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Ordinary A 1.00000 Ordinary B 1.00000 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REGISTERED NUMBER: 04269401 (England and Wales)






















Strategic Report,

Report of the Directors and

Financial Statements

for the Period

1 June 2023 to 31 July 2024

for

Strawson Limited

Strawson Limited (Registered number: 04269401)






Contents of the Financial Statements
for the Period 1 June 2023 to 31 July 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Strawson Limited

Company Information
for the Period 1 June 2023 to 31 July 2024







DIRECTORS: R M Strawson
Mrs J Strawson
Miss A J Strawson
H C Strawson
A J Ferguson
Mrs L Brownlie





SECRETARY: R M Strawson





REGISTERED OFFICE: Featherstone House Farm
Bilsthorpe
Newark
Nottinghamshire
NG22 8RD





REGISTERED NUMBER: 04269401 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Chancery Court
34 West Street
Retford
Nottinghamshire
DN22 6ES

Strawson Limited (Registered number: 04269401)

Strategic Report
for the Period 1 June 2023 to 31 July 2024

The directors present their strategic report for the period 1 June 2023 to 31 July 2024.

REVIEW OF BUSINESS
During the year, Strawson Limited was acquired by Strawson Group Limited in a share for share exchange. The consolidated accounts of that group will be prepared for the first year to 31 July 2025. As part of that restructure, the year end was changed from 31 May to 31 July to better mirror the seasonality of the trading.

The turnover of the business rose to £29,524k due to an increase in its contracting activity, particularly due to difficult operating conditions as a result of a prolonged wet season 2023/2024. The profit before tax reported for the period to 31 July 2024 was £1,064k.

Strawson Limited has committed to undertaking a digitalisation programme and embracing the capabilities of AI throughout the business for its longer-term success and management of cost. Over the last few years, the company has sought to identify means by which to develop bespoke technological infrastructure, and to establish how to integrate other technologies from which to leverage AI capability. The ongoing plan, to develop an automated, AI enabled end to end operational and data management process. To demonstrate that commitment, the company has invested £500k to date into an ongoing project to achieve those longer term aims, and that is reflected in the profit and loss account.

The balance sheet continues to strengthen with net assets of £11.1m due to the company's profitability, which is underpinned by a focus on cost reduction and automation. Investment in robotic equipment to create efficiencies in operations, and other machinery which is embedded with data reporting technology, will continue to be a priority.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors of the Company regularly meet to review the key risks and uncertainties that are faced by the Company or potentially will be faced by the Company in the future. The necessary steps are taken to mitigate these risks and uncertainties and an appropriate action plan agreed.

FINANCIAL PERFORMANCE INDICATORS
The Company's primary targets are operational efficiency and profitability. Specific KPI's are regularly monitored and those relevant are highlighted in the trading results.

RESEARCH AND DEVELOPMENT
Strawson has identified a need for digitalisation transformation throughout its operations and administrative functions to drive effective decision making, and to support future automation and integration of solutions. This is forming the basis of its research and development activity which is seeking to identify means by which to establish technological infrastructure that responds to the needs of a business where data requirements are increasing exponentially.

ON BEHALF OF THE BOARD:





Mrs L Brownlie - Director


18 March 2025

Strawson Limited (Registered number: 04269401)

Report of the Directors
for the Period 1 June 2023 to 31 July 2024

The directors present their report with the financial statements of the company for the period 1 June 2023 to 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of cereal and vegetable production.

DIVIDENDS
An interim dividend of £40 per share on the Ordinary B £1 shares was paid on 6 April 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary A £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the period ended 31 July 2024 will be £ 30,000 .

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

R M Strawson
Mrs J Strawson
Miss A J Strawson
H C Strawson

Other changes in directors holding office are as follows:

A J Ferguson - appointed 16 May 2024
Mrs L Brownlie - appointed 16 May 2024

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

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

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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

Strawson Limited (Registered number: 04269401)

Report of the Directors
for the Period 1 June 2023 to 31 July 2024


AUDITORS
The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:




Mrs L Brownlie - Director


18 March 2025

Report of the Independent Auditors to the Members of
Strawson Limited

Opinion
We have audited the financial statements of Strawson Limited (the 'company') for the period ended 31 July 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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

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

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

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

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 Report of the Directors.

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

Report of the Independent Auditors to the Members of
Strawson Limited


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

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our work is performed to include an assessment of the susceptibility of the entity's financial statements to material
misstatement, including the risk of fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).
In identifying and assessing risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We plan our work to gain an understanding of the significant laws and regulations that are of significance to the entity and the sector in which they operate. We perform our work to ensure that the entity is complying with its legal and regulatory framework.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by
making inquiries to the management and people charged with governance.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:
- Substantive procedures performed in accordance with the ISAs (UK).
- Challenging assumptions and judgments made by management in its significant accounting estimates.
- Identifying and testing journal entries, in particular material journal entries and an assessment of year end journals.
- Assessing the extent of compliance with the relevant laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Neil Roberts BA FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Chancery Court
34 West Street
Retford
Nottinghamshire
DN22 6ES

18 March 2025

Strawson Limited (Registered number: 04269401)

Income Statement
for the Period 1 June 2023 to 31 July 2024

Period
1.6.23
to Year Ended
31.7.24 31.5.23
Notes £    £   

TURNOVER 3 29,542,156 24,825,481

Cost of sales 23,772,930 20,724,457
GROSS PROFIT 5,769,226 4,101,024

Administrative expenses 6,964,075 5,960,440
(1,194,849 ) (1,859,416 )

Other operating income 2,529,884 3,547,249
OPERATING PROFIT 5 1,335,035 1,687,833

Interest receivable and similar income 222,364 162,040
1,557,399 1,849,873

Interest payable and similar expenses 6 493,442 280,026
PROFIT BEFORE TAXATION 1,063,957 1,569,847

Tax on profit 7 186,659 320,167
PROFIT FOR THE FINANCIAL PERIOD 877,298 1,249,680

Strawson Limited (Registered number: 04269401)

Other Comprehensive Income
for the Period 1 June 2023 to 31 July 2024

Period
1.6.23
to Year Ended
31.7.24 31.5.23
Notes £    £   

PROFIT FOR THE PERIOD 877,298 1,249,680


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

877,298

1,249,680

Strawson Limited (Registered number: 04269401)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 12,124,059 8,370,328
Investments 10 110 110
12,124,169 8,370,438

CURRENT ASSETS
Stocks 11 1,238,560 936,516
Debtors 12 13,180,656 15,526,889
Cash at bank and in hand 966 2,043
14,420,182 16,465,448
CREDITORS
Amounts falling due within one year 13 13,543,606 12,257,499
NET CURRENT ASSETS 876,576 4,207,949
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,000,745

12,578,387

CREDITORS
Amounts falling due after more than one
year

14

(1,451,924

)

(2,063,523

)

PROVISIONS FOR LIABILITIES 18 (446,420 ) (259,761 )
NET ASSETS 11,102,401 10,255,103

CAPITAL AND RESERVES
Called up share capital 19 5,000 5,000
Share premium 1,361,756 1,361,756
Retained earnings 9,735,645 8,888,347
SHAREHOLDERS' FUNDS 11,102,401 10,255,103

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2025 and were signed on its behalf by:





Mrs L Brownlie - Director


Strawson Limited (Registered number: 04269401)

Statement of Changes in Equity
for the Period 1 June 2023 to 31 July 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 June 2022 5,000 7,818,667 1,361,756 9,185,423

Changes in equity
Dividends - (180,000 ) - (180,000 )
Total comprehensive income - 1,249,680 - 1,249,680
Balance at 31 May 2023 5,000 8,888,347 1,361,756 10,255,103

Changes in equity
Dividends - (30,000 ) - (30,000 )
Total comprehensive income - 877,298 - 877,298
Balance at 31 July 2024 5,000 9,735,645 1,361,756 11,102,401

Strawson Limited (Registered number: 04269401)

Cash Flow Statement
for the Period 1 June 2023 to 31 July 2024

Period
1.6.23
to Year Ended
31.7.24 31.5.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,478,578 (2,126,776 )
Interest paid (483,642 ) (261,850 )
Interest element of hire purchase payments
paid

(9,800

)

(18,176

)
Tax paid - (6,466 )
Net cash from operating activities 4,985,136 (2,413,268 )

Cash flows from investing activities
Purchase of tangible fixed assets (5,404,831 ) (559,256 )
Sale of tangible fixed assets 77,001 81,507
Interest received 222,364 162,040
Net cash from investing activities (5,105,466 ) (315,709 )

Cash flows from financing activities
New loans in year 1,867,000 3,528,200
Loan repayments in year (1,067,178 ) (400,390 )
Capital repayments in year (164,157 ) (179,940 )
Amount introduced by directors 32,720 19,158
Amount withdrawn by directors (29,839 ) (2,720 )
Equity dividends paid (30,000 ) (180,000 )
Net cash from financing activities 608,546 2,784,308

Increase in cash and cash equivalents 488,216 55,331
Cash and cash equivalents at beginning
of period

2

(2,739,712

)

(2,795,043

)

Cash and cash equivalents at end of
period

2

(2,251,496

)

(2,739,712

)

Strawson Limited (Registered number: 04269401)

Notes to the Cash Flow Statement
for the Period 1 June 2023 to 31 July 2024

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

Period
1.6.23
to Year Ended
31.7.24 31.5.23
£    £   
Profit before taxation 1,063,957 1,569,847
Depreciation charges 1,580,925 1,298,352
Profit on disposal of fixed assets (6,825 ) (13,241 )
Finance costs 493,442 280,026
Finance income (222,364 ) (162,040 )
2,909,135 2,972,944
(Increase)/decrease in stocks (302,044 ) 239,903
Decrease/(increase) in trade and other debtors 2,353,503 (5,430,063 )
Increase in trade and other creditors 517,984 90,440
Cash generated from operations 5,478,578 (2,126,776 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 July 2024
31.7.24 1.6.23
£    £   
Cash and cash equivalents 966 2,043
Bank overdrafts (2,252,462 ) (2,741,755 )
(2,251,496 ) (2,739,712 )
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 2,043 4,759
Bank overdrafts (2,741,755 ) (2,799,802 )
(2,739,712 ) (2,795,043 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.6.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 2,043 (1,077 ) 966
Bank overdrafts (2,741,755 ) 489,293 (2,252,462 )
(2,739,712 ) 488,216 (2,251,496 )
Debt
Finance leases (721,031 ) 164,157 (556,874 )
Debts falling due within 1 year (4,449,685 ) (1,221,260 ) (5,670,945 )
Debts falling due after 1 year (1,553,530 ) 421,437 (1,132,093 )
(6,724,246 ) (635,666 ) (7,359,912 )
Total (9,463,958 ) (147,450 ) (9,611,408 )

Strawson Limited (Registered number: 04269401)

Notes to the Financial Statements
for the Period 1 June 2023 to 31 July 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost and not provided
Long leasehold - 2% on cost
Plant and machinery - 25% on reducing balance, 20% on reducing balance and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance and 20% on reducing balance

Assets under construction are not depreciated until they become a functioning asset. Once they are a functioning asset they are moved to the relevant asset group and depreciated in line with the policy.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

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

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

Strawson Limited (Registered number: 04269401)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 July 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Other investments are measured at cost less impairment.

Investments in joint ventures are measured at cost less impairment.

Biological assets
Biological assets are living plants and animals controlled by the company from which it expects to derive
future economic benefit. Biological assets comprise livestock and crops in the ground at the year end. Growing crops are measured at the lower of cost and estimated selling price less costs to complete and sell. Livestock is measured at either replacement cost or deemed cost in line with HMRC guidance HS232.

3. TURNOVER

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

An analysis of turnover by class of business is given below:

Period
1.6.23
to Year Ended
31.7.24 31.5.23
£    £   
Arable sales 2,047,191 1,705,931
Contract income 27,461,437 23,086,843
Livestock sales 10,191 1,365
Basic payment scheme 23,337 31,342
29,542,156 24,825,481

An analysis of turnover by geographical market is given below:

Period
1.6.23
to Year Ended
31.7.24 31.5.23
£    £   
United Kingdom 29,542,156 24,825,481
29,542,156 24,825,481

Strawson Limited (Registered number: 04269401)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 July 2024

4. EMPLOYEES AND DIRECTORS
Period
1.6.23
to Year Ended
31.7.24 31.5.23
£    £   
Wages and salaries 6,532,315 4,545,990
Social security costs 641,296 487,865
Other pension costs 201,958 149,143
7,375,569 5,182,998

The average number of employees during the period was as follows:
Period
1.6.23
to Year Ended
31.7.24 31.5.23

Administration 7 7
Operations 108 134
115 141

Period
1.6.23
to Year Ended
31.7.24 31.5.23
£    £   
Directors' remuneration 235,735 182,750

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 2

Information regarding the highest paid director for the period ended 31 July 2024 is as follows:
Period
1.6.23
to
31.7.24
£   
Emoluments etc 118,417

5. OPERATING PROFIT

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

Period
1.6.23
to Year Ended
31.7.24 31.5.23
£    £   
Hire of plant and machinery 25,088 28,815
Depreciation - owned assets 1,399,072 1,134,626
Depreciation - assets on hire purchase contracts 181,852 163,726
Profit on disposal of fixed assets (6,825 ) (13,241 )
Auditors' remuneration 15,650 14,495
Auditors' remuneration for non audit work 11,468 9,433

Strawson Limited (Registered number: 04269401)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 July 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.6.23
to Year Ended
31.7.24 31.5.23
£    £   
Bank interest and charges 155,684 99,089
Loan interest 327,958 162,761
Hire purchase 9,800 18,176
493,442 280,026

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.6.23
to Year Ended
31.7.24 31.5.23
£    £   
Deferred tax:
Origination and reversal of timing differences 186,659 320,167
Tax on profit 186,659 320,167

UK corporation tax has been charged at 25% .

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

Period
1.6.23
to Year Ended
31.7.24 31.5.23
£    £   
Profit before tax 1,063,957 1,569,847
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

265,989

392,462

Effects of:
Expenses not deductible for tax purposes 2,613 11,041
Income not taxable for tax purposes (9,351 ) -
Capital allowances in excess of depreciation (178,911 ) (37,460 )
Utilisation of tax losses - (330,644 )
Profit on disposal of assets (1,706 ) (3,310 )
Tax losses not utilised 4,737 -
Deferred tax movement 186,659 320,167
Research and development enhanced deduction (83,371 ) (32,089 )
Total tax charge 186,659 320,167

Strawson Limited (Registered number: 04269401)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 July 2024

8. DIVIDENDS
Period
1.6.23
to Year Ended
31.7.24 31.5.23
£    £   
Ordinary A shares of £1 each
Interim - 180,000
Ordinary B shares of £1 each
Interim 30,000 -
30,000 180,000

9. TANGIBLE FIXED ASSETS
Land and Long Plant and
buildings leasehold machinery
£    £    £   
COST
At 1 June 2023 2,300,746 117,009 14,077,677
Additions 66,739 - 1,779,577
Disposals - - (393,223 )
At 31 July 2024 2,367,485 117,009 15,464,031
DEPRECIATION
At 1 June 2023 456,520 36,682 8,414,126
Charge for period 44,304 2,730 1,278,574
Eliminated on disposal - - (351,499 )
At 31 July 2024 500,824 39,412 9,341,201
NET BOOK VALUE
At 31 July 2024 1,866,661 77,597 6,122,830
At 31 May 2023 1,844,226 80,327 5,663,551

Fixtures Assets
and Motor under
fittings vehicles construction Totals
£    £    £    £   
COST
At 1 June 2023 267,369 1,128,025 - 17,890,826
Additions 93,458 262,307 3,202,750 5,404,831
Disposals - (57,714 ) - (450,937 )
At 31 July 2024 360,827 1,332,618 3,202,750 22,844,720
DEPRECIATION
At 1 June 2023 121,671 491,499 - 9,520,498
Charge for period 33,016 222,300 - 1,580,924
Eliminated on disposal - (29,262 ) - (380,761 )
At 31 July 2024 154,687 684,537 - 10,720,661
NET BOOK VALUE
At 31 July 2024 206,140 648,081 3,202,750 12,124,059
At 31 May 2023 145,698 636,526 - 8,370,328

Since the year end, the asset under construction has been completed and is fully operational.

Strawson Limited (Registered number: 04269401)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 July 2024

9. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 June 2023 869,440 332,540 1,201,980
Additions 85,000 - 85,000
Transfer to ownership (215,400 ) - (215,400 )
At 31 July 2024 739,040 332,540 1,071,580
DEPRECIATION
At 1 June 2023 219,943 133,439 353,382
Charge for period 136,723 45,129 181,852
Transfer to ownership (121,530 ) - (121,530 )
At 31 July 2024 235,136 178,568 413,704
NET BOOK VALUE
At 31 July 2024 503,904 153,972 657,876
At 31 May 2023 649,497 199,101 848,598

10. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 June 2023
and 31 July 2024 110
NET BOOK VALUE
At 31 July 2024 110
At 31 May 2023 110

11. STOCKS
2024 2023
£    £   
Growing crops 308,939 277,923
Crops in store 40,609 75,960
Consumable stocks 836,074 542,580
Livestock 52,938 40,053
1,238,560 936,516

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,022,909 959,853
Other debtors 9,265,517 9,082,801
Directors' current accounts 9,990 2,720
VAT 215,145 -
Prepayments and accrued income 2,667,095 5,481,515
13,180,656 15,526,889

Strawson Limited (Registered number: 04269401)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 July 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 2,623,407 3,108,240
Other loans (see note 15) 5,300,000 4,083,200
Hire purchase contracts (see note 16) 237,043 211,038
Trade creditors 4,108,459 2,987,571
Social security and other taxes 57,588 133,787
VAT - 313,289
Other creditors 90,869 357,545
Directors' current accounts 10,151 -
Accrued expenses 1,116,089 1,062,829
13,543,606 12,257,499

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 1,132,093 1,553,530
Hire purchase contracts (see note 16) 319,831 509,993
1,451,924 2,063,523

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,252,462 2,741,755
Bank loans 370,945 366,485
Other loans 5,300,000 4,083,200
7,923,407 7,191,440

Amounts falling due between one and two years:
Bank loans 370,945 366,485

Amounts falling due between two and five years:
Bank loans 761,148 1,099,455

Amounts falling due in more than five years:

Repayable by instalments
Bank loans - 87,590

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 237,043 211,038
Between one and five years 319,831 509,993
556,874 721,031

Strawson Limited (Registered number: 04269401)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 July 2024

16. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,159,211 1,523,272
Between one and five years 1,222,891 2,042,810
2,382,102 3,566,082

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 2,252,462 2,741,755
Bank loans 1,503,038 1,920,015
3,755,500 4,661,770

The bank overdraft and bank loan are secured by by an unlimited guarantee given by a related party company. There is also a charge over cottages and farm buildings at Lower Hexgreave.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 446,420 259,761

Deferred
tax
£   
Balance at 1 June 2023 259,761
Accelerated capital allowances 191,396
Tax losses not utilised (4,737 )
Balance at 31 July 2024 446,420

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,250 Ordinary A £1 4,250 4,250
750 Ordinary B £1 750 750
5,000 5,000

20. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £204,738 (2023: £151,072). No contributions were outstanding at the current or prior year end.

Strawson Limited (Registered number: 04269401)

Notes to the Financial Statements - continued
for the Period 1 June 2023 to 31 July 2024

21. RELATED PARTY DISCLOSURES

During the period, the company made sales of £12,589,349 (2023: £10,422,525) and purchases of £3,610,815 (2023: £3,705,227) to entities within the Strawson family. The company also received loans of £13,505,000 (2023: £8,380,000) and made loan repayments of £12,288,200 (2023: £4,990,000) during the period. As at 31 July 2024, entities within the Strawson family owed Strawson Limited £1,818,227 (2023: £2,989,165) and Strawson Limited owed £5,605,597 (2023: £3,900,131).

During the period, the company made sales and recharged costs of £34,498,848 (2023: £22,150,209) and purchases of £1,377,071 (2023: £4,156,445) to entities under common control. The company also provided loans to entities under common control of £35,975,000 (2023: £18,360,000) with £32,985,244 (2023: £15,099,458) being repaid during the period. As at 31 July 2024, entities under common control owed Strawson Limited £7,298,997 (2023: £6,714,402) and Strawson Limited owed £249,842 (2023: £920,515).

22. ULTIMATE CONTROLLING PARTY

The company is controlled by its Directors.