REGISTERED NUMBER: 00676486 (England and Wales)

COLSTERWORTH POULTRY CO.LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

6

Accountants' Report

7

DIRECTOR:

Miss K G Padley

SECRETARY:

Mrs S Y Hutson

REGISTERED OFFICE:

Office

Fen Road

Ruskington

Sleaford

Lincolnshire

NG34 9TH

REGISTERED NUMBER:

00676486 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

FIXED ASSETS

Tangible assets

4

2,279,740

2,472,228

Investment property

5

461,536

461,536

2,741,276

2,933,764

CURRENT ASSETS

Valuation

1,746,169

1,722,623

Debtors

6

1,395,887

1,459,532

Cash at bank

206,084

753

3,348,140

3,182,908

CREDITORS

Amounts falling due within one year

7

2,480,185

2,770,685

NET CURRENT ASSETS

867,955

412,223

TOTAL ASSETS LESS CURRENT LIABILITIES

3,609,231

3,345,987

CREDITORS

Amounts falling due after more than one year

8

(628,917

)

(762,217

)

PROVISIONS FOR LIABILITIES

(55,422

)

(72,043

)

NET ASSETS

2,924,892

2,511,727

CAPITAL AND RESERVES

Called up share capital

10

100

100

Fair value reserve

11

139,390

139,390

Retained earnings

2,785,402

2,372,237

SHAREHOLDERS' FUNDS

2,924,892

2,511,727

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 April 2025 and were signed by:

Miss K G Padley - Director

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

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

Sales are recognised by egg collection date or date of cull.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and Straight line over 5 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving and obsolete items.

Cost is defined as that expenditure which has been incurred in the normal course of business in bringing the product to its present location and condition and includes

- Flocks - Cost of all basic raw materials and direct production costs incurred up to the point of lay. This cost, less the estimated residual value, of each flock having attained point of lay, is written off over the subsequent period of lay so as to match flock costs to the revenues generated therefrom.

- Consumables - Purchase cost on a first in first out basis.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 43 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 August 2023

1,887,736

5,380,096

7,267,832

Additions

-

90,113

90,113

Disposals

-

(3,496

)

(3,496

)

At 31 July 2024

1,887,736

5,466,713

7,354,449

DEPRECIATION

At 1 August 2023

604,648

4,190,956

4,795,604

Charge for year

56,712

225,575

282,287

Eliminated on disposal

-

(3,182

)

(3,182

)

At 31 July 2024

661,360

4,413,349

5,074,709

NET BOOK VALUE

At 31 July 2024

1,226,376

1,053,364

2,279,740

At 31 July 2023

1,283,088

1,189,140

2,472,228

Included in cost or valuation of land and buildings is freehold land of £ 287,744 (2023 - £ 287,744 ) which is not depreciated.

Cost or valuation at 31 July 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 1977

56,443

117,164

173,607

Cost

1,831,293

5,349,549

7,180,842

1,887,736

5,466,713

7,354,449

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2023

and 31 July 2024

461,536

NET BOOK VALUE

At 31 July 2024

461,536

At 31 July 2023

461,536

Fair value at 31 July 2024 is represented by:

£

Valuation in 2017

79,474

Cost

382,062

461,536

If investment property had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

382,062

382,062

The property was valued by Bidwells LLP in line with the RICS Valuation - Professional Standards (January 2014) as amended 2015 on the basis of market value.

The directors consider that the value of the investment property has not moved materially between the valuation date and the financial reporting date.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,063,168

1,237,930

Other debtors

332,719

221,602

1,395,887

1,459,532

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

133,246

653,100

Hire purchase contracts

33,398

30,172

Trade creditors

2,011,761

1,671,878

Taxation and social security

211,845

88,393

Other creditors

89,935

327,142

2,480,185

2,770,685

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

628,917

762,217

2024

2023

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

193,941

234,942

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdraft

-

528,993

Bank loans

762,163

886,324

Hire purchase contracts

33,398

30,172

795,561

1,445,489

Bank loans and overdrafts are secured by land and buildings at Colsterworth, Lincs. (21.164 acres), Welbourn Poultry Farm, Welbourn, Lincs. (2.263 acres), Ruskington, Lincs. (3.275 acres), Swayfield, Lincs. (6.312 acres), Leggate's Farm, Tumby and Coningsby, Lincs. (3.39 acres) and Stickney Poultry Unit, Stickney, Lincs.

Hire purchase contracts are secured over the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

The fair value reserve is a reserve which contains non-distributable reserves. Within this reserve there is £79,474 of gains that relate to the fair value of investment property. This has initially been recognised through the Income Statement and then transferred to a separate identifiable reserve for the purpose of identifying non-distributable reserves. The remainder of this reserve relates to the fair value of tangible fixed assets.

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024

2023

£

£

Miss K G Padley

Balance outstanding at start of year

(1,126

)

(779

)

Amounts advanced

3,130

1,445

Amounts repaid

(1,786

)

(1,792

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

218

(1,126

)

Interest on overdrawn directors' loan accounts is provided at the official rate. The balance outstanding at the end of the year is unsecured and repayable on demand.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Colsterworth Poultry Co.Limited for the year ended 31 July 2024 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

This report is made solely to the director of Colsterworth Poultry Co.Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Colsterworth Poultry Co.Limited and state those matters that we have agreed to state to the director of Colsterworth Poultry Co.Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Colsterworth Poultry Co.Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Colsterworth Poultry Co.Limited. You consider that Colsterworth Poultry Co.Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Colsterworth Poultry Co.Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Duncan & Toplis Limited

18 Northgate

Sleaford

Lincolnshire

NG34 7BJ

21 March 2025