REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 31st March 2024 |
for |
Clive Soanes (Broilers) Ltd. |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
BANKERS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Princes House |
Wright Street |
Hull |
East Yorkshire |
HU2 8HX |
Clive Soanes (Broilers) Ltd. (Registered number: 02071756) |
Statement of Comprehensive |
Income |
for the year ended 31st March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
345,451 | (556,736 | ) |
Other operating income |
OPERATING PROFIT/(LOSS) | 4 | ( |
) |
Income from shares in group undertakings |
706,477 | 1,051,793 |
Amounts written off investments | 5 | (1,022 | ) | - |
707,499 | 1,051,793 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Clive Soanes (Broilers) Ltd. (Registered number: 02071756) |
Balance Sheet |
31st March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31st March 2024 |
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 |
Interest paid | ( |
) | ( |
) |
Tax paid |
Taxation refund |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Fixed asset investment movement | ( |
) |
Dividends received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Group loans received | 131,074 | 24,948 |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
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 |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
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 |
Increase in trade and other debtors | ( |
) | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
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 | ( |
) | 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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Buildings | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
Social security costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Operational |
2024 | 2023 |
£ | £ |
Directors' remuneration |
4. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
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 |
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 | ( |
) | ( |
) |
Deferred taxation | ( |
) |
Tax on profit | ( |
) | ( |
) |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes | ( |
) |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) |
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 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
9. | FIXED ASSET INVESTMENTS |
Loans to |
associates |
£ |
At 1st April 2023 |
Repayment in year | ( |
) |
At 31st March 2024 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Accrued income |
Prepayments |
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) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Accrued expenses |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 14) |
Loan from T. Soanes & Son (Poultry) Ltd |
Loan from T. Soanes & Son (Potatoes) Ltd | 181,454 | 353,454 |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31st March 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1st April 2023 |
Profit for the year |
At 31st March 2024 |
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 |