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REGISTERED NUMBER: 07267295 (England and Wales)









ANDREW C DAVIES HOLDINGS LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Statement of Income and Retained
Earnings

9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 12

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 17


ANDREW C DAVIES HOLDINGS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr A C Davies
Mrs M A K Davies



SECRETARY: Mrs M A K Davies



REGISTERED OFFICE: Astley Grange
Astley
Shrewsbury
Shropshire
SY4 4BS



REGISTERED NUMBER: 07267295 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Timothy Mitchell BSc FCA



AUDITORS: Xeinadin Audit Limited
St Andrews House
Yale Business Village
Ellice Way
Wrexham
LL13 7YL

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024


The directors present their strategic report of the company and the group for the year ended 31 May 2024.

REVIEW OF THE BUSINESS
The Directors are satisfied with the results for the year given the competitive pressures that prevailed in the market place. During the year the Group continued to invest in buildings, plant and machinery to increase the production of Free Range eggs.

The Group's key financial indicators during the year were as follows:

2024 2023
£ £
Turnover 16,382,923 14,182,651
Operating profit 1,224,726 2,652,694
Profit before tax 763,511 2,482,080
Shareholders' funds 15,275,544 14,478,400


PRINCIPAL RISKS AND UNCERTAINTIES
The general risks and uncertainties facing the Group are the general competitive pressures in the market place.

FUTURE DEVELOPMENTS
The Group will continue to focus on improving margins and to grow profits.

Further expansion of the free range egg production is being implemented.

ON BEHALF OF THE BOARD:





Mr A C Davies - Director


11 April 2025

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of arable, poultry and dairy farming.

DIVIDENDS
No dividends were paid during the year. ( 2023: final total dividend distribution was £245,894).

RESEARCH AND DEVELOPMENT
A Research and Development claim has been made for the year ended 31 May 2024 , which results in an enhanced expenditure claim of £1,143,760. This will create a Taxable Trading loss. Group relief is being claimed and the balance of losses will be carried forward.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

Mr A C Davies
Mrs M A K Davies

STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of risks and future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors , Xeinadin Audit Limited , will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr A C Davies - Director


11 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDREW C DAVIES HOLDINGS LTD


Opinion
We have audited the financial statements of Andrew C Davies Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, 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 group's and of the parent company affairs as at 31 May 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDREW C DAVIES HOLDINGS LTD


Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDREW C DAVIES HOLDINGS LTD


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 a Report of the Auditors 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:

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:

- Enquiry of management and those charged with governance around actual and potential litigation and claims;
- Reviewing minutes of meetings of those charged with governance;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the group and company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the group and company is subject to many other laws and regulations where the consequence of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance the imposition of fines or litigation or the loss of the company's license to operate. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit."


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ANDREW C DAVIES HOLDINGS LTD

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 Report of the Auditors.

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 a Report of the Auditors 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.




Timothy Mitchell BSc FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
St Andrews House
Yale Business Village
Ellice Way
Wrexham
LL13 7YL

11 April 2025

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

CONSOLIDATED
STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 16,382,923 14,182,651

Cost of sales 12,336,795 9,745,397
GROSS PROFIT 4,046,128 4,437,254

Administrative expenses 2,821,402 1,784,560
OPERATING PROFIT 4 1,224,726 2,652,694

Interest receivable and similar income 5,038 1,492
1,229,764 2,654,186

Interest payable and similar expenses 5 466,253 172,106
PROFIT BEFORE TAXATION 763,511 2,482,080

Tax on profit 6 (33,633 ) 43,852
PROFIT FOR THE FINANCIAL
YEAR

797,144

2,438,228

Retained earnings at beginning of year 14,477,400 12,285,066

Dividends 8 - (245,894 )

RETAINED EARNINGS FOR THE
GROUP AT END OF YEAR

15,274,544

14,477,400

Profit attributable to:
Owners of the parent 797,144 2,438,228

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 9,574 7,811
Tangible assets 10 20,291,974 14,907,878
Investments 11 - -
20,301,548 14,915,689

CURRENT ASSETS
Stocks 12 1,717,510 1,259,293
Debtors 13 4,904,098 5,298,218
Cash at bank 449,806 319,892
7,071,414 6,877,403
CREDITORS
Amounts falling due within one year 14 4,789,673 3,206,693
NET CURRENT ASSETS 2,281,741 3,670,710
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,583,289

18,586,399

CREDITORS
Amounts falling due after more than one
year

15

(7,108,798

)

(3,875,419

)

PROVISIONS FOR LIABILITIES 19 (198,947 ) (232,580 )
NET ASSETS 15,275,544 14,478,400

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2024

2024 2023
Notes £    £    £    £   

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Retained earnings 21 15,274,544 14,477,400
SHAREHOLDERS' FUNDS 15,275,544 14,478,400

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2025 and were signed on its behalf by:





Mr A C Davies - Director


ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

COMPANY STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 3,807,691 3,826,189
Investments 11 1,000 1,000
3,808,691 3,827,189

CURRENT ASSETS
Stocks 12 103,057 65,370
Debtors 13 2,747,408 2,857,332
Cash at bank 429,132 38,117
3,279,597 2,960,819
CREDITORS
Amounts falling due within one year 14 135,168 88,091
NET CURRENT ASSETS 3,144,429 2,872,728
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,953,120

6,699,917

PROVISIONS FOR LIABILITIES 19 41,290 34,895
NET ASSETS 6,911,830 6,665,022

CAPITAL AND RESERVES
Called up share capital 20 1,000 1,000
Retained earnings 21 6,910,830 6,664,022
SHAREHOLDERS' FUNDS 6,911,830 6,665,022

Company's profit for the financial year 246,808 404,453

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

COMPANY STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2024


The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2025 and were signed on its behalf by:





Mr A C Davies - Director


ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,751,806 2,466,976
Interest paid (466,253 ) (172,106 )
Tax paid - 229,071
Net cash from operating activities 3,285,553 2,523,941

Cash flows from investing activities
Purchase of intangible fixed assets (4,500 ) -
Purchase of tangible fixed assets (7,062,675 ) (4,091,063 )
Interest received 5,038 1,492
Net cash from investing activities (7,062,137 ) (4,089,571 )

Cash flows from financing activities
New loans in year 4,564,301 1,803,218
Capital repayments in year (973,603 ) (440,196 )
Equity dividends paid - (245,894 )
Net cash from financing activities 3,590,698 1,117,128

Decrease in cash and cash equivalents (185,886 ) (448,502 )
Cash and cash equivalents at
beginning of year

2

319,892

768,394

Cash and cash equivalents at end of
year

2

134,006

319,892

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 763,511 2,482,080
Depreciation charges 1,681,318 849,114
Finance costs 466,253 172,106
Finance income (5,038 ) (1,492 )
2,906,044 3,501,808
Increase in stocks (458,217 ) (549,858 )
Decrease/(increase) in trade and other debtors 394,121 (922,990 )
Increase in trade and other creditors 909,858 438,016
Cash generated from operations 3,751,806 2,466,976

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£    £   
Cash and cash equivalents 449,806 319,892
Bank overdrafts (315,800 ) -
134,006 319,892
Year ended 31 May 2023
31.5.23 1.6.22
£    £   
Cash and cash equivalents 319,892 768,394


ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.6.23 Cash flow At 31.5.24
£    £    £   
Net cash
Cash at bank 319,892 129,914 449,806
Bank overdrafts - (315,800 ) (315,800 )
319,892 (185,886 ) 134,006
Debt
Finance leases (1,876,023 ) (303,298 ) (2,179,321 )
Debts falling due within 1 year - (252,000 ) (252,000 )
Debts falling due after 1 year (2,701,354 ) (3,035,403 ) (5,736,757 )
(4,577,377 ) (3,590,701 ) (8,168,078 )
Total (4,257,485 ) (3,776,587 ) (8,034,072 )

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Andrew C Davies Holdings Ltd 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 General Information page.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At 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.

The consolidated financial statements incorporate those of Andrew C Davies Holdings Ltd and its subsidiary, David Davies Resources Ltd.

All financial statements are made up to 31 May 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All inter-group transactions, balance and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Turnover
Turnover 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 once the goods or services are provided to the customer. Turnover is measured 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.

Intangible assets
Single Farm Entitlements are being amortised evenly over their estimated useful life of 7 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - No depreciation
Improvements to property - at varying rates on cost
Plant and machinery - at variable rates on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation net of depreciation and any impairment losses.

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Retirement benefits
The group operates a defined contribution pension scheme.

Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

2024 2023
£ £
Wages and salaries 2,329,768 2,035,784
Social security costs 220,450 173,197
Pension costs 60,813 68,894
Sickness insurance claim - (4,817 )
2,611,031 2,273,058
The key management personnel comprise of the directors

The average number of employees during the year was as follows
2024 2023

Average number of employees 79 73

2024 2023
£ £

Directors' remuneration 188,484 172,683
No directors are accruing pension benefits.

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Contract labour 295,748 173,369
Depreciation - owned assets 1,389,351 646,011
Depreciation - assets on hire purchase contracts 289,228 197,385
Single Farm Entitlements amortisation 2,737 5,719
Auditors' remuneration 11,000 10,700
Auditors' remuneration under
-provided in previous years (300 ) 425
Increase/Decease in stock 458,217 549,858

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 419,561 146,453
HP Interest 46,692 25,653
466,253 172,106

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2024 2023
£    £   
Deferred tax (33,633 ) 43,852
Tax on profit (33,633 ) 43,852

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 763,511 2,482,080
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 25 %)

190,878

620,520

Effects of:
Expenses not deductible for tax purposes 398 87
Depreciation in excess of capital allowances 121,097 222,475
Research and Development Claims (285,940 ) (425,795 )
Group surrender - losses 67,960 100,557
Tax losses brought forward (128,026 ) (473,992 )
Total tax (credit)/charge (33,633 ) 43,852

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. DIVIDENDS

2024 2023
£ £
Ordinary shares of £1 each

Final - 245,894



9. INTANGIBLE FIXED ASSETS

Group
Single
Farm
Entitlements
£   
COST
At 1 June 2023 34,726
Additions 4,500
At 31 May 2024 39,226
AMORTISATION
At 1 June 2023 26,915
Amortisation for year 2,737
At 31 May 2024 29,652
NET BOOK VALUE
At 31 May 2024 9,574
At 31 May 2023 7,811

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. INTANGIBLE FIXED ASSETS - continued

Company
Single
Farm
Entitlements
£   
COST
At 1 June 2023
and 31 May 2024 21,416
AMORTISATION
At 1 June 2023
and 31 May 2024 21,416
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

10. TANGIBLE FIXED ASSETS

Group
Improvements
Land and to Plant and
buildings property machinery Totals
£    £    £    £   
COST
At 1 June 2023 7,522,056 2,404,338 7,333,055 17,259,449
Additions - 1,791,346 5,271,329 7,062,675
At 31 May 2024 7,522,056 4,195,684 12,604,384 24,322,124
DEPRECIATION
At 1 June 2023 - 700,709 1,650,862 2,351,571
Charge for year - 427,590 1,250,989 1,678,579
At 31 May 2024 - 1,128,299 2,901,851 4,030,150
NET BOOK VALUE
At 31 May 2024 7,522,056 3,067,385 9,702,533 20,291,974
At 31 May 2023 7,522,056 1,703,629 5,682,193 14,907,878

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


10. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 June 2023 200,000 2,191,524 2,391,524
Additions - 904,500 904,500
Transfer to ownership - (141,520 ) (141,520 )
Reclassification/transfer - 259,801 259,801
At 31 May 2024 200,000 3,214,305 3,414,305
DEPRECIATION
At 1 June 2023 79,703 272,285 351,988
Charge for year 28,571 260,657 289,228
Transfer to ownership - (56,354 ) (56,354 )
At 31 May 2024 108,274 476,588 584,862
NET BOOK VALUE
At 31 May 2024 91,726 2,737,717 2,829,443
At 31 May 2023 120,297 1,919,239 2,039,536

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


10. TANGIBLE FIXED ASSETS - continued

Company
Land and Plant and
buildings machinery Totals
£    £    £   
COST
At 1 June 2023 3,642,532 267,870 3,910,402
Additions - 16,000 16,000
At 31 May 2024 3,642,532 283,870 3,926,402
DEPRECIATION
At 1 June 2023 - 84,213 84,213
Charge for year - 34,498 34,498
At 31 May 2024 - 118,711 118,711
NET BOOK VALUE
At 31 May 2024 3,642,532 165,159 3,807,691
At 31 May 2023 3,642,532 183,657 3,826,189

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 June 2023 141,520
Transfer to ownership (141,520 )
At 31 May 2024 -
DEPRECIATION
At 1 June 2023 37,659
Charge for year 18,695
Transfer to ownership (56,354 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 103,861

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


11. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 June 2023
and 31 May 2024 1,000
NET BOOK VALUE
At 31 May 2024 1,000
At 31 May 2023 1,000

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiary

David Davies Resources Ltd
Registered office: Newhouse Farm, Minsterley, Shropshire. SY5 0HR
Nature of business: Supply of staff,egg packing,egg & milk sales
%
Class of shares: holding
Ordinary 100.00


12. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 1,717,510 1,259,293 103,057 65,370

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 2,180,575 2,474,743 369,963 480,838
Other debtors 2,680,513 2,511,071 2,370,840 2,370,840
VAT 21,282 292,327 6,605 5,654
Prepayments and accrued income 21,728 20,077 - -
4,904,098 5,298,218 2,747,408 2,857,332

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 567,800 - - -
Hire purchase contracts (see note 17) 807,280 701,958 - 32,183
Trade creditors 3,357,031 2,458,584 135,168 55,908
Social security and other taxes 57,562 46,151 - -
4,789,673 3,206,693 135,168 88,091

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

Group
2024 2023
£    £   
Bank loans (see note 16) 5,736,757 2,701,354
Hire purchase contracts (see note 17) 1,372,041 1,174,065
7,108,798 3,875,419

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 315,800 -
Bank loans - less than 1 yr 252,000 -
567,800 -
Amounts falling due between one and two years:
Bank loans - more than 1 yr 264,000 -
Amounts falling due between two and five years:
Bank loans - 2-5 years 3,565,576 -
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 1,907,181 2,701,354

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 807,280 701,958
Between one and five years 1,372,041 1,174,065
2,179,321 1,876,023

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


17. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 32,183

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 5,988,757 2,701,354 - -
Hire purchase contracts 2,179,321 1,876,023 - 32,183
8,168,078 4,577,377 - 32,183

On 2 June 2021 Barclays Security Trustee Limited registered a charge at companies house against the freehold property in relation to the bank loan.

On the 1 March 2021 Barclays Security Trustee Limited registered fixed and floating charges at companies house against all current and future assets and undertaking of Andrew C Davies Holdings Limited.

On the 6 May 2015 Barclays Bank PLC registered a fixed charge over the land at Trench Farm, Wem, Shropshire.

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 198,947 232,580 41,290 34,895

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 June 2023 232,580
Accelerated capital allowances 1,402,373
R & D Claim - losses (285,940 )
Group surrender - losses 67,960
Losses brought forward (1,218,026 )
Balance at 31 May 2024 198,947

Company
Deferred
tax
£   
Balance at 1 June 2023 34,895
Accelerated capital allowances 6,395
Balance at 31 May 2024 41,290

The deferred tax liability set out above is not expected to reverse completely within the next 12 months, and relates to accelerated capital allowance, losses created by R&D claim and adjusted for Group Surrender losses.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

21. RESERVES

Group
Retained
earnings
£   

At 1 June 2023 14,477,400
Profit for the year 797,144
At 31 May 2024 15,274,544

ANDREW C DAVIES HOLDINGS LTD (REGISTERED NUMBER: 07267295)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


21. RESERVES - continued

Company
Retained
earnings
£   

At 1 June 2023 6,664,022
Profit for the year 246,808
At 31 May 2024 6,910,830


22. RELATED PARTY DISCLOSURES

The Group made a total of £1,380,914 (£1,616,373: 2023) sales to related parties. Included in this figure is a total of £17,684 (£21,143: 2023) interest received on loans due to the Group from related parties. Also included is the Group's interest on capital of £229,442 (£109,555: 2023) in it's membership in a Limited Liability Partnership.

The Group made purchases from related parties of £8,537,088 (£6,594,014: 2023) during the year.

Amounts due from related parties at the year end total £3,179,506 (£3,212,993: 2023) shown in Trade Debtors and Other Debtors. This figure includes the loan due from related parties and the Group's member's balance due from the Limited Liability Partnership.

Amounts due to related parties at the year end amounts to £1,335,424 (£874,365: 2023) shown in Trade Creditors.

All transactions between related parties has been under normal marketing conditions.

23. ULTIMATE CONTROLLING PARTY

The Group is under the control of Mr A C Davies and family, who own 100% of the issued share capital of Andrew C. Davies Holdings Ltd, the Ultimate Parent Company.