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Registered number: 00725104










OAKLANDS FARM EGGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
OAKLANDS FARM EGGS LIMITED
 
 
COMPANY INFORMATION


Directors
J A Griffiths 
E Griffiths 
G J Griffiths 
J Griffiths 




Company secretary
E Griffiths



Registered number
00725104



Registered office
Ellerdine Grange
Ellerdine

Telford

Shropshire

TF6 6QR




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Belmont House

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG





 
OAKLANDS FARM EGGS LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 6
Directors' report
 
7 - 10
Independent auditors' report
 
11 - 14
Statement of comprehensive income
 
15
Balance sheet
 
16 - 17
Statement of changes in equity
 
18
Statement of cash flows
 
19 - 20
Notes to the financial statements
 
21 - 41


 
OAKLANDS FARM EGGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Principal Activities
 
The principal activities of Oaklands Farm Eggs Limited ('the Company') during the year were the rearing of pullets, the rearing of free range multi tier point of lay pullets, the production of colony egg, the purchase of contracted barn, free range and organic eggs, the production of colony and cage free barn eggs and the grading, packing and marketing of eggs in shell and liquid forms. 

Business review
 
It is important to note there is no legal requirement for the move to cage free barn production. However, the Company believe to maintain a competitive advantage the business should offer a choice of all four legal production systems to be able to supply across all customer requirements.
We are confident that whilst we are well invested in the latest technology and automation, we will be well placed to face ongoing market challenges. The business has completed the cage free conversion project, and this will take the Company to one million cage free birds. Historically, the Company has led in colony conversion and the directors are confident the Company will be well placed and in a good position to do this again with cage free. Whilst the directors recognise the turnaround in profit, they are focussed on delivering long term sustainable returns for the next ten to fifteen years. 
We are very pleased to be supported by our valued contract producers who supply barn, free-range and organic to the business.  It’s great to work with likeminded family businesses who are hardworking and want to derisk their business, return a profit that is sustainable to allow them to invest and encourage future generations to takeover.
The Company continues to build on its environmental credentials in terms of energy production through the use of solar power and biomass boilers, rainwater recycling, and other green energies. Its sister company has invested in a 5MW manure burner which is delivering a return, although we are experiencing some unscheduled downtime as we refine and develop this new technology.
Post year end trading performance is strong and the business has strategically moved its supply across a number of sectors (discounters, retailers, wholesalers and foodservice).  This change in direction has seen an improvement in egg prices which is providing sustainability going forward.  We continue to work with our customers to ensure we are collaboratively aligned for long term partnerships.

Page 1

 
OAKLANDS FARM EGGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 
The risks facing the Company are constantly monitored. The directors are of the opinion that the principal risks facing the Company relate to factors such as:
Ongoing market pressure on supply & demand and sustainable cost of production
The uncertainty in various parts of the world has led to the markets adapting to increasing feed costs in wheat and soya.  The move by many retailers, wholesalers and discounters to go cage free by the end of 2025 is driving producer prices up as packers compete to secure egg supply.  On the back of this we are seeing the UK flock base grow especially in free-range as mothballed sites, expansion and new production are enabling this.  The directors monitor this risk and mitigate this through withdrawing from markets which are in the opinion of the directors not considered to be sustainable.
Global avian influenza
The continuance of migratory birds increases the risk to the Company of the avian influenza. This is mitigated through the Company producing cage free barns “in house” which reduces this risk greatly. The majority of free range egg producers are also geographically spaced out which also helps in reducing this risk. Post year-end, the Company has been impacted by avian inflienza, see post balance sheet event section for more information.
Feed, fuel and packaging price volatility
The ongoing prices for feed, fuel and packaging are difficult to forecast and therefore can have an impact on the profit of the Company. The Company is exploring options for covering feed internally where possible. All packaging is sourced from the EU as a result of no capability in the UK currently for this to be provided and this is giving us challenges with price and surety of supply.
 

Financial key performance indicators
 
The Company measures its financial performance and position by reference to key performance indicators. Some of the key performance indicators used by the business are set out below:
    2024
    £ 
Turnover   115,867,482  Turnover increased by 31.8% when compared with the previous          year which came as no surprise to the directors. This was driven          by a change in the customers supplied as we changed our                                              strategic focus, increased our invoice prices on all egg types and          converted sales from colony to barn. 
Operating Profit  13,733,782  Operating profit increased this year in line with expectations as we         re-aligned our supply with demand. The market also became very         tight in the second half of the year increasing pricing to           sustainable levels.        


Page 2

 
OAKLANDS FARM EGGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Non Financial key performance indicators
 
Quality and service 
The directors remain committed to the highest level of compliance with all legislation and especially Lion Quality to ensure food safety, independent approved and unannounced audits by BRC, Organic and the RSPCA. All areas of public liability as well as all aspects of the supply chain are covered by appropriate insurances. The directors continue to invest in transport to ensure all products are delivered with minimum environmental impact.
Land and buildings
Our land based farming business continues to be carried at cost in the accounts. Land values continue to hold at very high levels and it is the directors' opinion that the market value of these assets is some 3 to 5 times higher than the carrying value at cost.
Future developments
The directors are committed to, and will continue to lead on, cage free rear and laying activities as well as continuing to lead in robotics and automation. As well as this, the Company has invested in new processing equipment to provide added value to its shell egg production and give the market greater capacity and competition for British ingredients as demanded by the consumers. 
We continue to take a long term view to farming, the environment and food production in what the directors consider an aggressive short term market.
The Company has a robust rolling 5 year strategic plan that is designed to de risk this business through strong collaborative relationships with key customers, whilst aligning supply & demand to ensure we don’t carry excessive amounts of surplus egg. In doing this we have seen an improvement in egg prices which is providing a sustainable platform for the business. 
The directors will continue to support the Company to reach their ambitious plans to be the leading environmental and welfare based production egg business.
Financial Risk Management
The Company's operations expose it to a variety of financial risks that include credit risk, liquidity risk and interest rate cash flow risk. The Company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs.
Credit Risk
The Company monitors debtors regularly through review of aged debtor balances and ensuring that cash is collected within agreed terms.
Liquidity Risk
The Company actively maintains a mixture of medium term and short term debt finance that is designed to ensure that it has sufficient available funds for operations and any planned expansions. The Company has new banking facilities in place and is fully funded and supported by the bank in pursuing its strategic objectives.
 
Page 3

 
OAKLANDS FARM EGGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Interest rate cash flow risk
The Company has interest bearing liabilities in the form of bank and financing facilities. Interest cash flows are monitored on a regular basis and interest rates are agreed at fixed rates where possible to ensure the certainty of future cash flows.

Directors' statement of compliance with duty to promote the success of the Company
 
Section 172(1) Statement and Statements on engagement with employees, suppliers, customers and others
This Section acts as the Company’s Section 172(1) statement. In accordance with the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 (as amended by the Companies (Miscellaneous Reporting) Regulations 2018), this section also constitutes the Company’s statements on engagement with, and having due regard to the interest of our employees, suppliers, customers and other key stakeholders.
The directors consider, both individually and together, that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole in the decisions taken during the year ended 31 March 2024.
Decision-making at the Board
All matters which are reserved for decision by the directors are presented at Board meetings. Directors are briefed on any potential impacts and risks for our customers, employees and other stakeholders including our suppliers, the community and environment and how they are to be managed. The directors take these factors into account before making a final decision which together they believe is in the best interests of the Company.
Stakeholders
Our key stakeholders are our employees, who are the heart of our purposes and work in service of our customers. We are focused on responding to the needs of, and building long-term relationships with, our customers. Other key stakeholders are the producers and suppliers from whom we purchase goods and services, and the communities in which we operate.
By ensuring that a quality, informed supply base delivers, this enables our dedicated staff to deliver to our customers, who are key to the Company.
Long-term sustainability
We aim to make sufficient profits to sustain the Company’s commercial vitality. This is balanced against the needs of our customers, employees and other stakeholders and the community to ensure we are conducting all our business relationships with integrity. The long-term sustainability of the Company is at the forefront of decision-making. 
It is essential to the Company that our supply base has a sustainably supported cost base, coupled with being the most efficient environmentally friendly packer and distributor. It is at the heart of our policy making in these challenging markets of retail and food service to ensure the long-term sustainability of the Company.
 
Page 4

 
OAKLANDS FARM EGGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Employees
Our team members are fundamental to the delivery of our plan.  We aim to be a responsible employer in our approach to the pay and benefits our team members receive. The health, safety and well-being of our team members is one of our primary considerations in the way we do business. 
We continue to invest in robotics and technology to improve our staff workload and increasing output per employee. The Company has a focus on ensuring improved working conditions and training, through regular staff and management exchange of information via team briefs, which is fundamental to the Company’s goals and objectives.
New farm initiatives introduced by the Company mean every member of staff will get independently verified and industry recognised training with continuous improvements plans. Staff handbooks and news letters are issued and updated on the Company website which are key communication tools between the Company and our employees.
We are an open, equal opportunities employer where race, creed, colour and gender are all irrelevant. The Company prides itself on employing people as individuals based on their skills, abilities and outputs.
Customers and suppliers
Engagement with suppliers and customers is key to our success. We work closely with our supply chain and take the appropriate action, when necessary, to prevent involvement in modern slavery, corruption, bribery and breaches of competition law.
Supplier engagement is essential to understand the requirements and standards needed to meet our customer expectations. Every customer complaint is investigated, reported and trend analysed for continual improvement in the Company.
The directors ensure compliance with all legislation and specific customer specification to ensure all needs are met.
Financial stakeholders
The Company seeks to make its financial information available to its financial stakeholders, including our relationship bank, as part of information provided about and by the Company. Regular detailed and appropriate information is shared monthly with relevant parties to ensure timely and affective decisions can be made.
Community and environment
As the Board of directors, our intention is to behave responsibly and ensure that the management operate the business in a responsible manner, operating within the high standards of business conduct and good governance expected for a business such as ours. The intention is to nurture our reputation, through the delivery of our objectives that reflects our responsible behaviour.
As farmers first and foremost, the environment and welfare of our livestock are the basis of our business. With efficient use of finite resources, air, water and feed are at the heart of the Company’s policy for a truly sustainable future.
 
Page 5

 
OAKLANDS FARM EGGS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Business conduct
Our core family values are the basis of the Company’s business relationships to conduct them with integrity and courtesy to scrupulously honour every business agreement.


This report was approved by the board and signed on its behalf.



E Griffiths
Director

Date: 26 March 2025

Page 6

 
OAKLANDS FARM EGGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and 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 for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £10,416,374 (2023 - £2,576,286).

Dividends for the year amounted to £Nil (2023 - £120,000).

Directors

The directors who served during the year were:

J A Griffiths 
E Griffiths 
G J Griffiths 
J Griffiths 

Matters covered in the Strategic report

Please refer to the Strategic report for details of financial risk management and future developments.

Page 7

 
OAKLANDS FARM EGGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Greenhouse gas emissions, energy consumption and energy efficiency action

The below data represents our United Kingdom carbon footprint across Scope 1 and 2 emissions. It also includes an appropriate intensity metric, our total electricity, gas and transport fuel energy use, and a summary of the energy efficiency actions taken in the relevant financial year.
UK Greenhouse gas emissions and energy use data for the period 1 April 2023 to 31 March 2024:
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Page 8

 
OAKLANDS FARM EGGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Energy Efficiency Actions
Due to business restructuring the efficiency of conversion has declined. Over the past couple of years the laying houses have changed their system of production from colony to barn (cage free). 
Due to this conversation less, eggs have been produced but the new system has higher energy usage therefore resulting in energy inefficiency. The barn systems are less efficient than the colony, using more power and energy per unit of egg output. 
The site is still being converted and so we will need to set a new base year to measure ourselves against due to having a new system of production which is so different to our previous one. It must be noted that this investment in perceived higher animal welfare has resulted in far more energy being needed to produce a unit of output (eggs).
Our sister company based on the main production site will be generating green energy via manure burning and this electricity will benefit us over the next 18 years.
We continue to endeavour to educate our customers and the public on the advantages of plastic recycled egg packs to replace high energy usage fibre egg packs. To help efficiencies we work with our customers to consolidate loads and the use of back haul options to all help efficiencies.
 

Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2023 UK Government's Conversion Factors for Company Reporting. We have used data collected specifically for the purpose of SECR reporting.

Page 9

 
OAKLANDS FARM EGGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

In January 2025 it was confirmed several birds tested positive for avian influenza and restrictions were placed on site by government bodies. Subsequently, a large number of birds were culled and supply of barn eggs had to be substituted with colony egg.
The government paid compensation at the birds stock valuation for all birds culled. The estimated financial effect on the Company is currently unknown at this stage. Profitability will be impacted, however the impact of this will be minimised with cost savings on inputs. 
With the strong trading situation currently in place as a consequence of global avian influenza, the Company is well placed to trade for a profitable future.

Auditors

The auditorsWR Partnerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





E Griffiths
Director

Date: 26 March 2025

Page 10

 
OAKLANDS FARM EGGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKLANDS FARM EGGS LIMITED
 

Opinion


We have audited the financial statements of Oaklands Farm Eggs Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 March 2024 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.


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 United Kingdom, including the Financial Reporting Council'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.


Page 11

 
OAKLANDS FARM EGGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKLANDS FARM EGGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 Directors' 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 7, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the 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.


Page 12

 
OAKLANDS FARM EGGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKLANDS FARM EGGS LIMITED (CONTINUED)


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


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

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, Health and Safety Regulations, Food Hygiene and Quality Standards and the EU General Data Protection Regulation (GDPR). 
We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We also reviewed board minutes to identify any recorded instances of irregularity or non compliance that might have a material impact on the financial statements. 
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to understand where they considered there was susceptibility to fraud. Based on our understanding our procedures involved enquiries of management and those charged with governance, manual journal entry testing, cashbook reviews for large and unusual items and the challenge of significant accounting estimates used in preparing the financial statements.


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


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 Auditors' report.


Page 13

 
OAKLANDS FARM EGGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OAKLANDS FARM EGGS LIMITED (CONTINUED)


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 2006Our 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 Auditors' 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.





John Fletcher BA (Hons) FCA (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Belmont House
Shrewsbury Business Park
Shrewsbury
Shropshire
SY2 6LG

 
Date: 
28 March 2025
Page 14

 
OAKLANDS FARM EGGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
115,867,482
87,891,516

Cost of sales
  
(87,982,824)
(72,557,752)

Gross profit
  
27,884,658
15,333,764

Distribution costs
  
(4,052,048)
(3,571,807)

Administrative expenses
  
(10,098,828)
(7,326,161)

Operating profit
 5 
13,733,782
4,435,796

Interest payable and similar expenses
 9 
(2,123,577)
(1,663,181)

Profit before tax
  
11,610,205
2,772,615

Tax on profit
 10 
(1,193,831)
(196,329)

Profit for the financial year
  
10,416,374
2,576,286

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 21 to 41 form part of these financial statements.

Page 15

 
OAKLANDS FARM EGGS LIMITED
REGISTERED NUMBER: 00725104

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
-
1

Tangible assets
 13 
32,373,231
35,349,958

Investments
 14 
42,005
42,005

  
32,415,236
35,391,964

Current assets
  

Stocks
 15 
10,084,762
7,304,552

Debtors: amounts falling due within one year
 16 
15,821,133
11,699,881

Cash at bank and in hand
 17 
5,520,402
1,015,453

  
31,426,297
20,019,886

Creditors: amounts falling due within one year
 18 
(19,512,797)
(17,838,049)

Net current assets
  
 
 
11,913,500
 
 
2,181,837

Total assets less current liabilities
  
44,328,736
37,573,801

Creditors: amounts falling due after more than one year
 19 
(16,821,145)
(20,341,366)

Provisions for liabilities
  

Deferred tax
 22 
(5,725,612)
(5,866,830)

  
 
 
(5,725,612)
 
 
(5,866,830)

Net assets
  
21,781,979
11,365,605

Page 16

 
OAKLANDS FARM EGGS LIMITED
REGISTERED NUMBER: 00725104
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 23 
20,150
20,150

Profit and loss account
 24 
21,761,829
11,345,455

  
21,781,979
11,365,605


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




E Griffiths
Director

Date: 26 March 2025

The notes on pages 21 to 41 form part of these financial statements.

Page 17

 
OAKLANDS FARM EGGS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2021
20,150
8,889,169
8,909,319


Comprehensive income for the year

Profit for the year
-
2,576,286
2,576,286
Total comprehensive income for the year
-
2,576,286
2,576,286


Contributions by and distributions to owners

Dividends: Equity capital
-
(120,000)
(120,000)


At 1 April 2023
20,150
11,345,455
11,365,605


Comprehensive income for the year

Profit for the year
-
10,416,374
10,416,374
Total comprehensive income for the year
-
10,416,374
10,416,374


Total transactions with owners
-
-
-


At 31 March 2024
20,150
21,761,829
21,781,979


The notes on pages 21 to 41 form part of these financial statements.

Page 18

 
OAKLANDS FARM EGGS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
10,416,374
2,576,286

Adjustments for:

Amortisation of intangible assets
1
-

Depreciation of tangible assets
3,158,644
3,117,830

Loss on disposal of tangible assets
223,751
193,786

Interest paid
2,123,577
1,663,181

Taxation charge
1,193,831
196,329

(Increase) in stocks
(2,780,210)
(1,768,455)

(Increase) in debtors
(4,572,380)
(1,603,636)

Increase in creditors
4,678,146
849,965

Corporation tax received
-
1,108,966

Net cash generated from operating activities

14,441,734
6,334,252


Cash flows from investing activities

Purchase of tangible fixed assets
(3,081,778)
(8,649,592)

Sale of tangible fixed assets
2,676,110
4,000

HP interest paid
(193,414)
(240,260)

Net cash from investing activities

(599,082)
(8,885,852)
Page 19

 
OAKLANDS FARM EGGS LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of loans
(4,341,875)
(269,999)

Repayment of other loans
(2,525,802)
7,746,632

Repayment of/new finance leases
(1,206,153)
(1,369,505)

Dividends paid
-
(120,000)

Interest paid
(1,930,163)
(1,422,921)

Net cash used in financing activities
(10,003,993)
4,564,207

Net increase in cash and cash equivalents
3,838,659
2,012,607

Cash and cash equivalents at beginning of year
(338,885)
(2,351,492)

Cash and cash equivalents at the end of year
3,499,774
(338,885)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,520,402
1,015,453

Bank overdrafts
(2,020,628)
(1,354,338)

3,499,774
(338,885)


The notes on pages 21 to 41 form part of these financial statements.

Page 20

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Oaklands Farm Eggs Limited is a private company, limited by shares, incorporated in England and Wales and domiciled in the United Kingdom. The registered office is disclosed on the Company Information page. The principal activity of the business is the sale of eggs and other poultry products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company's forecasts and projections, taking account of reasonably possible changes in trading performance, show that the Company should be able to operate within the level of its current facilities.
The Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. 

Page 21

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the profit and loss account over its useful economic life of 5 years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 22

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Various from 1.67% to 10%
Plant & Machinery
-
Various from 1.07% to 33.33%
Motor Vehicles
-
14.28%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.7

Stocks

The Company has several different types of stocks that it holds and therefore the valuation policies differ for each.
Pullet rearing birds are valued based on the purchase price of a chick and costs of rearing them to laying hen stage (between 15 and 21 weeks) to include labour, feed, vaccinations and other attributable overheads. A value is assigned to the birds based on their age in weeks.
Laying hen stocks are birds that are starting to lay eggs. Initially their cost is determined by the pullet rearing policy, as noted above. Once the hens become layers, an incremental decrease in value is given for each week of life to reach the net realisable value of £NIL when the hens are 75 weeks old.
Egg stocks are stated at selling price less a 25% reduction to arrive at the cost price. The 25% relates to the costs incurred by the Company to get the product ready for sale therefore including labour and attributable overheads.
Feed, fuel and packaging stocks are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.

Page 23

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Page 24

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 25

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.13

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.14

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 26

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.16

Operating leases: the Company as lessee

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

 
2.17

Pensions

Defined contribution pension plan

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.

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 27

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, be definition, seldom equal the related actual results. In the opinion of the directors the estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below: 
Stock valuation of birds
Pullet rearing birds are valued based on the purchase price of a chick and costs of rearing them to laying hen stage (between 15 and 21 weeks) to include labour, feed, vaccinations and other attributable overheads. A value is assigned to the birds based on their age in weeks. The carrying value of pullet rearing birds in these financial statements is £770,692 (2023: £551,320).
Laying hen stocks are birds that are starting to lay eggs. Initially their cost is determined by the pullet rearing policy, as noted above. Once the hens become layers, an incremental decrease in value is given for each week of life to reach the net realisable value of £nil when the hens are 75 weeks old. The carrying value of laying hens in these financial statements is £7,044,893 (2023: £5,411,257).

Page 28

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Egg and other poultry products sales
115,867,482
87,891,516

115,867,482
87,891,516


All turnover arose in the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(4,992)
11,995

Other operating lease rentals
629,272
594,009

(Profit)/loss on sale of tangible assets
223,751
193,786


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
19,600
18,600

Fees payable to the Company's auditors and their associates in respect of:

Management accounts services
29,945
31,850

All non-audit services not included above
24,829
2,900
Page 29

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,327,090
4,656,416

Social security costs
561,119
473,263

Cost of defined contribution scheme
121,765
89,650

6,009,974
5,219,329


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







193
166


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
50,249
40,000

Company contributions to defined contribution pension schemes
1,291
1,013

51,540
41,013


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The directors constitute the key management personnel of the Company.

Page 30

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,296,631
662,674

Other loan interest payable
633,532
635,123

Finance leases and hire purchase contracts
193,414
240,260

Other interest payable
-
125,124

2,123,577
1,663,181


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
883,921
(793,410)

Adjustments in respect of previous periods
451,128
(712,120)


1,335,049
(1,505,530)


Total current tax
1,335,049
(1,505,530)

Deferred tax


Origination and reversal of timing differences
(141,218)
1,701,859

Total deferred tax
(141,218)
1,701,859


Taxation on profit on ordinary activities
1,193,831
196,329
Page 31

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
11,610,205
2,772,615


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
2,902,551
526,797

Effects of:


Utilisation of tax losses
(2,133,921)
-

Timing differences net of movement in tax rates
(141,546)
(90,718)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
451,128
(1,505,530)

Book loss on chargeable assets
55,938
36,819

Capital gains
59,811
-

Changes in provisions leading to an increase (decrease) in the tax charge
(130)
2,213

Unrelieved tax losses carried forward
-
1,226,748

Total tax charge for the year
1,193,831
196,329


Factors that may affect future tax charges

The Company has Corporation Tax losses of £8,301,397 (2023: £16,837,079) available to offset against future trading profits.

Page 32

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Dividends

2024
2023
£
£


Dividends paid - ordinary A shares
-
20,000


Dividends paid - ordinary B shares
-
90,000


Dividends paid - ordinary C shares
-
10,000

-
120,000


12.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
109,330



At 31 March 2024

109,330



Amortisation


At 1 April 2023
109,329


Charge for the year on owned assets
1



At 31 March 2024

109,330



Net book value



At 31 March 2024
-



At 31 March 2023
1



Page 33

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets





Freehold property
Plant & Machinery
Motor Vehicles
Total

£
£
£
£



Cost or valuation


At 1 April 2023
7,649,964
65,817,227
790,814
74,258,005


Additions
383,110
2,555,054
143,614
3,081,778


Disposals
(2,020,539)
(1,275,032)
(32,300)
(3,327,871)



At 31 March 2024

6,012,535
67,097,249
902,128
74,011,912



Depreciation


At 1 April 2023
2,600,271
35,616,492
691,284
38,908,047


Charge for the year on owned assets
136,311
2,500,126
48,678
2,685,115


Charge for the year on financed assets
-
471,813
1,716
473,529


Disposals
(81)
(397,606)
(30,323)
(428,010)



At 31 March 2024

2,736,501
38,190,825
711,355
41,638,681



Net book value



At 31 March 2024
3,276,034
28,906,424
190,773
32,373,231



At 31 March 2023
5,049,693
30,200,735
99,530
35,349,958

Included in the freehold property above is land with a cost of £2,480,559 (2023: £3,730,139) which is not depreciated.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
6,571,610
7,605,370

Motor vehicles
5,567
7,281

6,577,177
7,612,651

Page 34

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Fixed asset investments





Unlisted Investments

£



Cost or valuation


At 1 April 2023
42,005



At 31 March 2024
42,005





15.


Stocks

2024
2023
£
£

Raw materials and consumables
498,807
375,501

Work in progress (goods to be sold)
1,533,085
723,936

Finished goods and goods for resale
8,052,870
6,205,115

10,084,762
7,304,552



16.


Debtors

2024
2023
£
£


Trade debtors
12,499,710
8,895,079

Other debtors
2,206,867
574,578

Prepayments and accrued income
60,154
724,694

Tax recoverable
1,054,402
1,505,530

15,821,133
11,699,881


Page 35

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,520,402
1,015,453

Less: bank overdrafts
(2,020,628)
(1,354,338)

3,499,774
(338,885)



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
2,020,628
1,354,338

Bank loans
1,042,500
4,341,875

Other loans
1,910,450
2,701,081

Trade creditors
10,324,488
6,709,054

Corporation tax
883,921
-

Other taxation and social security
184,814
132,833

Obligations under finance lease and hire purchase contracts
821,083
1,284,686

Other creditors
242,830
139,375

Accruals and deferred income
2,082,083
1,174,807

19,512,797
17,838,049


The bank overdraft and invoice financing facility are secured via a number of fixed and floating charges over the various assets of the company. HSBC Bank plc, HSBC Invoice Finance and HSBC Asset Finance hold charges dated 27 February 2012, 17 January 2012 and 13 January 2012 over all land and assets of the company.
Obligations under hire purchase contracts are secured on the assets to which they relate.

Page 36

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
6,515,625
7,558,125

Other loans
9,545,015
11,280,186

Net obligations under finance leases and hire purchase contracts
525,505
1,268,055

Other creditors
235,000
235,000

16,821,145
20,341,366


The bank overdraft and invoice financing facility are secured via a number of fixed and floating charges over the various assets of the company. HSBC Bank plc, HSBC Invoice Finance and HSBC Asset Finance hold charges dated 27 February 2012, 17 January 2012 and 13 January 2012 over all land and assets of the Company.
Obligations under hire purchase contracts are secured on the assets to which they relate.

Page 37

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
1,042,500
4,341,875

Other loans
1,910,450
2,701,081


2,952,950
7,042,956

Amounts falling due 1-2 years

Bank loans
1,042,500
1,042,500

Other loans
1,910,450
1,911,281


2,952,950
2,953,781

Amounts falling due 2-5 years

Bank loans
3,127,500
3,127,500

Other loans
5,731,350
5,621,343


8,858,850
8,748,843

Amounts falling due after more than 5 years

Bank loans
2,345,625
3,388,125

Other loans
1,903,215
3,747,562

4,248,840
7,135,687

19,013,590
25,881,267


Bank loans are secured on various land and buildings owned by the Company. Loans are repayable in accordance with the ageing schedule above and interest is payable at between 3.75% and 4.5% above the Bank of England Base Rate. 
Other loans are secured on various land and buildings owned by the Company. Loans are repayable in accordance with the ageing schedule above and interest is payable at rates of between 3.5% over EURIBOR and 4.9%. 
Other loans include a loan with a related party as disclosed in note 28.

Page 38

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
821,083
1,284,686

Between 1-2 years
311,321
742,550

Between 2-5 years
214,184
525,505

1,346,588
2,552,741


22.


Deferred taxation




2024


£






At beginning of year
(5,866,830)


Charged to profit or loss
141,218



At end of year
(5,725,612)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(5,725,612)
(5,866,830)

(5,725,612)
(5,866,830)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



20,000 (2023 - 20,000) Ordinary A shares shares of £1.00 each
20,000
20,000
100 (2023 - 100) Ordinary B shares shares of £1.00 each
100
100
50 (2023 - 50) Ordinary C shares shares of £1.00 each
50
50

20,150

20,150


Page 39

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Reserves

Profit & loss account

The profit and loss account represents the accumulated profits of the Company since incorporation less distributions made to shareholders.

25.


Analysis of net debt




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,015,453

4,504,949

5,520,402

Bank overdrafts

(1,354,338)

(666,290)

(2,020,628)

Debt due after 1 year

(18,838,311)

2,777,671

(16,060,640)

Debt due within 1 year

(7,182,327)

4,203,243

(2,979,084)

Finance leases

(2,552,741)

1,206,153

(1,346,588)


(28,912,264)
12,025,726
(16,886,538)


26.


Pension commitments

The Company operates a defined contributions 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 £121,765 (2023: £89,650). Contributions totalling £22,767 (2023: £23,285) were payable to the fund at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
371,990
491,236

Later than 1 year and not later than 5 years
161,725
540,189

533,715
1,031,425

Page 40

 
OAKLANDS FARM EGGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

28.


Related party transactions

Sales made to J A & O Griffiths & Sons, a partnership in which Mr J A Griffiths is a partner, amounted to £264,563 (2023: £119,732). The debtor owed to Oaklands Farm Eggs Limited amounted to £149,957 (2023: £33,947).
Purchases made from J A & O Griffiths & Sons amounted to £6,121,887 (2023: £3,373,736). The creditor owed by Oaklands Farm Eggs Limited amounted to £1,053,239 (2023: £384,574).
Included within Other Loans is a loan from J A & O Griffiths for £1,325,540 (2023: £2,651,081). Interest is charged on this loan at 6.95% per annum.
Included within Other Creditors due after more than one year is a loan from JA Griffiths Discretional Trust for £235,000 (2023: £235,000). Interest is charged on this loan at 2.5% per annum. 
During the year Oaklands Farm Eggs Limited had expenditure of £3,018 (2023: £14,039) with the JA Griffiths Discretional Trust (a trust where one of the directors of the Company is a trustee). Sales amounted to £6,000. The balance owed by Oaklands Farm Eggs Limited amounted to £nil (2023: £nil).
Sales made to Griffiths Family Foods Limited, a company in which Mr E Griffiths and Mr G J Griffiths are shareholders and directors, amounted to £5,857,703 (2023: £3,455,232). Purchases amounted to £519,843 (2023: £10,133). The debtor owed to Oaklands Farm Eggs Limited amounted to £813,354 (2023: £2,003,612). The creditor owed by Oaklands Farm Eggs Limited amounted to £22,050 (2023: £nil).
During the year the Company operated loan accounts on behalf of the directors. At the year end £201,687 (2023: £116,086 due to the company) was due from the directors to the Company and is shown within other debtors due within one year. 
Sales made to Griffiths Green Enterprise Limited, a company in which Mr E Griffiths, Mr G J Griffiths and Mr J Griffiths are shareholders and directors, amounted to £297,430 (2023: £205,058). Purchases amounted to £1,794,342 (2023: £nil). The debtor owed to Oaklands Farm Eggs Limited amounted to £99,972 (2023: £212,289).


29.


Post balance sheet events

In January 2025 it was confirmed several birds tested positive for avian influenza and restrictions were placed on site by government bodies. Subsequently, a large number of birds were culled and supply of barn eggs had to be substituted with colony egg.
The government paid compensation at the birds stock valuation for all birds culled. The estimated financial effect on the Company is currently unknown at this stage. Profitability will be impacted, however the impact of this will be minimised with cost savings on inputs. 
With the strong trading situation currently in place as a consequence of global avian influenza, the Company is well placed to trade for a profitable future.
 


30.


Controlling party

The Company is controlled by the directors by virtue of their shareholdings.

 
Page 41