REGISTERED NUMBER: 03745450 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
ANDREW ATKINSON LIVESTOCK LIMITED |
REGISTERED NUMBER: 03745450 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
ANDREW ATKINSON LIVESTOCK LIMITED |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 18 |
ANDREW ATKINSON LIVESTOCK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
16 Omega Business Village |
Thurston Road |
Northallerton |
North Yorkshire |
DL6 2NJ |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 APRIL 2024 |
The director presents his strategic report of the company and the group for the year ended 30 April 2024. |
REVIEW OF BUSINESS |
The group deals in the buying, selling and rearing of livestock in the UK. |
The results for the year and the financial position at the year end were considered satisfactory by the directors. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties facing the company are as follows:- |
Changing legislation - improved standard required by new legislation can involve additional costs being incurred. |
Outbreak of disease - significant outbreaks of disease would negatively impact upon the customers supply processes and ability to meet customer's demands threatening it's trade. Government guidance is followed to minimise this risk. |
Unprecedented inflation increases continuously impact the company leading to increased costs for things such as wages and fuel. |
ON BEHALF OF THE BOARD: |
31 January 2025 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 APRIL 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 30 April 2024. |
DIVIDENDS |
An interim dividend of £75,000 per Ordinary A share was paid on 1 May 2023. The director recommends that no final dividend be paid. |
An interim dividend of £85,000 per Ordinary B share was paid on 1 May 2023. The director recommends that no final dividend be paid. |
The total distribution of dividends for the year ended 30 April 2024 will be £160,000. |
FUTURE DEVELOPMENTS |
The director does not anticipate any changes to the business in the foreseeable future but continues to review the position of the business and respond to changes in the market. |
DIRECTOR |
Andrew Atkinson held office during the whole of the period from 1 May 2023 to the date of this report.. |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he 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 group's auditors are aware of that information. |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 APRIL 2024 |
AUDITORS |
The auditors, Walter Dawson & Son, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ANDREW ATKINSON LIVESTOCK LIMITED |
Opinion |
We have audited the financial statements of Andrew Atkinson Livestock Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 30 April 2024 and of the group's 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 group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ANDREW ATKINSON LIVESTOCK LIMITED |
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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ANDREW ATKINSON LIVESTOCK 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 engagement team collectively had the appropriate competence, |
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussion with directors and other |
management, and form our commercial knowledge and experience of the sector; |
- we focussed on specific laws and regulations which considered may have a direct material effect on the financial |
statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of |
management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to |
instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and overide 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 set out in note 2 and where indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the |
company's legal advisors. |
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 |
ANDREW ATKINSON LIVESTOCK 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. |
for and on behalf of |
Chartered Accountants |
16 Omega Business Village |
Thurston Road |
Northallerton |
North Yorkshire |
DL6 2NJ |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 25,788,496 | 28,325,027 |
Cost of sales | 24,062,134 | 26,719,448 |
GROSS PROFIT | 1,726,362 | 1,605,579 |
Administrative expenses | 1,108,189 | 371,778 |
618,173 | 1,233,801 |
Other operating income | 2,100 | 370 |
Gain/loss on revaluation of investment property |
218,989 |
- |
OPERATING PROFIT | 4 | 839,262 | 1,234,171 |
Interest receivable and similar income | - | 26 |
839,262 | 1,234,197 |
Interest payable and similar expenses | 5 | 451,389 | 71,127 |
PROFIT BEFORE TAXATION | 387,873 | 1,163,070 |
Tax on profit | 6 | 60,194 | 276,418 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 327,679 | 886,652 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 327,679 | 886,652 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
327,679 |
886,652 |
Total comprehensive income attributable to: |
Owners of the parent | 327,679 | 886,652 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
CONSOLIDATED BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | 125 |
Tangible assets | 10 | 8,364,199 | 8,194,912 |
Investments | 11 | 30,954 | 30,954 |
Investment property | 12 | 750,000 | 531,011 |
9,145,153 | 8,757,002 |
CURRENT ASSETS |
Stocks | 13 | 3,076,914 | 3,016,492 |
Debtors | 14 | 1,008,958 | 1,130,890 |
Cash at bank | 17,211 | 49,750 |
4,103,083 | 4,197,132 |
CREDITORS |
Amounts falling due within one year | 15 | 7,208,505 | 6,994,670 |
NET CURRENT LIABILITIES | (3,105,422 | ) | (2,797,538 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES | 6,039,731 | 5,959,464 |
CREDITORS |
Amounts falling due after more than one year |
16 |
(3,154,978 |
) |
(3,277,333 |
) |
PROVISIONS FOR LIABILITIES | 20 | (238,800 | ) | (203,857 | ) |
NET ASSETS | 2,645,953 | 2,478,274 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 103 | 103 |
Revaluation reserve | 22 | 218,989 | - |
Retained earnings | 22 | 2,426,861 | 2,478,171 |
SHAREHOLDERS' FUNDS | 2,645,953 | 2,478,274 |
The financial statements were approved by the director and authorised for issue on 31 January 2025 and were signed by: |
Andrew Atkinson - Director |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
COMPANY BALANCE SHEET |
30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
Investment property | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 525,661 | 867,386 |
The financial statements were approved by the director and authorised for issue on |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 | 103 | 1,764,519 | - | 1,764,622 |
Changes in equity |
Dividends | - | (173,000 | ) | - | (173,000 | ) |
Total comprehensive income | - | 886,652 | - | 886,652 |
Balance at 30 April 2023 | 103 | 2,478,171 | - | 2,478,274 |
Changes in equity |
Dividends | - | (160,000 | ) | - | (160,000 | ) |
Total comprehensive income | - | 108,690 | 218,989 | 327,679 |
Balance at 30 April 2024 | 103 | 2,426,861 | 218,989 | 2,645,953 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 APRIL 2024 |
Called up |
share | Retained | Revaluation | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Profit for the year | - | 867,386 | - | 867,386 |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 30 April 2023 |
Changes in equity |
Profit for the year | - | 525,661 | - | 525,661 |
Other comprehensive income | - | (218,989 | ) | - |
Total comprehensive income | - |
Dividends | - | ( |
) | - | ( |
) |
Balance at 30 April 2024 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 364,981 | 919,998 |
Interest paid | (444,302 | ) | (62,146 | ) |
Interest element of hire purchase payments paid |
(7,087 |
) |
(8,981 |
) |
Tax paid | (113,639 | ) | (53,240 | ) |
Net cash from operating activities | (200,047 | ) | 795,631 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (407,033 | ) | (6,417,282 | ) |
Purchase of investment property | - | (10,975 | ) |
Sale of tangible fixed assets | 72,500 | 25,500 |
Sale of fixed asset investments | - | 673,095 |
Sale of investment property | - | 1,169,634 |
Interest received | - | 26 |
Net cash from investing activities | (334,533 | ) | (4,560,002 | ) |
Cash flows from financing activities |
New loans in year | - | 4,320,505 |
Loan repayments in year | (128,017 | ) | - |
Capital repayments in year | (17,934 | ) | (74,761 | ) |
Amount introduced by directors | 11,318 | 163,909 |
Amount withdrawn by directors | (3,858 | ) | - |
Payments to associates | 273,093 | (57,116 | ) |
Equity dividends paid | (160,000 | ) | (173,000 | ) |
Net cash from financing activities | (25,398 | ) | 4,179,537 |
(Decrease)/increase in cash and cash equivalents | (559,978 | ) | 415,166 |
Cash and cash equivalents at beginning of year |
2 |
(469,680 |
) |
(884,846 |
) |
Cash and cash equivalents at end of year | 2 | (1,029,658 | ) | (469,680 | ) |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 387,873 | 1,163,070 |
Depreciation charges | 178,361 | 146,621 |
Profit on disposal of fixed assets | (12,989 | ) | (662,487 | ) |
Gain on revaluation of fixed assets | (218,989 | ) | - |
Finance costs | 451,389 | 71,127 |
Finance income | - | (26 | ) |
785,645 | 718,305 |
Increase in stocks | (60,422 | ) | (758,346 | ) |
Decrease in trade and other debtors | 121,932 | 280,085 |
(Decrease)/increase in trade and other creditors | (482,174 | ) | 679,954 |
Cash generated from operations | 364,981 | 919,998 |
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 30 April 2024 |
30.4.24 | 1.5.23 |
£ | £ |
Cash and cash equivalents | 17,211 | 49,750 |
Bank overdrafts | (1,046,869 | ) | (519,430 | ) |
(1,029,658 | ) | (469,680 | ) |
Year ended 30 April 2023 |
30.4.23 | 1.5.22 |
£ | £ |
Cash and cash equivalents | 49,750 | - |
Bank overdrafts | (519,430 | ) | (884,846 | ) |
(469,680 | ) | (884,846 | ) |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.5.23 | Cash flow | At 30.4.24 |
£ | £ | £ |
Net cash |
Cash at bank | 49,750 | (32,539 | ) | 17,211 |
Bank overdrafts | (519,430 | ) | (527,439 | ) | (1,046,869 | ) |
(469,680 | ) | (559,978 | ) | (1,029,658 | ) |
Debt |
Finance leases | (141,250 | ) | 17,934 | (123,316 | ) |
Debts falling due within 1 year | (2,163,494 | ) | (833 | ) | (2,164,327 | ) |
Debts falling due after 1 year | (3,215,610 | ) | 128,850 | (3,086,760 | ) |
(5,520,354 | ) | 145,951 | (5,374,403 | ) |
Total | (5,990,034 | ) | (414,027 | ) | (6,404,061 | ) |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Andrew Atkinson Livestock Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the accounting period. |
- Valuation of investment properties - the valuation of the investment properties at the reporting date is based on a fair value valuation prepared by the directors. Any uplift in value is charged to the Statement of Comprehensive Income under gain/(loss) on financial assets at fair value. |
- Residual values of fixed assets - Fixed assets are depreciated fully to a nil residual value on the basis that assets will be scrapped or replaced rather than sold on at the end of their useful life to the Company. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
TANGIBLE FIXED ASSETS |
Freehold property | - |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other fixed assets. The related obligations, net of future charges, are included in creditors. |
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. The benefits of lease incentives are recognised in the profit and loss account over the shorter of the lease period and the period to the next review at which the rent is expected to be reset to market rates. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
INCOME RECOGNITION |
The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities. |
FINANCE COSTS OF DEBT |
The finance costs of deb, including interest and issue costs, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount. |
FINANCIAL INSTRUMENTS |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially measured at cost and thereafter at fair value with changes recognised in the profit or loss. |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 293,443 | 223,153 |
Social security costs | 17,605 | 16,490 |
Other pension costs | 5,828 | 5,064 |
316,876 | 244,707 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Support staff |
The average number of employees by undertakings that were proportionately consolidated during the year was 13 (2023 - 16 ) . |
2024 | 2023 |
£ | £ |
Director's remuneration | 11,345 | 9,562 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Other operating leases | 141,749 | 95,043 |
Depreciation - owned assets | 178,235 | 146,496 |
Profit on disposal of fixed assets | (12,989 | ) | (662,487 | ) |
Goodwill amortisation | 125 | 125 |
Auditors' remuneration | 9,950 | 9,500 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 45,263 | 15,350 |
Bank loan interest | 398,383 | 46,140 |
Other loan interest | 656 | 656 |
Hire purchase | 7,087 | 8,981 |
451,389 | 71,127 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
6. | 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 | 25,251 | 226,847 |
Deferred tax | 34,943 | 49,571 |
Tax on profit | 60,194 | 276,418 |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 160,000 | 173,000 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Milk |
Goodwill | quota | Totals |
£ | £ | £ |
COST |
At 1 May 2023 | 5,974 | - | 5,974 |
Disposals | - | (24,161 | ) | (24,161 | ) |
At 30 April 2024 | 5,974 | (24,161 | ) | (18,187 | ) |
AMORTISATION |
At 1 May 2023 | 5,849 | - | 5,849 |
Amortisation for year | 125 | - | 125 |
Charge written back | - | (24,161 | ) | (24,161 | ) |
At 30 April 2024 | 5,974 | (24,161 | ) | (18,187 | ) |
NET BOOK VALUE |
At 30 April 2024 | - | - | - |
At 30 April 2023 | 125 | - | 125 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
9. | INTANGIBLE FIXED ASSETS - continued |
Company |
Goodwill |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
AMORTISATION |
At 1 May 2023 |
Amortisation for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
10. | TANGIBLE FIXED ASSETS |
Group |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 May 2023 | 7,210,138 | 1,487,383 | 369,463 |
Additions | 11,174 | 134,991 | 87,535 |
Disposals | - | - | (11,249 | ) |
At 30 April 2024 | 7,221,312 | 1,622,374 | 445,749 |
DEPRECIATION |
At 1 May 2023 | 6,702 | 905,231 | 216,376 |
Charge for year | 13,516 | 34,470 | 38,730 |
Eliminated on disposal | - | - | (5,347 | ) |
At 30 April 2024 | 20,218 | 939,701 | 249,759 |
NET BOOK VALUE |
At 30 April 2024 | 7,201,094 | 682,673 | 195,990 |
At 30 April 2023 | 7,203,436 | 582,152 | 153,087 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 | 52,158 | 58,932 | 368,835 | 9,546,909 |
Additions | 30,133 | 17,200 | 126,000 | 407,033 |
Disposals | - | - | (95,305 | ) | (106,554 | ) |
At 30 April 2024 | 82,291 | 76,132 | 399,530 | 9,847,388 |
DEPRECIATION |
At 1 May 2023 | 34,586 | 31,252 | 157,850 | 1,351,997 |
Charge for year | 10,839 | 9,836 | 70,844 | 178,235 |
Eliminated on disposal | - | - | (41,696 | ) | (47,043 | ) |
At 30 April 2024 | 45,425 | 41,088 | 186,998 | 1,483,189 |
NET BOOK VALUE |
At 30 April 2024 | 36,866 | 35,044 | 212,532 | 8,364,199 |
At 30 April 2023 | 17,572 | 27,680 | 210,985 | 8,194,912 |
Company |
Freehold | Short | Plant and |
property | leasehold | machinery |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The net book value of tangible fixed assets includes £198,508 (2023: £188,334) in respect of assets held under hire purchase contracts and finance leases. The depreciation charge on those assets amounted to £61,764 (2023: £55,280). |
11. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 | 30,954 |
NET BOOK VALUE |
At 30 April 2024 | 30,954 |
At 30 April 2023 | 30,954 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
and 30 April 2024 | 6,521,510 |
NET BOOK VALUE |
At 30 April 2024 | 6,521,510 |
At 30 April 2023 | 6,521,510 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
SUBSIDIARY |
Registered office: Croft House Farm, Long Lane, Feliscliffe, Harrogate, HG3 2LU |
Nature of business: |
% |
Class of shares: | holding |
12. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 May 2023 | 531,011 |
Revaluations | 218,989 |
At 30 April 2024 | 750,000 |
NET BOOK VALUE |
At 30 April 2024 | 750,000 |
At 30 April 2023 | 531,011 |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2024 | 218,989 |
Cost | 531,011 |
750,000 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | INVESTMENT PROPERTY - continued |
Company |
Total |
£ |
FAIR VALUE |
At 1 May 2023 |
Revaluations | 218,989 |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
The directors have reviewed the fair value based on current market prices and believe that the fair value has increased by £218,989 in the period to 30 April 2024. |
The valuation was carried out by management. |
Fair value at 30 April 2024 is represented by: |
£ |
Valuation in 2024 | 218,989 |
Cost | 531,011 |
750,000 |
13. | STOCKS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Stocks | 3,076,914 | 3,016,492 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 982,990 | 1,093,879 |
Other debtors | 7,000 | 8,379 |
Prepayments and accrued income | 8,287 | 13,276 |
Prepayments | 10,681 | 15,356 |
1,008,958 | 1,130,890 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 3,211,196 | 2,682,924 |
Hire purchase contracts (see note 18) | 79,890 | 104,319 |
Trade creditors | 2,818,317 | 3,316,100 |
Amounts owed to associates | 784,727 | 511,633 | 850,448 | 674,573 |
Tax | 123,743 | 212,131 |
Social security and other taxes | 3,348 | - |
VAT | 1,531 | 12,665 | 12,582 | 16,304 |
Other creditors | 4,815 | 1,141 |
Directors' loan accounts | 9,806 | 2,346 | 9,806 | 2,346 |
Accruals and deferred income | 171,132 | 151,411 |
7,208,505 | 6,994,670 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 17) | 3,086,760 | 3,215,610 |
Hire purchase contracts (see note 18) | 43,426 | 36,931 |
Other creditors | 24,792 | 24,792 | 24,792 | 24,792 |
3,154,978 | 3,277,333 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 1,046,869 | 519,430 |
Bank loans | 2,164,327 | 2,163,494 |
3,211,196 | 2,682,924 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 1,433,141 | 1,443,975 |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,653,619 | 1,771,635 | 1,653,619 | 1,771,635 |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 79,890 | 104,319 |
Between one and five years | 43,426 | 36,931 |
123,316 | 141,250 |
Company |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Company |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Company |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax | 238,800 | 203,857 | 237,893 | 219,675 |
Group |
Deferred |
tax |
£ |
Balance at 1 May 2023 | 203,857 |
Provided during year | 34,943 |
Balance at 30 April 2024 | 238,800 |
Company |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Provided during year |
Balance at 30 April 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
Value: | £ | £ |
100 | Ordinary | £1 | 100 | 100 |
1 | 'A' Ordinary | £1 | 1 | 1 |
1 | 'B' Ordinary | £1 | 1 | 1 |
1 | 'C' Ordinary | £1 | 1 | 1 |
103 | 103 |
All shares rank pari passu with ordinary shares. |
ANDREW ATKINSON LIVESTOCK LIMITED (REGISTERED NUMBER: 03745450) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
22. | RESERVES |
Group |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 2,478,171 | - | 2,478,171 |
Profit for the year | 327,679 | 327,679 |
Dividends | (160,000 | ) | (160,000 | ) |
Revaluation reserve | (218,989 | ) | 218,989 | - |
At 30 April 2024 | 2,426,861 | 218,989 | 2,645,850 |
Company |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2023 | 2,458,905 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Revaluation reserve | (218,989 | ) | 218,989 | - |
At 30 April 2024 | 2,824,566 |