|
|
|
|
Financial Statements |
Contents |
Page |
Officers and professional advisers |
1 |
Strategic report |
2 |
Directors' report |
6 |
Independent auditor's report to the members |
8 |
Consolidated statement of comprehensive income |
12 |
Consolidated statement of financial position |
13 |
Company statement of financial position |
14 |
Consolidated statement of changes in equity |
15 |
Company statement of changes in equity |
16 |
Consolidated statement of cash flows |
17 |
Notes to the financial statements |
18 |
|
Officers and Professional Advisers |
The board of directors |
|
|
|
Registered office |
|
|
|
|
|
|
|
|
|
Auditor |
|
8th Floor Beckett House |
|
36 Old Jewry |
|
London |
|
EC2R 8DD |
|
|
Strategic Report |
2024 | 2023 | ||
£ | £ | ||
Turnover | 3,922,075 | 3,836,758 | |
Growth/decline | 85,317 | 379,696 | |
Growth as % of turnover | 2 | 10 | |
Energy costs | 481,154 | 542,410 | |
Change in energy costs | 61,256 | 186,004 | |
Change as a % of costs | 13 | 34 | |
Energy cost as a % of turnover | 12 | 14 | |
2024 | 2023 | 2022 | ||
£ | £ | £ | ||
Turnover | 1,761,275 | 3,372,780 | 1,967,096 | |
Net profit before taxation | 1,132,509 | 370,123 | ||
Net loss for period | 724,289 | |||
Net profit margin | 41 | 34 | 19 | |
2024 | 2023 | 2022 | ||
£ | £ | £ | ||
Turnover | 5,789,771 | 6,057,920 | 4,590,864 | |
Cost of sales | 5,217,352 | 5,492,020 | 4,146,730 | |
Gross profit | 572,419 | 565,900 | 444,134 | |
Increase in gross profit | 1 | 27 | 18 | |
Gross profit margin | 10 | 9 | 10 | |
2024 | 2023 | 2022 | ||
£ | £ | £ | ||
Turnover | 741,525 | 664,348 | 608,168 | |
Cost of sales | 460,042 | 380,002 | 364,926 | |
Gross profit | 281,483 | 284,346 | 243,242 | |
Increase in gross profit | 1 | 17 | 142 | |
Gross profit margin | 38 | 43 | 40 | |
|
|
Director |
Director |
Registered office: |
|
|
|
|
|
|
Directors' Report |
|
|
|
|
|
(Died
|
|
|
Director |
Director |
Registered office: |
|
|
|
|
|
|
Independent Auditor's Report to the Members of
|
|
(Senior Statutory Auditor) |
For and on behalf of |
|
8th Floor Beckett House |
36 Old Jewry |
London |
EC2R 8DD |
|
Consolidated Statement of Comprehensive Income |
2024 |
2023 |
||
Note |
£ |
£ |
|
Turnover |
5 |
|
|
Cost of sales |
(
|
(
|
------------- |
------------- |
|
Gross profit |
|
|
Administrative expenses |
(
|
(
|
|
Other operating income |
6 |
|
|
Gain on sale of property |
|
– |
|
------------- |
------------ |
||
Operating profit |
7 |
|
|
Other interest receivable and similar income |
11 |
|
|
Interest payable and similar expenses |
12 |
(
|
(
|
------------- |
------------ |
||
Profit before taxation |
|
|
|
Tax on profit |
13 |
(
|
(
|
------------- |
------------ |
||
Profit for the financial year and total comprehensive income |
|
|
|
------------- |
------------ |
||
|
Consolidated Statement of Financial Position |
2024 |
2023 |
|
Note |
£ |
£ |
Intangible assets |
14 |
|
|
Tangible assets |
15 |
|
|
------------- |
------------- |
||
|
|
||
Stocks |
17 |
|
|
Debtors |
18 |
|
|
Cash at bank and in hand |
|
|
|
------------ |
------------- |
||
|
|
||
Creditors: amounts falling due within one year |
19 |
|
|
------------ |
------------- |
||
Net current (liabilities)/assets |
(
|
|
|
------------- |
------------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
20 |
|
|
Provisions |
21 |
|
|
------------- |
------------- |
||
Net assets |
|
|
|
------------- |
------------- |
||
Called up share capital |
24 |
|
|
Capital redemption reserve |
25 |
|
|
Other reserves, including the fair value reserve |
25 |
|
|
Profit and loss account |
25 |
|
|
------------- |
------------- |
||
Shareholders funds |
|
|
|
------------- |
------------- |
||
|
|
Director |
Director |
|
Company Statement of Financial Position |
2024 |
2023 |
|
Note |
£ |
£ |
Tangible assets |
15 |
|
|
Investments |
16 |
|
|
------------- |
------------- |
||
|
|
||
Stocks |
17 |
|
|
Debtors |
18 |
|
|
Cash at bank and in hand |
|
|
|
------------- |
------------- |
||
|
|
||
Creditors: amounts falling due within one year |
19 |
|
|
------------- |
------------- |
||
Net current assets |
|
|
|
------------- |
------------- |
||
Total assets less current liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
20 |
|
|
Provisions |
21 |
|
|
------------- |
------------- |
||
Net assets |
|
|
|
------------- |
------------- |
||
Called up share capital |
24 |
|
|
Capital redemption reserve |
25 |
|
|
Other reserves, including the fair value reserve |
25 |
|
|
Profit and loss account |
25 |
|
|
------------- |
------------- |
||
Shareholders funds |
|
|
|
------------- |
------------- |
||
|
|
Director |
Director |
|
Consolidated Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
£ |
||
At 1 April 2022 |
|
|
|
|
|
|
Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Reclassification from fair value reserve to profit and loss account |
– |
– |
(
|
|
– |
|
---- |
---- |
------------- |
------------- |
------------- |
||
Total comprehensive income for the year |
– |
– |
(
|
|
|
|
Cancellation of subscribed capital |
(
|
|
– |
– |
– |
|
Redemption of shares |
– |
– |
– |
(
|
(
|
|
---- |
---- |
------------- |
------------- |
------------- |
||
Total investments by and distributions to owners |
(
|
|
– |
(
|
(
|
|
At 31 March 2023 |
|
|
|
|
|
|
Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Reclassification from fair value reserve to profit and loss account |
– |
– |
|
(
|
– |
|
---- |
---- |
------------- |
------------- |
------------- |
||
Total comprehensive income for the year |
– |
– |
|
|
|
|
---- |
---- |
------------- |
------------- |
------------- |
||
At 31 March 2024 |
|
|
|
|
|
|
---- |
---- |
------------- |
------------- |
------------- |
||
|
Company Statement of Changes in Equity |
Called up share capital |
Capital redemption reserve |
Other reserves, including the fair value reserve |
Profit and loss account |
Total |
||
£ |
£ |
£ |
£ |
£ |
||
At 1 April 2022 |
|
|
|
|
|
|
Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Reclassification from fair value reserve to profit and loss account |
– |
– |
(
|
|
– |
|
---- |
---- |
------------- |
------------- |
------------- |
||
Total comprehensive income for the year |
– |
– |
(
|
|
|
|
Cancellation of subscribed capital |
(
|
|
– |
– |
– |
|
Redemption of shares |
– |
– |
– |
(
|
(
|
|
---- |
---- |
------------- |
------------- |
------------- |
||
Total investments by and distributions to owners |
(
|
|
– |
(
|
(
|
|
At 31 March 2023 |
|
|
|
|
|
|
Profit for the year |
|
|
||||
Other comprehensive income for the year: |
||||||
Reclassification from fair value reserve to profit and loss account |
– |
– |
|
(
|
– |
|
---- |
---- |
------------- |
------------- |
------------- |
||
Total comprehensive income for the year |
– |
– |
|
|
|
|
---- |
---- |
------------- |
------------- |
------------- |
||
At 31 March 2024 |
|
|
|
|
|
|
---- |
---- |
------------- |
------------- |
------------- |
||
|
Consolidated Statement of Cash Flows |
2024 |
2023 |
|
£ |
£ |
|
Profit for the financial year |
|
|
Adjustments for: |
||
Depreciation of tangible assets |
239,801 |
227,534 |
Fair value adjustment of investment property |
(
|
– |
Other interest receivable and similar income |
(
|
(
|
Interest payable and similar expenses |
|
|
Gains on disposal of tangible assets |
(9,878,578) |
(21,852) |
Tax on profit |
|
|
Accrued expenses |
|
|
Changes in: |
||
Stocks |
|
(
|
Trade and other debtors |
|
|
Trade and other creditors |
|
(
|
------------- |
------------ |
|
Cash generated from operations |
|
|
Interest paid |
(
|
(
|
Interest received |
|
|
Tax paid |
(
|
(
|
------------ |
------------ |
|
Net cash (used in)/from operating activities |
(
|
|
------------ |
------------ |
|
Purchase of tangible assets |
(
|
(
|
Proceeds from sale of tangible assets |
|
|
------------- |
------------ |
|
Net cash from/(used in) investing activities |
|
(
|
------------- |
------------ |
|
Purchase of own shares |
– |
(
|
Proceeds from borrowings |
– |
|
Repayments of borrowings |
(
|
– |
Proceeds from loans from group undertakings |
|
– |
Proceeds from loans from participating interests |
|
|
------------- |
------------ |
|
Net cash used in financing activities |
(
|
(
|
------------- |
------------ |
|
Net (decrease)/increase in cash and cash equivalents |
(
|
|
Cash and cash equivalents at beginning of year |
5,810,872 |
3,968,448 |
------------ |
------------ |
|
Cash and cash equivalents at end of year |
|
|
------------ |
------------ |
|
|
Notes to the Financial Statements |
Goodwill |
- |
|
|
Freehold property |
- |
|
|
Plant and machinery |
- |
|
|
Motor vehicles |
- |
|
|
2024 |
2023 |
|
£ |
£ |
|
Sale of goods |
|
|
Rendering of services - rental income & management services |
|
|
Rendering of services - livery fees |
|
|
------------- |
------------- |
|
|
|
|
------------- |
------------- |
|
2024 |
2023 |
|
£ |
£ |
|
Other operating income |
|
|
-------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
Gains on disposal of tangible assets |
(
|
(
|
Fair value adjustments to investment property |
(
|
– |
Impairment of trade debtors |
10,096 |
49,992 |
Operating lease rentals |
|
|
------------ |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Fees payable for the audit of the financial statements |
|
|
-------- |
-------- |
|
Other assurance services |
|
|
Other non-audit services |
|
|
-------- |
-------- |
|
44,550 |
10,935 |
|
-------- |
-------- |
|
2024 |
2023 |
|
No. |
No. |
|
Production staff |
|
|
Administrative staff |
|
|
Management staff |
3 |
3 |
---- |
---- |
|
|
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Wages and salaries |
|
|
Other pension costs |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
No. |
No. |
|
Defined contribution plans |
|
|
---- |
---- |
|
2024 |
2023 |
|
£ |
£ |
|
Aggregate remuneration |
|
|
Company contributions to defined contribution pension plans |
|
|
--------- |
--------- |
|
|
|
|
--------- |
--------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on cash and cash equivalents |
|
|
--------- |
------- |
|
2024 |
2023 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
|
Other interest payable and similar charges |
|
|
------------ |
------------ |
|
|
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
UK current tax expense |
|
|
Origination and reversal of timing differences |
(
|
|
------------ |
------------ |
|
Tax on profit |
|
|
------------ |
------------ |
|
2024 |
2023 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
|
|
------------- |
------------ |
|
Profit on ordinary activities by rate of tax |
|
|
Effect of expenses not deductible for tax purposes |
– |
|
Effect of capital allowances and depreciation |
(
|
(
|
Effect of revenue exempt from tax |
(
|
(
|
Deferred tax movement |
(
|
|
Indexation allowance on disposal of freehold property |
(
|
– |
------------- |
------------ |
|
Tax on profit |
|
|
------------- |
------------ |
|
Group |
Goodwill |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
------------ |
|
Amortisation |
|
At 1 April 2023 and 31 March 2024 |
|
------------ |
|
Carrying amount |
|
At 1 April 2023 and 31 March 2024 |
|
------------ |
|
At 31 March 2023 |
|
------------ |
|
Company |
Goodwill |
£ |
|
Cost |
|
At 1 April 2023 and 31 March 2024 |
|
------------ |
|
Amortisation |
|
At 1 April 2023 and 31 March 2024 |
|
------------ |
|
Carrying amount |
|
At 1 April 2023 and 31 March 2024 |
– |
------------ |
|
At 31 March 2023 |
– |
------------ |
|
Group |
Freehold property |
Plant and machinery |
Motor vehicles |
Investment Properties |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost or valuation |
|||||
At 1 April 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
(
|
(
|
(
|
– |
(
|
Revaluations |
– |
– |
– |
|
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
At 31 March 2024 |
|
|
|
|
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
Depreciation |
|||||
At 1 April 2023 |
|
|
|
– |
|
Charge for the year |
|
|
|
– |
|
Disposals |
– |
(
|
(
|
– |
(
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
At 31 March 2024 |
|
|
|
– |
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
Carrying amount |
|||||
At 31 March 2024 |
|
|
|
|
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
At 31 March 2023 |
|
|
|
|
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
Company |
Freehold property |
Plant and machinery |
Motor vehicles |
Investment Properties |
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost or valuation |
|||||
At 1 April 2023 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
(
|
(
|
(
|
– |
(
|
Revaluations |
– |
– |
– |
|
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
At 31 March 2024 |
|
|
|
|
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
Depreciation |
|||||
At 1 April 2023 |
|
|
|
– |
|
Charge for the year |
|
|
|
– |
|
Disposals |
– |
(
|
(
|
– |
(
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
At 31 March 2024 |
|
|
|
– |
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
Carrying amount |
|||||
At 31 March 2024 |
|
|
|
|
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
At 31 March 2023 |
|
|
|
|
|
------------- |
------------ |
-------- |
------------- |
------------- |
|
Group |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 April 2023 |
|
Disposals |
(
|
------------ |
|
At 31 March 2024 |
– |
------------ |
|
Impairment |
|
At 1 April 2023 |
|
Disposals |
(
|
------------ |
|
At 31 March 2024 |
– |
------------ |
|
Carrying amount |
|
At 31 March 2024 |
– |
------------ |
|
At 31 March 2023 |
– |
------------ |
|
Company |
Shares in group undertakings |
£ |
|
Cost |
|
At 1 April 2023 |
|
Additions |
|
Disposals |
(
|
------------ |
|
At 31 March 2024 |
|
------------ |
|
Impairment |
|
At 1 April 2023 |
|
Disposals |
(
|
------------ |
|
At 31 March 2024 |
– |
------------ |
|
Carrying amount |
|
At 31 March 2024 |
|
------------ |
|
At 31 March 2023 |
|
------------ |
|
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
||
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
|
Ordinary |
100 |
Capital and reserves |
Profit/(loss) for the year |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Subsidiary undertakings |
||||
|
3,466,175 |
3,466,175 |
– |
– |
|
100 |
– |
– |
– |
|
100 |
– |
– |
– |
|
100 |
– |
– |
– |
|
100 |
– |
– |
– |
------------ |
------------ |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Growing crops and tillages |
|
|
|
|
Grain and garage stocks |
|
|
|
|
Land held for development |
|
|
|
|
Livestock |
– |
|
– |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Trade debtors |
|
|
|
|
Amounts owed by group undertakings |
– |
– |
|
|
Directors loan account |
|
|
|
|
Other debtors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
|
– |
|
– |
Amounts owed to undertakings in which the company has a participating interest |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Bank loans and overdrafts |
– |
|
– |
|
Other creditors |
|
|
|
|
------------ |
------------- |
------------ |
------------- |
|
|
|
|
|
|
------------ |
------------- |
------------ |
------------- |
|
Group |
Deferred tax (note 22) |
£ |
|
At 1 April 2023 |
|
Charge against provision |
(
|
------------ |
|
At 31 March 2024 |
|
------------ |
|
Company |
Deferred tax (note 22) |
£ |
|
At 1 April 2023 |
|
Charge against provision |
(
|
------------ |
|
At 31 March 2024 |
|
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Included in provisions (note 21) |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Accelerated capital allowances |
|
|
|
|
Revaluation of tangible assets |
|
|
|
|
------------ |
------------ |
------------ |
------------ |
|
4,695,177 |
4,745,995 |
3,676,592 |
3,727,410 |
|
------------ |
------------ |
------------ |
------------ |
|
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
70 |
|
70 |
---- |
---- |
---- |
---- |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
At start of year |
|
|
|
|
Reclassification from fair value reserve to profit and loss account |
3,680,325 |
(861,783) |
3,680,325 |
(861,783) |
------------- |
------------- |
------------- |
------------- |
|
At end of year |
|
|
|
|
------------- |
------------- |
------------- |
------------- |
|
At 1 Apr 2023 |
Cash flows |
At 31 Mar 2024 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
(29,527) |
|
Debt due within one year |
(5,042,759) |
(684,282) |
(5,727,041) |
Debt due after one year |
(25,971,725) |
18,511,102 |
(7,460,623) |
------------- |
------------- |
------------ |
|
(
|
|
(
|
|
------------- |
------------- |
------------ |
|
Group |
Company |
|||
2024 |
2023 |
2024 |
2023 |
|
£ |
£ |
£ |
£ |
|
Later than 1 year and not later than 5 years |
|
|
|
|
-------- |
-------- |
-------- |
-------- |
|
|
Notes to the Financial Statements (continued) |
2024 |
||||
Balance brought forward |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
||
|
|
(
|
|
|
|
– |
– |
– |
|
--------- |
--------- |
-------- |
||
|
(
|
|
||
--------- |
--------- |
-------- |
||
2023 |
||||
Balance brought forward |
Amounts repaid |
Balance outstanding |
||
£ |
£ |
£ |
||
|
|
(
|
|
|
|
|
(
|
– |
|
--------- |
--------- |
--------- |
||
|
(
|
|
||
--------- |
--------- |
--------- |
||