ACCOUNTS - Final Accounts preparation

Registered number: 00000118

THE ASHFORD CATTLE MARKET COMPANY LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

THE ASHFORD CATTLE MARKET COMPANY LIMITED

COMPANY INFORMATION

Directors	T J Richards
	A D Barr
	R J C Thompson
	J B Rimmer
	S Snart
	W Geering
	S Furnival
	S Geering
	P D Boyd


Company secretary	J D Hudson


Registered number	00000118


Registered office	11 Bank Street
	Ashford
	Kent
	TN23 1DA


Independent auditors	Magee Gammon Corporate Limited
	Chartered Accountants & Statutory Auditors
	Henwood House
	Henwood
	Ashford
	Kent
	TN24 8DH

THE ASHFORD CATTLE MARKET COMPANY LIMITED

CONTENTS

	Page
Directors' report	1 - 3
Independent auditors' report	4 - 7
Statement of income and retained earnings	8
Balance sheet	9
Notes to the financial statements	10 - 18

THE ASHFORD CATTLE MARKET COMPANY LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JULY 2024

The Directors present their report and the financial statements for the year ended 31 July 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the Directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.

Results and dividends

The profit for the year, before taxation, amounted to £283,332 (2023 - £356,759).

The profit for the year, after taxation, amounted to £231,354 (2023 - £288,877).

On 12 January 2024, the final dividend in respect to the financial statements dated 31 July 2023 was paid at £0.40 per ordinary share.

Page 1

THE ASHFORD CATTLE MARKET COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

Directors

The Directors who served during the year and their interests in the Company's issued share capital were:

Ordinary shares

of 5p each

	31/7/24	1/8/23
T J Richards	4,120	4,120
A D Barr	286	286
R J C Thompson	200	200
J B Rimmer	7,037	7,109
S Snart	200	6,225
W Geering	200	200
S Furnival	500	500
S Geering	750	750
P D Boyd	200	200

In accordance with the Company's Articles of Association, Messrs R J C Thompson, J B Rimmer and S Furnival retire by rotation and being eligible, offer themselves for re-election.

Future developments

The Board expect the company to continue to trade profitably.

Disclosure of information to auditors

Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

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

Auditors

The auditors, Magee Gammon Corporate Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Share dealing during the year

During the year, 964 Ordinary shares of 5p each were sold at market value. The average price amounted to £34.31 per share.

Managers

Your Board wishes to express its gratitude to Michelle King, Peter Kingwill, Roger Lightfoot and the team at Hobbs Parker 1850 LLP for the work they put into the efficient running of the market.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 2

THE ASHFORD CATTLE MARKET COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

This report was approved by the board on 22 October 2024 and signed on its behalf.

___________________________

T J Richards

Director

Page 3

THE ASHFORD CATTLE MARKET COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ASHFORD CATTLE MARKET COMPANY LIMITED

Opinion

We have audited the financial statements of The Ashford Cattle Market Company Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of income and retained earnings, the Balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 July 2024 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

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 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.

Page 4

THE ASHFORD CATTLE MARKET COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ASHFORD CATTLE MARKET COMPANY LIMITED (CONTINUED)

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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of Directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out on page 1, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

THE ASHFORD CATTLE MARKET COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ASHFORD CATTLE MARKET COMPANY LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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

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

Based on our understanding of the company, we have considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements including management override, and considered that the principal risk was related to the posting of inappropriate journal entries to improve the result before tax for the year.
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.
Procedures performed by the audit team included:
• Discussions with management regarding known or suspected instances of non-compliance with laws and regulations;
• Evaluation of controls designed to prevent and detect irregularities; and
• Assessing journal entries as part of our planned audit approach.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all of our audits we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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

THE ASHFORD CATTLE MARKET COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE ASHFORD CATTLE MARKET COMPANY 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 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew John Childs FCA (Senior statutory auditor)

for and on behalf of

Magee Gammon Corporate Limited

Chartered Accountants

Statutory Auditors

5 November 2024

Page 7

THE ASHFORD CATTLE MARKET COMPANY LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 JULY 2024

	2024	2023
Note


Turnover	3	957,692	1,016,050
Gross profit		957,692	1,016,050
Administrative expenses		(686,982)	(659,329)
Operating profit		270,710	356,721
Interest receivable and similar income		12,622	38
Profit before tax		283,332	356,759
Tax on profit	6	(51,978)	(67,882)
Profit after tax		£231,354	£288,877



Retained earnings at the beginning of the year	849,552	922,435
Profit for the year	231,354	288,877
Dividends declared and paid	(144,704)	(361,760)
Retained earnings at the end of the year	£936,202	£849,552

The notes on pages 10 to 18 form part of these financial statements.

Page 8

THE ASHFORD CATTLE MARKET COMPANY LIMITED

REGISTERED NUMBER: 00000118

BALANCE SHEET

AS AT 31 JULY 2024

		2024		2023
Note

Fixed assets
Tangible assets	8		8,007,094		7,935,430
			8,007,094		7,935,430
Current assets
Debtors: amounts falling due within one year	9	239,069		213,116
Cash at bank and in hand	10	600,348		497,762
		839,417		710,878
Creditors: amounts falling due within one year	11	(343,598)		(238,339)
Net current assets			495,819		472,539
Total assets less current liabilities			8,502,913		8,407,969
Provisions for liabilities
Deferred tax	13	(2,349,705)		(2,341,411)
			(2,349,705)		(2,341,411)
Net assets			£6,153,208		£6,066,558

Capital and reserves
Called up share capital	14	18,088	18,088
Share premium account	15	107	107
Other reserves	15	5,198,811	5,198,811
Profit and loss account	15	936,202	849,552
		£6,153,208	£6,066,558

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 October 2024.

___________________________

T J Richards

Director

The notes on pages 10 to 18 form part of these financial statements.

Page 9

THE ASHFORD CATTLE MARKET COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

1.	General information

The Ashford Cattle Market Company Limited is a private company limited by shares. The company number is 00000118 and the company is incorporated in England and Wales. The registered office of the company is 11 Bank Street, Ashford, Kent TN23 1DA. The principal place of business is c/o Hobbs Parker 1850 LLP, Ashford Market, Monument Way, Ashford, Kent TN24 0HB.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Revenue

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

2.4

Interest income

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

Page 10

THE ASHFORD CATTLE MARKET COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.5

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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

2.6

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	-	2 - 10% straight line basis
Plant and machinery	-	15% straight line basis
Solar panels	-	over 20 years straight line basis

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.

2.7

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.

Page 11

THE ASHFORD CATTLE MARKET COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.8

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.

2.9

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.

2.10

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.

2.11

Financial instruments

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

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

Impairment of financial assets

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

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

If there is a favourable change in relation to the events surrounding the impairment loss then the

Page 12

THE ASHFORD CATTLE MARKET COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

2.11

Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

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

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

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

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

2.12

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.

Page 13

THE ASHFORD CATTLE MARKET COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

3.	Turnover
	An analysis of turnover by class of business is as follows:
		2024	2023

Market tolls, levies and other income	406,572	410,079
Rent receivable	551,120	605,971
	£957,692	£1,016,050

All turnover arose within the United Kingdom.

Employees

The average monthly number of employees, including directors, during the year was 9 (2023 - 8).

5.	Directors' remuneration
					2024	2023

	Directors' emoluments	£48,000	£44,833

6.	Taxation

		2024	2023

Corporation tax
Current tax on profits for the year	£43,684	£26,528

	Deferred tax
	Origination and reversal of timing differences	£8,294	£41,354


	Tax on profit	£51,978	£67,882

Page 14

THE ASHFORD CATTLE MARKET COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

6.Taxation (continued)

Factors affecting tax charge for the year
The tax assessed for the year is lower 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

£283,332

£356,759

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)	70,833	67,784
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	237	57
Capital allowances for year in excess of depreciation	(18,024)	(1,947)
Profits taxed at 25%	-	2,590
Marginal relief	(1,068)	(602)
Total tax charge for the year	£51,978	£67,882

Factors that may affect future tax charges

There are no factors that may affect future tax charges.

7.	Dividends
					2024	2023

Final dividend paid

£144,704

£361,760

On 12 January 2024, the final dividend in respect to the financial statements dated 31 July 2023 was paid at £0.40 per ordinary share.
On 22 October 2024 the Directors proposed a dividend of £0.75 per ordinary share. No provision for this dividend had been made in these accounts.

Page 15

THE ASHFORD CATTLE MARKET COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

8.	Tangible fixed assets

	Freehold property	Plant and machinery	Total
Cost or valuation
At 1 August 2023	12,022,645	489,030	12,511,675
Additions	-	102,378	102,378
At 31 July 2024	12,022,645	591,408	12,614,053
Depreciation
At 1 August 2023	4,377,803	198,442	4,576,245
Charge for the year on owned assets	7,194	23,520	30,714
At 31 July 2024	4,384,997	221,962	4,606,959
Net book value
At 31 July 2024	£7,637,648	£369,446	£8,007,094
At 31 July 2023	£7,644,842	£290,588	£7,935,430

	The net book value of land and buildings may be further analysed as follows:
					2024	2023

	Freehold	£7,637,648	£7,644,842

Debtors

2024

2023


Trade debtors	159,911	147,470
Other debtors	-	17,014
Prepayments and accrued income	79,158	48,632
	£239,069	£213,116

10.	Cash and cash equivalents
					2024	2023

	Cash at bank and in hand	£600,348	£497,762

Page 16

THE ASHFORD CATTLE MARKET COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

11.	Creditors: Amounts falling due within one year
					2024	2023

Trade creditors	110,863	52,788
Corporation tax	43,626	26,489
Other taxation and social security	32,141	6,951
Other creditors	41,512	40,879
Accruals and deferred income	115,456	111,232
	£343,598	£238,339

12.	Financial instruments
					2024	2023

	Financial assets
	Financial assets measured at fair value through profit or loss	£600,348	£497,762

Financial assets measured at fair value through profit or loss comprise of cash held at bank and in hand.

13.	Deferred taxation

		2024

	At beginning of year	2,341,411
	Charged to profit or loss	8,294
	At end of year	£2,349,705

	The provision for deferred taxation is made up as follows:
					2024	2023

Accelerated capital allowances	110,195	101,901
Tax on held over gains	2,239,510	2,239,510
	£2,349,705	£2,341,411

14.	Share capital
					2024	2023

Allotted, called up and fully paid

361,760 (2023 - 361,760) Ordinary shares of £0.05 each	£18,088	£18,088

Page 17

THE ASHFORD CATTLE MARKET COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

15.

Reserves

Share premium account

This reserves represents the premium paid for shares above their nominal value.

Other reserves

The Other reserve represents the transfer from the profit and loss account of the net profit on the sale of an old market site, the proceeds of which were almost entirely expended on the acquisition and construction of the present market.
Following the completion of the present market, impairment reviews have been carried out. Aggregate losses arising are transferred from fixed assets through depreciation to the capital reserve.
The transfer from Other reserves to Profit and loss account in the year, represents the element of deferred tax that is in respect to the net profit on the sale of an old market site.

16.	Capital commitments
	At 31 July 2024 the Company had capital commitments as follows:
		2024	2023

Contracted for but not provided in these financial statements

£-

£51,988

At the balance sheet date the Company had no capital commitments.

17.	Related party transactions
	The Company shares management with Hobbs Parker 1850 LLP, Hobbs Parker Property Consultants LLP and Hobbs Parker Ventures Limited (HP). During the year, the Company derived income from HP comprising rent, tolls and levies with a value of £498,731 (2023 - £521,030). The toll element was collected from the vendors by HP on behalf of the Company. The amount due by HP at the balance sheet date was £103,215 (2023 - £43,388). The company obtained supplies and services totalling £283,287 (2023 - £262,778) from HP. The amount due to HP at the balance sheet date was £70,873 (2023 - £17,595). These payments were made up as follows:

		2024	2023

Reimbursement of cost of employing market staff	147,899	133,799
Management fees	127,559	124,109
Other expenses	7,829	4,870
	£283,287	£262,778

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