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REGISTERED NUMBER: 00633546 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 29 February 2024

for

Corbett Farms Limited

Corbett Farms Limited (Registered number: 00633546)

Contents of the Financial Statements
for the Year Ended 29 February 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Corbett Farms Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: Mrs P Corbett
R G U Corbett
Mrs P A Corbett
Mrs S C Hudson





SECRETARY: R G U Corbett





REGISTERED OFFICE: Ox House
Shobdon
Leominster
Herefordshire
HR6 9LT





REGISTERED NUMBER: 00633546 (England and Wales)





AUDITORS: A D Accounts Limited (Statutory Auditors)
Rural Enterprise Centre
Vincent Carey Road
Rotherwas
Hereford
Herefordshire
HR2 6FE

Corbett Farms Limited (Registered number: 00633546)

Strategic Report
for the Year Ended 29 February 2024


The directors present their strategic report for the year ended 29 February 2024.

REVIEW OF BUSINESS
We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

As a farming business largely based in poultry, the company continues to provide hatching eggs.This along with the company's other main activities are organized in the following enterprises:-

Poultry
Cereals and Crops
Apples and Blackcurrants
Sundry other income largely arising from agricultural activities and assets

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross margin and return on capital employed.


The turnover of the company by departments was as follows:

2024 2023
£   's £   's
Poultry 11,902 9,965
Cereals and Crops 364 323
Apples and Blackcurrants 420 416
Miscellaneous sales 72 96
12,758 10,800

Overall operating profit has increased to £1,599,652 (12.5%) from £1,178,186 (10% 2023) . Profit before tax has increased to £1,546,385 (£1,116,797 - 2023). Return on capital employed has decreased to 8.5% (9% 2023).

PRINCIPAL RISKS AND UNCERTAINTIES
With the ongoing consequence of livestock disease and the war in Ukraine (such as staff and fuel shortages), together with the increase in inflation and general current economy uncertainties and risks in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control.

ON BEHALF OF THE BOARD:





R G U Corbett - Director


4 November 2024

Corbett Farms Limited (Registered number: 00633546)

Report of the Directors
for the Year Ended 29 February 2024


The directors present their report with the financial statements of the company for the year ended 29 February 2024.

DIVIDENDS
£300,000 of dividends were voted during the year ended 29th February 2024.

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

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

Mrs P Corbett
R G U Corbett
Mrs P A Corbett
Mrs S C Hudson

Other changes in directors holding office are as follows:

R S Gwilliam ceased to be a director after 29 February 2024 but prior to the date of this 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.

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.

Corbett Farms Limited (Registered number: 00633546)

Report of the Directors
for the Year Ended 29 February 2024


AUDITORS
The auditors, A D Accounts Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R G U Corbett - Director


4 November 2024

Report of the Independent Auditors to the Members of
Corbett Farms Limited


Opinion
We have audited the financial statements of Corbett Farms Limited (the 'company') for the year ended 29 February 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 29 February 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
Corbett Farms 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 three, 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
Corbett Farms 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:

Our approach to identifying and assessing the risk 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 audit team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- Specific laws and regulations applicable to the company were identified through discussions with the Managing Director, and from our knowledge and experience of the agricultural industry.
- We focused on specific laws and regulations which we considered may have a direct material affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, environmental and health and safety legislation.
- We assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal documentation.
- 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.
-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 the accounting estimates were indicative of potential bias.
- Investigated the rationale behind significant and 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 disclosure to underlying supporting documentation.
- Enquiring of management as to actual and potential litigation and claims.
- 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 audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and the inspection of the 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.

Responsibility for the prevention of irregularities, including fraud, rests with the directors.

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
Corbett Farms 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.




Allan James Davies F.C.C.A. (Senior Statutory Auditor)
for and on behalf of A D Accounts Limited (Statutory Auditors)
Rural Enterprise Centre
Vincent Carey Road
Rotherwas
Hereford
Herefordshire
HR2 6FE

5 November 2024

Corbett Farms Limited (Registered number: 00633546)

Statement of Comprehensive Income
for the Year Ended 29 February 2024

2024 2023
Notes £    £   

TURNOVER 4 12,758,285 10,799,380

Cost of sales (10,119,935 ) (8,829,647 )
GROSS PROFIT 2,638,350 1,969,733

Administrative expenses (1,530,677 ) (1,351,520 )
1,107,673 618,213

Other operating income 491,979 559,973
OPERATING PROFIT 6 1,599,652 1,178,186

Interest receivable and similar income 49,511 15,221
1,649,163 1,193,407

Interest payable and similar expenses 7 (102,778 ) (76,610 )
PROFIT BEFORE TAXATION 1,546,385 1,116,797

Tax on profit 8 (660,572 ) (206,618 )
PROFIT FOR THE FINANCIAL YEAR 885,813 910,179

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

885,813

910,179

Corbett Farms Limited (Registered number: 00633546)

Balance Sheet
29 February 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 10 7,605,746 7,510,046
Investments 11 401,151 726,191
8,006,897 8,236,237

CURRENT ASSETS
Stocks 12 2,271,691 2,311,253
Debtors 13 1,923,360 2,186,555
Cash at bank and in hand 1,759,518 717,740
5,954,569 5,215,548
CREDITORS
Amounts falling due within one year 14 (1,692,733 ) (1,931,062 )
NET CURRENT ASSETS 4,261,836 3,284,486
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,268,733

11,520,723

CREDITORS
Amounts falling due after more than one
year

15

(1,228,148

)

(1,285,499

)

PROVISIONS FOR LIABILITIES 18 (655,000 ) (435,452 )
NET ASSETS 10,385,585 9,799,772

CAPITAL AND RESERVES
Called up share capital 19 40,539 40,539
Share premium 20 58,565 58,565
Capital redemption reserve 20 37,470 37,470
Retained earnings 20 10,249,011 9,663,198
SHAREHOLDERS' FUNDS 10,385,585 9,799,772

The financial statements were approved by the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





R G U Corbett - Director


Corbett Farms Limited (Registered number: 00633546)

Statement of Changes in Equity
for the Year Ended 29 February 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 March 2022 58,039 8,920,519 58,565 19,970 9,057,093

Changes in equity
Issue of share capital (17,500 ) - - - (17,500 )
Dividends - (150,000 ) - - (150,000 )
Total comprehensive income - 892,679 - 17,500 910,179
Balance at 28 February 2023 40,539 9,663,198 58,565 37,470 9,799,772

Changes in equity
Dividends - (300,000 ) - - (300,000 )
Total comprehensive income - 885,813 - - 885,813
Balance at 29 February 2024 40,539 10,249,011 58,565 37,470 10,385,585

Corbett Farms Limited (Registered number: 00633546)

Cash Flow Statement
for the Year Ended 29 February 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,402,853 1,882,042
Interest paid (95,228 ) (60,759 )
Interest element of hire purchase payments
paid

(7,550

)

(15,851

)
Tax paid (167,236 ) (228,100 )
Net cash from operating activities 2,132,839 1,577,332

Cash flows from investing activities
Purchase of tangible fixed assets (760,995 ) (749,642 )
Purchase of fixed asset investments - (171,443 )
Sale of tangible fixed assets 76,631 90,713
Interest received 49,511 15,221
Net cash from investing activities (634,853 ) (815,151 )

Cash flows from financing activities
Loan repayments in year (188,053 ) (187,831 )
Capital repayments in year 136,159 (44,761 )
Amount introduced by directors 374,399 241,172
Amount withdrawn by directors (478,713 ) (221,249 )
Share issue - (17,500 )
Equity dividends paid (300,000 ) (150,000 )
Net cash from financing activities (456,208 ) (380,169 )

Increase in cash and cash equivalents 1,041,778 382,012
Cash and cash equivalents at beginning of
year

2

717,740

335,728

Cash and cash equivalents at end of year 2 1,759,518 717,740

Corbett Farms Limited (Registered number: 00633546)

Notes to the Cash Flow Statement
for the Year Ended 29 February 2024


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

2024 2023
£    £   
Profit before taxation 1,546,385 1,116,797
Depreciation charges 636,046 590,262
Loss/(profit) on disposal of fixed assets 277,659 (18,070 )
Finance costs 102,778 76,610
Finance income (49,511 ) (15,221 )
2,513,357 1,750,378
Decrease/(increase) in stocks 39,562 (327,075 )
Decrease/(increase) in trade and other debtors 352,055 (57,807 )
(Decrease)/increase in trade and other creditors (502,121 ) 516,546
Cash generated from operations 2,402,853 1,882,042

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 29 February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 1,759,518 717,740
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 717,740 335,728


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 717,740 1,041,778 1,759,518
717,740 1,041,778 1,759,518
Debt
Finance leases - (136,159 ) (136,159 )
Debts falling due within 1 year (203,564 ) 49,686 (153,878 )
Debts falling due after 1 year (1,285,499 ) 138,366 (1,147,133 )
(1,489,063 ) 51,893 (1,437,170 )
Total (771,323 ) 1,093,671 322,348

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements
for the Year Ended 29 February 2024


1. STATUTORY INFORMATION

Corbett Farms 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.

Turnover from the sale of eggs and other goods is recognised when the significant risks and rewards of the ownership of them has transferred to the buyer. For the sale of eggs, this is usually at the point of hatching. For the sale of other goods, this is usually at the point that the customer has signed for the delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Straight line over 50 years
Improvements to property - Straight line over 16 years
Plant and machinery - 10% on reducing balance and Straight line over 5 to 10 years

Stocks
Stock is valued using various methods that are intended to estimate the value at the lower of cost or net realisable value, after making due allowances for obsolete and slow moving items. In respect of livestock an estimated NRV is arrived at by consistently writing off cost, down to anticipated cull value, on a straight line basis over the animals useful life.

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.


Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


3. ACCOUNTING POLICIES - continued
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
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.

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.

Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement. They are classified as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Investments
Investments in minority holdings in trade related companies are recognised at cost.

The company is not required to produce group accounts as all wholly owned subsidiaries are immaterial to the financial statements and have been dormant during the year.

Other income
Other income, including dividends and rent, is recognised when due.

4. TURNOVER

The analysis of turnover by activity is as follows:
20242023
££
Sale of goods12,758,28510,799,380

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,983,265 1,628,813
Social security costs 177,000 164,001
2,160,265 1,792,814

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


5. EMPLOYEES AND DIRECTORS - continued

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

Farming 71 65
Office 4 4
Management 3 3
78 72

2024 2023
£    £   
Directors' remuneration 157,688 255,621

6. OPERATING PROFIT

The operating profit is stated after charging:

20242023
££

Depreciation - owned assets620,852590,261
Depreciation - assets on hire purchase contracts15,194-
Loss/(profit) on disposal of fixed assets(47,381)(18,070)
Loss on disposal of investments325,040-
Auditors' remuneration9,5008,000
Auditors' fees for other services,2,32511,8252,00010,000

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest and charges 95,228 60,759
Hire purchase charges 90 30
Leasing 7,460 15,821
102,778 76,610

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


8. 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 445,464 175,476
Over/underprovision of tax - 5,642
Tax refund (4,440 ) -
Total current tax 441,024 181,118

Deferred tax - current year 219,548 25,500
Tax on profit 660,572 206,618

UK corporation tax has been charged at 24.49% (2023 - 19%).

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:

2024 2023
£    £   
Profit before tax 1,546,385 1,116,797
Profit multiplied by the standard rate of corporation tax in the UK of
24.490% (2023 - 19%)

378,710

212,191

Effects of:
Expenses not deductible for tax purposes 2,490 200
Capital allowances in excess of depreciation (3,098 ) (40,715 )
Adjustments to tax charge in respect of previous periods (4,440 ) 9,442
Deferred tax charge for the year 219,548 25,500
Net capital loss carried forward 67,362 -
Total tax charge 660,572 206,618

9. DIVIDENDS

20242023
££
'B' Ordinary £1 shares

Paid in year300,000150,000
Paid after the year end600,000300,000
Paid equity dividends on "B" Ordinary shares (per share)7.403.70

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


10. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery Totals
£    £    £    £   
COST
At 1 March 2023 4,472,386 4,667,460 6,716,077 15,855,923
Additions - 40,950 720,045 760,995
Disposals - - (44,650 ) (44,650 )
At 29 February 2024 4,472,386 4,708,410 7,391,472 16,572,268
DEPRECIATION
At 1 March 2023 595,963 3,384,924 4,364,990 8,345,877
Charge for year 47,887 149,830 438,328 636,045
Eliminated on disposal - - (15,400 ) (15,400 )
At 29 February 2024 643,850 3,534,754 4,787,918 8,966,522
NET BOOK VALUE
At 29 February 2024 3,828,536 1,173,656 2,603,554 7,605,746
At 28 February 2023 3,876,423 1,282,536 2,351,087 7,510,046

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 March 2023 726,191
Disposals (325,040 )
At 29 February 2024 401,151
NET BOOK VALUE
At 29 February 2024 401,151
At 28 February 2023 726,191

Minority share interests are held in a number of companies for trade related or investment purposes.

12. STOCKS

20242023
££

Livestock2,003,1591,826,675
Crops & stores268,532484,578
2,271,6912,311,253


Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 521,651 817,606
Other debtors 8,020 185,078
Corbett Farms Poultry Ltd 150,000 -
Directors' current accounts 98,925 10,065
VAT 146,821 207,205
Prepayments and accrued income 44,989 84,379
970,406 1,304,333

Amounts falling due after more than one year:
Other debtors 952,954 882,222

Aggregate amounts 1,923,360 2,186,555

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 153,878 203,564
Hire purchase contracts (see note 17) 55,144 -
Trade creditors 608,316 1,248,179
Corporation tax 445,464 171,676
Social security and other taxes 86,865 118,791
Other creditors 335,669 166,001
Directors' current accounts 7,397 22,851
1,692,733 1,931,062

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) 1,147,133 1,285,499
Hire purchase contracts (see note 17) 81,015 -
1,228,148 1,285,499

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loan 117,666 128,993
Bearwood loan 36,212 74,571
153,878 203,564

Amounts falling due between one and two years:
Bank loan 129,839 140,923
Bearwood loan - 41,596
129,839 182,519

Amounts falling due between two and five years:
Bank loan 462,555 445,334

Amounts falling due in more than five years:

Repayable by instalments
Bank loan 554,739 657,646

HSBC plc holds a floating charge over the company's assets together with legal charges over various elements of the company's freehold land and buildings, in order to secure its borrowings.

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 55,144 -
Between one and five years 81,015 -
136,159 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 6,944 7,460
Between one and five years 578 9,070
7,522 16,530

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 655,000 435,452

Deferred
tax
£   
Balance at 1 March 2023 435,452
Accelerated capital allowances 20,000
Increase in rate of tax 199,548
Balance at 29 February 2024 655,000

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
17,500 'A' Ordinary £1 - -
40,539 'B' Ordinary £1 40,539 40,539
40,539 40,539

B shares have full voting and other rights.
A shares have been redeemed at par.

20. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 March 2023 9,663,198 58,565 37,470 9,759,233
Profit for the year 885,813 885,813
Dividends (300,000 ) (300,000 )
At 29 February 2024 10,249,011 58,565 37,470 10,345,046

21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in independently administered funds. The pension cost charge represents contribution payable by the company to these funds and amounted to £71,058 (2023 - £64,920). There were no contributions due to be paid at 29th February 2024 (2023 - £9,114).

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mrs P Corbett
Balance outstanding at start of year 10,066 23,667
Amounts advanced 17,308 10,399
Amounts repaid - (24,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 27,374 10,066

R G U Corbett
Balance outstanding at start of year (7,728 ) (4,567 )
Amounts advanced 302,931 174,379
Amounts repaid (259,428 ) (177,540 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 35,775 (7,728 )

Mrs P A Corbett
Balance outstanding at start of year (7,728 ) (4,567 )
Amounts advanced 158,473 36,469
Amounts repaid (114,970 ) (39,630 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 35,775 (7,728 )

After the year end, the balances were repaid.

23. RELATED PARTY DISCLOSURES

During the year the following sales and purchases took place with the following companies of which Mr RGU Corbett is a key member of management personnel;

Herefordshire Biogas Ltd
2024 2023
£    £   
Sales 152,839 151,674
Amount due from related party 87,663 67,322

Arrow Buying and Marketing Company Limited
2024 2023
£    £   
Sales 237,599 190,397
Purchases 83,373 130,979
Amount due from related party 95,686 1,250
Amount due to related party - 29,090

Corbett Farms Limited (Registered number: 00633546)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024


23. RELATED PARTY DISCLOSURES - continued

Arrow Vale Contracting Limited
2024 2023
£    £   
Sales - 208,288
Purchases 153,298 172,301
Amount due from related party - 301,323
Amount due to related party - 145,961

24. POST BALANCE SHEET EVENTS

The Company's poultry business has been transferred to a 100% subsidiary (Corbett Farms Poultry Limited) with effect from 1st March 2024.

25. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

26. KEY MANAGEMENT PERSONNEL

The key management personnel are the directors of the company. The total remuneration received by them is shown in note 5.