IRIS Accounts Production v24.3.2.46 07932991 Board of Directors 31.5.24 1.6.23 31.5.24 31.5.24 true true true false true true false false false false false false true true true false D Redeemable Preference 0 A Ordinary 0 B Ordinary 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh079329912023-05-31079329912024-05-31079329912023-06-012024-05-31079329912022-05-31079329912022-06-012023-05-31079329912023-05-3107932991ns15:EnglandWales2023-06-012024-05-3107932991ns14:PoundSterling2023-06-012024-05-3107932991ns10:Director12023-06-012024-05-3107932991ns10:Consolidated2024-05-3107932991ns10:ConsolidatedGroupCompanyAccounts2023-06-012024-05-3107932991ns10:PrivateLimitedCompanyLtd2023-06-012024-05-3107932991ns10:Consolidatedns10:FRS1022023-06-012024-05-3107932991ns10:Consolidatedns10:Audited2023-06-012024-05-3107932991ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-06-012024-05-3107932991ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-06-012024-05-3107932991ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-06-012024-05-3107932991ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-06-012024-05-3107932991ns10:FullAccounts2023-06-012024-05-3107932991ns5:Subsidiary12023-06-012024-05-3107932991ns5:Subsidiary22023-06-012024-05-3107932991ns5:Subsidiary32023-06-012024-05-310793299112023-06-012024-05-3107932991ns10:PreferenceShareClass32023-06-012024-05-3107932991ns10:OrdinaryShareClass12023-06-012024-05-3107932991ns10:OrdinaryShareClass22023-06-012024-05-3107932991ns10:Consolidated2023-06-012024-05-3107932991ns10:Director22023-06-012024-05-3107932991ns10:Director32023-06-012024-05-3107932991ns10:CompanySecretary12023-06-012024-05-3107932991ns10:RegisteredOffice2023-06-012024-05-3107932991ns10:Consolidated2022-06-012023-05-3107932991ns5:CurrentFinancialInstruments2024-05-3107932991ns5:CurrentFinancialInstruments2023-05-3107932991ns5:Non-currentFinancialInstruments2024-05-3107932991ns5:Non-currentFinancialInstruments2023-05-3107932991ns5:ShareCapital2024-05-3107932991ns5:ShareCapital2023-05-3107932991ns5:SharePremium2024-05-3107932991ns5:SharePremium2023-05-3107932991ns5:RetainedEarningsAccumulatedLosses2024-05-3107932991ns5:RetainedEarningsAccumulatedLosses2023-05-3107932991ns5:ShareCapital2022-05-3107932991ns5:RetainedEarningsAccumulatedLosses2022-05-3107932991ns5:SharePremium2022-05-3107932991ns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-3107932991ns5:RetainedEarningsAccumulatedLosses2023-06-012024-05-3107932991ns5:NetGoodwill2023-06-012024-05-3107932991ns5:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3107932991ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-06-012024-05-3107932991ns5:PlantMachinery2023-06-012024-05-3107932991ns5:FurnitureFittings2023-06-012024-05-3107932991ns5:MotorVehicles2023-06-012024-05-3107932991ns5:ComputerEquipment2023-06-012024-05-3107932991ns5:LandBuildings2023-05-3107932991ns5:LandBuildings2024-05-3107932991ns5:LandBuildings2023-05-3107932991ns5:CostValuation2023-05-3107932991ns5:Subsidiary112023-06-012024-05-31079329913ns5:Subsidiary22023-06-012024-05-3107932991ns5:Subsidiary352023-06-012024-05-3107932991ns5:Subsidiary362023-06-012024-05-3107932991ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-05-3107932991ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3107932991ns10:PreferenceShareClass32024-05-3107932991ns10:OrdinaryShareClass12024-05-3107932991ns10:OrdinaryShareClass22024-05-3107932991ns5:RetainedEarningsAccumulatedLosses2023-05-3107932991ns5:SharePremium2023-05-31
REGISTERED NUMBER: 07932991 (England and Wales)















OAT 2012 LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3 to 4

Report of the Independent Auditors 5 to 7

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16 to 27


OAT 2012 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Hon A E J Taylor
R D Taylor
S R Taylor





SECRETARY: S R Taylor





REGISTERED OFFICE: Washway House Farm
Washway Road
Holbeach
Spalding
Lincolnshire
PE12 7PP





REGISTERED NUMBER: 07932991 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their strategic report for the year ended 31 May 2024.

REVIEW OF BUSINESS
OAT 2012 Limited's trading subsidiary, O.A.Taylor & Sons Bulbs Limited, maintains its position as the preferred supplier of all types of flowering bulbs to UK and Irish garden centres.

The results of the group are in line with the targets set, changes in the market and climatic conditions experienced during the growing and retail seasons.

The group continues to see further success in bespoke products to customers outside the core market of garden centres and continues to innovate and introduce new products, packaging and varieties throughout the range.

KEY PERFORMANCE INDICATORS
Given the straightforward commercial nature of the business, the directors' opinion is that supplementary KPI analysis over and above that in the financial statements is not necessary to an understanding of the development, performance and financial strength of the group.

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the group's strategy are subject to a number of risks. Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them.

The key risks affecting the group are set out below:

Customers
The management of the business and the execution of the group's strategy are subject to a number of risks. Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them.

Employees
The group continues to use the principle of staff training in return for loyalty, openness, commitment and performance, respecting and caring for staff and investing in their employment potential. The group operates a variety of progression based structures, invests in personal and professional development and remains committed to involving all staff in the operation of the business. The group believes in remunerating its staff fairly for doing a good job which includes taking on responsibility, working as a team and supporting the group's continuous improvement. The group continuously reviews working practices to reflect the reduction in availability of seasonal workers.

Commodity risk
As a bulb supplier, the group is also exposed to the vagaries of the climate and consequent impacts upon the price and availability of product. The group operates a variety of key mitigating tools to reduce exposure to commodity risk, these summarise in contracting supply price and quantity with growers, growing own crops and having a wide customer spectrum to ensure optimum crop utilisation.

Foreign exchange risk
The group imports a wide range of products from Europe, and consequently is at risk from unfavourable exchange rate changes. The group mitigates this risk by working closely with the group's bankers to forward buy currency at appropriate rates for the business.

Natural resources
A further key risk is the environment and the consumption of natural resources. The group respects the environment in which it operates and works to conserve natural resources and enhance the natural environment. The group is working on a range of initiatives to reduce the carbon footprint associated with its supply chains in active participation with customers and suppliers. Various alternative materials are being assessed for use in the packing of bulbs.

ON BEHALF OF THE BOARD:





Hon A E J Taylor - Director


18 December 2024

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of bulb wholesalers and farmers.

DIVIDENDS
During the year the directors recommended that the following interim dividends be declared:

Ordinary A shares:
4 March 2024 - £600,000


Ordinary B shares:
4 March 2024 - £159,639


The directors recommend that no final dividends be paid.

The total distribution of dividends for the period ended 31 May 2024 will be £759,639.

FUTURE DEVELOPMENTS
The group will continue to invest strongly in new machinery and packing equipment. There is an ongoing programme of warehouse renovation using materials with improved insulation to decrease fuel usage. The group is expecting another profitable year in 2024.

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

Hon A E J Taylor
R D Taylor
S R Taylor

FINANCIAL INSTRUMENTS
The group imports a wide range of products from Europe, and consequently is at risk from unfavourable exchange rate changes. The group mitigates this risk by working closely with the group's bankers to forward buy currency at appropriate rates for the business.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Hon A E J Taylor - Director


18 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAT 2012 LIMITED

Opinion
We have audited the financial statements of OAT 2012 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 31 May 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 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAT 2012 LIMITED


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 Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
OAT 2012 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:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. This included the identification and testing of unusual material journal entries, and challenging management on key estimates. These key areas of uncertainty are disclosed in the accounting policies.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management, and inspection. This inspection included a review of the external audits conducted within the year for any evidence of non-compliance, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

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. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of 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 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.

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.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

19 December 2024

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 18,861,558 18,886,580

Cost of sales 11,654,202 11,799,209
GROSS PROFIT 7,207,356 7,087,371

Distribution costs 313,784 323,683
Administrative expenses 4,385,396 3,886,493
4,699,180 4,210,176
2,508,176 2,877,195

Other operating income 340,704 220,906
OPERATING PROFIT 5 2,848,880 3,098,101

Interest receivable and similar income 6 27,469 11,391
2,876,349 3,109,492

Interest payable and similar expenses 7 1,977 1,279
PROFIT BEFORE TAXATION 2,874,372 3,108,213

Tax on profit 8 754,117 505,693
PROFIT FOR THE FINANCIAL YEAR 2,120,255 2,602,520
Profit attributable to:
Owners of the parent 2,120,255 2,602,520

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,120,255 2,602,520


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,120,255 2,602,520

Total comprehensive income attributable to:
Owners of the parent 2,120,255 2,602,520

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 63,604 75,330
Tangible assets 12 26,600,643 26,831,238
Investments 13 14 14
26,664,261 26,906,582

CURRENT ASSETS
Stocks 14 1,076,821 1,383,509
Debtors 15 956,336 895,482
Cash at bank and in hand 5,541,229 3,324,158
7,574,386 5,603,149
CREDITORS
Amounts falling due within one year 16 3,120,142 2,610,606
NET CURRENT ASSETS 4,454,244 2,992,543
TOTAL ASSETS LESS CURRENT LIABILITIES 31,118,505 29,899,125

CREDITORS
Amounts falling due after more than one year 17 (2,426,040 ) (2,549,969 )

PROVISIONS FOR LIABILITIES 21 (534,230 ) (551,537 )
NET ASSETS 28,158,235 26,797,619

CAPITAL AND RESERVES
Called up share capital 22 6,666 6,666
Share premium 23 12,393,334 12,393,334
Retained earnings 23 15,758,235 14,397,619
SHAREHOLDERS' FUNDS 28,158,235 26,797,619

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





Hon A E J Taylor - Director


OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

COMPANY STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 842,673 842,673
Investments 13 21,316,391 21,316,391
22,159,064 22,159,064

CURRENT ASSETS
Debtors 15 753,553 753,553
Cash at bank 613 794
754,166 754,347
CREDITORS
Amounts falling due within one year 16 4,870,512 4,770,512
NET CURRENT LIABILITIES (4,116,346 ) (4,016,165 )
TOTAL ASSETS LESS CURRENT LIABILITIES 18,042,718 18,142,899

CREDITORS
Amounts falling due after more than one year 17 1,406,236 1,506,236
NET ASSETS 16,636,482 16,636,663

CAPITAL AND RESERVES
Called up share capital 22 6,666 6,666
Share premium 23 12,393,334 12,393,334
Retained earnings 23 4,236,482 4,236,663
SHAREHOLDERS' FUNDS 16,636,482 16,636,663

Company's profit for the financial year 759,458 1,035,829

The financial statements were approved by the Board of Directors and authorised for issue on 18 December 2024 and were signed on its behalf by:





Hon A E J Taylor - Director


OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 June 2022 6,666 12,360,338 12,393,334 24,760,338

Changes in equity
Dividends - (565,239 ) - (565,239 )
Total comprehensive income - 2,602,520 - 2,602,520
Balance at 31 May 2023 6,666 14,397,619 12,393,334 26,797,619

Changes in equity
Dividends - (759,639 ) - (759,639 )
Total comprehensive income - 2,120,255 - 2,120,255
Balance at 31 May 2024 6,666 15,758,235 12,393,334 28,158,235

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 June 2022 6,666 3,766,073 12,393,334 16,166,073

Changes in equity
Dividends - (565,239 ) - (565,239 )
Total comprehensive income - 1,035,829 - 1,035,829
Balance at 31 May 2023 6,666 4,236,663 12,393,334 16,636,663

Changes in equity
Dividends - (759,639 ) - (759,639 )
Total comprehensive income - 759,458 - 759,458
Balance at 31 May 2024 6,666 4,236,482 12,393,334 16,636,482

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,731,865 4,305,587
Interest paid (1,712 ) (1,279 )
Interest element of hire purchase payments paid (265 ) -
Tax paid (295,415 ) (615,921 )
Net cash from operating activities 3,434,473 3,688,387

Cash flows from investing activities
Purchase of tangible fixed assets (552,378 ) (2,347,682 )
Sale of tangible fixed assets 49,493 128,571
Interest received 27,469 11,391
Net cash from investing activities (475,416 ) (2,207,720 )

Cash flows from financing activities
New HP in year - 385,055
Capital repayments in year (62,165 ) (281,253 )
Movement on directors loan accounts 129,818 (503,103 )
Share redemption (50,000 ) (50,000 )
Equity dividends paid (759,639 ) (565,239 )
Net cash from financing activities (741,986 ) (1,014,540 )

Increase in cash and cash equivalents 2,217,071 466,127
Cash and cash equivalents at beginning of year 2 3,324,158 2,858,031

Cash and cash equivalents at end of year 2 5,541,229 3,324,158

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

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

2024 2023
£    £   
Profit before taxation 2,874,372 3,108,213
Depreciation charges 765,627 724,959
Profit on disposal of fixed assets (22,338 ) (29,097 )
Amortisation 11,726 11,942
Finance costs 1,977 1,279
Finance income (27,469 ) (11,391 )
3,603,895 3,805,905
Decrease/(increase) in stocks 306,688 (163,639 )
Decrease/(increase) in trade and other debtors 214,710 (245,449 )
(Decrease)/increase in trade and other creditors (393,428 ) 908,770
Cash generated from operations 3,731,865 4,305,587

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 5,541,229 3,324,158
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 3,324,158 2,858,031


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank and in hand 3,324,158 2,217,071 5,541,229
3,324,158 2,217,071 5,541,229
Debt
Finance leases (175,800 ) 52,355 (123,445 )
Debts falling due within 1 year (100,000 ) - (100,000 )
Debts falling due after 1 year (2,491,136 ) 100,000 (2,391,136 )
(2,766,936 ) 152,355 (2,614,581 )
Total 557,222 2,369,426 2,926,648

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

OAT 2012 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

Basis of consolidation
The group accounts consolidate the financial statements of the company and its subsidiary undertaking. Intra-group profits are eliminated on consolidation.

Turnover
Turnover represents the total value, excluding value added tax, of sales made during the year. Revenue from the sale of goods and services is recognised when significant risks and benefits of ownership of the product have transferred to the buyer at either despatch or acceptance by the customer of the delivery.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2012 and 2021, are being amortised evenly over their useful lives of four and ten years respectively.

Negative goodwill, being the amount received in connection with the acquisition of a business in 2012, is being amortised evenly over its useful life of eight years and ten months.

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.

Beet tonnage contracts are being amortised evenly over their useful lives of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost, Land - Not depreciated and Nil
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slowing moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised within the profit and loss account in other administrative expenses.

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has adopted Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cashflows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest.

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. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are measured at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

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.

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 18,487,611 18,526,881
Europe 373,947 359,699
18,861,558 18,886,580

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,561,581 3,533,246
Social security costs 323,710 310,722
Other pension costs 128,614 95,415
4,013,905 3,939,383

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

Management 3 3
Administration 40 38
Warehouse & drivers 78 85
121 126

2024 2023
£    £   
Directors' remuneration 250,903 236,535
Directors' pension contributions to money purchase schemes 40,000 8,000

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 100,000 94,167
Pension contributions to money purchase schemes 20,000 4,000

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 128,865 165,187
Other operating leases 7,571 6,877
Depreciation - owned assets 765,626 724,978
Profit on disposal of fixed assets (22,338 ) (35,726 )
Goodwill amortisation 9,899 9,899
Beet tonnage contract amortisation 1,827 2,043
Auditors' remuneration 13,850 13,420
Auditors' remuneration for non audit work 8,036 11,684
Foreign exchange differences 46,406 (55,773 )

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Deposit account interest 27,469 9,626
Other interest - 1,765
27,469 11,391

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1,712 1,279
Hire purchase interest 265 -
1,977 1,279

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 771,424 280,654
Prior year adjustments - (107,235 )
Total current tax 771,424 173,419

Deferred tax (17,307 ) 332,274
Tax on profit 754,117 505,693

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

2024 2023
£    £   
Profit before tax 2,874,372 3,108,213
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 -
25 %)

718,593

777,053

Effects of:
Expenses not deductible for tax purposes 7,358 261,916
Income not taxable for tax purposes (20,667 ) (264,923 )
Capital allowances in excess of depreciation - (383,988 )
Depreciation in excess of capital allowances 48,833 -
Adjustments to tax charge in respect of previous periods - (107,235 )
this year
Goodwill amortisation - 2,475
Prior year group relief - (41,763 )
Change in tax rate - (70,116 )
Deferred tax - 332,274
Total tax charge 754,117 505,693

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. 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.


10. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of £1 each
Interim 600,000 405,600
B Ordinary shares of £1 each
Interim 159,639 159,639
759,639 565,239

11. INTANGIBLE FIXED ASSETS

Group
Beet
Negative tonnage
Goodwill goodwill contract Totals
£    £    £    £   
COST
At 1 June 2023
and 31 May 2024 249,490 (239,570 ) 11,729 21,649
AMORTISATION
At 1 June 2023 180,197 (239,570 ) 5,692 (53,681 )
Amortisation for year 9,899 - 1,827 11,726
At 31 May 2024 190,096 (239,570 ) 7,519 (41,955 )
NET BOOK VALUE
At 31 May 2024 59,394 - 4,210 63,604
At 31 May 2023 69,293 - 6,037 75,330

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 24,454,316 4,390,217 183,080
Additions 34,732 220,877 4,285
Disposals - (69,003 ) (3,052 )
At 31 May 2024 24,489,048 4,542,091 184,313
DEPRECIATION
At 1 June 2023 407,648 1,944,396 140,861
Charge for year 132,160 413,184 6,092
Eliminated on disposal - (54,808 ) (2,148 )
At 31 May 2024 539,808 2,302,772 144,805
NET BOOK VALUE
At 31 May 2024 23,949,240 2,239,319 39,508
At 31 May 2023 24,046,668 2,445,821 42,219

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 689,325 1,572,968 31,289,906
Additions 187,805 114,487 562,186
Disposals (121,963 ) - (194,018 )
At 31 May 2024 755,167 1,687,455 31,658,074
DEPRECIATION
At 1 June 2023 573,269 1,392,494 4,458,668
Charge for year 72,956 141,234 765,626
Eliminated on disposal (109,907 ) - (166,863 )
At 31 May 2024 536,318 1,533,728 5,057,431
NET BOOK VALUE
At 31 May 2024 218,849 153,727 26,600,643
At 31 May 2023 116,056 180,474 26,831,238

Included in cost of land and buildings is freehold land of £19,634,811 (2023 - £19,634,811) which is not depreciated.

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

12. TANGIBLE FIXED ASSETS - continued

Company
Freehold
property
£   
COST
At 1 June 2023
and 31 May 2024 842,673
NET BOOK VALUE
At 31 May 2024 842,673
At 31 May 2023 842,673

13. FIXED ASSET INVESTMENTS

Group
Unlisted
investments
£   
COST
At 1 June 2023
and 31 May 2024 14
NET BOOK VALUE
At 31 May 2024 14
At 31 May 2023 14
Company
Interest
in
subsidiaries
£   
COST
At 1 June 2023
and 31 May 2024 21,316,391
NET BOOK VALUE
At 31 May 2024 21,316,391
At 31 May 2023 21,316,391

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

O A Taylor & Sons Bulbs Limited
Registered office: Washway House Farm, Washway Road, Holbeach, Spalding, Lincolnshire, PE12 7PP
Nature of business: Bulb wholesalers
%
Class of shares: holding
Ordinary 100.00

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

13. FIXED ASSET INVESTMENTS - continued

O A Taylor & Sons Limited
Registered office: Washway House Farm, Washway Road, Holbeach, Spalding, Lincolnshire, PE12 7PP
Nature of business: farmers and bulb growers
%
Class of shares: holding
Ordinary 100.00

O.A. Taylor & Sons Farms Limited
Registered office: Washway House Farm, Washway Road, Holbeach, Spalding, Lincolnshire, PE12 7PP
Nature of business: farmers and bulb growers
%
Class of shares: holding
Ordinary 100.00
Preference 100.00


The financial statements in respect of O.A.Taylor & Sons Limited for the year ended 31 May 2024 has not been audited as an exemption has been claimed under Section 479A of the Companies Act 2006.

14. STOCKS

Group
2024 2023
£    £   
Raw materials 1,048,788 1,351,722
Work-in-progress 28,033 31,787
1,076,821 1,383,509

There is no material difference between the carrying cost of stocks and its replacement value.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 113,962 199,904 - -
Amounts owed by group undertakings - - 746,852 746,852
Other debtors 43,961 36,366 - -
Tax 384,562 108,999 - -
VAT 216,693 358,200 - -
Prepayments and accrued income 197,158 192,013 6,701 6,701
956,336 895,482 753,553 753,553

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Preference shares (see note 18) 100,000 100,000 100,000 100,000
Hire purchase contracts (see note 19) 88,541 116,967 - -
Trade creditors 807,213 1,215,735 - -
Amounts owed to group undertakings - - 4,005,244 4,042,870
Taxation 771,424 19,852 - -
Other taxes and social security 77,937 85,688 - -
Other creditors 82,589 127,896 49,472 91,663
Directors' loan accounts 715,766 535,948 715,766 535,948
Accruals and deferred income 476,672 408,520 30 31
3,120,142 2,610,606 4,870,512 4,770,512

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Preference shares (see note 18) 2,391,136 2,491,136 1,406,236 1,506,236
Hire purchase contracts (see note 19) 34,904 58,833 - -
2,426,040 2,549,969 1,406,236 1,506,236

18. 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:
Preference shares 100,000 100,000 100,000 100,000
Amounts falling due between two and five years:
Preference shares 1,384,900 1,384,900 400,000 400,000
Amounts falling due in more than five years:
Repayable otherwise than by instalments
Preference shares 1,006,236 1,106,236 1,006,236 1,106,236

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,806,236 D Redeemable Preference 1 1,506,236 1,606,236

Included in Group loans figure is preference shares to the value of £984,900 issued in O.A. Taylors & Sons Farms Limited.

The D class redeemable preference shares of £1 each carry no entitlement to receive dividends, hold no voting rights and rank above ordinary shares on winding up of the business, up to an amount equal to the amount paid up on the D shares.

They are redeemable at the option of the company at par value and there is no specific date for redemption.

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 88,541 116,967
Between one and five years 34,904 58,833
123,445 175,800

20. FINANCIAL INSTRUMENTS

Group
The group has the following financial instruments:
2024 2023
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 113,962 199,904
Other debtors 43,961 36,366
Financial liabilities measured at amortised cost
Trade creditors 807,213 1,215,735
Directors' loan accounts 715,766 535,948
Preference shares 2,491,136 2,591,136

There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit and loss.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 534,230 551,537

Group
Deferred
tax
£   
Balance at 1 June 2023 551,537
Utilised during year (17,307 )
Balance at 31 May 2024 534,230

The whole of the deferred tax liability relates to accelerated capital allowances.

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,300 A Ordinary £1 1,300 1,300
5,366 B Ordinary £1 5,366 5,366
6,666 6,666

Shareholders' Rights

Both 'A' ordinary and 'B' ordinary shares confer the right to received notice of and attend general meetings as well as the right to vote, both ranking equally. They both have full rights to participate in dividend distributions to the extent declared within their respective class as directed by resolution of the members or decision of the directors. They both have equal and full rights to participate in capital distributions (or on disposals). Neither the 'A' ordinary nor the 'B' ordinary shares are redeemable.

23. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1 June 2023 14,397,619 12,393,334 26,790,953
Profit for the year 2,120,255 2,120,255
Dividends (759,639 ) (759,639 )
At 31 May 2024 15,758,235 12,393,334 28,151,569

Company
Retained Share
earnings premium Totals
£    £    £   

At 1 June 2023 4,236,663 12,393,334 16,629,997
Profit for the year 759,458 759,458
Dividends (759,639 ) (759,639 )
At 31 May 2024 4,236,482 12,393,334 16,629,816

a) Share premium

The share premium account represents the premium arising on the issue of shares net of issue costs.

b) Retained earnings

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

24. PENSION COMMITMENTS

The group operates a defined contribution pension scheme in respect of the directors. The scheme and its assets are held by independent managers. During the period the group made contributions on behalf of 2 directors totalling £40,000 (2023 £8,000). The group also makes contributions towards selected employees' personal pension policies. The pension charge represents contributions due from the group and amounted to £76,587 (2023 £76,587).

OAT 2012 LIMITED (REGISTERED NUMBER: 07932991)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

25. OTHER FINANCIAL COMMITMENTS

At the balance sheet date, the group had outstanding currency option deals of a sterling equivalent to a maximum of £1,362,862 (2023:£2,866,995). This is in respect of forward contracts in Euros purchased as a hedge against fluctuations in currency.

26. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

At the period end the group owed the directors £715,766 (2023 £535,948) in respect of their directors loan accounts on which no interest is being charged.

Sales of £39,459 (2023 - £24,495) and purchases of £3,334,106 (2023 - £3,833,796) were made with entities under common control. Amounts of £23,860 (2023 - £53,206) were owed to these entities at the year end and £nil (2023 - £nil) was owed by these entities at the year end.

27. ULTIMATE CONTROLLING PARTY

At the balance sheet date there was no controlling party.