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REGISTERED NUMBER: 05217234 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31st March 2024

for

Soanes Poultry Ltd

Soanes Poultry Ltd (Registered number: 05217234)






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


Soanes Poultry Ltd

Company Information
for the year ended 31st March 2024







DIRECTORS: A M Soanes
J A Soanes
Mrs S V Soanes
Mrs C L Wright
B Lee



REGISTERED OFFICE: Church Hill Farm
Middleton-on-the-Wolds
Driffield
East Yorkshire
YO25 9UG



REGISTERED NUMBER: 05217234 (England and Wales)



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



BANKERS: Barclays Bank PLC
Leicester
Leicestershire
LE87 2BB

Soanes Poultry Ltd (Registered number: 05217234)

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 key performance indicators of turnover, turnover growth, gross profit and net profit before taxation communicate the financial performance of the company as a whole.

The key performance indicators are as follows:


2024 2023 2022 2021
£    £    £    £   
Turnover 35,677,847 35,143,741 28,001,815 23,942,715
Turnover Growth 1.5% 25.5% 17.0% 7.1%
Gross Profit Margin 14.3% 12.7% 12.8% 13.8%
Net Profit 627,051 429,828 297,722 361,420
Net Profit Margin 1.7% 1.2% 1.1% 1.5%

The financial year 2023/24 saw an end to the increasing operational costs seen in previous years. This in turn allowed us to follow inflationary decreases which has resulted in a small increase in turnover. This has been done in conjunction with operational efficiencies to allow us to remain profitable with notable increases in the profit margins. This is testament to the management team for engaging with our strategic goal of producing Yorkshire's premium poultry whilst remaining a commercially viable business for future generations.

The business continued with our clear plan set out over the last 12 months. We completed works to our improved staff facilities with the opening our new staff kitchen, canteen area and new sales offices in August 2023. We also completed a redevelopment of our portioning department to increase our workable space by an additional 60%. This enabled us to meet increased customer demand for our bespoke portioning lines. The new development also enabled us to achieve our goal of offsetting/reducing the recent increases to operational costs through greater efficiencies in product flow and volume attainment.

The business has further bolstered its position as the go to producer for award winning poultry with a further four great taste awards being gained for our Yorkshire Grain Fed Chickens and Free Range Chickens. This takes the total number of great taste awards to 19 in the last eight years. This is testament to the hard work and dedication by both our farms and factory teams.

The business has continued to develop our internal management team with additional management added to both our production and technical teams, this has enabled us to maintain the highest levels in all areas of the business.

This year we have been successful in attracting another family farming enterprise to join us in growing Yorkshire Grain Fed Chickens to allow us to meet our continued customer demand.


Soanes Poultry Ltd (Registered number: 05217234)

Strategic Report
for the year ended 31st March 2024

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 wholesale distributor of poultry and game. 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
Credit checks are carried out on all customers. Amounts outstanding for both time and credit limits are regularly monitored. The company does experience bad debts but believes it has systems in place to mitigate these risks.

Debts for major creditors are insured and the company has sought to reduce credit of material creditor balances where insurance is not secured.

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 was granted planning permission for a new solar array to enable us to combat continuing pressures of the energy markets. Works started in early 2024 with completion expected at the end of summer 2024. The solar array will also be a large step forward in our goal of reducing our carbon footprint and becoming more sustainable for our future generations.

The business continues to research and develop into new and bespoke product and packaging options and improved chilling facilities. Whilst the business is expanding and developing, it remains agile to be able to meet the changing needs of our customers. Further development of our bespoke portioning and retail convenience packing is planned. This will be achieved by further expanding the portioning department.

In line with our ethical and sustainability policy the business plans to introduce replacement packaging into our two main areas, namely whole bird and convenience packaging. This will be 100% fully recyclable and involves the removal of all polystyrene and single use packaging from within the business completely. We remain fully committed to our environmental policies with further investment planned in our effluent treatment plant, waste water treatment and odour abatement systems.

The business plans to continue to develop our social media and marketing channels with collaborations with other allied businesses and individuals that share the same ethical and welfare standards.

ON BEHALF OF THE BOARD:





A M Soanes - Director


11th October 2024

Soanes Poultry Ltd (Registered number: 05217234)

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 production and processing.

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
J A Soanes
Mrs S V Soanes
Mrs C L Wright
B Lee

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.

Soanes Poultry Ltd (Registered number: 05217234)

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


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.

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


11th October 2024

Report of the Independent Auditors to the Members of
Soanes Poultry Ltd

Opinion
We have audited the financial statements of Soanes Poultry 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
Soanes Poultry 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
Soanes Poultry 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 food 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
Soanes Poultry 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.




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

11th October 2024

Soanes Poultry Ltd (Registered number: 05217234)

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

2024 2023
Notes £    £    £    £   

TURNOVER 35,677,847 35,143,741

Cost of sales 30,562,506 30,687,580
GROSS PROFIT 5,115,341 4,456,161

Distribution costs 852,636 951,096
Administrative expenses 3,789,476 3,197,980
4,642,112 4,149,076
473,229 307,085

Other operating income 97,043 107,742
OPERATING PROFIT 4 570,272 414,827

Interest receivable and similar income 58,887 21,289
629,159 436,116

Interest payable and similar expenses 6 2,108 6,288
PROFIT BEFORE TAXATION 627,051 429,828

Tax on profit 7 142,564 106,729
PROFIT FOR THE FINANCIAL YEAR 484,487 323,099

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

484,487

323,099

Soanes Poultry Ltd (Registered number: 05217234)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 5,850 8,550
Tangible assets 9 4,024,422 4,076,335
4,030,272 4,084,885

CURRENT ASSETS
Stocks 10 245,065 196,932
Debtors 11 3,290,981 3,341,097
Cash at bank and in hand 2,484,947 1,179,446
6,020,993 4,717,475
CREDITORS
Amounts falling due within one year 12 4,365,077 3,573,586
NET CURRENT ASSETS 1,655,916 1,143,889
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,686,188

5,228,774

PROVISIONS FOR LIABILITIES 15 (369,470 ) (343,066 )

ACCRUALS AND DEFERRED INCOME 16 (449,251 ) (502,728 )
NET ASSETS 4,867,467 4,382,980

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 4,867,367 4,382,880
SHAREHOLDERS' FUNDS 4,867,467 4,382,980

The financial statements were approved by the Board of Directors and authorised for issue on 11th October 2024 and were signed on its behalf by:





A M Soanes - Director


Soanes Poultry Ltd (Registered number: 05217234)

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 100 4,059,781 4,059,881

Changes in equity
Total comprehensive income - 323,099 323,099
Balance at 31st March 2023 100 4,382,880 4,382,980

Changes in equity
Total comprehensive income - 484,487 484,487
Balance at 31st March 2024 100 4,867,367 4,867,467

Soanes Poultry Ltd (Registered number: 05217234)

Cash Flow Statement
for the year ended 31st March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,033,065 1,554,853
Interest paid (35 ) -
Interest element of hire purchase payments
paid

(2,073

)

(6,288

)
Tax paid (112,214 ) (40,926 )
Net cash from operating activities 1,918,743 1,507,639

Cash flows from investing activities
Purchase of tangible fixed assets (666,160 ) (608,499 )
Sale of tangible fixed assets 23,574 15,450
Interest received 58,887 21,289
Net cash from investing activities (583,699 ) (571,760 )

Cash flows from financing activities
Loan receipt in year - 100,000
Capital repayments in year (29,543 ) (60,240 )
Net cash from financing activities (29,543 ) 39,760

Increase in cash and cash equivalents 1,305,501 975,639
Cash and cash equivalents at beginning of
year

2

1,179,446

203,807

Cash and cash equivalents at end of year 2 2,484,947 1,179,446

Soanes Poultry Ltd (Registered number: 05217234)

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 627,051 429,828
Depreciation charges 562,409 577,137
Loss on disposal of fixed assets 134,790 21,353
Impairment to improvements to property - 201,962
Government grants (54,538 ) (54,538 )
Finance costs 2,108 6,288
Finance income (58,887 ) (21,289 )
1,212,933 1,160,741
(Increase)/decrease in stocks (48,133 ) 1,235
Decrease/(increase) in trade and other debtors 93,740 (388,315 )
Increase in trade and other creditors 774,525 781,192
Cash generated from operations 2,033,065 1,554,853

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 2,484,947 1,179,446
Year ended 31st March 2023
31/3/23 1/4/22
£    £   
Cash and cash equivalents 1,179,446 203,807


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/23 Cash flow At 31/3/24
£    £    £   
Net cash
Cash at bank and in hand 1,179,446 1,305,501 2,484,947
1,179,446 1,305,501 2,484,947
Debt
Finance leases (29,543 ) 29,543 -
(29,543 ) 29,543 -
Total 1,149,903 1,335,044 2,484,947

Soanes Poultry Ltd (Registered number: 05217234)

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

1. STATUTORY INFORMATION

Soanes Poultry 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 taxes and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised at 20% reducing balance.

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.
Improvements to property - 20% on cost, 10% on cost and 4% on cost
Plant and machinery - 20% on cost
Office equipment - 20% on cost
Motor vehicles - 25% on reducing balance and 15% on cost

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.

Soanes Poultry Ltd (Registered number: 05217234)

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

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The board of directors are confident that the business is well positioned as Yorkshire's premium poultry supplier of choice. We have strategic plans in place to continue in our investment of the site, our staff and delivery of our award-winning poultry products. Our position in the market is that of a traditional business with modern and forward-thinking ideas where welfare, quality and provenance prevail. It is these values that make us the supplier of choice for many of our discerning customers and allow the business to invest in the future and trade profitability.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,845,475 3,153,451
Social security costs 375,639 337,013
Other pension costs 83,018 75,293
4,304,132 3,565,757

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

Factory 119 105
Management and Office 20 19
139 124

2024 2023
£    £   
Directors' remuneration 251,378 268,335
Directors' pension contributions to money purchase schemes 2,642 18,076

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

Money purchase schemes 2 3

Soanes Poultry Ltd (Registered number: 05217234)

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

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 139,075 129,168
Pension contributions to money purchase schemes 1,321 1,321

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Other operating leases 26,000 26,000
Depreciation - owned assets 557,709 558,678
Depreciation - assets on hire purchase contracts 2,000 15,759
Loss on disposal of fixed assets 134,790 21,353
Computer software amortisation 2,700 2,700

5. AUDITORS' REMUNERATION

2024 2023
£ £
Accountancy fees 5,500 2,000
Audit fees 6,000 5,950


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest on corporation tax 35 -
Hire purchase interest 2,073 6,288
2,108 6,288

7. 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 159,784 112,238
Taxation for prior periods (43,624 ) -
Total current tax 116,160 112,238

Deferred taxation 26,404 (5,509 )
Tax on profit 142,564 106,729

Soanes Poultry Ltd (Registered number: 05217234)

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

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:

2024 2023
£    £   
Profit before tax 627,051 429,828
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

156,763

81,667

Effects of:
Capital allowances in excess of depreciation - (22,338 )
Adjustments to tax charge in respect of previous periods (43,624 ) -
Depreciation on non-qualifying assets 39,304 33,194
Effect of change in tax rates - 21,714
Capital grants relating to non-qualifying assets (9,879 ) (7,508 )
Total tax charge 142,564 106,729

8. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1st April 2023
and 31st March 2024 13,500
AMORTISATION
At 1st April 2023 4,950
Amortisation for year 2,700
At 31st March 2024 7,650
NET BOOK VALUE
At 31st March 2024 5,850
At 31st March 2023 8,550

Soanes Poultry Ltd (Registered number: 05217234)

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

9. TANGIBLE FIXED ASSETS
Improvements
to Plant and Office Motor
property machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1st April 2023 3,802,136 1,585,694 115,317 760,390 6,263,537
Additions 251,145 201,920 20,214 192,881 666,160
Disposals (465,111 ) (525,880 ) (40,268 ) (206,284 ) (1,237,543 )
At 31st March 2024 3,588,170 1,261,734 95,263 746,987 5,692,154
DEPRECIATION
At 1st April 2023 885,449 833,787 74,305 393,661 2,187,202
Charge for year 181,549 256,044 18,257 103,859 559,709
Eliminated on disposal (367,142 ) (495,446 ) (39,426 ) (177,165 ) (1,079,179 )
At 31st March 2024 699,856 594,385 53,136 320,355 1,667,732
NET BOOK VALUE
At 31st March 2024 2,888,314 667,349 42,127 426,632 4,024,422
At 31st March 2023 2,916,687 751,907 41,012 366,729 4,076,335

The net book value of tangible fixed assets includes £NIL (2023 - £ 221,962 ) in respect of assets held under hire purchase contracts.

10. STOCKS
2024 2023
£    £   
Raw materials 245,065 196,932

11. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 2,313,787 2,549,198
Other debtors 281,050 157,430
Taxation 43,624 -
Prepayments and accrued income 152,520 134,469
2,790,981 2,841,097

Amounts falling due after more than one year:
Loan - Clive Soanes (Broilers) Limited 500,000 500,000

Aggregate amounts 3,290,981 3,341,097

Soanes Poultry Ltd (Registered number: 05217234)

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

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) - 29,543
Trade creditors 2,725,600 2,193,214
Taxation 159,740 112,170
Social security and other taxes 115,738 111,968
Other creditors 564,937 833,981
Accrued expenses 745,585 238,172
Deferred government grants 53,477 54,538
4,365,077 3,573,586

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 29,543

Non-cancellable operating leases
2024 2023
£    £   
Within one year 50,161 50,161
Between one and five years 99,218 148,522
149,379 198,683

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 29,543

All hire purchase contracts are secured against the individual assets to which they relate.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 369,470 343,066

Soanes Poultry Ltd (Registered number: 05217234)

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

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st April 2023 343,066
Provided during year 26,404
Balance at 31st March 2024 369,470

16. ACCRUALS AND DEFERRED INCOME
2024 2023
£    £   
Deferred government grants 449,251 502,728

17. CALLED UP SHARE CAPITAL

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

18. RELATED PARTY DISCLOSURES

Andrew Soanes and Claire Wright are directors of Clive Soanes (Broilers) Limited

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

20242023
£   £   
Sales and recharges144,988104,558
Purchases9,748,60310,289,729
Loan interest receivable31,53720,483

Amounts receivable at the year end350Nil
Amounts payable at the year end1,054,780568,549

Loans due at the year end500,000500,000
Loans owed at the year end507,817507,817


19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A M Soanes.

20. GOVERNMENT GRANTS

Of the capital funding grants which have been included within deferred government grants in note 17, £54,538 (2023 - £54,538) has been released to the profit and loss account during the year.