 ) -
2,281,563 2,806,775
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 2,806,775 3,165,917
Bank overdrafts - (80,054 )
2,806,775 3,085,863


Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 October 2023

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 2,806,775 (525,088 ) 2,281,687
Bank overdrafts - (124 ) (124 )
2,806,775 (525,212 ) 2,281,563
Debt
Finance leases - (108,323 ) (108,323 )
Debts falling due within 1 year (133,125 ) (3,015 ) (136,140 )
Debts falling due after 1 year (1,411,645 ) 136,139 (1,275,506 )
(1,544,770 ) 24,801 (1,519,969 )
Total 1,262,005 (500,411 ) 761,594

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Claydon Family 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.

Basis of consolidation
Acquisition accounting is used to account for the subsidiaries of the Group. Identifiable assets and liabilities of the entities acquired are measured initially in the consolidated balance sheet at their fair value at the date of acquisition. The results and cash flows of acquired entities are brought into the group accounts only from the date of acquisition. The difference between the fair value of the net identifiable assets acquired and the fair value of the purchase consideration is goodwill.

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

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.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements:

a) The warranty provision included in the accounts is estimated on a monthly basis using the total revenue of wholegood stock and historical warranty cost data. The current years' warranty expense is compared to the previous years' provision to aid management in applying the most appropriate rate possible.

b) The annual depreciation charge for all assets is sensitive to changes in the estimated useful economic
lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

c) A stock provision is made for slow moving stock. Where the stock provision does not adequately write down the value of certain parts and machines an additional provision is made.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Where payments are received from customers in advance of the delivery of goods, the amounts recorded as deferred income and included as part of creditors due within one year.

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
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 land - No depreciation
Improvements to property - No depreciation
Plant and machinery - 33% on reducing balance, 25% on cost, 25% on reducing balance, 12% on cost and 5% on cost
Fixtures and fittings - 33% on cost, 25% on reducing balance and 20% on cost
Motor vehicles - 25% on cost and 25% on reducing balance
Computer equipment - 50% on cost and 33% on reducing balance

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

No depreciation is provided on freehold property and improvements to property. This is due to the residual value of the buildings being considered to be not less than current net book value having regard to them being self-built and receiving continued refurbishment works as required in forthcoming years.

Land is not depreciated as it is considered to have an indefinite useful life.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items.

A stock provision is provided in the accounts against the total valuation of parts stock on a monthly basis. If this provision does not adequately write down the value of certain parts to the correct value, an additional impairment is included in the accounts to ensure that all line items are held at the lower of cost and net realisable value. The rate of this provision is reviewed by management as appropriate.

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.10.23 31.10.22
£    £   
United Kingdom 5,668,171 4,935,824
Europe 8,142,951 6,760,160
Oceania 4,044 -
13,815,166 11,695,984

4. EMPLOYEES AND DIRECTORS
31.10.23 31.10.22
£    £   
Wages and salaries 2,302,771 1,750,807
Social security costs 235,175 179,820
Other pension costs 121,971 36,164
2,659,917 1,966,791

The average number of employees during the year was as follows:
31.10.23 31.10.22

Management 2 2
Production 47 43
Administration 19 15
68 60

The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2022 - NIL).

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

4. EMPLOYEES AND DIRECTORS - continued

31.10.23 31.10.22
£    £   
Directors' remuneration 114,516 105,880
Directors' pension contributions to money purchase schemes 6,277 1,942

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

Money purchase schemes 2 2

5. OPERATING PROFIT

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

31.10.23 31.10.22
£    £   
Hire of plant and machinery 18,074 16,648
Other operating leases 11,498 10,251
Depreciation - owned assets 127,090 82,334
Depreciation - assets on hire purchase contracts 3,962 11,314
Profit on disposal of fixed assets (1,407 ) (325 )
Auditors' remuneration 37,645 -
Foreign exchange differences (171,185 ) (175,133 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.10.23 31.10.22
£    £   
Bank loan interest 70,226 44,235
Other interest and charges - 3,534
HMRC interest - 2,563
Hire purchase 736 -
70,962 50,332

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.10.23 31.10.22
£    £   
Current tax:
UK corporation tax 494,357 392,847

Deferred tax 38,228 24,013
Tax on profit 532,585 416,860

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

7. TAXATION - continued

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:

31.10.23 31.10.22
£    £   
Profit before tax 2,253,065 2,205,665
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

563,266

419,076

Effects of:
Expenses not deductible for tax purposes 30,677 2,153
Due to change in rate (54,584 ) -
Super deduction (2,367 ) (7,793 )
Foreign taxes (4,407 ) 3,424
Total tax charge 532,585 416,860

8. INDIVIDUAL INCOME STATEMENT

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.


9. DIVIDENDS
31.10.23 31.10.22
£    £   
Final 176,000 140,000

10. PERSONAL GUARANTEE

J Claydon and F Claydon have provided personal guarantees to the value of £2.5m as security against the bank borrowings.

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
land property machinery
£    £    £   
COST
At 1 November 2022 2,810,261 1,490,764 1,010,501
Additions - - 206,155
Disposals - - (5,800 )
At 31 October 2023 2,810,261 1,490,764 1,210,856
DEPRECIATION
At 1 November 2022 - - 729,737
Charge for year - - 86,070
Eliminated on disposal - - (5,793 )
At 31 October 2023 - - 810,014
NET BOOK VALUE
At 31 October 2023 2,810,261 1,490,764 400,842
At 31 October 2022 2,810,261 1,490,764 280,764

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 November 2022 56,781 145,192 28,212 5,541,711
Additions 4,995 117,842 12,441 341,433
Disposals - (10,700 ) - (16,500 )
At 31 October 2023 61,776 252,334 40,653 5,866,644
DEPRECIATION
At 1 November 2022 41,560 105,659 19,580 896,536
Charge for year 6,187 28,756 10,039 131,052
Eliminated on disposal - (9,323 ) - (15,116 )
At 31 October 2023 47,747 125,092 29,619 1,012,472
NET BOOK VALUE
At 31 October 2023 14,029 127,242 11,034 4,854,172
At 31 October 2022 15,221 39,533 8,632 4,645,175

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 115,447
At 31 October 2023 115,447
DEPRECIATION
Charge for year 3,962
At 31 October 2023 3,962
NET BOOK VALUE
At 31 October 2023 111,485

Company
Freehold
land
£   
COST
At 1 November 2022
and 31 October 2023 2,810,261
NET BOOK VALUE
At 31 October 2023 2,810,261
At 31 October 2022 2,810,261

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 200
NET BOOK VALUE
At 31 October 2023 200
At 31 October 2022 200

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

12. FIXED ASSET INVESTMENTS - continued

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

Subsidiaries

Claydon Yield-O-Meter Ltd
Registered office: Gaines Hall, Attleton Green, Wickhambrook, Newmarket, Suffolk, CB8 8YA
Nature of business: Manufacture & sale of agricultural machinery
%
Class of shares: holding
Ordinary 100.00

CLAYDON S.A.R.L
Registered office: 18 Rue Gambetta, 95880 Enghien-Les-Bains, France
Nature of business: Wholesale trade of agricultural equipment
%
Class of shares: holding
Ordinary 100.00


13. STOCKS

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Valuation 70,811 134,381 70,811 134,381
Raw materials 4,486,245 2,849,020 - -
Work-in-progress 597,511 379,971 - -
Finished goods 672,480 751,771 - -
5,827,047 4,115,143 70,811 134,381

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Trade debtors 653,491 689,632 - -
Other debtors 587,889 327,248 176,717 15,874
VAT 954 - 954 -
Prepayments and accrued income 366,007 174,379 53,832 462
1,608,341 1,191,259 231,503 16,336

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.10.23 31.10.22 31.10.23 31.10.22
£    £    £    £   
Bank loans and overdrafts (see note 17) 136,264 133,125 - -
Hire purchase contracts (see note 18) 27,647 - - -
Trade creditors 1,059,553 976,009 4,853 5,902
Tax 329,714 257,129 16,140 16,129
Social security and other taxes 101,732 64,588 - -
VAT - 4,030 - 4,030
Other creditors 155,797 94,493 - -
Directors' current accounts 369,286 327,860 - -
Accruals and deferred income 218,540 264,321 17,200 2,100
2,398,533 2,121,555 38,193 28,161

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
31.10.23 31.10.22
£    £   
Bank loans (see note 17) 1,275,506 1,411,645
Hire purchase contracts (see note 18) 80,676 -
1,356,182 1,411,645

17. LOANS

An analysis of the maturity of loans is given below:

Group
31.10.23 31.10.22
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 124 -
Bank loans 136,140 133,125
136,264 133,125
Amounts falling due between two and five years:
Bank loans - 2-5 years 576,959 576,959
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 698,547 834,686

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.10.23 31.10.22
£    £   
Net obligations repayable:
Within one year 27,647 -
Between one and five years 80,676 -
108,323 -

Group
Non-cancellable operating leases
31.10.23 31.10.22
£    £   
Within one year 1,155 9,288
Between one and five years 2,722 3,877
3,877 13,165

19. PROVISIONS FOR LIABILITIES

Group
31.10.23 31.10.22
£    £   
Deferred tax
Accelerated capital allowances 104,830 66,602

Other provisions 221,291 212,619

Aggregate amounts 326,121 279,221

Group
Deferred Other
tax provisions
£    £   
Balance at 1 November 2022 66,602 212,619
Provided during year 38,228 8,672
Balance at 31 October 2023 104,830 221,291

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
200 Ordinary £1 200 200

Claydon Family Holdings Limited (Registered number: 09686568)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 October 2023

21. RESERVES

Group
Retained
earnings
£   

At 1 November 2022 8,945,731
Profit for the year 1,720,480
Dividends (176,000 )
At 31 October 2023 10,490,211

Company
Retained
earnings
£   

At 1 November 2022 3,090,313
Profit for the year 1,230,450
Dividends (176,000 )
At 31 October 2023 4,144,763


22. PENSION COMMITMENTS

The pension cost charge represents contributions payable by the group to the fund and amounted to £121,970 (2022: £36,164). At the end of the year 31 October 2023 there was a balance of £30,511 (2022: £8,769) outstanding to be paid.

23. CAPITAL COMMITMENTS

At the year end the group was committed to purchasing a tangible fixed asset with a total cost of £182,450. These financial statements include a deposit totalling £72,980 towards this agreement.

24. RELATED PARTY DISCLOSURES

At the balance sheet date the directors of the group were owed a total of £369,286 (2022: £327,860) from the group. No interest is charged on the loans to directors and are repayable on demand.

25. POST BALANCE SHEET EVENTS

On 22 November 2023, the parent company repurchased 40 Ordinary £1 shares for a cash consideration of £1,000,000.

26. SECURITY

Claydon Family Holdings Limited has provided security against a loan taken out in the name of its subsidiary company, Claydon Yield-O-Meter Ltd. The company has offered 265 acres of land as security and a cross guarantee and debenture is in place between the two companies.