Company Registration No. 05142289 (England and Wales)
PEDDARS FARMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PEDDARS FARMS LIMITED
COMPANY INFORMATION
Directors
Mr A V Tomson
Mr T A Cullum
Secretary
Mrs Sarah Taylor
Company number
05142289
Registered office
B1 Vantage Park
Old Gloucester Road
Hambrook
Bristol
BS16 1GW
Auditor
Waveney Accountants Limited
T/as Newman & Co
Chartered Accountants
4b Church Street
Diss
Norfolk
IP22 4DD
Business address
The Mill
Mill Road
Long Stratton
NORWICH
Norfolk
NR15 2RU
PEDDARS FARMS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 38
PEDDARS FARMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -

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

Fair review of the business

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

 

Principally as a breeder of pigs for the food industry, we have continued to improve with further herd acquisitions in the year providing the additional sales volumes.

 

After two challenging years, the group's results reflect the improvement in the pig industry with cereal prices having stabilised following the invasion of Ukraine and there has been a significant increase in the Standard Pig Price (SPP) to match the rising costs of inputs.

 

Towards the end of the year, the group invested in new software and IT systems to improve its financial reporting and enhance communication between staff.

 

 

Key performance indicators

We undertake the comparison of key performance indicators as part of our internal management procedures. Each individual farm is monitored comparing pig movements, sales and profits. The methods used in the farms that excel are then used to enhance the performance of the other farms.

 

The key performance data in relation to pig breeding, excluding fuel costs, the group's principal activity is as follows:

 

 

 

2024

 

2023

 

2022

 

2021

 

 

 

 

£'000s

 

£'000s

 

£'000s

 

£'000s

 

 

 

 

 

 

 

 

 

 

 

 

 

Turnover

61,975

 

59,023

 

43,438

 

37.998

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

11,904

 

5,002

3,921

 

4,658

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit margin

19%

 

8%

 

9%

 

12%

 

 

Principal risks and uncertainties

As for many businesses of our size within the pig breeding industry we are faced with many risks.

 

Feed prices

Prices are subject to fluctuations which are beyond the group's control. The group seeks to minimise the impact of the fluctuations by managing the best use of its resources to ensure that the correct type of feed is reaching animals at the appropriate stage of growth.

 

Food standards regulation

The group invests in compliance and has strict policies to ensure it adheres diligently to the required standards. Effective communication within the group is essential to ensure that the comprehensive policies are implemented by its site teams.

 

Competition from abroad

The group manages this risk by managing its efficiency and maintaining strong relationships with its customers.

 

Pandemic disease for livestock

The parent company's pig production is spread across a number of sites so that risks of infection are limited in the event of a UK outbreak.

 

Recruitment and retention of workforce

The group invests in competitive salary and training packages to attract and retain the best staff.

 

PEDDARS FARMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
Promoting the success of the company

Section 172 of the Companies Act 2006 states that a director of a company must act in a way it considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

 

a.     The likely consequences of any decision in the long term;

b.     The interests of the company's employees;

c.     The need to foster the company's business relationships with suppliers, customers and others;

d.     The impact of the company's operations on the community and the environment;

e.     The desirability of the company's maintaining a reputation for higher standards of business conduct; and

f.     The need to act fairly as between members of the company.

The directors continually assess current performance and the opportunities for business in the future. Long term plans are developed to ensure that the group is moving in the right direction.

 

The directors understand that the group's long-term growth and success are dependent on successful engagement with stakeholders and value interaction to ensure that stakeholders' views are considered in the decision making process.

 

On behalf of the board

Mr A V Tomson
Director
25 February 2025
PEDDARS FARMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 May 2024.

Principal activities

The principal activity of the group continued to be that of pig rearing for the food industry.

 

After the year end, the parent company changed its name from Peddars Pigs Limited to Peddars Farms Limited.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £8,000 (2023 - £4,000). 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 V Tomson
Mr T A Cullum
Financial instruments
Liquidity risk

The group's bank position is monitored by the Board to ensure that the group has sufficient resources to meet its daily needs as well as the funds required for capital investment.

Interest rate risk

The Board managed the group's exposure to interest rate risk. The group's borrowings are secured on its property, allowing the group to achieve lower interest rates than unsecured borrowing.

Credit risk

Sales are all made on credit terms, the majority of which are settled within 30 days. The incidence of bad debts is low.

Research and development

The parent company has an ongoing commitment to its research programme into pig feed development and negation of antibiotics.

Business relationships

The directors have regular contact with customers and suppliers to share future plans, and gain feedback on the working relationships and what, if anything, can be improved. The management hold regular management meetings with staff to share ideas and promote engagement.

Post reporting date events

In October 2024 the group carried out a reorganisation which resulted in the addition of an ultimate parent company Porcus Farms Limited, a company registered in England and Wales, with a registered office of The Millhouse Business Centre, Station Road, Castle Donington, DE74 2NJ. Subsequently the pig trade was hived up to the new holding company and then transferred out of the group following a capital reconstruction. The parent company is continuing to operate with its arable farming trade.

Energy and carbon report
2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
3,510,768
3,997,458
PEDDARS FARMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
819.44
929.56
819.44
929.56
Scope 2 - indirect emissions
- Electricity purchased
49.54
47.54
Total gross emissions
868.98
977.10
Intensity ratio
Tonnes CO2e per employee
14.25
16.29
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee.

Measures taken to improve energy efficiency

The directors are investigating means of improving energy efficiency and cutting carbon emissions, in particular the directors wish to promote eating locally sourced meat thereby decreasing food mileage. Feed troughs have been installed for the pigs to cut down food waste and the group has policies to promote the updating of group vehicles to more fuel efficient and environmentally friendly models, wherever practical. All the group's new machinery is Euro VI compliant.

 

The group has installed ground source heat pumps for its head office and uses LED lighting.

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 auditor of the parent and its group 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 auditor of the group is aware of that information.

On behalf of the board
Mr A V Tomson
Director
25 February 2025
PEDDARS FARMS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024
- 5 -

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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PEDDARS FARMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PEDDARS FARMS LIMITED
- 6 -
Opinion

We have audited the financial statements of Peddars Farms Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company 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 FRS 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 group and parent 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 group's and 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 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:

PEDDARS FARMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PEDDARS FARMS LIMITED
- 7 -
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 strategic report and the directors' report.

 

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:

 

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 group and 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We have considered the nature of the group's industry and its control environment and reviewed the group's policies relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risk of irregularities.

 

We obtained an understanding of the legal and regulatory frameworks that the group operates in, and identified the key laws and regulations that:

 

* had a direct effect on the determination of material amounts and disclosures in the financial statements. These include the Companies Act 2006, UK tax legislation and

 

* do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's ability to operate or to avoid a material penalty. These include employment law, occupational health and safety legislation, animal welfare regulations and the Veterinary Surgeons Act 1966 and the Veterinary Medicines Regulations 2013.

 

 

We discussed among the audit engagement team the opportunities and incentives that may exist within the company for fraud and how and where the fraud might occur in the financial statements.

PEDDARS FARMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PEDDARS FARMS LIMITED
- 8 -

As a result of the above, our audit work included:

 

- Enquiry of management, including those charged with governance, around actual and potential litigation and claims.

 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

 

- Reviewing reports from regulators regarding their assessments of the group during the year.

 

- Ensuring registrations were up to date with the appropriate regulatory bodies.

 

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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

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.

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.

Leslie Newman FCA (Senior Statutory Auditor)
For and behalf of Waveney Accountants Limited
26 February 2025
T/A Newman & Co
Chartered Accountants
4b Church Street
Diss
Norfolk
IP22 4DD
PEDDARS FARMS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
62,585,184
60,058,415
Cost of sales
(51,077,142)
(54,830,564)
Gross profit
11,508,042
5,227,851
Administrative expenses
(4,834,195)
(4,218,721)
Other operating income
86,440
138,831
Operating profit
4
6,760,287
1,147,961
Interest payable and similar expenses
8
(935,964)
(713,312)
Profit before taxation
5,824,323
434,649
Tax on profit
9
(521,295)
828,667
Profit for the financial year
25
5,303,028
1,263,316
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
PEDDARS FARMS LIMITED
GROUP BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
105,287
-
0
Other intangible assets
11
890
3,293
Total intangible assets
106,177
3,293
Tangible assets
12
15,235,484
15,130,785
Investment properties
13
100,000
100,000
Investments
14
99,000
99,000
15,540,661
15,333,078
Current assets
Stocks
16
18,296,022
18,407,233
Debtors
17
9,224,328
6,351,258
Cash at bank and in hand
19,542
2,234
27,539,892
24,760,725
Creditors: amounts falling due within one year
18
(16,196,367)
(16,052,635)
Net current assets
11,343,525
8,708,090
Total assets less current liabilities
26,884,186
24,041,168
Creditors: amounts falling due after more than one year
19
(5,862,796)
(8,453,154)
Provisions for liabilities
Deferred tax liability
22
138,348
-
0
(138,348)
-
Net assets
20,883,042
15,588,014
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
25
20,882,942
15,587,914
Total equity
20,883,042
15,588,014
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
25 February 2025
Mr A V Tomson
Mr T A Cullum
Director
Director
PEDDARS FARMS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
890
3,293
Tangible assets
12
15,235,412
15,130,785
Investment properties
13
100,000
100,000
Investments
14
99,100
99,100
15,435,402
15,333,178
Current assets
Stocks
16
18,296,022
18,407,233
Debtors
17
9,274,817
6,351,258
Cash at bank and in hand
3,400
2,134
27,574,239
24,760,625
Creditors: amounts falling due within one year
18
(16,063,283)
(16,052,635)
Net current assets
11,510,956
8,707,990
Total assets less current liabilities
26,946,358
24,041,168
Creditors: amounts falling due after more than one year
19
(5,862,796)
(8,453,154)
Provisions for liabilities
Deferred tax liability
22
138,348
-
0
(138,348)
-
Net assets
20,945,214
15,588,014
Capital and reserves
Called up share capital
24
100
100
Profit and loss reserves
25
20,945,114
15,587,914
Total equity
20,945,214
15,588,014

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £5,365,201 (2023 - £1,263,316 profit).

The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
25 February 2025
Mr A V Tomson
Mr T A Cullum
Director
Director
Company Registration No. 05142289
PEDDARS FARMS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
100
14,328,598
14,328,698
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
1,263,316
1,263,316
Dividends
10
-
(4,000)
(4,000)
Balance at 31 May 2023
100
15,587,914
15,588,014
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
5,303,028
5,303,028
Dividends
10
-
(8,000)
(8,000)
Balance at 31 May 2024
100
20,882,942
20,883,042
PEDDARS FARMS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
100
14,328,598
14,328,698
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
1,263,316
1,263,316
Dividends
10
-
(4,000)
(4,000)
Balance at 31 May 2023
100
15,587,914
15,588,014
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
5,365,200
5,365,200
Dividends
10
-
(8,000)
(8,000)
Balance at 31 May 2024
100
20,945,114
20,945,214
PEDDARS FARMS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
32
7,879,316
(2,440,007)
Interest paid
(933,043)
(680,011)
Income taxes refunded
701,209
738,019
Net cash inflow/(outflow) from operating activities
7,647,482
(2,381,999)
Investing activities
Purchase of business
2,100
-
Purchase of tangible fixed assets
(322,587)
(125,949)
Proceeds on disposal of tangible fixed assets
476,787
88,676
Purchase of subsidiaries
(100)
-
Proceeds on disposal of subsidiaries
100
100
Loans made
(3,519,737)
-
Net cash used in investing activities
(3,363,437)
(37,173)
Financing activities
Proceeds from borrowings
-
1,004,000
Repayment of borrowings
(638,090)
(94,128)
Repayment of bank loans
(771,779)
(726,217)
Payment of finance leases obligations
(311,880)
(236,705)
Dividends paid to equity shareholders
(8,000)
(4,000)
Net cash used in financing activities
(1,729,749)
(57,050)
Net increase/(decrease) in cash and cash equivalents
2,554,296
(2,476,222)
Cash and cash equivalents at beginning of year
(4,702,668)
(2,226,446)
Cash and cash equivalents at end of year
(2,148,372)
(4,702,668)
Relating to:
Cash at bank and in hand
19,542
2,234
Bank overdrafts included in creditors payable within one year
(2,167,914)
(4,704,902)
PEDDARS FARMS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
33
7,865,274
(2,440,007)
Interest paid
(933,043)
(680,011)
Income taxes refunded
701,209
738,019
Net cash inflow/(outflow) from operating activities
7,633,440
(2,381,999)
Investing activities
Purchase of tangible fixed assets
(322,587)
(125,949)
Proceeds from disposal of tangible fixed assets
476,787
88,676
Loans made
(3,519,637)
(94,128)
Income received from investments
(638,090)
1,004,000
Net cash (used in)/generated from investing activities
(4,003,527)
872,599
Financing activities
Repayment of bank loans
(771,779)
(726,217)
Payment of finance leases obligations
(311,880)
(236,705)
Dividends paid to equity shareholders
(8,000)
(4,000)
Net cash used in financing activities
(1,091,659)
(966,922)
Net increase/(decrease) in cash and cash equivalents
2,538,254
(2,476,322)
Cash and cash equivalents at beginning of year
(4,702,768)
(2,226,446)
Cash and cash equivalents at end of year
(2,164,514)
(4,702,768)
Relating to:
Cash at bank and in hand
3,400
2,134
Bank overdrafts included in creditors payable within one year
(2,167,914)
(4,704,902)
PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 16 -
1
Accounting policies
Company information

Peddars Farms Limited (“the company”) is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is B1 Vantage Park, Old Gloucester Road, Hambrook, Bristol, BS16 1GW.

 

The group consists of Peddars Farms Limited and all of its subsidiaries.

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Peddars Farms Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.4
Going concern

These financial statements are prepared on the going concern basis. true

 

The directors have considered the company's position at the time of signing the financial statements and have taken account of the most recent management information, including forecasts for the remainder of the current financial year and access to borrowings.

 

The directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of approval of these financial statements.

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover in the parent company predominantly represents the sales of pigs at market rates, exclusive of VAT. Sales are recognised when the pigs are delivered.

 

Other sales include income from agricultural farming activities that are included when the company has rights to the income, valued at market rate and exclusive of VAT. Income from the Rural Payments Agency is included at amounts due for the period.

 

All other income is recognised when received or when the company is due economic benefits, whichever is the earlier.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 months.

1.8
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Entitlements
9 years straight line
1.9
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.

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% on cost or not deemed appropriate to depreciate
Plant and equipment
33% on cost, 20% on cost and 15% on cost
Tractors
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance

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 recognised in the profit and loss account.

Assets held under finance leases are depreciated over the period of the lease.

1.10
Investment properties

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.

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Fixed asset investments

Listed investments are held at fair value at the reporting period end date. Changes in fair value are recognised in the statement of comprehensive income.

 

Other fixed asset investments are held at cost less a provision for any impairments.

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

 

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

1.12
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible 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.

1.13
Stocks

Stocks are valued at cost, which is determined as follows:

 

Valuation of pigs

The cost of finished pigs is estimated using the market value at the reporting date less 15% (2023 - 9%). Other pigs are stratified according to size, age, gender and weight and then valued accordingly by their proportion of the value of finished pigs.

 

Feed and other pig related supplies are valued at actual cost on a first in first out basis.

 

Crop valuation

Crops are valued as the accumulation of costs incurred in the year in relation to the next harvest, with provision for permanent falls in the market price of the grown commodities, should this fall below cost.

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.

1.14
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.

1.15
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 19 -
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.

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 group 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 group 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.

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.16
Equity instruments

Equity instruments issued by the group 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 group.

1.17
Taxation

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

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 group’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 if, and only if, there is 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.

1.18
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.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19
Retirement benefits

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

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 21 -
1.20
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of debtors

The directors have reviewed the loans made to related parties and considered whether the balances at the year end are recoverable. In doing so, the directors have taken into account the ability of the debtors to pay, future plans and other available information.

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.

Valuation of pigs

The parent company rears livestock, which will be at various stages of growth, and it is not necessarily easy to accurately ascertain the cost of each individual pig held at the reporting date. Instead the directors have estimated the cost of the pigs using the method set out in the accounting policy. The valuation method requires the directors to estimate the margin that will be made on the pigs. This varies from period to period depending on the market value of pigs, feed prices and other costs of raising pigs.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Pig sales
61,974,924
59,022,774
Arable farming
524,181
927,006
Other sales
86,079
108,635
62,585,184
60,058,415
PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Other significant revenue
Rental income arising from investment properties
8,600
10,036
Sundry income
20,272
9,300
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Research and development costs
4,429,496
4,636,587
Depreciation of owned tangible fixed assets
374,667
469,383
Depreciation of tangible fixed assets held under finance leases
83,313
169,919
Profit on disposal of tangible fixed assets
(92,076)
(77,911)
Amortisation of intangible assets
72,595
2,420
Operating lease charges
69,600
69,600
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
16,000
15,300
Audit of the financial statements of the company's subsidiaries
4,000
-
20,000
15,300
For other services
Taxation compliance services
1,500
1,500
All other non-audit services
20,500
18,000
22,000
19,500
PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 23 -
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative
7
9
7
9
Pig management
41
39
41
39
Fieldsmen
4
4
4
4
Drivers
6
6
6
6
Directors
2
2
2
2
Vet
2
2
1
2
Total
62
62
61
62

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,152,614
1,949,855
2,074,124
1,949,855
Social security costs
219,636
205,960
204,959
205,960
Pension costs
106,719
97,455
104,765
97,455
2,478,969
2,253,270
2,383,848
2,253,270
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
34,506
33,215
Company pension contributions to defined contribution schemes
1,402
1,402
35,908
34,617

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 24 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
187,380
142,330
Other interest on financial liabilities
673,829
529,822
861,209
672,152
Other finance costs:
Interest on finance leases and hire purchase contracts
7,388
5,820
Other interest
67,367
35,340
Total finance costs
935,964
713,312
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
(701,346)
Adjustments in respect of prior periods
(2,132)
-
0
Total current tax
(2,132)
(701,346)
Deferred tax
Origination and reversal of timing differences
523,427
(127,321)
Total tax charge/(credit)
521,295
(828,667)

The standard corporation tax rate changed on 1 April 2023 from 19% to 25%. The effective rate for the year is 25%.

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
9
Taxation
(Continued)
- 25 -

The actual charge/(credit) 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
5,824,323
434,649
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.00%)
1,456,081
86,930
Tax effect of expenses that are not deductible in determining taxable profit
4,315
3,657
Unutilised tax losses carried forward
(2,005)
-
0
Adjustments in respect of prior years
(2,131)
(2,048)
Depreciation on assets not qualifying for tax allowances
619
575
Amortisation on assets not qualifying for tax allowances
17,548
-
0
Other permanent differences
(791)
30
Research and development tax credits
(952,341)
(827,229)
Change in tax rate on opening deferred tax
-
(13,566)
Deferred tax recognised at higher rate
-
(77,016)
Taxation charge/(credit)
521,295
(828,667)

The current tax for the previous year of £701,346 relates to a loss generated by Research and Development tax relief, which has been surrendered for a payable credit.

10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
8,000
4,000
11
Intangible fixed assets
Group
Goodwill
Entitlements
Total
£
£
£
Cost
At 1 June 2023
-
0
88,398
88,398
Additions - business combinations
175,479
-
0
175,479
At 31 May 2024
175,479
88,398
263,877
Amortisation and impairment
At 1 June 2023
-
0
85,105
85,105
Amortisation charged for the year
70,192
2,403
72,595
At 31 May 2024
70,192
87,508
157,700
PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
11
Intangible fixed assets
(Continued)
- 26 -
Carrying amount
At 31 May 2024
105,287
890
106,177
At 31 May 2023
-
0
3,293
3,293
Company
Entitlements
£
Cost
At 1 June 2023 and 31 May 2024
88,398
Amortisation and impairment
At 1 June 2023
85,105
Amortisation charged for the year
2,403
At 31 May 2024
87,508
Carrying amount
At 31 May 2024
890
At 31 May 2023
3,293
PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 27 -
12
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Tractors
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2023
13,123,084
4,536,696
3,208,587
53,821
98,858
21,021,046
Additions
88,525
192,804
405,500
96,363
216,581
999,773
Business combinations
-
0
-
0
-
0
117
-
0
117
Disposals
(316,494)
(159,202)
(634,848)
(43,049)
(10,600)
(1,164,193)
Transfers
-
0
(265,000)
(413,350)
-
0
678,350
-
0
At 31 May 2024
12,895,115
4,305,298
2,565,889
107,252
983,189
20,856,743
Depreciation and impairment
At 1 June 2023
17,704
3,498,950
2,267,795
40,003
65,809
5,890,261
Depreciation charged in the year
1,967
283,711
152,072
4,099
16,131
457,980
Eliminated in respect of disposals
-
0
(112,115)
(574,113)
(36,864)
(3,890)
(726,982)
Transfers
-
0
(170,286)
(362,008)
-
0
532,294
-
0
At 31 May 2024
19,671
3,500,260
1,483,746
7,238
610,344
5,621,259
Carrying amount
At 31 May 2024
12,875,444
805,038
1,082,143
100,014
372,845
15,235,484
At 31 May 2023
13,105,380
1,037,746
940,792
13,818
33,049
15,130,785
PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
12
Tangible fixed assets
(Continued)
- 28 -
Company
Freehold land and buildings
Plant and equipment
Tractors
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 June 2023
13,123,084
4,536,696
3,208,587
53,821
98,858
21,021,046
Additions
88,525
192,804
405,500
96,363
216,581
999,773
Disposals
(316,494)
(159,202)
(634,848)
(43,049)
(10,600)
(1,164,193)
Transfers
-
0
(265,000)
(413,350)
-
0
678,350
-
0
At 31 May 2024
12,895,115
4,305,298
2,565,889
107,135
983,189
20,856,626
Depreciation and impairment
At 1 June 2023
17,704
3,498,950
2,267,795
40,003
65,809
5,890,261
Depreciation charged in the year
1,967
283,711
152,072
4,054
16,131
457,935
Eliminated in respect of disposals
-
0
(112,115)
(574,113)
(36,864)
(3,890)
(726,982)
Transfers
-
0
(170,286)
(362,008)
-
0
532,294
-
0
At 31 May 2024
19,671
3,500,260
1,483,746
7,193
610,344
5,621,214
Carrying amount
At 31 May 2024
12,875,444
805,038
1,082,143
99,942
372,845
15,235,412
At 31 May 2023
13,105,380
1,037,746
940,792
13,818
33,049
15,130,785

The net carrying value of land and buildings includes the following freehold land which is not depreciated:

Group
Company
2024
2023
2024
2023
£
£
£
£
Freehold
12,793,263
12,946,518
12,793,263
12,946,518

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
170,745
204,167
170,745
204,167
Tractors
441,962
252,288
441,962
252,288
Motor vehicles
179,208
-
0
179,208
-
0
791,915
456,455
791,915
456,455

Freehold land and buildings with a carrying amount of £12,527,797 (2023 - £12,834,756) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 29 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 June 2023 and 31 May 2024
100,000
100,000

Investment property comprises a residential flat. The fair value of the investment property at £125,000 has been arrived at on the basis of a valuation carried out on 14 February 2024 by Durrants Chartered Surveyors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors consider the movement in valuation to be immaterial to reflect in the carrying value in the financial statements.

The carrying value of land and buildings comprises:

Group
Company
2024
2023
2024
2023
£
£
£
£
Long leasehold
100,000
100,000
100,000
100,000
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
100
100
Unlisted investments
99,000
99,000
99,000
99,000
99,000
99,000
99,100
99,100
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 June 2023 and 31 May 2024
99,000
Carrying amount
At 31 May 2024
99,000
At 31 May 2023
99,000
PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
14
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2023
100
99,000
99,100
Additions
100
-
100
Disposals
(100)
-
(100)
At 31 May 2024
100
99,000
99,100
Carrying amount
At 31 May 2024
100
99,000
99,100
At 31 May 2023
100
99,000
99,100
15
Subsidiaries

Details of the company's subsidiaries at 31 May 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Long Stratton Pigs Limited
4b Church Street, Diss IP22 4DD
Ordinary
100.00
-
Peddars Veterinary Services Limited
4b Church Street, Diss IP22 4DD
Ordinary
-
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Pigs and related stocks
17,514,276
17,748,400
17,514,276
17,748,400
Arable valuation
781,746
658,833
781,746
658,833
18,296,022
18,407,233
18,296,022
18,407,233
PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 31 -
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,368,590
1,987,274
2,426,158
1,987,274
Corporation tax recoverable
1,084
700,161
1,084
700,161
Other debtors
6,796,612
3,197,959
6,792,163
3,197,959
Prepayments and accrued income
58,042
80,785
55,412
80,785
9,224,328
5,966,179
9,274,817
5,966,179
Amounts falling due after more than one year:
Deferred tax asset (note 22)
-
0
385,079
-
0
385,079
Total debtors
9,224,328
6,351,258
9,274,817
6,351,258
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
4,955,535
5,463,346
4,955,535
5,463,346
Obligations under finance leases
21
262,632
160,424
262,632
160,424
Trade creditors
9,742,139
8,931,117
9,420,132
8,931,117
Amounts owed to group undertakings
-
0
100
-
0
100
Other taxation and social security
55,919
47,253
51,923
47,253
Other creditors
448,635
1,087,487
448,735
1,087,487
Accruals and deferred income
731,507
362,908
924,326
362,908
16,196,367
16,052,635
16,063,283
16,052,635
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
5,590,607
8,391,563
5,590,607
8,391,563
Obligations under finance leases
21
272,189
61,591
272,189
61,591
5,862,796
8,453,154
5,862,796
8,453,154
Amounts included above which fall due after five years are as follows:
Payable by instalments
2,152,934
3,467,178
2,152,934
3,467,178
PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 32 -
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
8,378,228
9,150,007
8,378,228
9,150,007
Bank overdrafts
2,167,914
4,704,902
2,167,914
4,704,902
10,546,142
13,854,909
10,546,142
13,854,909
Payable within one year
4,955,535
5,463,346
4,955,535
5,463,346
Payable after one year
5,590,607
8,391,563
5,590,607
8,391,563

HSBC UK Bank Plc holds security by way of a debenture incorporating a fixed and floating charge over the company undertaking and assets, including uncalled capital.

 

Specifically, HSBC UK Bank Plc holds a legal charge over freehold property as set out in note 12.

An interest-only bank loan of £1.9m has interest charged at a rate of 2.35% above the Bank of England base rate. The principal is repayable in a lump sum in February 2025.

 

Bank loans totalling £6.6m are repayable in instalments and have interest charged at the Bank of England base rate plus 2.35%.

21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
262,632
160,424
262,632
160,424
In two to five years
272,189
61,591
272,189
61,591
534,821
222,015
534,821
222,015

Finance lease payments represent rentals payable by the company or group 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. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. Leases are secured on the assets concerned.

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 33 -
22
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
508,790
-
-
(414,121)
Tax losses
(370,442)
-
-
799,200
138,348
-
-
385,079
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
508,790
-
-
(414,121)
Tax losses
(370,442)
-
-
799,200
138,348
-
-
385,079
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 June 2023
(385,079)
(385,079)
Charge to profit or loss
523,427
523,427
Liability at 31 May 2024
138,348
138,348

The deferred tax provision includes a deferred tax asset in respect of trading losses which is expected to reverse within 12 months against future expected profits of the same period.

At 31 May 2024 the parent company had trading losses of £1.5m (2023 - £3.2m) available to offset future profits for taxation purposes.

23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
106,719
97,455

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

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 34 -
24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
25
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
15,587,914
14,328,598
15,587,914
14,328,598
Profit for the year
5,303,028
1,263,316
5,365,200
1,263,316
Dividends
(8,000)
(4,000)
(8,000)
(4,000)
At the end of the year
20,882,942
15,587,914
20,945,114
15,587,914
26
Acquisition of a business

On 1 October 2023 the group acquired 100% of the issued capital of Long Stratton Pigs Limited, which is dormant but owns 100% of the issued share capital of Peddars Veterinary Services Limited.

Book Value
Adjustments
Fair Value
Net assets acquired
£
£
£
Computers
117
-
117
Trade and other receivables
270,854
-
270,854
Cash and cash equivalents
2,100
-
2,100
Trade and other payables
(448,450)
-
(448,450)
Total identifiable net assets
(175,379)
-
(175,379)
Goodwill
175,479
Total consideration
100
The consideration was satisfied by:
£
100% share capital of Peddars Milling Limited
100
Contribution by the acquired business for the reporting period included in the group statement of comprehensive income since acquisition:
£
Turnover
-
Profit after tax
8,020

Peddars Veternary Services Limited's turnover is all attributable to sales to Peddars Farms Limited and is therefore cancelled out on consolidation.

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 35 -
27
Financial commitments, guarantees and contingent liabilities

HSBC Bank plc hold a guarantee and a debenture over the company's assets in respect of a bank loan provided to Peddars Holdings Limited, a company controlled by the directors. At 31 May 2024 the balance on the loan was £3,763,792 (2023: £3,897,270).

28
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
139,600
69,600
139,600
69,600
Between two and five years
374,900
92,800
374,900
92,800
514,500
162,400
514,500
162,400
29
Events after the reporting date

Subsequent to the year end, the parent company was purchased by a 100% holding company Porcus Farm Limited, registered office The Milhouse Business Centre, Station Road, Castle Donington, DE74 2NJ. The company hived up its pig trade to the new parent company, and the trade was subsequently transferred out of the group as part of a reduction of capital.

 

In January 2025 £7.4m of the bank loans were repaid.

30
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
86,681
79,219
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Key management personnel
704,303
932,059
1,812,263
1,243,289
Other related parties
49,739
128,702
1,655,877
2,054,646
PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
30
Related party transactions
(Continued)
- 36 -
Company
Entities over which the company has control, joint control or significant influence
11,514
-
958,514
-
Key management personnel
704,303
932,059
1,812,263
1,243,289
Other related parties
49,739
128,702
1,655,877
2,054,646

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Key management personnel
794,401
1,516,806
Other related parties
217,130
442,917
Company
Entities over which the company has control, joint control or significant influence
197,668
-
Key management personnel
794,401
1,516,806
Other related parties
217,130
442,917

Amounts due from key management personnel and other related parties are non-secured, interest free and have no fixed repayment terms.

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Key management personnel
248,199
151,775
Other related parties
6,465,869
3,066,752
Company
Key management personnel
248,199
151,775
Other related parties
6,465,869
3,066,752

Amounts due from key management personnel and other related parties are non-secured, interest free and have no fixed repayment terms.

PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 37 -
31
Directors' transactions

Dividends totalling £8,000 (2023 - £4,000) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan
-
-
34,779
(3,082)
31,697
-
34,779
(3,082)
31,697

The directors' loan are unsecured, interest-free and are repayable on demand. The loans were repaid after the balance sheet date.

32
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
5,303,028
1,263,316
Adjustments for:
Taxation charged/(credited)
521,295
(828,667)
Finance costs
935,964
713,312
Gain on disposal of tangible fixed assets
(92,076)
(77,911)
Amortisation and impairment of intangible assets
72,595
2,420
Depreciation and impairment of tangible fixed assets
457,980
639,302
Movements in working capital:
Decrease/(increase) in stocks
111,211
(1,449,579)
(Increase)/decrease in debtors
(166,735)
158,630
Increase/(decrease) in creditors
736,054
(2,860,830)
Cash generated from/(absorbed by) operations
7,879,316
(2,440,007)
PEDDARS FARMS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 38 -
33
Cash generated from/(absorbed by) operations - company
2024
2023
£
£
Profit for the year after tax
5,365,200
1,263,316
Adjustments for:
Taxation charged/(credited)
521,295
(828,667)
Finance costs
935,964
713,312
Gain on disposal of tangible fixed assets
(92,076)
(77,911)
Amortisation and impairment of intangible assets
2,403
2,420
Depreciation and impairment of tangible fixed assets
457,935
639,302
Movements in working capital:
Decrease/(increase) in stocks
111,211
(1,449,579)
(Increase)/decrease in debtors
(488,078)
158,630
Increase/(decrease) in creditors
1,051,420
(2,860,830)
Cash generated from/(absorbed by) operations
7,865,274
(2,440,007)
34
Analysis of changes in net debt - group
1 June 2023
Cash flows
New finance leases
Other non-cash changes
31 May 2024
£
£
£
£
£
Cash at bank and in hand
2,234
17,308
-
-
19,542
Bank overdrafts
(4,704,902)
2,536,988
-
-
(2,167,914)
(4,702,668)
2,554,296
-
-
(2,148,372)
Borrowings excluding overdrafts
(9,150,007)
771,779
-
-
(8,378,228)
Obligations under finance leases
(222,015)
311,880
(677,186)
52,500
(534,821)
(14,074,690)
3,637,955
(677,186)
52,500
(11,061,421)
35
Analysis of changes in net debt - company
1 June 2023
Cash flows
New finance leases
Other non-cash changes
31 May 2024
£
£
£
£
£
Cash at bank and in hand
2,134
1,266
-
-
3,400
Bank overdrafts
(4,704,902)
2,536,988
-
-
(2,167,914)
(4,702,768)
2,538,254
-
-
(2,164,514)
Borrowings excluding overdrafts
(9,150,007)
771,779
-
-
(8,378,228)
Obligations under finance leases
(222,015)
311,880
(677,186)
52,500
(534,821)
(14,074,790)
3,621,913
(677,186)
52,500
(11,077,563)
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