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REGISTERED NUMBER: 02071756 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st March 2024

for

Clive Soanes (Broilers) Ltd.

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)






Contents of the Financial Statements
for the year ended 31st March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Clive Soanes (Broilers) Ltd.

Company Information
for the year ended 31st March 2024







DIRECTORS: A M Soanes
Mrs M E Soanes
Mrs C L Wright



SECRETARY: Mrs M E Soanes



REGISTERED OFFICE: Church Hill Farm
Middleton On The Wolds
Driffield
East Yorkshire
YO25 9UG



REGISTERED NUMBER: 02071756 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: Barclays Bank PLC
Leicester
Leicestershire
LE87 2BB

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Strategic Report
for the year ended 31st March 2024

The directors present their strategic report for the year ended 31st March 2024.

REVIEW OF BUSINESS

The principal activity of the company in the year under review was that of poultry farming.

The key financial highlights are as follows:

Year ended Year ended Year ended
31/3/24 31/3/23 31/3/22
£    £    £   
Turnover 12,113,631 12,009,498 9,230,816
Turnover growth 0.08% 30.10% 23.68%
Gross profit 1,099,573 1,003,979 666,826
Gross profit margin 9.07% 8.36% 7.22%
Net profit/(Loss) before tax 442,692 880,960 220,545
Net profit before tax margin 3.65% 7.33% 2.39%

The financial year 2023/24 has proved to be challenging. There have been severe price pressures in the live bird selling price throughout the year at a time when costs have been increasing. The growing farms have performed well with an increase in live bird weight produced of 2% over the previous financial year.

Feed prices started to reduce in the latter quarter of the financial year allowing a partial parity against the reduction in live price. The effects of the Russian invasion of Ukraine were still in effect during the year with increased costs. Some contracts were successfully re-negotiated partway through the year.

Avian Influenza and endemic diseases have remained an increasing concern throughout the year. The business faced increased costs of insurance, bio-security including PPE and veterinary costs in the aftermath of the high levels of AI in the previous year throughout the industry. The business did not have any farms that contracted AI.

It remains a challenge to find good staff to bring to the growing operation along with the need to have an adequate and appropriately skilled workforce to meet the demands of a modern broiler growing business. The business has improved the salary and benefit packages for its employees and has upgraded the welfare facilities on the farm sites. The business has also made changes to its work patterns to balance the needs of the farm managers. The business is proud to offer a support and training package that has enabled successfully recruitment and retention of farm managers without prior broiler management experience.

Increased investment in cooling systems and new on-farm procedures have delivered tangible benefits to enable the business to operate during periods of warm weather. Further investment has also been made in the upgrade of dwellings and on site facilities for farm management. A rolling programme of refurbishment of older broiler sheds has commenced during 2023/24 as part of the strategic plan to ensure that all our buildings remain operationally efficient.

The business continues to focus on improving the technical performance on the farms, reducing mortality rates and feed conversion rates as well as ensuring that the highest animal welfare protocols are followed. Health and Safety remains core to the business and its employees.

The business continues to build on the foundations of best working practice and continuous improvement. It aims to have a culture where every employee understands the value of H&S on site and accepts responsibility for their own and the safety of others.

Several R&D trials have been undertaken during the year both in-house and with independent third parties. It is anticipated that R&D activities will continue as part of the strategic direction of the business and be at the forefront of new technological developments.

The market place has started to make a shift in reducing bird stocking density levels. The business is already well placed in producing Higher Welfare chicken at these reduced stocking levels. The business will be evaluating its stance on stocking densities and setting strategic plans to meet the needs of our customers.


Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Strategic Report
for the year ended 31st March 2024

The business has confirmed its position as the premier grower of award winning poultry with Great Taste awards being gained by Soanes Poultry for Yorkshire Grain Fed Chicken.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations.

Price risk
The company is a poultry farming business. The prices of such products tend to reduce on account of pricing pressure and competition. This risk is managed by maintaining adequate levels of stock and by monitoring the market continuously.

Foreign exchange risk
The company does not deal in any foreign currencies.

Credit risk
The company's only customer is Soanes Poultry Limited which is an associated company of Clive Soanes (Broilers) Limited. Amounts outstanding for both time and credit limits are regularly monitored.

Liquidity risk
The company's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk
The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.

FUTURE DEVELOPMENTS
The business acknowledges that to be able to expand further, it will need to diversify. Its main customer, Soanes Poultry Ltd is operating at near capacity and bird numbers are likely to remain constant. Without further investment in additional rearing sites, Clive Soanes Broilers is also at saturation point with all birds produced being processed at Soanes Poultry.

During 2023-24 the company commenced a management model with a contract grower which has proved to be beneficial to both parties. It is envisaged that further growth for the business will be through similar arrangements and this will be actively pursued in the forthcoming year.

Prohibitive planning requirements and associated new build costs have meant that the estate has commenced a capital refurbishment plan of its older broiler sheds. These sheds, whilst in a good general state of repair are benefitting from new ventilation, computer systems, roofing and high-pressure water misting systems. Careful planning is required to ensure that the required downtime for refurbishment does not impact on the bird numbers required by the Soanes Poultry.

ON BEHALF OF THE BOARD:





A M Soanes - Director


29th October 2024

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Report of the Directors
for the year ended 31st March 2024

The directors present their report with the financial statements of the company for the year ended 31st March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of poultry farming.

DIVIDENDS
No dividends will be distributed for the year ended 31st March 2024.

FUTURE DEVELOPMENTS
These details have been provided in the company's strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st April 2023 to the date of this report.

A M Soanes
Mrs M E Soanes
Mrs C L Wright

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations.

Revenue maintenance
The company actively markets and manages its portfolio of products to focus on revenue building and maintenance which,over the life cycle of the products, can contribute to the future profits of the business.

Risks and uncertainties
These details have been provided in the company's strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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 company'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 company's auditors are aware of that information.

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Report of the Directors
for the year ended 31st March 2024


AUDITORS
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A M Soanes - Director


29th October 2024

Report of the Independent Auditors to the Members of
Clive Soanes (Broilers) Ltd.

Opinion
We have audited the financial statements of Clive Soanes (Broilers) Ltd. (the 'company') for the year ended 31st March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31st March 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 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
Clive Soanes (Broilers) Ltd.


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 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Clive Soanes (Broilers) Ltd.


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 to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the farming industry;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other informed management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
Clive Soanes (Broilers) Ltd.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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.




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

29th October 2024

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Statement of Comprehensive
Income
for the year ended 31st March 2024

2024 2023
Notes £    £   

TURNOVER 12,113,631 12,009,498

Cost of sales 11,014,058 11,005,519
GROSS PROFIT 1,099,573 1,003,979

Administrative expenses 754,122 1,560,715
345,451 (556,736 )

Other operating income 361,026 260,891
OPERATING PROFIT/(LOSS) 4 706,477 (295,845 )

Income from shares in group undertakings - 1,347,638
706,477 1,051,793
Amounts written off investments 5 (1,022 ) -
707,499 1,051,793

Interest payable and similar expenses 6 264,807 170,833
PROFIT BEFORE TAXATION 442,692 880,960

Tax on profit 7 (58,441 ) (245,857 )
PROFIT FOR THE FINANCIAL YEAR 501,133 1,126,817

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

501,133

1,126,817

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 5,578,799 5,675,892
Investments 9 - 155,000
5,578,799 5,830,892

CURRENT ASSETS
Stocks 10 439,144 512,828
Debtors 11 2,519,120 1,985,377
Cash at bank 241,904 443,751
3,200,168 2,941,956
CREDITORS
Amounts falling due within one year 12 1,346,346 1,507,199
NET CURRENT ASSETS 1,853,822 1,434,757
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,432,621

7,265,649

CREDITORS
Amounts falling due after more than one
year

13

(3,503,268

)

(3,819,276

)

PROVISIONS FOR LIABILITIES 16 (436,709 ) (454,862 )
NET ASSETS 3,492,644 2,991,511

CAPITAL AND RESERVES
Called up share capital 17 1,100 1,100
Retained earnings 18 3,491,544 2,990,411
SHAREHOLDERS' FUNDS 3,492,644 2,991,511

The financial statements were approved by the Board of Directors and authorised for issue on 29th October 2024 and were signed on its behalf by:





A M Soanes - Director


Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Statement of Changes in Equity
for the year ended 31st March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st April 2022 1,100 1,863,594 1,864,694

Changes in equity
Total comprehensive income - 1,126,817 1,126,817
Balance at 31st March 2023 1,100 2,990,411 2,991,511

Changes in equity
Total comprehensive income - 501,133 501,133
Balance at 31st March 2024 1,100 3,491,544 3,492,644

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Cash Flow Statement
for the year ended 31st March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 435,386 469,233
Interest paid (264,807 ) (170,833 )
Tax paid 40,288 -
Taxation refund - 318,031
Net cash from operating activities 210,867 616,431

Cash flows from investing activities
Purchase of tangible fixed assets (240,109 ) (1,978,421 )
Sale of tangible fixed assets 9,176 12,002
Fixed asset investment movement - (25 )
Dividends received - 1,347,638
Net cash from investing activities (230,933 ) (618,806 )

Cash flows from financing activities
Loan repayments in year (312,855 ) (336,446 )
Group loans received 131,074 24,948
Net cash from financing activities (181,781 ) (311,498 )

Decrease in cash and cash equivalents (201,847 ) (313,873 )
Cash and cash equivalents at beginning of
year

2

443,751

757,624

Cash and cash equivalents at end of year 2 241,904 443,751

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Notes to the Cash Flow Statement
for the year ended 31st March 2024

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

2024 2023
£    £   
Profit before taxation 442,692 880,960
Depreciation charges 326,032 217,159
Loss/(profit) on disposal of fixed assets 1,994 (1,500 )
Impairment of investments - 904,525
Subsidiary loan write off (1,022 ) -
Finance costs 264,807 170,833
Finance income - (1,347,638 )
1,034,503 824,339
Decrease in stocks 73,684 303,281
Increase in trade and other debtors (533,743 ) (537,200 )
Decrease in trade and other creditors (139,058 ) (121,187 )
Cash generated from operations 435,386 469,233

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 31st March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 241,904 443,751
Year ended 31st March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 443,751 757,624


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank 443,751 (201,847 ) 241,904
443,751 (201,847 ) 241,904
Debt
Debts falling due within 1 year (154,343 ) (3,153 ) (157,496 )
Debts falling due after 1 year (2,965,822 ) 144,008 (2,821,814 )
(3,120,165 ) 140,855 (2,979,310 )
Total (2,676,414 ) (60,992 ) (2,737,406 )

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Notes to the Financial Statements
for the year ended 31st March 2024

1. STATUTORY INFORMATION

Clive Soanes (Broilers) Ltd. 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Buildings - 4% on cost
Plant and machinery - 10% on cost and 4% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised using the accruals model. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the assets to which they relate.

A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, is credited to income in the period in which it becomes receivable.

Going concern
The business remains well placed in the market of producing high quality poultry to award winning standards for processing by our sister company Soanes Poultry Ltd. This fully integrated business model provides security to both businesses as well as offering our end customers a secure supply chain built on traceability and sustainability.

We remain confident that the future of Clive Soanes Broilers is secure with a clear strategic goal set to expand the businesses revenue making opportunities through contract management without the need for additional capital investment.

Further planned investment in the farm sites offer a well-managed and affordable capital investment plan whilst continuing to improve the estate as a whole and further improving operational efficiencies through the use of modern and energy efficient equipment whilst acknowledging the changing weather climate within the UK.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 394,673 345,681
Social security costs 6,560 4,560
401,233 350,241

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

Operational 9 10

2024 2023
£    £   
Directors' remuneration 19,574 9,430

4. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 26,605 31,800
Depreciation - owned assets 326,032 217,159
Loss/(profit) on disposal of fixed assets 1,994 (1,500 )

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

5. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£    £   
Subsidiary loan write off (1,022 ) -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Loan interest 264,807 170,833

7. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (40,288 ) (318,031 )

Deferred taxation (18,153 ) 72,174
Tax on profit (58,441 ) (245,857 )

Reconciliation of total tax credit 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 442,692 880,960
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

110,673

220,240

Effects of:
Expenses not deductible for tax purposes (6 ) 1,200
Income not taxable for tax purposes - (336,910 )
Capital allowances in excess of depreciation - (2,217 )
Adjustments to tax charge in respect of previous periods (167,873 ) 169,917
Depreciation on non-qualifying assets 39,053 19,944
R&D tax credits (40,288 ) (318,031 )

Total tax credit (58,441 ) (245,857 )

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

8. TANGIBLE FIXED ASSETS
Plant and Motor Computer
Buildings machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1st April 2023 5,276,113 3,117,795 61,678 19,440 8,475,026
Additions 118,091 82,465 39,553 - 240,109
Disposals - - (21,280 ) - (21,280 )
Reclassification/transfer (11,069 ) 11,069 - - -
At 31st March 2024 5,383,135 3,211,329 79,951 19,440 8,693,855
DEPRECIATION
At 1st April 2023 1,360,483 1,413,701 14,766 10,184 2,799,134
Charge for year 188,338 116,556 18,824 2,314 326,032
Eliminated on disposal - - (10,110 ) - (10,110 )
Reclassification/transfer (443 ) 443 - - -
At 31st March 2024 1,548,378 1,530,700 23,480 12,498 3,115,056
NET BOOK VALUE
At 31st March 2024 3,834,757 1,680,629 56,471 6,942 5,578,799
At 31st March 2023 3,915,630 1,704,094 46,912 9,256 5,675,892

9. FIXED ASSET INVESTMENTS
Loans to
associates
£   
At 1st April 2023 155,000
Repayment in year (155,000 )
At 31st March 2024 -

10. STOCKS
2024 2023
£    £   
Stocks 439,144 512,828

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,054,780 1,110,600
Other debtors 737,527 740,876
VAT 58,049 60,258
Accrued income 636,569 30,696
Prepayments 32,195 42,947
2,519,120 1,985,377

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 157,496 154,343
Trade creditors 596,052 862,069
Amounts owed to group undertakings - 24,948
Social security and other taxes 7,813 8,320
Accrued expenses 584,985 457,519
1,346,346 1,507,199

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 14) 2,821,814 2,965,822
Loan from T. Soanes & Son (Poultry) Ltd 500,000 500,000
Loan from T. Soanes & Son (Potatoes) Ltd 181,454 353,454
3,503,268 3,819,276

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 157,496 154,343

Amounts falling due between one and two years:
Bank loans - 1-2 years 168,881 163,957

Amounts falling due between two and five years:
Bank loans - 2-5 years 583,482 555,737

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 2,069,451 2,246,128

Details of preference shares are as follows:

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,979,310 3,120,165

Bank loans are secured against fixed and floating charges across the properties.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation 436,709 454,862

Deferred
tax
£   
Balance at 1st April 2023 454,862
Credit to Statement of Comprehensive Income during year (18,153 )
Balance at 31st March 2024 436,709

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,100 Ordinary £1 1,100 1,100

18. RESERVES
Retained
earnings
£   

At 1st April 2023 2,990,411
Profit for the year 501,133
At 31st March 2024 3,491,544

Clive Soanes (Broilers) Ltd. (Registered number: 02071756)

Notes to the Financial Statements - continued
for the year ended 31st March 2024

19. RELATED PARTY DISCLOSURES

Andrew Soanes and Claire Wright are directors of Soanes Poultry Ltd

Within the year to 31st March 2024, the following transactions occurred:

2024 2023
£    £   
Sales and recharges 9,748,603 10,289,729
Purchases 144,988 104,558
Loan interest payable 31,537 20,483

Amounts receivable at the year end 1,054,780 1,096,200
Amounts payable at the year end 350 Nil

Loans due at the year end 507,817 507,817
Loans owed at the year end 500,000 500,000

Andrew Soanes is the director of T Soanes & Son (Potatoes) Ltd

Within the year to 31st March 2024, the following transactions occurred:

2024 2023
£    £   
Loan interest payable 18.558 13,831

Amounts payable at the year end Nil 13,831

Loans owed at the year end 181,454 353,454