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REGISTERED NUMBER: 03046514 (England and Wales)











STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

MANOR FARM FEEDS LIMITED

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 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


MANOR FARM FEEDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: M G Kirkwood
R Kirkwood
O S Kirkwood
H F Kirkwood





SECRETARY: M G Kirkwood





REGISTERED OFFICE: Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ





REGISTERED NUMBER: 03046514 (England and Wales)





AUDITORS: Lloyd Dowson Audit Limited
Chartered Accountants
& Statutory Auditors
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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

REVIEW OF BUSINESS
The company derives its turnover and profits from the sale of animal feed.

The key financial highlights are as follows:



31.03.24

31.03.23

31.03.22

Turnover £40,116,606 £48,559,706 £40,444,586

Gross profit 12.75% 10.83% 11.23%

Profit before tax £507,894 £1,537,570 £1,624,626


Turnover has decreased 17.39% from the previous year (2023 - 20.06% increase).

The company has continued to invest in its new equipment in the year, which has enabled it to become more efficient and meet the demands of the customers. Within the feed industry, the company is in a strong position to fulfil any extra feed demand.

Combinable crops make up a significant proportion of the company's costs. Volumes and prices are agreed in advance for much of the crop purchased and remain within contracted terms throughout the contract period. Contracts are negotiated with customers and suppliers on an ongoing basis to mitigate risk to the business.

The directors are pleased with the performance in the year under review.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's future is linked with that of the farming industry as a whole. Although farming is subject to many variables, both natural and commercial, the directors feel that the nature of the business will sustain its demand.

FUTURE DEVELOPMENTS
In order to continue to grow, the company continues to invest in new plant and equipment, to maintain its existing assets, as well as maintaining good relationships with customers and suppliers.

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

Due to the nature of the financial instruments used by the company, there is minimal exposure to currency risk. The company's approach to managing other risks applicable to the financial instruments is detailed below.

Trade debtors are managed through credit and cash flow risk by assessing the credit offered to customers and the regular monitoring of amounts outstanding at a given time.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet liabilities as they fall due.

The company's bank accounts are monitored to ensure the company has sufficient funds to meet their current commitments, making use of overdraft and loan facilities, where appropriate.

Hire purchase and bank loans are used to fund the acquisition of fixed assets.


MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

RESEARCH AND DEVELOPMENT
Research and development activities continue to play an important role in the development of new techniques.

ON BEHALF OF THE BOARD:





M G Kirkwood - Secretary


25 October 2024

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and sale of animal feeds and there has been no significant change.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £ 180,500 .

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

M G Kirkwood
R Kirkwood

Other changes in directors holding office are as follows:

O S Kirkwood - appointed 26 March 2024
H F Kirkwood - appointed 26 March 2024

DISCLOSURE IN THE STRATEGIC REPORT
In accordance with Section 414C (11) of the Companies Act 2006, the company has chosen to report details concerning financial instruments and future developments within the 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.

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 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.

ON BEHALF OF THE BOARD:



M G Kirkwood - Secretary


25 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
MANOR FARM FEEDS LIMITED

Opinion
We have audited the financial statements of Manor Farm Feeds Limited (the 'company') for the year ended 31 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 31 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
MANOR FARM FEEDS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the 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 set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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
MANOR FARM FEEDS LIMITED


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:

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
- obtained an understanding of the nature of the industry and sector, including the legal and regulatory frameworks
that the company operates in, including whether the company is complying with those legal and regulatory
frameworks;
- inquired of management, and those charged with governance, about their own identification and assessment of
the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
- discussed matters about non-compliance with laws and regulations and how fraud might occur including
assessment of how and where the financial statements may be susceptible to fraud.

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, the Companies Act 2006 and tax compliance regulations. We performed audit procedures to detect non-compliance which may have a material impact on the financial statements which included reviewing financial statement disclosures, inspecting correspondence with relevant tax authorities and evaluating advice received from third party advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are those in relation to animal feed legislation, health and safety, data protection, road haulage and employment laws. We performed audit procedures to inquire of management whether the company is in compliance with these laws. This work included evaluating correspondence with third party consultants.

The audit engagement team identified the risk of management override of controls and the risk of fraud in revenue recognition as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to;
- testing material journal entries throughout the year and evaluating their business rationale;
- reviewing key controls and account reconciliations;
- testing material bank transactions for business rationale;
- on a sample basis, reviewing authorisation procedures of business expenditure, including review of supporting
documentation.

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
MANOR FARM FEEDS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Rebecca Sygrove, FCCA (Senior Statutory Auditor)
for and on behalf of Lloyd Dowson Audit Limited
Chartered Accountants
& Statutory Auditors
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

25 October 2024

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   

TURNOVER 40,116,606 48,559,706

Cost of sales 35,000,098 43,300,091
GROSS PROFIT 5,116,508 5,259,615

Administrative expenses 4,709,685 3,708,548
406,823 1,551,067

Other operating income - 798
OPERATING PROFIT 4 406,823 1,551,865

Interest receivable and similar income 106,404 5,609
513,227 1,557,474

Interest payable and similar expenses 5 5,333 19,904
PROFIT BEFORE TAXATION 507,894 1,537,570

Tax on profit 6 128,924 274,704
PROFIT FOR THE FINANCIAL YEAR 378,970 1,262,866

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

378,970

1,262,866

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,239,899 1,110,093
Investment property 9 300,000 300,000
1,539,899 1,410,093

CURRENT ASSETS
Stocks 10 928,083 764,787
Debtors 11 7,124,736 6,198,170
Cash at bank and in hand 1,145,542 1,790,796
9,198,361 8,753,753
CREDITORS
Amounts falling due within one year 12 3,466,316 3,108,494
NET CURRENT ASSETS 5,732,045 5,645,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,271,944

7,055,352

CREDITORS
Amounts falling due after more than one
year

13

(27,222

)

(43,514

)

PROVISIONS FOR LIABILITIES 17 (274,868 ) (240,454 )
NET ASSETS 6,969,854 6,771,384

CAPITAL AND RESERVES
Called up share capital 18 1,400 1,400
Revaluation reserve 19 (12,454 ) (12,454 )
Retained earnings 19 6,980,908 6,782,438
SHAREHOLDERS' FUNDS 6,969,854 6,771,384

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:




M G Kirkwood - Director



R Kirkwood - Director


MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 1,400 5,755,072 (12,454 ) 5,744,018

Changes in equity
Dividends - (235,500 ) - (235,500 )
Total comprehensive income - 1,262,866 - 1,262,866
Balance at 31 March 2023 1,400 6,782,438 (12,454 ) 6,771,384

Changes in equity
Dividends - (180,500 ) - (180,500 )
Total comprehensive income - 378,970 - 378,970
Balance at 31 March 2024 1,400 6,980,908 (12,454 ) 6,969,854

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,387,276 1,859,342
Interest paid (54,826 ) (15,428 )
Interest element of hire purchase payments
paid

(1,779

)

(4,370

)
Tax paid (345,204 ) (232,224 )
Net cash from operating activities 985,467 1,607,320

Cash flows from investing activities
Purchase of tangible fixed assets (315,064 ) (56,103 )
Sale of tangible fixed assets 31,600 31,176
Loan to associated company (916,272 ) (445,472 )
Interest received 94,950 41
Net cash from investing activities (1,104,786 ) (470,358 )

Cash flows from financing activities
Loan repayments in year (262,079 ) (130,119 )
Capital repayments in year (83,557 ) (75,651 )
Introduced/(withdrawn) by directors 201 (379 )
Equity dividends paid (180,500 ) (235,500 )
Net cash from financing activities (525,935 ) (441,649 )

(Decrease)/increase in cash and cash equivalents (645,254 ) 695,313
Cash and cash equivalents at beginning of
year

2

1,790,796

1,095,483

Cash and cash equivalents at end of year 2 1,145,542 1,790,796

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
31.3.24 31.3.23
£    £   
Profit before taxation 507,894 1,537,570
Depreciation charges 261,444 313,780
Profit on disposal of fixed assets (9,229 ) (1,948 )
Finance costs 5,333 19,904
Finance income (106,404 ) (5,609 )
659,038 1,863,697
(Increase)/decrease in stocks (163,296 ) 549,228
Decrease in trade and other debtors 51,911 307,247
Increase/(decrease) in trade and other creditors 839,623 (860,830 )
Cash generated from operations 1,387,276 1,859,342

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,145,542 1,790,796
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 1,790,796 1,095,483


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 1,790,796 (645,254 ) 1,145,542
1,790,796 (645,254 ) 1,145,542
Debt
Finance leases (41,090 ) (15,000 ) (56,090 )
Debts falling due within 1 year (262,094 ) 251,876 (10,218 )
Debts falling due after 1 year (22,424 ) 10,202 (12,222 )
(325,608 ) 247,078 (78,530 )
Total 1,465,188 (398,176 ) 1,067,012

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Manor Farm Feeds Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below.

i. Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

ii. Valuation of investment properties

The directors revalue the company's investment properties each year. The determination of the fair value of each property requires the use of estimates and assumptions in relation to factors such as future rental income, current market yields and future development costs.

Turnover
Turnover represents the sale of animal feed, excluding discounts, rebates, value added tax and other sales taxes. Income is recognised at the point at which delivery is made to the customer.

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 - 2% on cost
Plant and machinery - 25% on reducing balance
Computer equipment - 20% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 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.

The company has implemented automatic enrolment into a work place pension scheme for all employees.
Contributions are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31.3.24 31.3.23
£    £   
Wages and salaries 1,824,717 898,226
Social security costs 218,147 88,451
Other pension costs 19,213 62,140
2,062,077 1,048,817

The average number of employees during the year was as follows:
31.3.24 31.3.23

Office staff and management 8 8
Mill workers 12 13
Haulage staff 7 7
27 28

31.3.24 31.3.23
£    £   
Directors' remuneration 948,443 20,670
Directors' pension contributions to money purchase schemes - 44,000

Information regarding the highest paid director for the year ended 31 March 2024 is as follows:
31.3.24
£   
Emoluments etc 935,873

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. OPERATING PROFIT

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

31.3.24 31.3.23
£    £   
Hire of plant and machinery 33,693 59,923
Other operating leases 10,000 10,000
Depreciation - owned assets 236,983 263,059
Depreciation - assets on hire purchase contracts 24,461 50,721
Profit on disposal of fixed assets (9,229 ) (1,948 )
Auditors' remuneration 13,055 12,492
Auditors' remuneration for non audit work 14,964 10,836

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank interest - 978
Bank loan interest 3,554 14,556
Hire purchase 1,779 4,370
5,333 19,904

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.3.24 31.3.23
£    £   
Current tax:
UK corporation tax 94,510 345,204

Deferred tax 34,414 (70,500 )
Tax on profit 128,924 274,704

UK corporation tax has been charged at 25% (2023 - 19%).

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TAXATION - continued

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

31.3.24 31.3.23
£    £   
Profit before tax 507,894 1,537,570
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

126,974

292,138

Effects of:
Expenses not deductible for tax purposes 1,156 697
Capital allowances in excess of depreciation (33,620 ) -
Depreciation in excess of capital allowances - 52,369
Deferred taxation 34,414 (70,500 )
Total tax charge 128,924 274,704

7. DIVIDENDS
31.3.24 31.3.23
£    £   
Ordinary A shares of £1 each
Interim 100,000 155,000
Ordinary B shares of £1 each
Interim 80,500 80,500
180,500 235,500

8. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 April 2023 158,700 2,594,572 46,480 2,799,752
Additions - 410,757 2,864 413,621
Disposals - (96,750 ) - (96,750 )
At 31 March 2024 158,700 2,908,579 49,344 3,116,623
DEPRECIATION
At 1 April 2023 12,488 1,650,581 26,590 1,689,659
Charge for year 3,173 254,107 4,164 261,444
Eliminated on disposal - (74,379 ) - (74,379 )
At 31 March 2024 15,661 1,830,309 30,754 1,876,724
NET BOOK VALUE
At 31 March 2024 143,039 1,078,270 18,590 1,239,899
At 31 March 2023 146,212 943,991 19,890 1,110,093

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 139,088 (2023 - £ 64,992 ) in respect of assets held under hire purchase contracts.

9. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 300,000
NET BOOK VALUE
At 31 March 2024 300,000
At 31 March 2023 300,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2019 34,395
Valuation in 2020 (101,000 )
Valuation in 2021 50,000
Cost 316,605
300,000

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

31.3.24 31.3.23
£    £   
Cost 316,605 316,605

Investment property was valued on an open market basis on 31 March 2024 by the directors .

10. STOCKS
31.3.24 31.3.23
£    £   
Raw materials and finished goods 928,083 764,787

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 5,437,404 5,555,466
Other debtors 1,361,744 445,472
VAT 163,091 110,192
Prepayments and accrued income 162,497 87,040
7,124,736 6,198,170

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 14) 10,218 262,094
Hire purchase contracts (see note 15) 41,090 20,000
Trade creditors 2,324,341 2,068,959
Corporation tax 94,510 345,204
Social security and other taxes 584,206 18,788
Directors' current accounts 338 137
Accruals and deferred income 411,613 393,312
3,466,316 3,108,494

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 14) 12,222 22,424
Hire purchase contracts (see note 15) 15,000 21,090
27,222 43,514

14. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,218 262,094

Amounts falling due between one and two years:
Bank loans 10,470 10,218

Amounts falling due between two and five years:
Bank loans 1,752 12,206

The company has a bounce back loan which it started repaying in May 2021. Interest is charged at a fixed 2.5%.

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.3.24 31.3.23
£    £   
Gross obligations repayable:
Within one year 41,680 21,680
Between one and five years 15,000 21,680
56,680 43,360

Finance charges repayable:
Within one year 590 1,680
Between one and five years - 590
590 2,270

Net obligations repayable:
Within one year 41,090 20,000
Between one and five years 15,000 21,090
56,090 41,090

16. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 56,090 41,090
Bank loans - 252,129
56,090 293,219

Bank borrowings are not secured as they solely relate to a bounce back loan.

Hire purchase contracts are secured against the assets to which they relate.

17. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 274,868 240,454

Deferred
tax
£   
Balance at 1 April 2023 240,454
Accelerated capital allowances 34,414
Balance at 31 March 2024 274,868

MANOR FARM FEEDS LIMITED (REGISTERED NUMBER: 03046514)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,190 Ordinary A £1 1,190 1,190
210 Ordinary B £1 210 210
1,400 1,400

19. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 6,782,438 (12,454 ) 6,769,984
Profit for the year 378,970 - 378,970
Dividends (180,500 ) - (180,500 )
At 31 March 2024 6,980,908 (12,454 ) 6,968,454

20. CONTINGENT LIABILITIES

The company's bankers hold a composite company unlimited multilateral guarantee between the company and a related party, Manor Farm Energy Limited.

It is the opinion of the directors that this guarantee will not crystallise, and therefore nothing has been provided in these financial statements.

21. RELATED PARTY DISCLOSURES

The company is under the control of one of its directors, M G Kirkwood.

During the year, the company has purchased energy totalling £651,778 (2023 - £633,064) from Manor Farm Energy Limited, a company under common control. As at 31 March 2024, trade debtors included £140,473 (2023 - £155,710) in respect of this company. Manor Farm Feeds Limited also made a loan to Manor Farm Energy Limited during the year. As at 31 March 2024, other debtors included £1,361,744 in respect of this loan (2023 - £445,472). Interest is being charged on the loan at commercial terms.

The company has purchased crops totalling £620,987 (2023 - £758,970) during the year in respect of R J Kirkwood & Son, a business in which M G Kirkwood is a partner. In addition to this, gas oil totalling £24,931 (2023 - £32,068), rent of £10,000 (2023 - £10,000), equipment hire of £30,333 (2023 - £46,667) and wages of £72,928 (2023 - £69,952) have all been charged from R J Kirkwood & Son. As at 31 March 2024, trade debtors included £80,485 (2023 - £9,394) and trade creditors included nil (2023 - £20,862) in relation to R J Kirkwood & Son.

All transactions were conducted at arm's length.