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REGISTERED NUMBER: 01661244 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

ASKEW & BARRETT (PULSES) LIMITED

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Balance Sheet 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 15


ASKEW & BARRETT (PULSES) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: D E Askew
P E Barrett
J L Barrett
C Askew


SECRETARY: P E Barrett


REGISTERED OFFICE: 108 Smeeth Road
Marshland St James
Wisbech
Cambridgeshire
PE14 8JF


REGISTERED NUMBER: 01661244 (England and Wales)


SENIOR STATUTORY AUDITOR: Robert Booty ACA FCCA CTA


AUDITORS: Wheelers
Chartered Accountants, Tax Consultants
& Statutory Auditors
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE


BANKERS: HSBC
32 Market Hill
Cambridge
Cambridgeshire
CB2 3HZ

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

As required by the Companies Act 2006, the directors of Askew & Barrett (Pulses) Limited present their annual report containing a Strategic Report, the Report of the Directors and the Financial Statements for the year ended 29 February 2024.

REVIEW OF THE BUSINESS
In the year the company saw turnover decrease to £11,413,756 (2023 - £12,247,291), which has resulted in operating profit decreasing to £591,045 (2023 - £961,674).

The company is mindful that it operates in a cyclical industry and the business needs to continue to develop and adapt to ensure that it is in a strong position to succeed in a range of agricultural economic conditions.

The year ended 29 February 2024 has seen continued investment in plant and machinery to maintain the quality of the cleaning plant facilities. It is the opinion of the directors that cleaning quality coupled with the flexibility of service has contributed to the sustained profitability of the business over the last few years. This is a continual process of improvement and the directors are committed to this strategy which involves ongoing investment in plant and people.

Although the company only deals in UK growing pulses and all trading is done in sterling, the global nature of the pulse trade being a world market means that the effect of the company's exposure of currency changes and energy prices continue to have a significant effect on the volatility of agricultural commodities and the activities of the company.

The effect of inflation over the last few years has also had a significant effect on all aspects of the business, from rising input costs to the effect of the increase in the bank base rate. Finance costs alone increased by over £89,000 compared to the previous year as the bank base rate increased over the year.

These uncertainties are likely to continue for the foreseeable future with increased volatility in the agricultural sector and agricultural commodities.

The company's key financial and other performance indicators during the year were as follows:
29.2.24 28.2.23 Change
£    £    %
Turnover 11,413,756 12,247,291 6.81
Operating profit 591,045 961,674 38.54
Equity 3,421,049 3,723,192 8.12
Average number of employees 31 32 3.13

Total equity decreased in the year from £3,723,192 to £3,421,049 due to the profit after tax of £293,557 less dividends paid of £595,700. The dividend that will be declared in the year to 28 February 2025 will reflect the decreased level of profits achieved for the year ended 28 February 2024 and will amount to £251,210.

FUTURE DEVELOPMENTS
The continued developments in Eastern Europe and the Middle East continue to have a significant effect on the agricultural sector. Continued inflationary pressures and in particular the price rises seen in the energy market and interest rates have had an adverse effect on the cost base of the business and its future plans. The installation of the solar project in the previous year has provided some hedge against these risks, however market conditions continue to be a challenge.

The above issues have significantly increased the volatility in commodity prices. This has resulted in a distortion in the trade and has an impact on farmers forward decision making regarding crop rotation and marketing. In addition, changes to the subsidy regime relating to environmental schemes continue to have a direct effect on the business and underlying commodity prices, and this is anticipated to continue as the the schemes are taken up in the coming years.

The business performance in the first half of the current year has been in line with expectations. The Directors are confident that in spite of all the current uncertainties, the company's policy of employing high quality staff and investing in the best plant and machinery available to the industry will continue to ensure that it can provide a first class product and service, for which it is well known.


ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk and commodity risk. The company has in place policies and procedures that seek to limit the potentially adverse effects on the financial performance of the company of such risks.

The company does not use derivative financial instruments to manage interest rate and foreign exchange risks.

Price risk
One of the major risks that the business faces is commodity price exposure in that it is exposed to commodity price fluctuations on a daily basis. The business monitors this risk by valuing the forward book of business on a monthly basis and reporting this financial position as part of its normal monthly reporting procedures.

Credit risk
The business also acknowledges that credit risk has become increasingly important and to manage potential financial loss in this regard the company has credit insurance in place. The amount of exposure to any individual customer is subject to a limit and the exposure of the company as a whole is mitigated by multiple credit control procedures and credit insurance being in place.

Liquidity risk
Liquidity risk is the risk that the company will encounter difficulty in meeting obligations associated with its financial liabilities. The risk is mitigated as the company has sufficient financial resources available to it to meet its obligations as they fall due and for planned expansions.

Commodity risk
The volatility in commodity prices is a reflection of the impact that our changing climatic conditions, increased interest and diversification in the crops grown for bio-fuel, and large variations in international harvests have had on our domestic agricultural markets. The outlook for pulses will be dependent upon the land and seed which is available for pulse planting in the Spring, which in itself is often a factor of weather conditions and prevailing commodity prices for combinable crops. Increasingly the changes to agricultural subsidies and support packages are also having an impact on the crops that are being grown.

ON BEHALF OF THE BOARD:





P E Barrett - Secretary


28 November 2024

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

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.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of merchants and dealers in pulses.

DIVIDENDS
The total distribution of dividends for the year ended 29 February 2024 was £595,700 (2023 - £515,000).

FUTURE DEVELOPMENTS
Details relating to future developments are included in the Business Review and Future Developments sections of the Strategic Report.

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

D E Askew
P E Barrett
J L Barrett
C Askew

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 29 FEBRUARY 2024


AUDITORS
In accordance with Section 487(2) of the Companies Act 2006 the auditors, Wheelers, are deemed to have been re-appointed.

ON BEHALF OF THE BOARD:



P E Barrett - Secretary


28 November 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ASKEW & BARRETT (PULSES) LIMITED

Opinion
We have audited the financial statements of Askew & Barrett (Pulses) Limited (the 'company') for the year ended 29 February 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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
ASKEW & BARRETT (PULSES) 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
ASKEW & BARRETT (PULSES) 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The primary responsibility for the prevention and detection of fraud rests with the directors.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are:
- Those that relate to the reporting framework (United Kingdom Accounting Standards in conformity with the Companies Act 2006 and FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland").

- Relevant tax compliance regulations in the United Kingdom. - In addition, we concluded that there are certain laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements; and

- Laws and regulations relating to health and safety, employee matters and the environment.

We understood how the company is complying with those frameworks by making enquiries of management, those
responsible for legal and compliance procedures and the Company Secretary. We corroborated our enquiries through our review of Board minutes.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management and our prior knowledge of the company's activities and controls. We have carried out procedures including a review of journal entries and a review of accounting estimates and judgements which were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those
leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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
ASKEW & BARRETT (PULSES) 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.




Robert Booty ACA FCCA CTA (Senior Statutory Auditor)
for and on behalf of Wheelers
Chartered Accountants, Tax Consultants
& Statutory Auditors
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

28 November 2024

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   

TURNOVER 3 11,413,756 12,247,291

Cost of sales 9,681,759 10,158,863
GROSS PROFIT 1,731,997 2,088,428

Distribution costs 222,813 186,267
Administrative expenses 952,342 976,512
1,175,155 1,162,779
556,842 925,649

Other operating income 34,203 36,025
OPERATING PROFIT 6 591,045 961,674

Interest receivable and similar income 1,051 28
Interest payable and similar expenses 7 (232,090 ) (121,021 )
PROFIT BEFORE TAXATION 360,006 840,681

Tax on profit 8 66,449 179,899
PROFIT FOR THE FINANCIAL YEAR 293,557 660,782

Retained earnings at beginning of year 3,632,095 3,486,313

Dividends 9 (595,700 ) (515,000 )

RETAINED EARNINGS AT END OF
YEAR

3,329,952

3,632,095

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,834,693 2,816,046
Investment property 11 305,000 305,000
3,139,693 3,121,046

CURRENT ASSETS
Stocks 12 3,565,192 3,964,318
Debtors 13 1,689,064 1,467,839
Cash at bank and in hand 3,369 3,026
5,257,625 5,435,183
CREDITORS
Amounts falling due within one year 14 3,374,691 3,837,088
NET CURRENT ASSETS 1,882,934 1,598,095
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,022,627

4,719,141

CREDITORS
Amounts falling due after more than one
year

15

(1,282,778

)

(687,549

)

PROVISIONS FOR LIABILITIES 19 (318,800 ) (308,400 )
NET ASSETS 3,421,049 3,723,192

CAPITAL AND RESERVES
Called up share capital 20 2,500 2,500
Fair value reserve 21 88,597 88,597
Retained earnings 21 3,329,952 3,632,095
SHAREHOLDERS' FUNDS 3,421,049 3,723,192

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





J L Barrett - Director


ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 179,299 767,708
Interest paid (203,472 ) (116,491 )
Tax paid (75,777 ) (101,131 )
Net cash from operating activities (99,950 ) 550,086

Cash flows from investing activities
Purchase of tangible fixed assets (160,513 ) (435,893 )
Sale of tangible fixed assets 5,012 -
Interest received 1,051 28
Net cash from investing activities (154,450 ) (435,865 )

Cash flows from financing activities
New loans in year 640,000 -
Loan repayments in year (168,746 ) (147,264 )
Assets refinanced in year 300,502 -
Capital repayments in year (107,000 ) (62,448 )
Amount introduced by directors 640,823 554,741
Amount withdrawn by directors (627,938 ) (636,146 )
Equity dividends paid (595,700 ) (515,000 )
Net cash from financing activities 81,941 (806,117 )

Decrease in cash and cash equivalents (172,459 ) (691,896 )
Cash and cash equivalents at beginning of
year

2

(1,822,903

)

(1,131,007

)

Cash and cash equivalents at end of year 2 (1,995,362 ) (1,822,903 )

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

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

29.2.24 28.2.23
£    £   
Profit before taxation 360,006 840,681
Depreciation charges 147,323 146,934
Loss on disposal of fixed assets 29,085 7,545
Finance costs 232,090 121,021
Finance income (1,051 ) (28 )
767,453 1,116,153
Decrease/(increase) in stocks 399,126 (605,351 )
(Increase)/decrease in trade and other debtors (221,225 ) 359,356
Decrease in trade and other creditors (766,055 ) (102,450 )
Cash generated from operations 179,299 767,708

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 3,369 3,026
Bank overdrafts (1,998,731 ) (1,825,929 )
(1,995,362 ) (1,822,903 )
Year ended 28 February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 3,026 6,824
Bank overdrafts (1,825,929 ) (1,137,831 )
(1,822,903 ) (1,131,007 )


ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.3.23 Cash flow changes At 29.2.24
£    £    £    £   
Net cash
Cash at bank
and in hand 3,026 343 3,369
Bank overdrafts (1,825,929 ) (172,802 ) (1,998,731 )
(1,822,903 ) (172,459 ) (1,995,362 )
Debt
Finance leases (160,666 ) (193,503 ) - (393,723 )
Debts falling due
within 1 year (147,270 ) (113,821 ) - (261,091 )
Debts falling due
after 1 year (591,028 ) (414,516 ) - (1,005,544 )
(898,964 ) (721,840 ) - (1,660,358 )
Total (2,721,867 ) (894,299 ) - (3,655,720 )

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATEMENT OF COMPLIANCE

Askew & Barrett (Pulses) 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.

The financial statements have been prepared in compliance 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.

2. ACCOUNTING POLICIES

Basis of preparation
The presentational currency of the financial statements is the Pound Sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going concern
The company's business activities together with factors and risks likely to affect its future development and position are set out in the Strategic Report on pages 2 to 3.

The directors, having considered the company's forecast cash flows for the foreseeable future, believe that the company is well placed to manage its financial and operational risks and therefore have a reasonable expectation that it has adequate financial resources to continue in operational existence to meet its liabilities as they fall due for the foreseeable future. Accordingly, the company continues to adopt the going concern basis of preparation in preparing the annual financial statements.

Significant judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements:

Stock valuation
Stocks are stated at the lower of cost and net realisable value (fair value less costs to disposal). Fair values are assessed based upon expected market prices and industry activity, less costs to bring the product to a saleable condition. Whilst this data is deemed representative of current value, it is possible that the ultimate sales values may vary from those applied.

Investment property valuation
The company carries its investment property at fair value, with changes being recognised in the statement of income and retained earnings. The investment property has been included at a directors' valuation of £305,000 (2023 - £305,000). Fair value is determined by considering comparable local market data such as rental yields, location, condition and nature of the property.

Turnover
Turnover comprises the invoiced value of goods and services provided by the company excluding trade discounts, rebates and value added tax. Turnover is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer and the amount of revenue can be measured reliably which is typically at the point of delivery.

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, except for freehold land and investment properties, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold property - 1% straight line
Plant and machinery - 15% reducing balance
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance

Depreciation is provided when the assets are available for use.

The carrying values of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable, and are written down immediately to their recoverable amount.

Useful lives and residual values are reviewed annually and where adjustments are required, these are made accordingly.

Investment properties
Investment properties are initially recognised at cost which includes purchase cost and any directly attributable expenditure.

Investment properties whose fair value can be measured reliably are measured at fair value. The surplus or deficit on revaluation is recognised in the statement of income and retained earnings and accumulated in retained earnings with an appropriate transfer made to the fair value reserve.

Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs incurred in bringing each product to its present location and condition as follows:

- Raw materials, consumables and goods for resale - purchase cost on a first in, first out basis.
- Finished goods - cost of direct materials and labour plus attributable overheads based on normal level of activity.

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

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.


ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing and hire purchase commitments
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the assets' useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the Statement of Comprehensive Income so as to achieve a constant rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged in the Statement of Comprehensive Income on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.

Pensions
The company operates a small self-administered pension scheme for the benefit of the directors and a separate defined contribution pension scheme for the benefit of the employees. Contributions are recognised in the Statement of Comprehensive Income in the year in which they become payable.

Impairment of non-financial assets
The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs.

The recoverable amount of an asset or cash generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in the Statement of Comprehensive Income.

An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with an original maturity date of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Comprehensive Income in other operating expenses.

Interest-bearing loans and borrowings
All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. The effective interest rate amortisation is included in finance revenue in the Statement of Comprehensive Income.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement. The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, including trade and other debtors, trade and other creditors, and cash and bank balances at the transaction price.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

29.2.24 28.2.23
£    £   
United Kingdom 10,408,323 11,196,400
Rest of Europe 1,005,433 1,050,891
11,413,756 12,247,291

4. EMPLOYEES AND DIRECTORS
29.2.24 28.2.23
£    £   
Wages and salaries 965,951 943,958
Social security costs 96,508 99,766
Other pension costs 21,501 80,727
1,083,960 1,124,451

The average number of employees during the year was as follows:
29.2.24 28.2.23

Directors 4 4
Management and administration 7 6
Production 20 22
31 32

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

5. DIRECTORS' EMOLUMENTS
29.2.24 28.2.23
£    £   
Directors' remuneration 202,088 202,612
Directors' pension contributions to money purchase schemes 4,288 64,288

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

Money purchase schemes 4 4

Information regarding the highest paid director is as follows:
29.2.24 28.2.23
£    £   
Emoluments etc 80,961 85,210
Pension contributions to money purchase schemes - 30,000

6. OPERATING PROFIT

The operating profit is stated after charging:

29.2.24 28.2.23
£    £   
Hire of plant and machinery 11,518 12,589
Depreciation - owned assets 111,223 107,378
Depreciation - assets on hire purchase contracts 36,100 39,556
Loss on disposal of fixed assets 29,085 7,545
Auditors' remuneration 14,100 13,875
Auditors' remuneration for non audit work 18,735 20,572
Stocks recognised as an expense 8,383,073 8,841,320

7. INTEREST PAYABLE AND SIMILAR EXPENSES
29.2.24 28.2.23
£    £   
Bank interest 119,463 63,377
Hire purchase interest 22,860 6,778
Loan interest 67,409 27,170
Interest on directors' loans 22,354 23,696
Interest on PAYE 4 -
232,090 121,021

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

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:
29.2.24 28.2.23
£    £   
Current tax:
UK corporation tax 56,049 103,299

Deferred tax 10,400 76,600
Tax on profit 66,449 179,899

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

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

29.2.24 28.2.23
£    £   
Profit before tax 360,006 840,681
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

90,002

159,729

Effects of:
Expenses not deductible for tax purposes 5,725 3,977

Effect of changes in tax rates (1,734 ) 18,385
Deferred tax not provided 3 (4 )
Super deduction (24 ) (2,188 )
Research & development claims (27,523 ) -

Total tax charge 66,449 179,899

Factors that may affect future tax charges
The company is not aware of any factors that may affect future tax charges other than the change in corporation tax rates.

9. DIVIDENDS
29.2.24 28.2.23
£    £   
Ordinary A shares of £1 each
Final 284,100 244,950
Ordinary B shares of £1 each
Final 311,600 270,050
595,700 515,000

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

10. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 March 2023 2,264,039 2,800,628 70,285 68,115 5,203,067
Additions 17,041 143,397 - 39,629 200,067
Disposals - (246,007 ) - (28,625 ) (274,632 )
At 29 February 2024 2,281,080 2,698,018 70,285 79,119 5,128,502
DEPRECIATION
At 1 March 2023 201,156 2,061,792 60,769 63,304 2,387,021
Charge for year 20,030 121,301 2,379 3,613 147,323
Eliminated on disposal - (213,186 ) - (27,349 ) (240,535 )
At 29 February 2024 221,186 1,969,907 63,148 39,568 2,293,809
NET BOOK VALUE
At 29 February 2024 2,059,894 728,111 7,137 39,551 2,834,693
At 28 February 2023 2,062,883 738,836 9,516 4,811 2,816,046

Included in cost or valuation of land and buildings is freehold land of £ 275,780 (2023 - £ 275,780 ) which is not depreciated.


Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 March 2023 - 341,405 - 341,405
Additions - - 39,629 39,629
Transfer from ownership 336,469 - - 336,469
At 29 February 2024 336,469 341,405 39,629 717,503
DEPRECIATION
At 1 March 2023 - 117,253 - 117,253
Charge for year - 33,623 2,477 36,100
Transfer from ownership 3,365 - - 3,365
At 29 February 2024 3,365 150,876 2,477 156,718
NET BOOK VALUE
At 29 February 2024 333,104 190,529 37,152 560,785
At 28 February 2023 - 224,152 - 224,152

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 305,000
NET BOOK VALUE
At 29 February 2024 305,000
At 28 February 2023 305,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2024 305,000

Investment property is stated at fair value with changes in fair value being recognised in the Statement of Comprehensive Income. No depreciation is provided in respect of this property in accordance with FRS 102 Chapter 16 Investment Property. The property has been included at a valuation of £305,000, valued by the directors. Fair value is determined by considering comparable market data such as rental yields, location, condition and the nature of the property. The historical cost of the investment property is £242,748 (2023 - £242,748) which was previously depreciated totalling £26,345 and then revalued by £88,597 which gives a final valuation of £305,000 (2023 - £305,000).

12. STOCKS
29.2.24 28.2.23
£    £   
Raw materials and consumables 118,381 154,961
Finished goods and goods for resale 3,446,811 3,809,357
3,565,192 3,964,318

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 1,640,854 1,349,178
Other debtors 1,710 1,871
VAT receivable 3,937 19,663
Prepayments and accrued income 42,563 97,127
1,689,064 1,467,839

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts (see note 16) 2,087,398 1,915,057
Other loans (see note 16) 172,424 58,142
Hire purchase contracts (see note 17) 116,489 64,145
Trade creditors 299,633 997,731
Corporation tax payable 83,571 103,299
Social security and other taxes 42,965 40,655
Other creditors 50 772
Directors' current accounts 354,191 341,306
Accruals and deferred income 217,970 315,981
3,374,691 3,837,088

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.2.24 28.2.23
£    £   
Bank loans (see note 16) 318,906 400,432
Other loans (see note 16) 686,638 190,596
Hire purchase contracts (see note 17) 277,234 96,521
1,282,778 687,549

16. LOANS

An analysis of the maturity of loans is given below:

29.2.24 28.2.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,998,731 1,825,929
Bank loans 88,667 89,128
Pension fund loans 172,424 58,142
2,259,822 1,973,199

Amounts falling due between two and five years:
Bank loans - 2-5 years 318,906 390,646
Pension fund loans 686,638 190,596
1,005,544 581,242

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - 9,786

Interest is charged on pension fund loans at a rate of 3.1% and on the bank loan at 2.25% over base rate.

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

17. LEASING AGREEMENTS

The company holds a surplus building as an investment property, which is let to a third party. The non-cancellable lease has a remaining term of 4 years with a provision for an upward rent review every 4 years. The latest review was due on 6 February 2023, for which negotiations for this rent review are ongoing.

Rental income from this operating lease in the year amounted to £20,400 (2023 - £20,400).

Future minimum rentals receivable under non-cancellable operating leases are as follows:

29.2.24 28.2.23
£    £   
Not later than one year 20,400 20,400
Later than one year but not later than five years 40,800 61,200
Later than five years - -
61,200 81,600

The company has no operating lease commitments at the balance sheet date (2023 - £Nil).

18. SECURED DEBTS

The following secured debts are included within creditors:

29.2.24 28.2.23
£    £   
Bank overdrafts 1,998,731 1,825,929
Bank loans 407,573 489,560
Hire purchase contracts 393,723 160,666
Pension fund loans 859,062 248,738
3,659,089 2,724,893

The bank overdraft and loan is secured by a fixed charge and debenture over the freehold land and buildings owned by the company at Smeeth Road, Marshland St James, and its investment property.

At the year end. the loan from the Askew & Barrett (Pulses) Limited Retirement Benefit Scheme amounted to £859,062 (2023 - £248,738). This was secured by way of a fixed and floating charge over a proportion of the stock held by the company.

The obligations under hire purchase agreements are secured over the assets to which they relate.

19. PROVISIONS FOR LIABILITIES
29.2.24 28.2.23
£    £   
Deferred tax
Accelerated capital allowances 318,800 308,400

Deferred
tax
£   
Balance at 1 March 2023 308,400
Utilised during year 10,400
Balance at 29 February 2024 318,800

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
1,500 Ordinary A £1 1,500 1,500
1,000 Ordinary B £1 1,000 1,000
2,500 2,500

The Ordinary A shares of £1 each and the Ordinary B shares of £1 each rank pari passu in all aspects.

21. RESERVES

Fair value reserve
This reserve is used to record increases in the fair value of the investment property and decreases to the extent that such decrease relates to an increase on the same asset.

Retained Earnings
The movement in year is shown in the statement of income and retained earnings.

22. PENSION COMMITMENTS

The company makes contributions to defined contribution pension schemes whose assets are held separately from those of the company in independently administered funds. The pension charge represents contributions payable in the year by the company to the schemes and amounted to £21,501 (2023 - £80,727).

There were unpaid pension contributions of £50 at 29 February 2024 (2023 - £772).

23. CAPITAL COMMITMENTS
29.2.24 28.2.23
£    £   
Contracted but not provided for in the
financial statements - 57,220

ASKEW & BARRETT (PULSES) LIMITED (REGISTERED NUMBER: 01661244)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

24. RELATED PARTY TRANSACTIONS

During the year the company entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into, and balances outstanding at 29 February 2024, are as follows:

Askew & Barrett (Pulses) Limited Retirement Benefit Scheme
The scheme is a small self-administered money purchase pension fund set up for the benefit of the directors. During the year, the company had the following transactions with the scheme:
29.2.24 28.2.23
£    £   
Pension contributions - 60,000
Interest payable on loans 25,957 5,131

At the year end the outstanding loan balances included in creditors amounted to:
29.2.24 28.2.23
£    £   
Loans 859,062 248,738

The loans are secured by way of a fixed charge over a proportion of the stock held by the company and bear interest of 3.1%.

Directors' loan accounts
During the year the company had outstanding balances with directors which bear interest at a rate of 3% above the base rate per annum on credit balances and 2% on overdrawn balances. The transactions with the company in the year are as follows:
29.2.24 28.2.23
£    £   
Interest receivable on directors' loan accounts 484 28
Interest payable on directors' loan accounts 22,354 23,696

.