Company registration number 05204746 (England and Wales)
WARRENDALE PULLETS 2023 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
WARRENDALE PULLETS 2023 LIMITED
COMPANY INFORMATION
Director
J R Thornton
(Appointed 27 June 2023)
Company number
05204746
Registered office
Quarry House
Cattle Hill
Warter
York
United Kingdom
YO42 1XG
Auditor
FLB Audit LLP
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
WARRENDALE PULLETS 2023 LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 27
WARRENDALE PULLETS 2023 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
The directors present the strategic report for Warrendale Pullets 2023 Limited ("the Company") for the period ended 31 December 2023.
Review of the Business
During the period, the Company continued its primary trade of raising poultry for sale. Turnover achieved for the period was in line with management expectation, at £7.8m (2022 - 15 month period: £15.2m). The Company incurred a gross loss of £0.3m (2022 - 15 month period: £0.6m) for the period due to unprecedented inflation on feed and utilities coupled with a challenging egg market.
Administrative expenditure incurred was £0.2m (2022 - 15 month period: £2.0m), driven primarily by reporting a shortened period in 2023 and the cessation of trade. The impairments recognised of £0.01m (2022 - 15 month period: £0.4m) are expected to be one-off costs. The Company also incurred costs of £nil (2022 - 15 month period: £1.4m) in relation to the write off of intercompany balances owed to the Company by fellow group companies during the period, which are also not expected to be recurring moving forwards.
At the reporting date, the Company held net current liabilities of £4.4m (2022: £4.5m), driven primarily by short term trade creditor position, bank loans and overdrafts and amounts owed to fellow group undertakings due within one year of the reporting date.
In August 2023, the Company sold it's primary trade and certain assets and liabilities to it's parent company, Warrendale Group Limited. Following this, the Company expects to continue in existence as a non-trading entity.
Principal risks and uncertainties
The principal risks the Company faced during its period of trade were:
Outbreak of disease
The Company's biological assets carry risk of infection of diseases, which could impact the Company's ability to recover their value and generate turnover from their onward sale.
Key inputs
The Company is dependent on being able to purchase pullets for rearing before onward sale. Careful planning is given to acquiring the best quality pullets to use for rearing. The Company ensures its biological assets are provided with the necessary veterinary care, feed and environment they need to ensure the rearing process produces quality product for onward sale.
Market conditions
The Company and its activities are subject to the demand for purchases of pullets from its key customers and the wider national demand driven by end customers for the subsequent products. Significant fluctuations in demand could affect the Company's ability to drive sales and growth accordingly.
Conflict in Ukraine and sanctions on Russia
The Company has no operations in either Russia or Ukraine and no direct disruption or adverse impact has been felt as a result of the conflict. The Company is however impacted indirectly by increased feed & utility prices caused by the conflict.
UK increased inflation
Following a dramatic increase in 2022, UK inflation decreased during the year and has steadied post year end. The Company saw a rise in a variety of inputs to the business such as staffing costs, costs relating to light and heat and a number of key business purchases.
Key performance indicators ("KPI's")
Management believe the primary key performance indicator of the Company to be its turnover, which is indicative of the volume of pullet sales being fulfilled by the business.
WARRENDALE PULLETS 2023 LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Financial instruments
The Company's principal financial instruments are its cash at bank/bank overdraft position, bank loans, loans from fellow group companies and trade creditors. The main purpose of these instruments is to raise funds and finance for the Company's day-to-day operations and continuing investment in the assets required to deliver the businesses outputs.
The Company's approach to managing other risks applicable to the financial instruments concerned is shown below.
Liquidity Risk
In respect of cash and overdraft balances, liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts and loans. Bank loans have structured repayment terms which the Company plans ahead for accordingly to ensure capital is available to make repayments as they fall due.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet the amounts payable as they fall due. A combination of bank loans to fund working capital and an arranged bank overdraft facility ensure trade creditors are paid promptly.
Amounts owed to group undertakings are typically owed to entities under common management, who are unlikely to recall payment of such balances unless the Company has sufficient working capital to do so. As such liquidity risk is judged to be minimal in respect of these balances.
Interest rate risk
The Company has a normal exposure to interest rate risk, due to the fact its primary external bank borrowings typically carry a margin above the Bank of England Base Rate. As such, fluctuations in the base rate can affect the level of interest charges and repayments the Company is due to make. Management ensure they stay informed on national developments, such as inflation, which are likely to influence changes to the base rate, and plan accordingly.
Credit Risk
Management considers the Company's exposure to credit risk normal, with customers being invoiced bi-monthly and typically on 14 days credit terms. Relevant customer due diligence is carried out prior to credit accounts being granted and appropriate credit checks and credit limits being imposed on a case-by-case basis to mitigate exposure to bad debt losses arising on customer defaults.
J R Thornton
Director
28 February 2025
WARRENDALE PULLETS 2023 LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
The director presents his annual report and financial statements for the year ended 31 December 2023.
Principal activities
In August 2023, the Company sold its primary trade of raising of poultry to it's parent company, after which, the Company became a non-trading entity.
Results and dividends
The results for the year are set out on page 8.
No dividends were paid in the current period or the prior year.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
M R Green
(Resigned 15 August 2023)
J R Thornton
(Appointed 27 June 2023)
Qualifying third party indemnity provisions
The company has made qualifying third party indemnity provisions for the benefit of its director during the year. These provisions remain in force at the reporting date.
Auditor
In accordance with the company's articles, a resolution proposing that FLB Audit LLP be reappointed as auditor of the company will be put at a General Meeting.
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Strategic report
The directors have chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report, information required by Sch. 7 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) to be contained in the directors' report. It has done so in respect of future developments, research and development and financial instruments.
WARRENDALE PULLETS 2023 LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going concern
In August 2023, the Company transferred its trade and assets to a fellow group undertaking, and the Company ceased trading. It is the intention of the directors for the Company to continue as a non-trading entity, and as such deem that the going concern basis is no longer appropriate at the date of signing these financial statements. As such, the financial statements are prepared on a basis other than going concern.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
J R Thornton
Director
28 February 2025
WARRENDALE PULLETS 2023 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WARRENDALE PULLETS 2023 LIMITED
- 5 -
Opinion
We have audited the financial statements of Warrendale Pullets 2023 Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We draw attention to note 24 to the financial statements which explains that the trade and certain assets of the company have been transferred to a group member. Following this transfer the entity is no longer trading and the directors therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.3. Our opinion is not modified in respect of this matter.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is 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:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
WARRENDALE PULLETS 2023 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WARRENDALE PULLETS 2023 LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We have gained an understating of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures at company levels to respond to the risk, recognising that risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, taxation legislation, data protection, antibribery and health and safety legislation.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the recognition of income and the override of controls by management.
Our audit procedures to respond to revenue recognition risks included performing data analytics across individual farms to compare trends against developed expectations, investigating any differences or unusual fluctuations; sample-based agreement of recognised sales to sales invoices and underlying evidence of occurrence; and sample-based tracing of purchases to associated sales. Our audit procedures to respond to the risk of override of controls by management included inquiries of management their own identification and assessment of the risks of irregularities, risk-based sample testing on the posting of journals, reviewing accounting estimates for biases, and reading minutes of meetings of those charged with governance where available.
WARRENDALE PULLETS 2023 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WARRENDALE PULLETS 2023 LIMITED (CONTINUED)
- 7 -
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations.
The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organised schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.
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.
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.
Daniel Wesolowski
Senior Statutory Auditor
For and on behalf of FLB Audit LLP
28 February 2025
Chartered Accountants
Statutory Auditor
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
WARRENDALE PULLETS 2023 LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Discontinued
Discontinued
operations
operations
15 month
year
period
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
7,840,581
15,241,738
Cost of sales
(8,157,497)
(15,798,940)
Gross loss
(316,916)
(557,202)
Administrative expenses
(161,884)
(1,970,447)
Other operating income
102,611
507,952
Operating loss
4
(376,189)
(2,019,697)
Interest payable and similar expenses
8
(184,690)
(175,906)
Intercompany loan write off
9
-
(1,350,787)
Profit/(loss) on disposal of operations
24
671,379
-
Profit/(loss) before taxation
110,500
(3,546,390)
Tax on profit/(loss)
10
150,048
Loss and total comprehensive expense for the year/year
110,500
(3,396,342)
WARRENDALE PULLETS 2023 LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
13
23,798
419,681
Current assets
Stocks
14
-
3,590
Biological assets
15
-
1,897,029
Debtors
17
813,097
1,781,082
Cash at bank and in hand
16,486
829,583
3,681,701
Creditors: amounts falling due within one year
18
(5,217,743)
(7,912,418)
Net current liabilities
(4,388,160)
(4,230,717)
Total assets less current liabilities
(4,364,362)
(3,811,036)
Creditors: amounts falling due after more than one year
19
(42,139)
(705,965)
Net liabilities
(4,406,501)
(4,517,001)
Capital and reserves
Called up share capital
23
100
100
Profit and loss reserves
(4,406,601)
(4,517,101)
Total equity
(4,406,501)
(4,517,001)
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 28 February 2025 and are signed on its behalf by:
J R Thornton
Director
Company registration number 05204746 (England and Wales)
WARRENDALE PULLETS 2023 LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2021
100
(1,120,759)
(1,120,659)
15 month period ended 31 December 2022:
Loss and total comprehensive income
-
(3,396,342)
(3,396,342)
Balance at 31 December 2022
100
(4,517,101)
(4,517,001)
Year ended 31 December 2023:
Profit and total comprehensive income
-
110,500
110,500
Balance at 31 December 2023
100
(4,406,601)
(4,406,501)
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
1
Accounting policies
Company information
Warrendale Pullets 2023 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Quarry House, Cattle Hill, Warter, York, United Kingdom, YO42 1XG.
On 17 August 2023, the members resolved to change the name of the Company, from Wot-A-Pullet Limited to Warrendale Pullets 2023 Limited, by way of special resolution.
1.1
Reporting period
The Company extended its comparative accounting reference date from 30 September to 31 December 2022, reporting a 15 month accounting period. The current period presented is that of a year only. As such, the comparative amounts presented in the financial statements (including the related notes) may not be entirely comparable.
1.2
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. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the Company are consolidated in the financial statements of Warrendale Group Limited. These consolidated financial statements are available from its registered office, High Warrendale Farm, Warter, York, East Yorkshire, YO42 1XG.
1.3
Going concern
In August 2023, the Company truetransferred its trade and certain assets and liabilities to a fellow group undertaking, and the Company ceased trading. It is the intention of the directors for the Company to continue as a non-trading entity, and as such deem that the going concern basis is no longer appropriate at the date of signing these financial statements. As such, the financial statements are prepared on a basis other than going concern.
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
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:
Development costs
5 years straight line
1.6
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
4-10% straight line
Plant and equipment
10-15% straight line
Computers
25% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Biological assets are comprised of live poultry categorised as current assets held for rearing.
Biological assets are recognised in the financial statements at cost less accumulated depreciation (where relevant) less accumulated impairment losses.
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.8
Impairment of fixed assets
At each reporting period end date, the company 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
1.10
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.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Basic financial assets
Basic financial assets, which include debtors, loans to group companies 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 are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group undertakings, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.13
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 income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
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.
1.15
Retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.16
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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessment consider issues such as the remaining life of the asset and the projected disposal value.
3
Turnover
15 month
Year ended 31 December
period ended 31 December
2023
2022
£
£
Turnover analysed by class of business
Pullet sales
7,593,924
14,824,468
Muck sales
12,751
35,202
Vaccinations
233,906
382,068
7,840,581
15,241,738
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Turnover
(Continued)
- 17 -
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
7,840,581
15,241,738
4
Operating loss
15 month
Year ended 31 December
period ended 31 December
2023
2022
Operating loss for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
13,250
12,500
Depreciation of owned tangible fixed assets
37,853
56,188
Depreciation of tangible fixed assets held under finance leases
2,852
14,985
Loss on disposal of tangible fixed assets
83,781
306,768
Amortisation of intangible assets
-
26,047
Operating lease charges
842,752
1,170,275
5
Auditor's remuneration
15 month
Year ended 31 December
period ended 31 December
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,250
8,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
15 month
Year ended 31 December
period ended 31 December
2023
2022
Number
Number
Management and administration
1
14
Production
17
30
Total
18
44
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Employees
(Continued)
- 18 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
583,274
1,273,377
Social security costs
8,772
122,630
Pension costs
25,272
592,046
1,421,279
7
Director's remuneration
15 month
Year ended 31 December
period ended 31 December
2023
2022
£
£
Remuneration for qualifying services
46,362
64,004
Company pension contributions to defined contribution schemes
-
1,604
46,362
65,608
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2022 - 1).
8
Interest payable and similar expenses
15 month
Year ended 31 December
period ended 31 December
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
147,692
135,412
Other finance costs:
Interest on finance leases and hire purchase contracts
36,998
40,494
184,690
175,906
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
9
Other gains and losses
15 month
Year ended 31 December
period ended 31 December
2023
2022
£
£
Write off of amounts due from fellow group undertakings
-
(1,350,787)
Write off of amounts due from fellow group undertakings relate to the release of an intercompany loan amount receivable from related parties of the Company, as part of wider group restructuring.
10
Taxation
15 month
Year ended 31 December
period ended 31 December
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(150,048)
Of the charge to current tax in relation to discontinued operations, £nil relates to tax on profits and £nil arose on disposal.
The actual charge/(credit) for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit/(loss) before taxation
110,500
(3,546,390)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
25,968
(673,814)
Tax effect of expenses that are not deductible in determining taxable profit
95,896
335,295
Gains not taxable
(252,676)
Change in unrecognised deferred tax assets
(325,726)
191,487
Group relief
232,295
189,155
Depreciation on assets not qualifying for tax allowances
1,209
4,043
Deferred tax adjustments in respect of prior years
(150,048)
Effect of super deduction enhanced allowances
(209)
Effect of change in tax rates applied to deferred tax
19,544
(45,957)
Effect of losses transferred
203,490
Taxation charge/(credit) for the year
-
(150,048)
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 20 -
An increase in the rate of corporation tax from 19% to 25% became effective from 1 April 2023. The expected impact of this change will be an increase to the Company's tax charges for any profits taxed at the main rate.
The company has tax adjusted losses carried forward of £nil (2022: £876,970) and temporary timing differences of £23,797 (2022: £237,025), for which a deferred tax asset of £5,949 (2022: £278,499) has not been recognised, as the timing of future taxable profits arising within the company against which to utilise these losses and timing differences, is uncertain. The value of the unrecognised deferred tax assets disclosed is calculated at 25%, being the rate of tax expected to apply to the company's taxable profits, at the point at which the losses are utilised.
The tax losses do not have an expiry date.
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
15 month
Year ended 31 December
period ended 31 December
2023
2022
Notes
£
£
In respect of:
Amounts due from group undertakings
17
-
403,840
Recognised in:
Administrative expenses
-
403,840
Impairment losses have been recognised against amounts due from group undertakings due to the net liabilities positions of the group entities to which they relate.
Reversals of previous impairment losses have been recognised in profit or loss as follows:
2023
2022
Notes
£
£
In respect of:
Amounts due from group undertakings
17
403,840
Recognised in:
Administrative expenses
403,840
-
Impairment losses have been reversed against amounts due from group undertakings due to the net asset positions of the group entities to which they relate.
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
12
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023 and 31 December 2023
130,253
Amortisation and impairment
At 1 January 2023 and 31 December 2023
130,253
Carrying amount
At 31 December 2023
At 31 December 2022
13
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
227,945
813,629
13,364
53,858
1,108,796
Disposals
(227,945)
(781,028)
(13,364)
(53,858)
(1,076,195)
At 31 December 2023
32,601
32,601
Depreciation and impairment
At 1 January 2023
173,000
479,189
8,930
27,996
689,115
Depreciation charged in the year
3,444
34,309
13
2,939
40,705
Eliminated in respect of disposals
(176,444)
(504,695)
(8,943)
(30,935)
(721,017)
At 31 December 2023
8,803
8,803
Carrying amount
At 31 December 2023
23,798
23,798
At 31 December 2022
54,945
334,440
4,434
25,862
419,681
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
23,798
26,650
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
14
Stocks
2023
2022
£
£
Finished goods and goods for resale
1,900,619
15
Biological assets
Biological assets relate to one class of livestock - pullets. The assets are accounted for under the cost model and are not depreciated.
2023
£
Opening balance
1,897,029
Increases resulting from purchases
5,772,797
Decreases attributable to sales
(6,470,083)
Transfer on sale of business
(1,199,743)
Closing balance
-
16
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Measured at amortised cost
723,516
1,400,834
Carrying amount of financial liabilities
Measured at amortised cost
5,219,942
7,812,863
Financial assets measured at amortised cost comprise trade and other debtors and amounts due from group undertakings.
Financial liabilities measured at amortised cost comprise trade creditors, accruals, other creditors, amounts owed to group undertakings, bank loans and hire purchase obligations.
17
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
144,068
1,400,834
Corporation tax recoverable
30,146
30,146
Amounts owed by group undertakings
559,035
Other debtors
20,413
80,569
Prepayments and accrued income
59,435
269,533
813,097
1,781,082
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Debtors
(Continued)
- 23 -
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
During the year, an impairment of £nil (2022: £403,840) has been recognised in respect of amounts owed by group undertakings.
18
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
1,759,374
Obligations under finance leases
21
212,081
201,869
Trade creditors
112,884
3,156,192
Amounts owed to group undertakings
4,799,046
2,028,465
Taxation and social security
39,940
22,010
Other creditors
11,193
Accruals and deferred income
53,792
733,315
5,217,743
7,912,418
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
19
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
20
451,745
Obligations under finance leases
21
42,139
254,220
42,139
705,965
20
Loans and overdrafts
2023
2022
£
£
Bank loans
506,240
Bank overdrafts
1,704,879
2,211,119
Payable within one year
1,759,374
Payable after one year
451,745
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Loans and overdrafts
(Continued)
- 24 -
National Westminster Bank PLC held a fixed and floating charge over all the property or undertaking of the company dated 4 February 2020. The charge contained a negative pledge and was satisfied on 16 August 2023.
The secured bank loan, with a balance of £nil (2022: £506,240), carried an interest rate of 1.62% over base rate and was repayable over a 120 month period from when it was drawn in April 2020. This loan was fully repaid in August 2023.
21
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
212,081
201,869
In two to five years
42,139
254,220
254,220
456,089
Obligations under finance leases are secured against the assets to which they relate.
22
Retirement benefit schemes
15 month
Year ended 31 December
period ended 31 December
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
25,272
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. No contribution were outstanding as payable to the scheme at either reporting date.
23
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
25
25
25
25
Ordinary B shares of £1 each
20
20
20
20
Ordinary C shares of £1 each
15
15
15
15
Ordinary D shares of £1 each
10
10
10
10
Ordinary E shares of £1 each
10
10
10
10
Ordinary F shares of £1 each
10
10
10
10
Ordinary G shares of £1 each
5
5
5
5
Ordinary H shares of £1 each
5
5
5
5
100
100
100
100
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Share capital
(Continued)
- 25 -
All share classes rank pari passu in respect of voting, dividend and distribution (including on a winding up) rights.
24
Business disposals
On 17 August 2023 the company hived up it's trade and assets relating to the raising of poultry to it's parent, Warrendale Group Limited.
£
Property, plant and equipment
268,981
Biological assets
1,199,743
Trade and other payables
(1,372,751)
95,973
Gain on dispopsal
671,379
Total consideration
767,352
Satisfied by:
£
Cash
767,352
25
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
415,446
Between two and five years
419,942
835,388
26
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
26
Related party transactions
(Continued)
- 26 -
Sales
Management fee income
15 month
15 month
Year ended 31 December
period ended 31 December
Year ended 31 December
period ended 31 December
2023
2022
2023
2022
£
£
£
£
Entities with control over the Company
1,354,721
189,696
Fellow subsidiaries
1,319,857
9,367
2,100
5,250
Other related parties
10,298
-
-
1,319,857
1,374,386
2,100
194,946
Expense
2023
2022
£
£
Cost of sales and other expenses from parent company
538,778
1,004,649
Cost of sales and other expenses from fellow subsidiary
1,100,135
4,605
Management services charged from other related parties
82,691
79,298
1,721,604
1,088,552
2023
2022
Amounts due to related parties
£
£
Entities with control over the Company
2,556,644
2,353,248
Fellow subsidiaries
2,242,402
89,199
Other related parties
-
12,595
4,799,046
2,455,042
Amounts due to entities with control over the Company, consist of intercompany loans of £2,556,644 (2022: £1,940,419), which are unsecured, carry no interest and are repayable on demand. Also included are trade creditor balances of £nil (2022: £412,829), which are unsecured, bear no interest and are due within the the supplier's standard credit terms.
Amounts due to fellow subsidiaries and other related parties, consist of intercompany loans of £2,242,402 (2022: £99,046), which are unsecured, carry no interest and are repayable on demand. Also included are trade creditor balances of £nil (2022: £2,748), which are unsecured, bear no interest and are due within the the supplier's standard credit terms.
WARRENDALE PULLETS 2023 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
26
Related party transactions
(Continued)
- 27 -
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control over the Company
-
235,846
Fellow subsidiaries
559,035
-
559,035
235,846
Amounts due from entities with control over the Company, consist of intercompany loans of £nil (2022: £nil), which are unsecured, carry no interest and are repayable on demand. Also included are trade debtor balances of £nil (2022: £235,846), which are unsecured, bear no interest and are due within the the Company's standard credit terms.
Amounts due from fellow subsidiaries, consist of intercompany loans of £559,035 (2022: £nil), which are unsecured, carry no interest and are repayable on demand.
Impairments of £nil (2022: £403,840) have been recognised in respect of amounts owed by group undertakings.
Amounts written off in respect of amounts owed by group undertakings of £nil (2022: £1,350,787) have been recognised in the statement of comprehensive income.
27
Ultimate controlling party
At the reporting date, the immediate parent company is WF Legacy Holdings Limited, a company incorporated in the United Kingdom.
The ultimate parent undertaking and the smallest and largest group to consolidate these financial statements is Warrendale Group Limited (formerly Warrendale Farms Limited), a company incorporated in England and Wales.
Copies of the Warrendale Group Limited consolidated financial statements can be obtained from its registered office address at High Warrendale Farm, Warter, York YO42 1XG.
Warrendale Group Limited is owned by a number of shareholders and individually no shareholder can exert control, however James Bloom and Rachel Bloom are considered to be the ultimate controlling party by virtue of their combined shareholding of greater than 51% of the ordinary voting share capital.
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