R S COCKERILL (YORK) LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE 53 WEEKS ENDED 29 JUNE 2024
Company registration number 00598050 (England and Wales)
R S COCKERILL (YORK) LTD
COMPANY INFORMATION
Directors
Mr M R Cockerill
Mrs P A Cockerill
Mr R Pilgrim
Mr N J Trood
Mr S M Johnson
Mr J Bones
(Appointed 10 May 2024)
Company number
00598050
Registered office
Providence Business Park
Stamford Bridge Road
Dunnington
York
YO19 5AE
Auditor
Hunter Gee Holroyd
Club Chambers
Museum Street
York
YO1 7DN
Bankers
Barclays Bank Plc
1 2 and 3 Parliament Street
York
YO1 1XD
R S COCKERILL (YORK) LTD
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 9
Statement of comprehensive income
10
Balance sheet
12
Statement of changes in equity
11
Statement of cash flows
13
Notes to the financial statements
14 - 27
R S COCKERILL (YORK) LTD
STRATEGIC REPORT
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 1 -
The directors present the strategic report for the 53 weeks ended 29 June 2024.
Review of the business
The company's principal activities are the supply of potatoes to a discount retailer and to processing customers. In addition, value is created through related activities including the supply of seed potatoes, storage, washing and grading, transport and technical services to suppliers and to other UK potato producers. During the financial year the company acquired its own growing operation on the Yorkshire Wolds, enabling the in-house growing of our own seed and ware potatoes. This strengthens the company’s seed supply chain position.
The year ended 29th June 2024 was a particularly tough year for the potato industry and the company was not immune from this. A poor crop pushed the free-buy price of potatoes up by, in some cases, 400%. Margins, particularly in the retail business unit, saw a significant adverse effect as a result.
The retail division saw volumes and sales value increase despite the potato supply difficulties. This additional volume did, however, come at an increased cost to the business reducing margin in this business unit by 5%.
The processing division saw sales increase but a reduction in margin.
Overall, the combination of the activities of the business units created an operating loss of £1.027m and an after-tax loss of £628k. The board are confident that this performance will not continue into the following financial year and is as a result of exceptional trading conditions during the this financial year.
The on-going commitment to the development of the operational systems with regard to costs and quality is providing a solid base on which the company expect to enhance volumes and product offerings going forward. Further investment into ERP systems, operational efficiencies and cost reduction exercises are planned over the next year and this will help to further drive business performance. The business will continue to reinvest earnings over the next year and beyond.
Principal risks and uncertainties
Retail Potato Supply
The UK retail market for fresh potatoes is mature and continued concentration of the UK retail industry has put pressure on many of our retail and wholesale customers and created intense price competition. To address this trend, we have focussed on supplying the growing discount retail sector where high unit volumes allow us to reduce our costs.
Processing Potato Supply
Our activities are focussed on managing the supply of potatoes to large crisp manufacturers. Our quality management and diversified approach to supplier contracting has minimised the risk and strengthened our relationships with both the growers and processors.
Development and performance
The results for the 53 weeks and the financial position at the 53 weeks end were considered satisfactory, given the industry operating conditions, by the directors who expect continued growth in the foreseeable future.
Key performance indicators
The directors consider the following to be the key performance indicators in measuring the success of the company:
29th June 2024
24th June 2023
25th June 2022
£
£
£
Turnover
85,966,361
57,075,446
50,227,892
Turnover Growth
50.60%
13.60%
(1.80)%
Gross Profit Margin
7.30%
14.30%
17.50%
Profit/(loss) before tax
(1,089,348)
1,096,052
1,510,167
RS Cockerill (York) Limited: Stakeholder Engagement – Section 172(1) Statement
As the Board of RS Cockerill (York) Limited we have a legal responsibility under section 172 of the Companies Act 2006 to act in the way we consider to be the most likely to promote the company’s success for the benefit of its members as a whole, and to have regard to the long-term effect of our decisions on the company and its stakeholders. This statement addresses the ways in which we as a board carry out this responsibility.
R S COCKERILL (YORK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 2 -
Promoting the company's success for its members
Cockerill’s has a legacy stretching back 80+ years and remains in family ownership. Second generation, Martin, continues to be heavily involved in the business as Chairperson. During its history Cockerill’s has, and continues to, provide employment opportunities within the local community and career progression for its employees.
We are proud of our position as one of the UK's leading suppliers and packers of potatoes. Our focus on quality, service and value has delivered sustained and profitable growth, and provided a solid foundation to meet the future needs of the retail, processing and food service industries we serve.
Our success rests upon the success of our customers, and we are constantly improving the value we deliver through innovations in our products, processes, quality systems and supply chain management.
Strategic decisions are made based on the long-term outcomes and the business’s long-term objectives. Recently this has been seen through significant financial reinvestment in the packhouse, IT systems and storage facilities, all of which lay solid foundations for future growth.
Engaging with stakeholders
The key Stakeholders and our engagement with them are as follows:
Employees
Our team of reliable and engaged employees ensure the business objectives are met and are highly motivated. They are critical to the long-term success of the business. We provide many training opportunities at all levels and are constantly looking to upskill all employees. They are rewarded with competitive pay rates as well as ad-hoc benefits throughout the year. Annual performance reviews and appraisals are carried out as a two-way process. Many team members have been with the business more than 30 years.
Customers and Suppliers
We have many long-term customer relationships in the Crisping market and a key strategic partner in the retail environment. We always prioritise the long term with these customers and work in partnership with all of them to ensure the long-term success of all involved and the industry as a whole. We are in constant communication with customers at all levels of the business and we are known for our loyalty and openness.
Our grower base and other suppliers are critical to the success of Cockerill’s and the industry. We engage with them through dedicated managers and fieldsmen. We are regularly on site with the growers and hold an annual grower conference. We have very long-standing relationships with many of our growers.
Our Community
We are always looking for ways to engage with our local community, whether that is in using local tradespeople and businesses or becoming more energy efficient to improve the local environment. A wind turbine and solar panels have already been installed and this project will be expanded and accelerated in the near future. Our local area is always at the forefront of our discussions when deciding on new ways of working or infrastructure changes. Cockerill’s put back into the community through sponsorships of local teams, providing free produce to the local foodbank and closing our operations once a year to allow the York Marathon which raises funds for many causes.
Mr M R Cockerill
Director
27 March 2025
R S COCKERILL (YORK) LTD
DIRECTORS' REPORT
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 3 -
The directors present their annual report and financial statements for the 53 weeks ended 29 June 2024.
Principal activities
The principal activity of the company continued to be that of potato marketing and logistics.
Results and dividends
The results for the 53 weeks are set out on page 10.
Ordinary interim dividends were paid amounting to £52,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the 53 weeks and up to the date of signature of the financial statements were as follows:
Mr M R Cockerill
Mrs P A Cockerill
Mr R Pilgrim
Mr N J Trood
Mr S M Johnson
Mr M J Dangerfield
(Resigned 2 August 2023)
Mr J Bones
(Appointed 10 May 2024)
Financial instruments
The company's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the company. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations. Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments is shown below.
Trade and other debtors:
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding.
Cash and cash equivalents:
In respect of bank balances liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the potential use of overdrafts at floating rates of interest.
Interest-bearing loans and borrowings:
All loans and borrowings are recognised initially at cost, which is the fair value of the consideration received, net of issue costs associated with the borrowing. Interest rates on the loans are variable but the repayments are fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
Trade creditors:
The liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Auditor
The auditor, Hunter Gee Holroyd, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
The SECR disclosure presents our carbon footprint within the United Kingdom across Scope 1 and 2 emissions. It contains appropriate intensity metrics, the total energy use of electricity, gas and transport fuel and a summary of energy efficiency actions taken during the financial year.
R S COCKERILL (YORK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 4 -
For YE 29th June 2024
| | |
Energy consumption used to calculate emissions: /kWh | | |
Emissions from combustion of gas tCO 2e (Scope 1) | | |
Emissions from combustion of fuel for transport purposes (Scope 1) | | |
Emissions from business travel in rental cars or employee -owned vehicles where company is responsible for purchasing the fuel (Scope 3) | | |
Emissions from purchased electricity (Scope 2, location -based) | | |
Total gross CO 2e based on above | | |
Intensity ratio: tCO2e gross figure based from mandatory fields above/ £100,000 revenue | | |
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines.
Reporting Period – 25th June 2023 to 29th June 2024. SECR disclosure has been prepared in line with RS Cockerill (York) Limited annual accounts made up to 29th June 2024.
Emissions Factor Source - Greenhouse gas reporting: conversion factors 2024 - GOV.UK (www.gov.uk)
Intensity measurement
Reason for the intensity measurement choice – Following recommendations of the SECR legislation and based on the nature of the business we chose Thousand £ Revenue – (tCO2e / £’000 Revenue)
Measures taken to improve energy efficiency
RS Cockerill (York) Limited achieve energy savings and efficiencies through the following methods:
A wind turbine on site, saving 7t of CO2e during the financial year
Solar Panels on site, saving 11t of CO2e during the financial year
End of life replacement of light fittings with energy efficient LEDs
A Solar Power project is underway which is projected to remove 236t of CO2e
Various other energy saving projects are underway with external consultants and providers, including anaerobic digestion and electrification of fleet.
R S COCKERILL (YORK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 5 -
Statement of directors' responsibilities
The directors are responsible for preparing the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to 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 those financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr M R Cockerill
Director
27 March 2025
R S COCKERILL (YORK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R S COCKERILL (YORK) LTD
- 6 -
Opinion
We have audited the financial statements of R S Cockerill (York) Ltd (the 'company') for the 53 weeks ended 29 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 29 June 2024 and of its loss for the 53 weeks 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.
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial 53 weeks 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.
R S COCKERILL (YORK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R S COCKERILL (YORK) LTD (CONTINUED)
- 7 -
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 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, 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.
Auditor's 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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
R S COCKERILL (YORK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R S COCKERILL (YORK) LTD (CONTINUED)
- 8 -
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
•we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the potato sector;
•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery and employment legislation;
•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
•making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
•considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
To address the risk of fraud through management bias and override of controls, we:
•performed analytical procedures to identify any unusual or unexpected relationships;
•tested journal entries to identify unusual transactions;
•assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
•investigated the rationale behind significant or unusual transactions;
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
•agreeing financial statement disclosures to underlying supporting documentation;
•reading the minutes of meetings of those charged with governance; and
•enquiring of management as to actual and potential litigation and claims;
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
R S COCKERILL (YORK) LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF R S COCKERILL (YORK) LTD (CONTINUED)
- 9 -
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 auditor's 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.
Mark Grewer
Senior Statutory Auditor
For and on behalf of Hunter Gee Holroyd
28 March 2025
Chartered Accountants
Statutory Auditor
Club Chambers
Museum Street
York
YO1 7DN
R S COCKERILL (YORK) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 10 -
53 weeks
52 weeks
ended
ended
29 June
24 June
2024
2023
Notes
£
£
Turnover
3
85,966,361
57,075,446
Cost of sales
(79,724,806)
(48,868,052)
Gross profit
6,241,555
8,207,394
Distribution costs
(4,245,819)
(3,987,727)
Administrative expenses
(3,768,248)
(3,722,003)
Other operating income
637,020
631,563
Operating (loss)/profit
4
(1,135,492)
1,129,227
Interest receivable and similar income
8
189,887
42,995
Interest payable and similar expenses
9
(18,743)
(1,170)
Amounts written off investments
10
(125,000)
(75,000)
(Loss)/profit before taxation
(1,089,348)
1,096,052
Tax on (loss)/profit
11
273,190
(166,813)
(Loss)/profit for the financial 53 weeks
(816,158)
929,239
The profit and loss account has been prepared on the basis that all operations are continuing operations.
R S COCKERILL (YORK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 26 June 2022
9,001
11,492,200
11,501,201
Period ended 24 June 2023:
Profit and total comprehensive income
-
929,239
929,239
Dividends
12
-
(300,000)
(300,000)
Balance at 24 June 2023
9,001
12,121,439
12,130,440
Period ended 29 June 2024:
Loss and total comprehensive income
-
(816,158)
(816,158)
Dividends
12
-
(52,000)
(52,000)
Balance at 29 June 2024
9,001
11,253,281
11,262,282
R S COCKERILL (YORK) LTD
BALANCE SHEET
- 12 -
29 June 2024
24 June 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
4,367,947
3,937,113
Current assets
Stocks
14
4,509,155
2,511,323
Debtors
15
14,713,677
12,537,411
Cash at bank and in hand
3,705,877
3,542,998
22,928,709
18,591,732
Creditors: amounts falling due within one year
16
(14,775,581)
(9,522,642)
Net current assets
8,153,128
9,069,090
Total assets less current liabilities
12,521,075
13,006,203
Creditors: amounts falling due after more than one year
17
(1,087,704)
(431,484)
Provisions for liabilities
Deferred tax liability
19
171,089
444,279
(171,089)
(444,279)
Net assets
11,262,282
12,130,440
Capital and reserves
Called up share capital
21
9,001
9,001
Profit and loss reserves
11,253,281
12,121,439
Total equity
11,262,282
12,130,440
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Mr M R Cockerill
Director
Company registration number 00598050 (England and Wales)
R S COCKERILL (YORK) LTD
STATEMENT OF CASH FLOWS
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
849,911
3,897,173
Interest paid
(18,743)
(1,170)
Income taxes paid
(140,000)
(317,639)
Net cash inflow from operating activities
691,168
3,578,364
Investing activities
Purchase of tangible fixed assets
(568,717)
(947,643)
Proceeds from disposal of tangible fixed assets
67,744
40,581
Repayment of loans
(125,000)
(75,000)
Interest received
189,887
42,995
Net cash used in investing activities
(436,086)
(939,067)
Financing activities
Repayment of bank loans
(344,390)
Payment of finance leases obligations
(40,203)
Dividends paid
(52,000)
(300,000)
Net cash used in financing activities
(92,203)
(644,390)
Net increase in cash and cash equivalents
162,879
1,994,907
Cash and cash equivalents at beginning of 53 weeks
3,542,998
1,548,091
Cash and cash equivalents at end of 53 weeks
3,705,877
3,542,998
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 14 -
1
Accounting policies
Company information
R S Cockerill (York) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Providence Business Park, Stamford Bridge Road, Dunnington, York, YO19 5AE.
1.1
Reporting period
Accounts are prepared on a 52 week basis to the last Saturday in June each year, rather than annually.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
5% straight line
Packhouse
25% reducing balance
Plant and equipment
20% straight line and 25% reducing balance
Fixtures fittings and equipment
10% and 25% straight line and 25% reducing balance
Vehicles and trailers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps 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 into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.17
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements 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 amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2024
2023
£
£
Turnover analysed by class of business
Potato merchants
85,966,361
57,075,446
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
85,966,361
57,075,446
2024
2023
£
£
Other revenue
Interest income
189,887
42,995
Grants received
126,030
183,121
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 20 -
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Government grants
(126,030)
(183,121)
Depreciation of owned tangible fixed assets
1,076,052
1,056,592
Profit on disposal of tangible fixed assets
(37,274)
(17,932)
Operating lease charges
388,897
378,457
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
10,000
9,000
6
Employees
The average monthly number of persons (including directors) employed by the company during the 53 weeks was:
2024
2023
Number
Number
Number of operational staff
132
114
Number of management staff
31
26
Total
163
140
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
8,072,488
6,266,056
Social security costs
47,336
53,945
Pension costs
127,846
112,770
8,247,670
6,432,771
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
439,866
482,628
Company pension contributions to defined contribution schemes
127,846
112,770
567,712
595,398
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
7
Directors' remuneration
(Continued)
- 21 -
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2023 - 5).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
153,073
155,686
Company pension contributions to defined contribution schemes
30,146
28,919
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
189,887
42,995
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
189,887
42,995
9
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
18,743
-
Other interest
1,170
18,743
1,170
10
Amounts written off investments
2024
2023
£
£
Amounts written off current loans
125,000
75,000
11
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
56,550
Adjustments in respect of prior periods
4,322
Total current tax
60,872
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
11
Taxation
2024
2023
£
£
(Continued)
- 22 -
Deferred tax
Origination and reversal of timing differences
(273,190)
105,941
Total tax (credit)/charge
(273,190)
166,813
The actual (credit)/charge for the 53 weeks can be reconciled to the expected (credit)/charge for the 53 weeks based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
(Loss)/profit before taxation
(1,089,348)
1,096,052
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
(272,337)
224,691
Tax effect of expenses that are not deductible in determining taxable profit
31,250
15,372
Tax effect of income not taxable in determining taxable profit
(37,675)
(37,533)
Unutilised tax losses carried forward
459,114
Group relief
(80,928)
Permanent capital allowances in excess of depreciation
(180,312)
(65,009)
Under/(over) provided in prior years
4,322
Deferred tax adjustments in respect of prior years
(273,190)
105,941
Other
(40)
(43)
Taxation (credit)/charge for the period
(273,190)
166,813
12
Dividends
2024
2023
£
£
Interim paid
52,000
300,000
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 23 -
13
Tangible fixed assets
Freehold land and buildings
Packhouse
Plant and equipment
Fixtures fittings and equipment
Vehicles and trailers
Total
£
£
£
£
£
£
Cost
At 25 June 2023
1,834,272
2,501,572
7,837,268
478,427
2,986,738
15,638,277
Additions
106,647
263,814
26,024
1,140,871
1,537,356
Disposals
(44,734)
(135,837)
(180,571)
At 29 June 2024
1,940,919
2,501,572
8,056,348
504,451
3,991,772
16,995,062
Depreciation and impairment
At 25 June 2023
1,260,921
2,409,756
5,272,751
387,497
2,370,239
11,701,164
Depreciation charged in the 53 weeks
94,460
23,452
693,739
31,696
232,705
1,076,052
Eliminated in respect of disposals
(44,060)
(106,041)
(150,101)
At 29 June 2024
1,355,381
2,433,208
5,922,430
419,193
2,496,903
12,627,115
Carrying amount
At 29 June 2024
585,538
68,364
2,133,918
85,258
1,494,869
4,367,947
At 24 June 2023
573,351
91,816
2,564,517
90,930
616,499
3,937,113
14
Stocks
2024
2023
£
£
Raw materials and consumables
2,119,243
845,174
Finished goods and goods for resale
2,389,912
1,666,149
4,509,155
2,511,323
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,736,524
8,714,417
Corporation tax recoverable
268,405
Amounts owed by group undertakings
3,588,149
2,870,780
Other debtors
1,373,914
628,250
Prepayments and accrued income
746,685
323,964
14,713,677
12,537,411
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 24 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
18
168,665
Trade creditors
13,430,616
8,449,889
Corporation tax
(128,405)
Other taxation and social security
177,881
115,980
Other creditors
297,319
346,613
Accruals and deferred income
701,100
738,565
14,775,581
9,522,642
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
18
759,771
Government grants
327,933
431,484
1,087,704
431,484
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
168,665
In two to five years
759,771
928,436
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 25 -
19
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2024
2023
Balances:
£
£
ACAs
630,203
444,279
Tax losses
(459,114)
-
171,089
444,279
2024
Movements in the 53 weeks:
£
Liability at 25 June 2023
444,279
Credit to profit or loss
(273,190)
Liability at 29 June 2024
171,089
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
127,846
112,770
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
9,001
9,001
9,001
9,001
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 26 -
22
Operating lease commitments
Lessee
Operating lease payments represent rentals payable by the company for truck lease hire. Leases are negotiated for an average term of 5 years.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
132,034
288,261
Between two and five years
81,735
213,770
213,769
502,031
23
Related party transactions
R S Cockerill (Farms) Limited, a company in which the ultimate parent company has a 100% interest provided goods and services to the value of £2,288,631 (2023 - £1,217,457). Debtors include £1,757,672 (2023 - £1,736,648) due from the company.
24
Ultimate controlling party
The parent company of R S Cockerill (York) Ltd is Providence Holdings Limited and its registered office is Providence Business Park, Stamford Bridge Road, Dunnington, York YO19 5AE.
The ultimate controlling party is Mr M R and Mrs P A Cockerill.
25
Cash generated from operations
2024
2023
£
£
(Loss)/profit for the 53 weeks after tax
(816,158)
929,239
Adjustments for:
Taxation (credited)/charged
(273,190)
166,813
Finance costs
18,743
1,170
Investment income
(189,887)
(42,995)
Gain on disposal of tangible fixed assets
(37,274)
(17,932)
Depreciation and impairment of tangible fixed assets
1,076,052
1,056,592
Other gains and losses
125,000
75,000
Movements in working capital:
Increase in stocks
(1,997,832)
(1,422,048)
(Increase)/decrease in debtors
(1,907,861)
667,585
Increase in creditors
4,955,869
2,604,768
Decrease in deferred income
(103,551)
(121,019)
Cash generated from operations
849,911
3,897,173
R S COCKERILL (YORK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 53 WEEKS ENDED 29 JUNE 2024
- 27 -
26
Analysis of changes in net funds
25 June 2023
Cash flows
New finance leases
29 June 2024
£
£
£
£
Cash at bank and in hand
3,542,998
162,879
-
3,705,877
Obligations under finance leases
-
40,203
(968,639)
(928,436)
3,542,998
203,082
(968,639)
2,777,441
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