Company registration number NI012712 (Northern Ireland)
DAVISON CANNERS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
DAVISON CANNERS LIMITED
COMPANY INFORMATION
Directors
Mr A Davison
Mr Graham Davison
Mrs H E Davison
Mrs S Davison
Mrs C Davison
Ms H D E Burke
Ms M E A Wilson
Secretary
Mrs H E Davison
Company number
NI012712
Registered office
Ardress House West
107 Summerisland Road
Annaghmore
Portadown
Co Armagh
BT62 1SJ
Auditor
GMcG PORTADOWN
17 Mandeville Street
Portadown
Craigavon
Co Armagh
BT62 3PB
Solicitors
RM Cullen & Son
16-20 Edward Street
Portadown
Craigavon
Co Armagh
BT62 3NE
DAVISON CANNERS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 10
Statement of comprehensive income
11
Balance sheet
12
Statement of changes in equity
13
Statement of cash flows
14
Notes to the financial statements
15 - 30
DAVISON CANNERS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

Principal activities

The principal activity of the company continued to be that of the manufacture of desserts, jam and sauces and the rental of investment property.

Review of the business

The directors are satisfied with the performance of the company during the year and its position at the year end. The company operates in the food sector and also holds commercial warehouse properties for long term capital appreciation and rental return.

 

As set out within key performance indicators, turnover from both food manufacturing and rentals increased in the year and these results were in line with the directors' expectations. The directors have worked hard to achieve the results for the year, especially given the challenging general economic climate and inflationary pressures within the UK and Ireland during the period. With further investment in production facilities and products taking place in the year and continuing into the 2025 year, the directors expect to see results continuing to improve.

 

As referred to above, rental income has increased in the year. The directors expect rentals to remain at this level as the warehouse properties are occupied with established tenants, with two main leases being renewed after the year end for a further 5 year period.

Principal risks and uncertainties

The directors have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company.

 

The principal risk and uncertainties relate to:

 

 

 

 

 

The directors are satisfied that systems are in place to mitigate exposure to major risks.

Development and performance

There were no significant developments within the companies activities in the year, however the company commenced a significant investment plan in relation to bringing new products, and related production lines, into its manufacturing base, which has continued into the current 2025 year.

 

The directors are pleased to report that the company has met expected key performance indicators in the year, with results showing an increase in turnover and gross profit margins being maintained.

DAVISON CANNERS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Key performance indicators

 

 

 

2024

2023

 

 

£

£

Turnover

 

21,326,338

20,512,768

Including rental income of

 

831,884

777,866

Gross profit excluding rental income %

18.60%

18.20%

EBITDA

 

3,287,610

3,206,875

EBITDA %

 

15.42%

15.63%

 

Other performance indicators

The directors do not consider that any non-financial key performance indicators are required in order to understand the performance of the company's operations.

On behalf of the board

Mr A Davison
Director
30 January 2025
DAVISON CANNERS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £273,935. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Davison
Mr Graham Davison
Mrs H E Davison
Mrs S Davison
Mrs C Davison
Ms H D E Burke
Ms M E A Wilson
Research and development

The company engages in research and development activities relating to the introduction of new products and the improvement of existing products. Research and development expenditure is written off to the profit and loss account as incurred.

Future developments

During the year the company commenced a programme of capital investment in relation to establishing production facilities for new dessert products. This capital investment continued after the year end, with the new facilities becoming operational in January 2025.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

DAVISON CANNERS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Disclosure of information in the strategic report

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the principal activities, business review and disclosure of the principal risks and uncertainties facing the company.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr A Davison
Director
30 January 2025
DAVISON CANNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAVISON CANNERS LIMITED
- 5 -
Opinion

We have audited the financial statements of Davison Canners Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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.

DAVISON CANNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAVISON CANNERS LIMITED (CONTINUED)
- 6 -

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

DAVISON CANNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAVISON CANNERS LIMITED (CONTINUED)
- 7 -
Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

DAVISON CANNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAVISON CANNERS LIMITED (CONTINUED)
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud and identified the greatest potential for fraud in revenue recognition and management bias in accounting estimates and judgements.. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

DAVISON CANNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAVISON CANNERS LIMITED (CONTINUED)
- 9 -
Audit response to risks identified

Our procedures to respond to the risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

DAVISON CANNERS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAVISON CANNERS LIMITED (CONTINUED)
- 10 -

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 an auditor's report 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.

Ms Gillian Johnston ACA
Senior Statutory Auditor
For and on behalf of GMcG PORTADOWN
30 January 2025
Chartered Accountants
Statutory Auditor
17 Mandeville Street
Portadown
Craigavon
Co Armagh
BT62 3PB
DAVISON CANNERS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
21,326,338
20,512,768
Cost of sales
(16,681,175)
(16,129,218)
Gross profit
4,645,163
4,383,550
Administrative expenses
(2,213,953)
(1,916,446)
Other operating income
58,086
43,430
Operating profit
4
2,489,296
2,510,534
Interest payable and similar expenses
7
(282,316)
(298,821)
Profit before taxation
2,206,980
2,211,713
Tax on profit
8
(125,653)
(345,256)
Profit for the financial year
2,081,327
1,866,457

The profit and loss account has been prepared on the basis that all operations are continuing operations.

DAVISON CANNERS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
7,254,923
5,522,346
Investment property
11
9,074,590
9,074,590
Investments
12
95,150
95,150
16,424,663
14,692,086
Current assets
Stocks
15
1,487,784
1,767,127
Debtors
16
1,438,022
1,656,302
Cash at bank and in hand
906,974
879,526
3,832,780
4,302,955
Creditors: amounts falling due within one year
17
(3,744,439)
(4,039,919)
Net current assets
88,341
263,036
Total assets less current liabilities
16,513,004
14,955,122
Creditors: amounts falling due after more than one year
18
(2,657,555)
(2,837,118)
Provisions for liabilities
Deferred tax liability
21
1,213,264
1,283,211
(1,213,264)
(1,283,211)
Net assets
12,642,185
10,834,793
Capital and reserves
Called up share capital
25
1,000
1,000
Revaluation reserve
26
1,035,536
1,045,892
Profit and loss reserves
27
11,605,649
9,787,901
Total equity
12,642,185
10,834,793

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Mr A Davison
Director
Company registration number NI012712 (Northern Ireland)
DAVISON CANNERS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
1,000
1,056,248
8,111,088
9,168,336
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
1,866,457
1,866,457
Dividends
9
-
-
(200,000)
(200,000)
Transfers
-
(10,356)
10,356
-
Balance at 30 April 2023
1,000
1,045,892
9,787,901
10,834,793
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
2,081,327
2,081,327
Dividends
9
-
-
(273,935)
(273,935)
Transfers
-
(10,356)
10,356
-
Balance at 30 April 2024
1,000
1,035,536
11,605,649
12,642,185
DAVISON CANNERS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
4,596,696
2,914,317
Interest paid
(282,316)
(298,821)
Income taxes paid
(166,874)
-
0
Net cash inflow from operating activities
4,147,506
2,615,496
Investing activities
Purchase of tangible fixed assets
(2,392,891)
(741,120)
Net cash used in investing activities
(2,392,891)
(741,120)
Financing activities
Repayment of borrowings
(6,366)
(4,402)
Repayment of bank loans
(870,954)
(561,999)
Payment of finance leases obligations
(319,500)
135,870
Dividends paid
(273,935)
(200,000)
Net cash used in financing activities
(1,470,755)
(630,531)
Net increase in cash and cash equivalents
283,860
1,243,845
Cash and cash equivalents at beginning of year
623,114
(620,731)
Cash and cash equivalents at end of year
906,974
623,114
Relating to:
Cash at bank and in hand
906,974
879,526
Bank overdrafts included in creditors payable within one year
-
0
(256,412)
DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

Davison Canners Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Ardress House West, 107 Summerisland Road, Annaghmore, Portadown, Co Armagh, BT62 1SJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken the advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiaries are excluded from consolidation on the grounds that their inclusion is not material for the purpose of giving a true and fair view.

1.2
Going concern

The financial statements have been prepared on a going concern basis on the assumption that continued adequate financial support will be made available to the company by its bankers and directors, to enable the company to continue trading for the foreseeable future. The directors have considered a period of twelve months from the date of approval of the financial statements. The directors believe that no further disclosures relating to the company's ability to continue as going concern need to be made in the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

Land and buildings are stated at deemed cost on transition to FRS 102.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Plant, machinery and equipment
25% reducing balance and 8% to 33% straight line
DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (Continued)
- 16 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred from the revaluation reserve to the profit and loss reserve.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Fixed asset investments

Interests in subsidiariess are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (Continued)
- 17 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

 

Finished goods are valued at the lower of cost and net realisable value, after making allowances for obsolete and slow moving items.

 

Stock of apples are stated at selling price less margin.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (Continued)
- 19 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Depreciation method, asset useful lives and residual values

The annual depreciation charge for tangible fixed assets is sensitive to changes in useful lives and residual value of each asset.

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors at the end of each reporting period. When assessing whether any impairment should be recognised, management considers factors including the ageing profile of balances and historical experience.

Valuation of investment property

At each balance sheet date, investment property is remeasured to fair value. The directors reassess the valuation annually, in the light of changes in the commercial property market in Northern Ireland and transactions in any similar properties. Assessing the fair value of investment property therefore involves some judgement and estimation uncertainty, the extent of which can depend on the level of transactions in the property market of similar properties.

Taxation

Judgements are made in relation to the calculation of certain aspects of year end tax provisions and the respective tax charge. The directors use external professional advice to support the year end provisions and tax charge.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
20,494,454
19,734,902
Rental income
831,884
777,866
21,326,338
20,512,768
2024
2023
£
£
Other revenue
Grants released
49,859
43,430

Turnover is attributable to the classes of business above and its market within the UK and Europe. In the opinion of the directors, markets in the UK and Europe do not differ substantially.

DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants released
(49,859)
(43,430)
Fees payable to the company's auditor for the audit of the company's financial statements
7,000
6,500
Depreciation of owned tangible fixed assets
798,314
696,341
Operating lease charges
183,746
145,765
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Production
120
114
Administrative
4
7
Directors
7
7
Total
131
128

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,371,943
2,861,082
Social security costs
264,912
231,161
Pension costs
48,517
46,287
3,685,372
3,138,530
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
323,002
238,328
Company pension contributions to defined contribution schemes
1,336
-
324,338
238,328
DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
6
Directors' remuneration (Continued)
- 22 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
94,174
50,570
7
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
249,055
274,737
Other finance costs:
Interest on finance leases and hire purchase contracts
33,261
24,084
282,316
298,821
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
195,600
345,256
Deferred tax
Origination and reversal of timing differences
(69,947)
-
0
Total tax charge
125,653
345,256
DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
8
Taxation (Continued)
- 23 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,206,980
2,211,713
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
551,745
431,284
Tax effect of expenses that are not deductible in determining taxable profit
6,396
3,711
Research and development tax credit
(136,463)
(127,796)
Effect of capital allowances and depreciation
-
0
7,418
Income not subject to tax - capital grant release
-
0
(8,469)
Other
-
0
(136)
Change in tax rate
-
0
39,244
Adjustment to deferred tax in respect of previous period
(296,025)
-
0
Taxation charge for the year
125,653
345,256
9
Dividends
2024
2023
£
£
Final paid
273,935
200,000
10
Tangible fixed assets
Freehold land and buildings
Plant, machinery and equipment
Total
£
£
£
Cost or valuation
At 1 May 2023
2,346,000
7,318,142
9,664,142
Additions
-
0
2,530,891
2,530,891
At 30 April 2024
2,346,000
9,849,033
12,195,033
Depreciation and impairment
At 1 May 2023
152,280
3,989,516
4,141,796
Depreciation charged in the year
16,920
781,394
798,314
At 30 April 2024
169,200
4,770,910
4,940,110
Carrying amount
At 30 April 2024
2,176,800
5,078,123
7,254,923
At 30 April 2023
2,193,720
3,328,626
5,522,346
DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
10
Tangible fixed assets (Continued)
- 24 -

Included in plant, machinery and equipment additions are amounts paid in respect of assets under construction of £1,369,233 at 30 April 2024.

 

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts:

2024
2023
£
£
Plant, machinery and equipment
705,866
812,300

In respect of land and buildings stated at deemed cost on transition to FRS 102, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

Freehold Property
2024
2023
£
£
Cost
1,091,992
1,091,992
Accumulated depreciation
(136,602)
(130,038)
Carrying value
955,390
961,954
11
Investment property
2024
£
Fair value
At 1 May 2023 and 30 April 2024
9,074,590

Investment properties situated at Summerisland Road, Portadown are valued at £9,074,590. The directors consider this to be the fair value of the properties held, on an open market basis, by reference to yields attained on similar properties within the property market in Northern Ireland. The directors have also given regard to any market evidence of transaction prices for similar properties. For the purposes of considering transaction prices for similar properties the directors have assumed that a potential purchaser will not pay more for a property than it would to purchase a comparable substitute property.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
5,758,763
5,758,763
Accumulated depreciation
(1,949,467)
(1,834,292)
Carrying amount
3,809,296
3,924,471
DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
11
Investment property (Continued)
- 25 -

The carrying value of land and buildings comprises:

2024
2023
£
£
Freehold
5,758,563
5,758,763
12
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
13
150
150
Unlisted investments
95,000
95,000
95,150
95,150

Davison Canners Limited holds directly 75% of the issued ordinary share capital of Simply Puddings Limited, a private company limited by shares and registered in Northern Ireland. The company's registration number is NI644720 and the address of its registered office is 107 Summerisland Road, Portadown, Co. Armagh, BT62 1SJ.

 

Simply Puddings Limited is a dormant company and its last financial statements were for the financial year ended 31 March 2024.

Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 May 2023 & 30 April 2024
150
136,000
136,150
Impairment
At 1 May 2023 & 30 April 2024
-
41,000
41,000
Carrying amount
At 30 April 2024
150
95,000
95,150
At 30 April 2023
150
95,000
95,150

 

13
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Simply Puddings Limited
Northern Ireland
Ordinary shares
75.00
DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
14
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
95,000
95,000
15
Stocks
2024
2023
£
£
Raw materials and consumables
1,020,714
1,447,012
Finished goods and goods for resale
467,070
320,115
1,487,784
1,767,127

An impairment loss of £138,318 in respect of obsolete raw material and comsumables was recognised in the profit and loss in the year.

16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,027,842
1,056,468
Other debtors
333,643
226,903
Prepayments and accrued income
76,537
372,931
1,438,022
1,656,302

The trade debtor balance includes £747,516 (2023: £576,174) which is covered by an invoice discounting arrangement. These assets have not been derecognised from the balance sheet. The company remains ultimately responsible for any unpaid balances.

17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
331,033
1,119,764
Obligations under finance leases
20
250,668
268,613
Other borrowings
19
1,928
8,294
Trade creditors
1,715,972
1,362,070
Amounts owed to group undertakings
150
150
Corporation tax
195,600
166,874
Other taxation and social security
64,586
45,033
Government grants
22
90,252
48,002
Other creditors
750,945
795,762
Accruals and deferred income
343,305
225,357
3,744,439
4,039,919
DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
1,936,424
2,275,059
Obligations under finance leases
20
315,384
478,939
Government grants
22
405,747
83,120
2,657,555
2,837,118
Amounts included above which fall due after five years are as follows:
Payable by instalments
(638,742)
(959,024)
19
Loans and overdrafts
2024
2023
£
£
Bank loans
2,267,457
3,138,411
Bank overdrafts
-
0
256,412
Other loans
1,928
8,294
2,269,385
3,403,117
Payable within one year
332,961
1,128,058
Payable after one year
1,936,424
2,275,059

The bank loans and overdrafts are secured by way of a fixed and floating charges over the company's present freehold and investment properties. The total carrying value of the properties pledged as security was £11,251,390.

Bank borrowings, other than overdrafts, consist of two base rate term loans. Interest on a loan of £68,958 with a final maturity between one and two years, is charged at a variable rate of Bank of England base rate plus 2.75%; a loan of £2,198,499 with a final maturity of more than five years is charged at a variable rate of Bank of England base rate plus 2.20%.

20
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
250,668
268,613
In two to five years
315,384
478,939
566,052
747,552
DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
20
Finance lease obligations (Continued)
- 28 -

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
654,059
724,012
Revaluation of investment property
560,000
560,000
Other
(795)
(801)
1,213,264
1,283,211
2024
Movements in the year:
£
Liability at 1 May 2023
1,283,211
Credit to profit or loss
(69,947)
Liability at 30 April 2024
1,213,264
22
Government grants
2024
2023
£
£
Arising from government grants
495,999
131,122
Included in the financial statements as follows:
Current liabilities
90,252
48,002
Non-current liabilities
405,747
83,120
495,999
131,122
23
Contingent assets and liabilities

A portion of grants received may become repayable if the company fails to comply with the terms of the relevant letters of offer.

DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 29 -
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
48,517
46,287

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

25
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
26
Revaluation reserve

This reserve records the value of historic revaluations on assets now carried at deemed cost, less an annual transfer to profit and loss in relation to depreciation on the revaluation amount.

27
Profit and loss reserves

This reserve records retained earnings and accumulated losses including fair value changes on investment property.

28
Operating lease commitments
Lessee

Lease payments recognised during the year were £54,360 (2023 - £53,853).

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
44,172
50,434
Between two and five years
6,270
48,192
50,442
98,626
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
1,740,149
-
DAVISON CANNERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 30 -
30
Related party transactions
Transactions with related parties

The company was not under the control of any one individual throughout the current and previous year.

 

During the year the company paid conacre rent of £3,000 (2023: £3,000) to H E Davison, a company director. Rent paid is considered to be on an arms-length basis.

31
Directors' transactions

At 30 April 2024 the company owed the directors £1,928 (2023: £8,294).

32
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
2,081,327
1,866,457
Adjustments for:
Taxation charged
125,653
345,256
Finance costs
282,316
298,821
Depreciation and impairment of tangible fixed assets
798,314
696,341
Movements in working capital:
Decrease in stocks
279,343
608
Decrease in debtors
218,280
971,306
Increase/(decrease) in creditors
446,586
(1,249,969)
Increase/(decrease) in deferred income
364,877
(14,503)
Cash generated from operations
4,596,696
2,914,317
33
Analysis of changes in net debt
1 May 2023
Cash flows
New finance leases
30 April 2024
£
£
£
£
Cash at bank and in hand
879,526
27,448
-
906,974
Bank overdrafts
(256,412)
256,412
-
-
0
623,114
283,860
-
0
906,974
Borrowings excluding overdrafts
(3,146,705)
877,320
-
(2,269,385)
Obligations under finance leases
(747,552)
319,500
(138,000)
(566,052)
(3,271,143)
1,480,680
(138,000)
(1,928,463)
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