Warrendale Eggs 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.
The Company shortened its comparative accounting reference date from 31 October 2023 to 31 December 2022, reporting a 3 month 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.
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 £.
During the year, the Company acquired the trade and assets of another business within the group, at which point the assets and liabilities of the acquired business were recognised at book value. Consideration transferred was equal to the book value of the assets and liabilities assumed.
As with any company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that this support will continue and are aware that if multiple of the groups business risks crystallise simultaneously and the Group is unable to secure the necessary refinancing or additional funding, this would cast significant doubt on the Group’s ability to continue as a going concern, potentially leading to an inability to provide the required support to the Company.
The Directors acknowledge the existence of a material uncertainty regarding the Company’s ability to continue as a going concern but have a reasonable expectation that the Company has access to sufficient resources to continue its operations for the foreseeable future.
Therefore, the financial statements have been prepared on a going concern basis.
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.
Biological Assets
Biological assets are comprised of live poultry categorised as non-current assets held for egg production.
Biological assets are recognised in the financial statements at cost less accumulated depreciation (where relevant) less accumulated impairment losses. Poultry are depreciated over their estimated laying life of 57 weeks.
Basic financial assets, which include trade 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.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank overdrafts and loans from fellow group companies, 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.
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.
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
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 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.
The average monthly number of persons (including directors) employed by the company during the year was:
On 30 November 2023, Warrendale Eggs Limited acquired the trade and assets of it's parent company that ceased trading. Assets were transferred at book value.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
On 30 November 2023 the company acquired the business of Warrendale Poultry Limited, the assets and liabilities of the acquired business were recognised at book value.
Consideration transferred was equal to the book value of the net assets acquired. The consideration was settled by way of an intercompany loan.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was qualified and the auditor reported as follows:
Qualified opinion
Basis for qualified opinion