Caseware UK (AP4) 2024.0.164 2024.0.164 Dewing Properties Limited Crush Foods Limited Roots Agri Limited Kidner Farming Limited2024-06-302024-06-302024-06-302101254falsefalse13112023-07-01Grain marketing and storagefalsefalse 07660591 2023-07-01 2024-06-30 07660591 2022-07-01 2023-06-30 07660591 2024-06-30 07660591 2023-06-30 07660591 2022-07-01 07660591 c:Director1 2023-07-01 2024-06-30 07660591 c:Director2 2023-07-01 2024-06-30 07660591 c:Director3 2023-07-01 2024-06-30 07660591 c:Director4 2023-07-01 2024-06-30 07660591 c:Director5 2023-07-01 2024-06-30 07660591 c:Director6 2023-07-01 2024-06-30 07660591 c:Director7 2023-07-01 2024-06-30 07660591 c:Director8 2023-07-01 2024-06-30 07660591 c:RegisteredOffice 2023-07-01 2024-06-30 07660591 c:Agent1 2023-07-01 2024-06-30 07660591 d:Buildings 2023-07-01 2024-06-30 07660591 d:PlantMachinery 2023-07-01 2024-06-30 07660591 d:PlantMachinery 2024-06-30 07660591 d:PlantMachinery 2023-06-30 07660591 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07660591 d:MotorVehicles 2023-07-01 2024-06-30 07660591 d:MotorVehicles 2024-06-30 07660591 d:MotorVehicles 2023-06-30 07660591 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07660591 d:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 07660591 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 07660591 d:Goodwill 2023-07-01 2024-06-30 07660591 d:ComputerSoftware 2024-06-30 07660591 d:ComputerSoftware 2023-06-30 07660591 d:CurrentFinancialInstruments 2024-06-30 07660591 d:CurrentFinancialInstruments 2023-06-30 07660591 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 07660591 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07660591 d:ShareCapital 2023-07-01 2024-06-30 07660591 d:ShareCapital 2024-06-30 07660591 d:ShareCapital 2022-07-01 2023-06-30 07660591 d:ShareCapital 2023-06-30 07660591 d:ShareCapital 2022-07-01 07660591 d:SharePremium 2023-07-01 2024-06-30 07660591 d:SharePremium 2024-06-30 07660591 d:SharePremium 2022-07-01 2023-06-30 07660591 d:SharePremium 2023-06-30 07660591 d:SharePremium 2022-07-01 07660591 d:OtherMiscellaneousReserve 2023-07-01 2024-06-30 07660591 d:OtherMiscellaneousReserve 2024-06-30 07660591 d:OtherMiscellaneousReserve 2022-07-01 2023-06-30 07660591 d:OtherMiscellaneousReserve 2023-06-30 07660591 d:OtherMiscellaneousReserve 2022-07-01 07660591 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 07660591 d:RetainedEarningsAccumulatedLosses 2024-06-30 07660591 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 07660591 d:RetainedEarningsAccumulatedLosses 2023-06-30 07660591 d:RetainedEarningsAccumulatedLosses 2022-07-01 07660591 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-06-30 07660591 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 07660591 d:FinancialAssetsAmortisedCost 2024-06-30 07660591 d:FinancialAssetsAmortisedCost 2023-06-30 07660591 d:FinancialLiabilitiesAmortisedCost 2024-06-30 07660591 d:FinancialLiabilitiesAmortisedCost 2023-06-30 07660591 c:OrdinaryShareClass1 2023-07-01 2024-06-30 07660591 c:OrdinaryShareClass1 2024-06-30 07660591 c:FRS102 2023-07-01 2024-06-30 07660591 c:Audited 2023-07-01 2024-06-30 07660591 c:FullAccounts 2023-07-01 2024-06-30 07660591 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 07660591 d:Subsidiary1 2023-07-01 2024-06-30 07660591 d:Subsidiary1 1 2023-07-01 2024-06-30 07660591 d:WithinOneYear 2024-06-30 07660591 d:WithinOneYear 2023-06-30 07660591 d:BetweenOneFiveYears 2024-06-30 07660591 d:BetweenOneFiveYears 2023-06-30 07660591 c:Consolidated 2024-06-30 07660591 c:ConsolidatedGroupCompanyAccounts 2023-07-01 2024-06-30 07660591 2 2023-07-01 2024-06-30 07660591 6 2023-07-01 2024-06-30 07660591 d:Associate1 2023-07-01 2024-06-30 07660591 d:Associate1 1 2023-07-01 2024-06-30 07660591 d:Associate2 2023-07-01 2024-06-30 07660591 d:Associate2 1 2023-07-01 2024-06-30 07660591 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 07660591 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 07660591 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07660591









DEWING GRAIN LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
DEWING GRAIN LIMITED
 
 
COMPANY INFORMATION


Directors
A R Dewing 
I P M Webster 
D W Kidner 
D Petersen 
A Ridealgh 
J J Beardshaw 
J A Dewing 
B C J Schadla-Hall 




Registered number
07660591



Registered office
Banningham Road
Aylsham

Norwich

Norfolk

NR11 6LP




Independent auditors
MA Partners Audit LLP
Chartered Accountants & Statutory Auditors

7 The Close

Norwich

Norfolk

NR1 4DJ




Bankers
Santander UK plc
2 Triton Square

Regent's Place

London

NW1 3AN





 
DEWING GRAIN LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 7
Consolidated Statement of Comprehensive Income
 
8
Consolidated Balance Sheet
 
9 - 10
Company Balance Sheet
 
11 - 12
Consolidated Statement of Changes in Equity
 
13 - 14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Consolidated Analysis of Net Debt
 
18
Notes to the Financial Statements
 
19 - 42


 
DEWING GRAIN LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Principal Activities
 
The principal activity of the company in the year under review was that of grain marketing and storage.

Business review and future outlook
 
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.

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.



A R Dewing
Director

Date:25 March 2025

Page 1

 
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.

Directors' responsibilities statement

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.
 
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 the Group and of the profit or loss of the Group for that period.

 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 2006They 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.

Results and dividends

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.

Directors

The directors who served during the year were:

A R Dewing 
I P M Webster 
D W Kidner 
D Petersen 
A Ridealgh 
J J Beardshaw 
J A Dewing 
B C J Schadla-Hall 

Page 2

 
DEWING GRAIN LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsMA Partners Audit LLPwill 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.
 





A R Dewing
Director

Date: 25 March 2025

Page 3

 
DEWING GRAIN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWING GRAIN LIMITED
 

Opinion


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 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 Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's 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 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.


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 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.


Page 4

 
DEWING GRAIN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWING GRAIN 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 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.


Matters on which we are required to report by exception
 

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.


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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
DEWING GRAIN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWING GRAIN 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 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.


Page 6

 
DEWING GRAIN LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF DEWING GRAIN 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.





Alistair Fish FCA (Senior Statutory Auditor)
  
for and on behalf of
MA Partners Audit LLP
 
Chartered Accountants
Statutory Auditors
  
7 The Close
Norwich
Norfolk
NR1 4DJ

25 March 2025
Page 7

 
DEWING GRAIN LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
40,189,136
60,770,795

Cost of sales
  
(39,237,868)
(57,896,186)

Gross profit
  
951,268
2,874,609

Administrative expenses
  
(1,076,790)
(1,516,403)

Other operating income
 5 
41,871
76,000

Operating (loss)/profit
 6 
(83,651)
1,434,206

Interest receivable and similar income
 10 
236,600
106,745

Interest payable and similar expenses
 11 
(118,638)
(132,572)

Profit before taxation
  
34,311
1,408,379

Tax on profit
 12 
(29,553)
(296,073)

Profit for the financial year
  
4,758
1,112,306

  

Total comprehensive income for the year
  
4,758
1,112,306

Profit for the year attributable to:
  

Non-controlling interests
  
(42,567)
(9,618)

Owners of the parent Company
  
47,325
1,121,924

  
4,758
1,112,306

The notes on pages 19 to 42 form part of these financial statements.

Page 8

 
DEWING GRAIN LIMITED
REGISTERED NUMBER: 07660591

CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 14 
65,571
74,938

Tangible assets
 15 
3,593,062
3,591,705

Investments
 16 
97,055
97,030

  
3,755,688
3,763,673

Current assets
  

Stocks
 17 
4,058,655
640,154

Debtors: amounts falling due within one year
 18 
7,461,451
4,516,127

Current asset investments
 19 
99,000
99,000

Cash at bank and in hand
 20 
246,741
2,443,714

  
11,865,847
7,698,995

Creditors: amounts falling due within one year
 21 
(10,759,558)
(6,470,661)

Net current assets
  
 
 
1,106,289
 
 
1,228,334

Total assets less current liabilities
  
4,861,977
4,992,007

Creditors: amounts falling due after more than one year
 22 
(294,607)
(416,678)

Provisions for liabilities
  

Deferred taxation
 25 
(3,478)
(1,195)

  
 
 
(3,478)
 
 
(1,195)

Net assets
  
4,563,892
4,574,134


Capital and reserves
  

Called up share capital 
 26 
2,000
2,000

Share premium account
 27 
265,323
265,323

Other reserves
 27 
7,990
7,990

Profit and loss account
 27 
3,310,884
3,262,152

Equity attributable to owners of the parent Company
  
3,586,197
3,537,465

Non-controlling interests
  
977,695
1,036,669

  
4,563,892
4,574,134


Page 9

 
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.




A R Dewing
I P M Webster
Director
Director

The notes on pages 19 to 42 form part of these financial statements.

Page 10

 
DEWING GRAIN LIMITED
REGISTERED NUMBER: 07660591

COMPANY BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
115,633
6,440

Investments
 16 
1,191,921
1,176,896

  
1,307,554
1,183,336

Current assets
  

Stocks
 17 
4,058,655
640,154

Debtors: amounts falling due within one year
 18 
8,281,522
4,954,175

Current asset investments
 19 
99,000
99,000

Cash at bank and in hand
 20 
246,741
2,384,632

  
12,685,918
8,077,961

Creditors: amounts falling due within one year
 21 
(10,569,108)
(5,947,934)

Net current assets
  
 
 
2,116,810
 
 
2,130,027

Total assets less current liabilities
  
3,424,364
3,313,363

  

Provisions for liabilities
  

Deferred taxation
 25 
(3,478)
(1,195)

  
 
 
(3,478)
 
 
(1,195)

Net assets
  
3,420,886
3,312,168


Capital and reserves
  

Called up share capital 
 26 
2,000
2,000

Share premium account
 27 
265,323
265,323

Other reserves
 27 
51,490
51,490

Profit and loss account brought forward
  
2,993,355
2,050,678

Profit for the year
  
108,718
1,142,677

Other changes in the profit and loss account

  

-
(200,000)

Profit and loss account carried forward
  
3,102,073
2,993,355

  
3,420,886
3,312,168


Page 11

 
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 25 March 2025.


A R Dewing
I P M Webster
Director
Director

The notes on pages 19 to 42 form part of these financial statements.

Page 12
 

 
DEWING GRAIN LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024



Called up share capital
Share premium account
Investment revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 July 2023
2,000
265,323
7,990
3,262,152
3,537,465
1,036,669
4,574,134



Comprehensive income for the year


Profit for the year
-
-
-
47,325
47,325
(42,567)
4,758

Total comprehensive income for the year
-
-
-
47,325
47,325
(42,567)
4,758



Contributions by and distributions to owners


Non-controlling interest on acquisition
-
-
-
1,407
1,407
(16,407)
(15,000)



Total transactions with owners
-
-
-
1,407
1,407
(16,407)
(15,000)



At 30 June 2024
2,000
265,323
7,990
3,310,884
3,586,197
977,695
4,563,892



The notes on pages 19 to 42 form part of these financial statements.

Page 13

 

 
DEWING GRAIN LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023



Called up share capital
Share premium account
Investment revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 July 2022
2,000
265,323
7,990
2,346,825
2,622,138
1,064,926
3,687,064



Comprehensive income for the year


Profit for the year
-
-
-
1,121,924
1,121,924
(9,618)
1,112,306

Total comprehensive income for the year
-
-
-
1,121,924
1,121,924
(9,618)
1,112,306



Contributions by and distributions to owners


Dividends: Equity capital
-
-
-
(200,000)
(200,000)
-
(200,000)


Non-controlling interest on acquisition
-
-
-
(6,597)
(6,597)
(18,639)
(25,236)



Total transactions with owners
-
-
-
(206,597)
(206,597)
(18,639)
(225,236)



At 30 June 2023
2,000
265,323
7,990
3,262,152
3,537,465
1,036,669
4,574,134



The notes on pages 19 to 42 form part of these financial statements.

Page 14
 
DEWING GRAIN LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Share premium account
Investment revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
2,000
265,323
51,490
2,050,678
2,369,491


Comprehensive income for the year

Profit for the year
-
-
-
1,142,677
1,142,677


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(200,000)
(200,000)


Total transactions with owners
-
-
-
(200,000)
(200,000)



At 1 July 2023
2,000
265,323
51,490
2,993,355
3,312,168


Comprehensive income for the year

Profit for the year
-
-
-
108,718
108,718


Total transactions with owners
-
-
-
-
-


At 30 June 2024
2,000
265,323
51,490
3,102,073
3,420,886


The notes on pages 19 to 42 form part of these financial statements.

Page 15

 
DEWING GRAIN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
4,758
1,112,306

Adjustments for:

Amortisation of intangible assets
9,367
30,271

Depreciation of tangible assets
224,167
200,029

Loss on disposal of tangible assets
-
218

Government grants
(41,871)
(76,000)

Interest paid
118,638
132,572

Interest received
(236,600)
(106,745)

Taxation charge
29,553
296,073

(Increase)/decrease in stocks
(3,418,501)
135,538

(Increase)/decrease in debtors
(2,945,349)
1,691,947

Increase/(decrease) in creditors
3,787,361
(219,495)

Corporation tax paid
(296,165)
(221,741)

Net cash generated from operating activities

(2,764,642)
2,974,973


Cash flows from investing activities

Purchase of tangible fixed assets
(225,524)
(931,550)

Sale of tangible fixed assets
-
166

Government grants received
41,871
-

Purchase of fixed asset investments
(15,000)
-

Interest received
236,600
106,745

Net cash from investing activities

37,947
(824,639)

Cash flows from financing activities

Repayment of loans
(107,578)
(106,786)

Dividends paid
-
(200,000)

Interest paid
(118,638)
(97,839)

Net cash used in financing activities
(226,216)
(404,625)

Net (decrease)/increase in cash and cash equivalents
(2,952,911)
1,745,709
Page 16

 
DEWING GRAIN LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
2,380,739
635,030

Cash and cash equivalents at the end of year
(572,172)
2,380,739


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
246,741
2,443,714

Bank overdrafts
(818,913)
(62,975)

(572,172)
2,380,739


The notes on pages 19 to 42 form part of these financial statements.

Page 17

 
DEWING GRAIN LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
Other non-cash changes
At 30 June 2024
£

£

£

£

Cash at bank and in hand

2,443,714

(2,196,973)

-

246,741

Bank overdrafts

(62,975)

(755,938)

-

(818,913)

Debt due after 1 year

(416,678)

-

122,071

(294,607)

Debt due within 1 year

(150,803)

-

16,001

(134,802)


1,813,258
(2,952,911)
138,072
(1,001,581)

The notes on pages 19 to 42 form part of these financial statements.

Page 18

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Dewing Grain Limited is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Banningham Road, Aylsham, Norfolk, NR11 6LP.
The Company's principal activity is that of grain marketing and storage.

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 Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2015.

Page 19

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

Operating leases: the Group as lessee

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

 
2.6

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in profit or loss in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

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 20

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.10

Borrowing costs

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

 
2.11

Pensions

Defined contribution pension plan
The Company operates two defined contribution plans 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 plans are held separately from the Company in independently administered funds.

 
2.12

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.


Page 21

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.13

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 the Group's share 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 Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.14

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.

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
-
3%
Plant and machinery
-
10-33%
Motor vehicles
-
25%
Grain silos
-
4%

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.

 
2.15

Valuation of investments

Investments in unlisted Company shares are stated at historic cost less impairment.

Page 22

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.16

Associates and joint ventures

Investments in Associates and Joint Ventures, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. If the market value cannot be reliably determined they are held at historic cost less impairment. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
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 profit or loss.

 
2.18

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.

 
2.19

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 Consolidated 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 Group's cash management.

 
2.20

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.

 
2.21

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 23

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.22

Financial instruments

The Company 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.
 
Derivatives, including future contracts and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered. Derivatives are revalued to fair value at the balance sheet date. Changes in the fair value of the derivative are recognised in turnover in profit or loss at the point the contract is closed out.

 
2.23

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.


4.


Turnover

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


2024
2023
£
£

Grain sales
37,071,793
56,845,090

Storage and weighbridge
1,001,505
1,000,316

Consultancy fees
27,821
34,075

Futures surplus
1,769,269
2,665,941

Other income
318,748
225,373

40,189,136
60,770,795


All turnover arose within the United Kingdom.

Page 24

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Other operating income

2024
2023
£
£

Government grants receivable
41,871
76,000

41,871
76,000



6.


Operating (loss)/profit

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

2024
2023
£
£

Exchange differences
(47,035)
12,722

Other operating lease rentals
8,935
8,704


7.


Auditors' remuneration

2024
2023
£
£

Fees payable for the audit of the financial statements of the parent Company
13,650
13,000

Page 25

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Employees

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


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
535,910
874,414
535,910
874,414

Social security costs
60,215
108,161
60,215
108,161

Cost of defined contribution scheme
61,635
89,839
61,635
89,839

657,760
1,072,414
657,760
1,072,414


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration and sales
16
14
13
11


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
316,741
453,233

Group contributions to defined contribution pension schemes
50,174
66,050

366,915
519,283


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable and similar income

2024
2023
£
£


Bank interest receivable
117,783
86,397

Credit interest receivable
118,817
20,348

236,600
106,745

Page 26

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Interest payable and expenses

2024
2023
£
£


Stock financing facility fee and interest
63,744
97,839

Bank loan interest payable
54,894
34,733

118,638
132,572


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
33,172
302,110

Adjustments in respect of previous periods
(5,902)
(2,472)


27,270
299,638


Total current tax
27,270
299,638

Deferred tax


Origination and reversal of timing differences
2,283
(3,565)

Total deferred tax
2,283
(3,565)


Tax on profit
29,553
296,073
Page 27

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher 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
34,311
1,408,379


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
8,578
267,592

Effects of:


Expenses not deductible for tax purposes
20,975
28,481

Total tax charge for the year
29,553
296,073


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Ordinary shares
-
200,000

-
200,000

Page 28

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

14.


Intangible assets

Group





Software application
Goodwill
Total

£
£
£



Cost


At 1 July 2023
62,712
74,938
137,650



At 30 June 2024

62,712
74,938
137,650



Amortisation


At 1 July 2023
62,712
-
62,712


Charge for the year on owned assets
-
9,367
9,367



At 30 June 2024

62,712
9,367
72,079



Net book value



At 30 June 2024
-
65,571
65,571



At 30 June 2023
-
74,938
74,938



Page 29

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
           14.Intangible assets (continued)

Company




Software application

£



Cost


At 1 July 2023
62,712



At 30 June 2024

62,712



Amortisation


At 1 July 2023
62,712



At 30 June 2024

62,712



Net book value



At 30 June 2024
-



At 30 June 2023
-

Page 30

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Tangible fixed assets

Group






Freehold property
Grain silos
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
435,741
3,343,514
1,545,744
66,002
5,391,001


Additions
-
57,788
48,040
119,696
225,524



At 30 June 2024

435,741
3,401,302
1,593,784
185,698
5,616,525



Depreciation


At 1 July 2023
81,214
790,562
867,732
59,788
1,799,296


Charge for the year on owned assets
7,016
135,944
68,250
12,957
224,167



At 30 June 2024

88,230
926,506
935,982
72,745
2,023,463



Net book value



At 30 June 2024
347,511
2,474,796
657,802
112,953
3,593,062



At 30 June 2023
354,527
2,552,952
678,012
6,214
3,591,705

Page 31

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

           15.Tangible fixed assets (continued)


Company






Plant and machinery
Motor vehicles
Total

£
£
£

Cost or valuation


At 1 July 2023
90,355
43,010
133,365


Additions
4,938
119,696
124,634



At 30 June 2024

95,293
162,706
257,999



Depreciation


At 1 July 2023
83,915
43,010
126,925


Charge for the year on owned assets
4,037
11,404
15,441



At 30 June 2024

87,952
54,414
142,366



Net book value



At 30 June 2024
7,341
108,292
115,633



At 30 June 2023
6,440
-
6,440






Page 32

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Fixed asset investments

Group





Investments in associates
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 July 2023
97,000
30
97,030


Additions
25
-
25



At 30 June 2024
97,025
30
97,055




Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 July 2023
1,079,896
97,000
1,176,896


Additions
15,000
25
15,025



At 30 June 2024
1,094,896
97,025
1,191,921





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Yaregrain Plc
Banningham Road, Aylsham, Norfolk, NR11 6LP
Ordinary A and B
55.0%

Dewing Grain Limited holds 55.0% of the voting rights of Yaregrain plc as at 30 June 2024.

Page 33

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Subsidiary undertaking (continued)

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
(Loss)

Yaregrain Plc
2,172,331
(94,593)


Associates


The following were associates of the Company:


Name

Registered office

Principal activity

Class of shares

Holding

Crush Foods Limited
Park Farm, Cawston Road, Salle, Norwich, Norfolk, NR10 4SG
Rapeseed oil production
Ordinary
47.5%
Roots Agri Limited
Banningham Road, Aylsham, Norfolk, NR11 6LP
Support activities for crop production
Ordinary
25%




17.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
4,058,655
640,154
4,058,655
640,154

4,058,655
640,154
4,058,655
640,154


No provision for impairment has been made against stock. 

Page 34

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
5,579,579
3,664,119
5,570,546
3,659,457

Other debtors
1,822,501
821,470
2,685,801
1,288,753

Prepayments and accrued income
59,371
30,538
25,175
5,965

7,461,451
4,516,127
8,281,522
4,954,175



19.


Current asset investments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Dewing Properties Limited
99,000
99,000
99,000
99,000

99,000
99,000
99,000
99,000



20.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
246,741
2,443,714
246,741
2,384,632

Less: bank overdrafts
(818,913)
(62,975)
(818,913)
(62,975)

(572,172)
2,380,739
(572,172)
2,321,657


Page 35

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Stocking facility
-
-
-
-

Bank overdrafts
818,913
62,975
818,913
62,975

Bank loans
135,560
121,067
-
-

Trade creditors
8,732,797
4,344,912
8,687,632
4,003,131

Corporation tax
33,215
302,110
33,215
302,110

Other taxation and social security
20,501
170,848
17,135
164,103

Other creditors
576,946
1,168,209
576,946
1,168,209

Accruals and deferred income
441,626
300,540
435,267
247,406

10,759,558
6,470,661
10,569,108
5,947,934



The following liabilities were secured:
Group
Group
2024
2023
£
£

Bank loans
135,560
121,067

135,560
121,067

Details of security provided:

The stocking facility is secured by fixed and floating charges over the assets and undertaking of the Company.
Bank loans are secured by a charge over the subsidiary company's freehold property and by a debenture over the subsidiary company's assets.

Page 36

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

22.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
294,607
416,678

294,607
416,678



The following liabilities were secured:
Group
Group
2024
2023
£
£


Bank loans
294,607
416,678

294,607
416,678

Details of security provided:

Bank loans are secured by a charge over the subsidiary company's freehold property and by a debenture over the subsidiary company's assets.

Included in loans is a loan of £158,729 from Barclays Bank PLC which is repayable in 21 instalments. Interest is charged on this loan at 2.75% above the Bank of England Base Rate.
Included in loans is a loan of £266,283 from Barclays Bank PLC which is repayable in 72 instalments. Interest is charged on this loan at 2.70% above the Bank of England Base Rate.

Page 37

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
135,560
121,067


135,560
121,067

Amounts falling due 1-2 years

Bank loans
156,162
241,349


156,162
241,349

Amounts falling due 2-5 years

Bank loans
138,445
134,955


138,445
134,955

Amounts falling due after more than 5 years

Bank loans
-
40,374

-
40,374

430,167
537,745


Page 38

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

24.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
246,741
2,443,714
246,741
2,321,657

Financial assets that are debt instruments measured at amortised cost
7,469,156
4,476,993
-
-

7,715,897
6,920,707
246,741
2,321,657


Financial liabilities

Financial liabilities measured at amortised cost
(11,001,207)
(6,384,645)
-
-


Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.

Page 39

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Deferred taxation


Group



2024


£






At beginning of year
(1,195)


Charged to profit or loss
(2,283)



At end of year
(3,478)

Company


2024


£






At beginning of year
(1,195)


Charged to profit or loss
(2,283)



At end of year
(3,478)

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(3,478)
(1,195)
(3,478)
(1,195)

(3,478)
(1,195)
(3,478)
(1,195)


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,000 Ordinary A shares of £1.00 each
2,000
2,000


Page 40

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

27.


Reserves

Share premium account

The share premium reserve contains the premium arising on the issue of equity shares, net of issue expenses.

Other reserves

This represents the cumulative value of revaluations of the Company's investments to fair value. The amounts debited or credited to this reserve are transfers from the profit and loss account.

Profit and loss account

The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.


28.


Pension commitments

The Company operates two defined contributions pension schemes. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company to the funds and amounted to £61,635 (2023 - £89,839). Contributions totalling £6,956 (2023 - £6,949) were payable to the funds at the balance sheet date and are included in creditors.


29.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
6,875
8,250
6,875
8,250

Later than 1 year and not later than 5 years
16,042
27,500
16,042
27,500

22,917
35,750
22,917
35,750


30.


Transactions with directors

At 30 June 2024, a balance of £29,813 (2023 owed to - £29,736) was owed by Mr A R Dewing to the Company. Interest is being charged and the loan is payable on demand. During the year, a motor vehicle costing £17,151 was purchased by the Company from the director.
At 30 June 2024, a balance of
 £41,532 (2023 - £66,750) was owed by Mr J A Dewing to the Company. Interest of £94 (2023 - £489) was charged.

Page 41

 
DEWING GRAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

31.


Related party transactions

Dewing Properties Limited
At 30 June 2024, a balance was owed from Dewing Properties Limited of £1,330,120 
(2023 - £116,148). Interest of £23,776 (2023 - £Nil) has been charged on the loan.
Crush Foods Limited
The Company trades with Crush Foods Limited, an associated company. At the reporting date, a balance of £3,728 (2023 - £143) is included in trade debtors.
At 30 June 2024, a loan was due from the related party of 
£49,500 (2023 - £57,556). Interest of £1,644 (2023 - £2,518) was charged on this loan.
Roots Agri Limited
At the reporting date, a balance of
 £29,345 (2023 - £Nil) was owed by the associated company. No interest is charged on this loan.
Kidner Farming Limited
During the year the Company traded with Kidner Farming Limited, a company controlled by a director. Sales and purchases for the year were £3,623 (2023 - £3,633) and £627,517 (2023 - £937,294) respectively.
At 30 June 2024, a balance of 
£61,044 (2023 - £13,815) is included in trade creditors as being owed to Kidner Farming Limited.
Sandra Reynolds Limited
During the year, no purchases (2023 - £13,493) were made from Sandra Reynolds Limited, a company in which a director's wife is a director.
At the reporting date, a balance of 
£Nil (2023 - £5,195) was included in trade creditors as being owed to Sandra Reynolds Limited.


32.


Controlling party

The controlling party is Mr A R Dewing.

 
Page 42