Registered number:
FOR THE YEAR ENDED 30 JUNE 2024
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DEWING GRAIN LIMITED
COMPANY INFORMATION
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DEWING GRAIN LIMITED
CONTENTS
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DEWING GRAIN LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The principal activity of the company in the year under review was that of grain marketing and storage.
The 2023 harvest was difficult for all involved. Farmers had to dodge rain showers and patiently wait for harvesting conditions to be right, stores had to cope with nearly every delivery being high in moisture and the quality of the crop was, at best, variable in quality. We, as a business, give the benefit of the doubt to grain quality on tonnage brought into our stores. This year we accepted too many loads as malting barley that were not accepted into the end consumer at that premium grade. Our income suffered and our final year-end figures look disappointing, especially against the previous two exceptional years. We are of course happy to be profitable for another year but feeling a little deflated with the outcome. At least our farmer suppliers were happy!
Personally, I would like to praise and thank my team for their hard work and loyalty. We are searching for new and innovative ways to expand our business and move into areas that are becoming valuable to the country. The Roots Agri project headed up by Josh is punching above its weight in the Carbon/ Regen sector and the recent project with Suntory and Muntons could evolve into a whole new direction for us and our farmer customers. UK Agriculture is going through a tough time with government assistance reducing in a world where even our closest neighbours receive substantial government subsidy. Cereal acreage is reducing as the race for energy, biodiversity and carbon capture are priority and food barely worth a mention. History dictates that governments that ignore feeding their people pay a heavy price. Our optimism remains undimmed.
The company monitors cash flow as part of its day to day control procedures. Regular consideration of the company's future cash flows ensures that the company operates within funding available to it. The company's principal risk is the fluctuation in grain prices caused by the weather and global market conditions. In order to mitigate the impact of possible unfavourable price movements in grain the company buys and sells grain on the futures market thereby reducing its exposure to the volatile grain market.
The directors view turnover, gross profit margin and profit before tax as the parent company's key performance indicators, and these are summarised below. These are reviewed and monitored regularly.
2024 2023 2022 Turnover (£) 40,189,136 60,770,795 45,270,210 Gross profit (%) 2.4 4.7 5.6 Profit before tax (£) 34,311 1,408,379 1.090,308
This report was approved by the board and signed on its behalf.
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DEWING GRAIN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The directors present their report and the financial statements for the year ended 30 June 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £47,325 (2023 - £1,121,924).
A dividend of £Nil (2023 - £200,000) was declared in the year relating to the results for the year to 30 June 2024.
The directors who served during the year were:
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DEWING GRAIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
There have been no significant events affecting the Group since the year end.
The auditors, MA Partners Audit LLP, will 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.
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DEWING GRAIN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWING GRAIN LIMITED
We have audited the financial statements of Dewing Grain Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 Group 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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DEWING GRAIN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWING GRAIN LIMITED (CONTINUED)
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 Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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DEWING GRAIN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWING GRAIN LIMITED (CONTINUED)
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 Group 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 objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. Our approach was as follows: • We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation. • We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We inquired of management and those charged with governance as to any known instances of non- compliance or suspected non-compliance with laws and regulations. • Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. 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.
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DEWING GRAIN LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWING GRAIN LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
7 The Close
Norfolk
NR1 4DJ
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DEWING GRAIN LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
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DEWING GRAIN LIMITED
REGISTERED NUMBER: 07660591
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
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DEWING GRAIN LIMITED
REGISTERED NUMBER: 07660591
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 25 March 2025.
The notes on pages 19 to 42 form part of these financial statements.
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DEWING GRAIN LIMITED
REGISTERED NUMBER: 07660591
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
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DEWING GRAIN LIMITED
REGISTERED NUMBER: 07660591
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 19 to 42 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
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