BrightAccountsProduction v1.0.0 v1.0.0 2023-07-30 The company was not dormant during the period The company was trading for the entire period The principal activities of the company are potato washing, grading and prepacking for the retail sector together with the peeling of potatoes for the food service sector. The company has expanded into the fresh chilled convenience market at the end of the financial period. The company supplies a range of own label and Wilson's branded prepack and peeled potatoes across Ireland to several bluechip customers. 27 February 2025 NI025583 2024-07-27 NI025583 2023-07-29 NI025583 2022-07-29 NI025583 2023-07-30 2024-07-27 NI025583 2022-07-30 2023-07-29 NI025583 uk-bus:PrivateLimitedCompanyLtd 2023-07-30 2024-07-27 NI025583 uk-curr:PoundSterling 2023-07-30 2024-07-27 NI025583 uk-bus:FullAccounts 2023-07-30 2024-07-27 NI025583 uk-bus:Director1 2023-07-30 2024-07-27 NI025583 uk-bus:Director2 2023-07-30 2024-07-27 NI025583 uk-bus:Director3 2023-07-30 2024-07-27 NI025583 uk-bus:Director4 2023-07-30 2024-07-27 NI025583 uk-bus:CompanySecretary1 2023-07-30 2024-07-27 NI025583 uk-bus:RegisteredOffice 2023-07-30 2024-07-27 NI025583 uk-bus:Agent1 2023-07-30 2024-07-27 NI025583 uk-bus:Audited 2023-07-30 2024-07-27 NI025583 uk-core:ShareCapital 2024-07-27 NI025583 uk-core:ShareCapital 2023-07-29 NI025583 uk-core:SharePremium 2024-07-27 NI025583 uk-core:SharePremium 2023-07-29 NI025583 uk-core:RevaluationReserve 2024-07-27 NI025583 uk-core:RevaluationReserve 2023-07-29 NI025583 uk-core:RetainedEarningsAccumulatedLosses 2024-07-27 NI025583 uk-core:RetainedEarningsAccumulatedLosses 2023-07-29 NI025583 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-07-27 NI025583 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-07-29 NI025583 uk-core:RetainedEarningsAccumulatedLosses 2023-07-30 2024-07-27 NI025583 uk-core:ShareCapital 2023-07-30 2024-07-27 NI025583 uk-core:SharePremium 2023-07-30 2024-07-27 NI025583 uk-core:RevaluationReserve 2023-07-30 2024-07-27 NI025583 uk-bus:FRS102 2023-07-30 2024-07-27 NI025583 uk-core:Goodwill 2023-07-30 2024-07-27 NI025583 uk-core:LandBuildings 2023-07-30 2024-07-27 NI025583 uk-core:PlantMachinery 2023-07-30 2024-07-27 NI025583 uk-core:FurnitureFittings 2023-07-30 2024-07-27 NI025583 uk-core:Vehicles 2023-07-30 2024-07-27 NI025583 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2023-07-30 2024-07-27 NI025583 uk-core:TotalPropertyPlantEquipmentOtherThanExplorationEvaluationAssets 2022-07-30 2023-07-29 NI025583 uk-core:Goodwill 2023-07-30 2024-07-27 NI025583 uk-core:Goodwill 2022-07-30 2023-07-29 NI025583 uk-core:Goodwill 2023-07-29 NI025583 uk-core:Goodwill 2024-07-27 NI025583 uk-core:CurrentFinancialInstruments 2024-07-27 NI025583 uk-core:CurrentFinancialInstruments 2023-07-29 NI025583 uk-core:CurrentFinancialInstruments 2024-07-27 NI025583 uk-core:CurrentFinancialInstruments 2023-07-29 NI025583 uk-core:WithinOneYear 2024-07-27 NI025583 uk-core:WithinOneYear 2023-07-29 NI025583 uk-core:WithinOneYear 2024-07-27 NI025583 uk-core:WithinOneYear 2023-07-29 NI025583 uk-core:WithinOneYear 2024-07-27 NI025583 uk-core:WithinOneYear 2023-07-29 NI025583 uk-core:AfterOneYear 2024-07-27 NI025583 uk-core:AfterOneYear 2023-07-29 NI025583 uk-core:AfterOneYear 2024-07-27 NI025583 uk-core:AfterOneYear 2023-07-29 NI025583 uk-core:BetweenOneTwoYears 2024-07-27 NI025583 uk-core:BetweenOneTwoYears 2023-07-29 NI025583 uk-core:BetweenTwoFiveYears 2024-07-27 NI025583 uk-core:BetweenTwoFiveYears 2023-07-29 NI025583 uk-core:BetweenOneFiveYears 2024-07-27 NI025583 uk-core:BetweenOneFiveYears 2023-07-29 NI025583 uk-core:OtherMiscellaneousReserve 2023-07-29 NI025583 uk-core:OtherMiscellaneousReserve 2023-07-30 2024-07-27 NI025583 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-07-27 NI025583 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-07-27 NI025583 uk-core:OtherDeferredTax 2024-07-27 NI025583 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-07-27 NI025583 uk-core:OtherMiscellaneousReserve 2024-07-27 NI025583 uk-bus:OrdinaryShareClass1 2023-07-30 2024-07-27 NI025583 uk-bus:OrdinaryShareClass1 2024-07-27 NI025583 uk-bus:HighestPaidDirector 2023-07-30 2024-07-27 NI025583 uk-bus:HighestPaidDirector 2022-07-30 2023-07-29 NI025583 uk-bus:Director1 2024-07-27 NI025583 uk-bus:Director2 2024-07-27 NI025583 uk-bus:Director3 2024-07-27 NI025583 uk-bus:Director4 2024-07-27 NI025583 uk-bus:Director1 2023-07-29 NI025583 uk-bus:Director2 2023-07-29 NI025583 uk-bus:Director3 2023-07-29 NI025583 uk-bus:Director4 2023-07-29 NI025583 uk-core:ParentEntities 2023-07-30 2024-07-27 NI025583 uk-countries:NorthernIreland 2023-07-30 2024-07-27 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company Registration Number: NI025583
 
 
Wilson's Country Ltd
 
Reports and Financial Statements
 
for the financial period ended 27 July 2024
Wilson's Country Ltd
DIRECTORS AND OTHER INFORMATION

 
Directors Angus Wilson
Joy Wilson
Lewis Cunningham
Alan Gibson (Resigned 14 December 2023)
 
 
Company Secretary Ian Gibson
 
 
Company Registration Number NI025583
 
 
Registered Office and Business Address 25 Carn Road
Portadown
Co. Armagh
BT63 5WG
 
 
Independent Auditors MG accountants (Portadown)
25-27 Carleton Street
Portadown
BT62 3EP
 
 
Bankers AIB
  11-15 Donegall Square N
  Belfast
  Co. Antrim
  BT1 5GB
  United Kingdom
 
   
Solicitors Walker McDonald
  4 Edward Strteet
  Portadown
  Co. Armagh
  BT62 3LX
  United Kingdom



Wilson's Country Ltd
STRATEGIC REPORT
for the financial period ended 27 July 2024

 
The directors present their strategic report on the company for the financial period ended 27 July 2024.
 
Review of the Company's Business
Wilson’s Country is a leading potato brand in Ireland. We supply retail, foodservice and food manufacturers across the island of Ireland and GB.

The financial year ended 27th July 2024 has been another challenging year for the business with the financial performance impacted by significant inflation in our potato procurement. This is as a result of particularly poor weather on the crop both locally and across Europe. The harvest of 2023 and the planting season of 2024 were both a challenge mainly due to record breaking rainfall. Despite the challenges, the business remains positive about the opportunity for growth with our customers and committed to ensuring that our growers remain profitable and sustainable.

A valuable addition to the business during the year has been the ability to produce 60-70% of our own electricity through investment in an on site anaerobic digestion plant. This has contributed to our overall sustainability journey which includes zero waste to land fill and from a base year of 2019, the business has reduced GHG bases by 76%.The measurement and management of carbon is an essential part of the business and to further improve, drive, embed and simplify this process the business has engaged a company to develop a bespoke digital platform.
       
Business Model
The Wilson’s Country model can be summarised through our Mission Statement: -
- Delight our customers in every respect,
- Develop and fairly reward our staff and suppliers,
- Deliver a safe product in harmony with the environment.

The Wilson’s model is about ensuring we offer customers what they want in terms of taste, range, and value for money, all underpinned by the desire to work in harmony with the environment and supported by fairly rewarded staff and suppliers.
       
Market Trends
The impact of the wet 2023 potato harvest was a crop that was limited both in quantity and quality. This resulted in significant inflationary pressure on our procurement with overall procurement costs increasing by over 30%.

Total potato sales volumes were steady but gains for our retail prepacks were compensating reduced sales to food service where less people are eating out. Our award winning mash has been a new product for the business this year with sales in both retail and food service.
       
Financial Key Performance Indicators
Performance is monitored and assessed on a weekly and monthly basis with a detailed review of historical and projected financials and volumes by division i.e. prepack, peeled, convenience and blanched.
 
Key Financial Indicators
The Key Financial Indicators during the financial period were as follows:
       
    2024 2023
    £ £
Turnover   29,827,965 23,199,804
Operating Profit   960,413 196,891
Shareholders' Funds   8,921,127 8,492,588
       
Performance
The increase in turnover relates in large part to inflationary increases. The improvement in operating profit is due to reduced energy costs and early returns from the AD plant.

The business is delivering an improved performance in 2024/25 with the better weather delivering a more normalised harvest in terms of both quantity and quality.
       
Objectives and Strategy
The objectives are to continue with our strategy of sustainable growth through further development of existing markets with the core product offering, but to also seek out new markets and product opportunities in the fresh chilled convenient sector with products such as mash.

The company has embarked on a Lean Performance Initiative to create a continuous improvement plan throughout the business to increase efficiency and remove waste.
       
Risks
The main risks to the business are:

1. the changing weather patterns on the potato growing seasons and / or
2. the loss of any major customer.  

The commitment to excellent service and open relationships with all the business stakeholders especially at this time of uncertainty in our opinion helps to go some way to mitigate the main risks associated with the business at this time.
       
Conclusion
Our relationship with our growers is very important to us. At present we have around 25 growers, all of whom contribute in a very special way to the company. We work closely with our growers to develop a partnership based on trust, support, and a mutual desire to offer the best Irish potatoes.  

The support and loyalty from all our customers must be noted and has been really appreciated by the business as they have also had to face and work through so many challenges. Our partnership of trust and support continues with the service that we provide to our customers as we work closely together to achieve mutual goals of supplying a quality product in harmony with the environment.  

Nothing in the business would be possible without the work of all our excellent staff. Their work ethic and attention to detail is the reason for the trusted brand that Wilson’s Country enjoys in the fresh produce sector across Ireland.

Finally, the directors of the business wish to thank their staff, suppliers, customers, and all those associated with the business for their support during another challenging year.
       
       
On behalf of the board
       
       
       
___________________________      
Angus Wilson      
Director      
       
27 February 2025      



Wilson's Country Ltd
DIRECTORS' REPORT
for the financial period ended 27 July 2024

 
The directors present their report and the audited financial statements for the financial period ended 27 July 2024.
 
Principal Activity
The principal activities of the company are potato washing, grading and prepacking for the retail sector together with the peeling of potatoes for the food service sector. The company has expanded into the fresh chilled convenience market at the end of the financial period. The company supplies a range of own label and Wilson's branded prepack and peeled potatoes across Ireland to several bluechip customers.
     
Results and Dividends
The profit for the financial period after providing for depreciation and taxation amounted to £514,288 (2023 - £205,734).
The directors do not recommend payment of a dividend.
     
Directors
The directors who served during the financial period are as follows:
     
Angus Wilson
Joy Wilson
Lewis Cunningham
Alan Gibson (Resigned 14 December 2023)
   
There were no changes in shareholdings between 27 July 2024 and the date of signing the financial statements.
     
Post-Balance Sheet Events
There have been no significant events affecting the company since the period end.
     
Political Contributions
The company did not make any disclosable political donations in the current financial period.
     
Statement of Directors' Responsibilities
             
The directors are responsible for preparing the Strategic Report, 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 period. 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) including FRS 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 and 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 transactions and 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.
                 
Disclosure of Information to Auditor
Each persons who are directors at the date of approval of this report confirms that:
In so far as the directors are aware:
-there is no relevant audit information (information needed by the company's auditor in connection with preparing the auditor's report) of which the company's auditor is unaware, and
-the directors have taken all the steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
     
Auditors
The auditors, MG accountants (Portadown) have indicated their willingness to continue in office in accordance with the provisions of Section 485 of the Companies Act 2006.
     
     
On behalf of the board
     
     
     
___________________________
Angus Wilson
Director
     
27 February 2025



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of Wilson's Country Ltd

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Wilson's Country Ltd ('the company') for the financial period ended 27 July 2024 which comprise the Profit and Loss Account, the Balance Sheet, the Reconciliation of Shareholders' Funds, the Cash Flow Statement and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 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 27 July 2024 and of its profit for the financial period 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 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 the date 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 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.
 
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 Strategic Report and the Directors' Report for the financial period 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.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Strategic Report and the Directors' Report.
 
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, 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.
 
Responsibilities of directors for the financial statements
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 they 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 has 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.
 
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:
 
A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.
 
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 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.
 
 
 
Martin Grimley (Senior Statutory Auditor)
for and on behalf of
MG accountants (Portadown)
Registered Auditor
25-27 Carleton Street
Portadown
BT62 3EP
 
27 February 2025



Wilson's Country Ltd
APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor
 
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
 
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
 
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
 
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.
 
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
 
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.



Wilson's Country Ltd
PROFIT AND LOSS ACCOUNT
for the financial period ended 27 July 2024
2024 2023
Notes £ £

Turnover 5 29,827,965 23,199,804
 
Cost of sales (26,757,995) (20,696,048)
───────── ─────────
Gross profit 3,069,970 2,503,756
 
Distribution costs (170,682) (206,811)
Administrative expenses (2,353,327) (2,186,908)
Other operating income 414,452 86,854
───────── ─────────
Operating profit 6 960,413 196,891
 
Interest payable and similar expenses 7 (367,016) (240,916)
───────── ─────────
Profit/(loss) before taxation 593,397 (44,025)
 
Tax on profit/(loss) 9 (79,109) 249,759
───────── ─────────
Profit for the financial period 514,288 205,734
    ═════════   ═════════



Wilson's Country Ltd
Company Registration Number: NI025583
BALANCE SHEET
as at 27 July 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 10 12,000 36,000
Tangible assets 11 11,232,084 10,505,350
───────── ─────────
Fixed Assets 11,244,084 10,541,350
───────── ─────────
 
Current Assets
Stocks 12 2,727,495 2,331,237
Debtors 13 6,204,939 4,436,223
Cash and cash equivalents 14 9,176 2,994
───────── ─────────
8,941,610 6,770,454
───────── ─────────
Creditors: amounts falling due within one year 15 (8,026,976) (6,988,561)
───────── ─────────
Net Current Assets/(Liabilities) 914,634 (218,107)
───────── ─────────
Total Assets less Current Liabilities 12,158,718 10,323,243
 
Creditors:
amounts falling due after more than one year 16 (2,902,434) (1,574,607)
 
Provisions for liabilities 18 (335,157) (256,048)
───────── ─────────
Net Assets 8,921,127 8,492,588
═════════ ═════════
 
Capital and Reserves
Called up share capital 19 25,706 25,706
Share premium account 20 343,385 343,385
Revaluation reserve 20 1,328,729 1,414,478
Retained earnings 7,223,307 6,709,019
───────── ─────────
Equity attributable to owners of the company 8,921,127 8,492,588
═════════ ═════════
 
           
Approved by the Board and authorised for issue on 27 February 2025 and signed on its behalf by
           
           
           
________________________________          
Angus Wilson          
Director          
           



Wilson's Country Ltd
RECONCILIATION OF SHAREHOLDERS' FUNDS
as at 27 July 2024

Called up Share Revaluation Retained Total
share premium reserve earnings
capital account
£ £ £ £ £
 
At 30 July 2022 25,706 343,385 1,414,478 6,503,285 8,286,854
───────── ───────── ───────── ───────── ─────────
Profit for the financial year - - - 205,734 205,734
───────── ───────── ───────── ───────── ─────────
At 29 July 2023 25,706 343,385 1,414,478 6,709,019 8,492,588
  ───────── ───────── ───────── ───────── ─────────
Profit for the financial period - - - 514,288 514,288
  ───────── ───────── ───────── ───────── ─────────
Other movements in equity
attributable to owners - - (85,749) - (85,749)
  ───────── ───────── ───────── ───────── ─────────
At 27 July 2024 25,706 343,385 1,328,729 7,223,307 8,921,127
  ═════════ ═════════ ═════════ ═════════ ═════════



Wilson's Country Ltd
CASH FLOW STATEMENT
for the financial period ended 27 July 2024
2024 2023
Notes £ £

Cash flows from operating activities
Profit for the financial period 514,288 205,734
Adjustments for:
Interest payable and similar expenses 367,016 240,916
Tax on profit/(loss) on ordinary activities 79,109 (249,759)
Depreciation 762,651 808,497
Amortisation of intangibles 24,000 24,000
Profit/loss on disposal of tangible assets (12,899) 6,559
───────── ─────────
1,734,165 1,035,947
Movements in working capital:
Movement in stocks (396,258) (933,635)
Movement in debtors (1,847,778) (976,877)
Movement in creditors 33,069 2,272,223
───────── ─────────
Cash (used in)/generated from operations (476,802) 1,397,658
Interest paid (367,016) (240,916)
Tax paid - 84,006
───────── ─────────
Net cash (used in)/generated from operating activities (843,818) 1,240,748
───────── ─────────
Cash flows from investing activities
Payments to acquire tangible assets   (1,591,048) (1,632,966)
Receipts from sales of tangible assets   37,688 32,122
    ───────── ─────────
Net cash used in investment activities   (1,553,360) (1,600,844)
    ───────── ─────────
Cash flows from financing activities
New long term loan   3,520,096 1,153,806
Repayment of short term loan   (2,087,098) (694,383)
Capital element of hire purchase contracts   (28,140) (100,789)
Advances to subsidiaries/group companies   (8,100) (8,676)
Advances to related parties   87,162 90,363
    ───────── ─────────
Net cash generated from financing activities   1,483,920 440,321
    ───────── ─────────
       
Net (decrease)/increase in cash and cash equivalents   (913,258) 80,225
Cash and cash equivalents at beginning of financial period   (1,874,919) (1,955,144)
    ───────── ─────────
Cash and cash equivalents at end of financial period 14 (2,788,177) (1,874,919)
    ═════════ ═════════



Wilson's Country Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial period ended 27 July 2024

   
1. General Information
 
Wilson's Country Ltd is a company limited by shares incorporated in Northern Ireland. 25 Carn Road, Portadown, Co. Armagh, BT63 5WG is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 27 July 2024 have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland (FRS 102) issued by the Financial Reporting Council and in accordance with the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Trading revenue is recognised when produce is physically despatched from store and delivered to customers.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 5 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. Land is not depreciated. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land& Buildings freehold - Straight Line over 50 years
  Plant and machinery - 20% Reducing Balance & 7.1% Straight Line
  Fixtures, fittings and equipment - 20% Reducing Balance
  Motor vehicles - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Investment properties
Investment property is property held either to earn rental income, or for capital appreciation (including future re-development) or for both, but not for sale in the ordinary course of business. Investment property is initially measured at cost, which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at its fair value at each reporting date, by the directors or, when property prices fluctuate materially, by professional external valuers. The difference between the fair value of an investment property at the reporting date and its carrying value prior to the valuation is recognised in the Profit and Loss Account as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the Profit and Loss Account.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account. Operating leases, which confer no ownership on the company, are charged directly to profit and loss annually.
 
Leasing
Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company contributes to a pension scheme under auto enrolement for its employees. The assets of the scheme are held outside the company in an independently administered fund. The company may, on an adhoc basis, contribute lump sums to the pension funds of the directors such funds also held outside the company.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial period and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

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 tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Potential deferred tax assets are not accounted for by the company.
 
Accruals and deferred income
Capital grants received and receivable are treated as income provided that the terms of the grant do not impose future performance related conditions. Those grants still subject to future performance conditions are included in the balance sheet as deferred income at the year end. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Financial Instruments
 
Financial Instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial Instruments
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price.

At the end of each reporting period financial assets are assessed for objective evidence of impairment.  If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows. The impairment loss is recognised in the profit and loss account.  If there is a decrease in the impairment loss arising from an event occuring 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 the profit and loss account.

Financial assets are derecognised when (i) the contractual rights to the cash flows from the asset expire or are settled, or (ii) substanially all the risks and rewards of the owenership of the asset are transferred to another party, or (iii) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to a unrelated third party with out imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank overdrafts, invoice discounting, bank loans and loans from fellow group undertakings, are initially recognised at transaction price.

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. Trade creditors are classified as current liabilities if payment is due within one period 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an 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.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Significant accounting 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 the assets and liabilities that are not readily apparent from other sources. This particularly relates to the net realisable value of potato stock, which is influenced by market factors and packaging which may become obsolete depending on the requirements of supermarkets. 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.

Such estimates and underlying assumptions are reviewed on an on-going 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 revision and future periods where the revision affects both current and future periods.
   
4. Period of financial statements
 
The financial statements are for the 11 month 28 days period ended 27 July 2024.
       
5. Turnover
 
The whole of the company's turnover is attributable to its market in the UK and Ireland and is derived from the principal activity of potato washing, grading and prepacking for the retail sector together with the peeling of potatoes for the food service sector and the chilled convenience market. The company supplies a range of own label and Wilson's branded prepack and peeled potatoes across Ireland to several bluechip customers.
       
6. Operating profit 2024 2023
  £ £
Operating profit is stated after charging/(crediting):
Depreciation of tangible assets 762,651 808,497
Amortisation of goodwill 24,000 24,000
(Profit)/loss on disposal of tangible assets (12,899) 6,559
Loss/(profit) on foreign currencies 15,131 (15,832)
Operating lease rentals
- Motor vehicles 14,339 15,416
Auditor's remuneration
- audit services 19,000 17,000
Accruals and deferred income received (837) -
  ═════════ ═════════
       
7. Interest payable and similar expenses 2024 2023
  £ £
 
On bank loans and overdrafts 361,028 233,132
Hire purchase interest 5,988 7,784
  ───────── ─────────
  367,016 240,916
  ═════════ ═════════
       
8. Employees and remuneration
 
Number of employees
The average number of persons employed (including executive directors) during the financial period was as follows:
 
  2024 2023
  Number Number
 
Directors 3 4
Management and Administrative Staff 22 27
Supervisors and Operatives 103 101
  ───────── ─────────
  128 132
  ═════════ ═════════
 
The staff costs (inclusive of directors' salaries) comprise: 2024 2023
  £ £
 
Wages and salaries 4,286,777 4,063,788
Social security costs 45,364 46,106
Pension costs 56,911 54,990
  ───────── ─────────
  4,389,052 4,164,884
  ═════════ ═════════
       
9. Tax on profit/(loss)
  2024 2023
  £ £
(a)     Analysis of charge in the financial period
 
Current tax:
Corporation tax at 25.00% (2023 - 19.00%) - -
Under/over provision in prior year - (227)
  ───────── ─────────
 
Deferred tax:
Origination and reversal of timing differences 79,109 (249,532)
  ───────── ─────────
Total deferred tax 79,109 (249,532)
  ═════════ ═════════
Tax on profit  (Note 9 (b)) 79,109 (249,759)
  ═════════ ═════════
 
(b)     Factors affecting tax charge for the financial period
 
The tax assessed for the financial period differs from the standard rate of corporation tax in the UK 25.00% (2023 - 19.00%). The differences are explained below:
  2024 2023
  £ £
 
Profit/(loss) taxable at 25.00% 593,397 (44,025)
  ═════════ ═════════
Profit/(loss) before tax
multiplied by the standard rate of corporation tax
in the UK at 25.00% (2023 - 19.00%) 148,349 (8,365)
Effects of:
Expenses not deductible for tax purposes 3,316 3,981
Capital allowances for period in excess of depreciation (257,313) (235,265)
Utilisation of tax losses - 21,245
Deferred tax 79,109 (249,532)
Tax losses not used in Current Year 108,873 218,177
Profit on disposal of assets (3,225) -
  ───────── ─────────
Total tax charge for the financial period (Note 9 (a)) 79,109 (249,759)
  ═════════ ═════════
 
       
10. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 30 July 2023 130,000 130,000
  ───────── ─────────
 
At 27 July 2024 130,000 130,000
  ───────── ─────────
Amortisation
At 30 July 2023 94,000 94,000
Charge for financial period 24,000 24,000
  ───────── ─────────
At 27 July 2024 118,000 118,000
  ───────── ─────────
Net book value
At 27 July 2024 12,000 12,000
  ═════════ ═════════
At 29 July 2023 36,000 36,000
  ═════════ ═════════

               
11. Tangible assets
  Land& Buildings Investment Plant and Fixtures, Motor Total
  freehold properties machinery fittings and vehicles  
        equipment    
  £ £ £ £ £ £
Cost
At 30 July 2023 8,425,326 760,000 14,427,678 696,167 165,504 24,474,675
Additions 5,374 - 1,584,742 4,408 5,400 1,599,924
Disposals - - (94,297) - (44,935) (139,232)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 27 July 2024 8,430,700 760,000 15,918,123 700,575 125,969 25,935,367
  ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 30 July 2023 3,116,597 - 10,169,438 624,282 59,008 13,969,325
Charge for the financial period 131,668 - 683,416 15,144 18,173 848,401
On disposals - - (78,409) - (36,034) (114,443)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 27 July 2024 3,248,265 - 10,774,445 639,426 41,147 14,703,283
  ───────── ───────── ───────── ───────── ───────── ─────────
Net book value
At 27 July 2024 5,182,435 760,000 5,143,678 61,149 84,822 11,232,084
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 29 July 2023 5,308,729 760,000 4,258,240 71,885 106,496 10,505,350
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════

           
11.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2024   2023  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Motor vehicles 69,099 17,275 86,373 12,921
  ═════════ ═════════ ═════════ ═════════
       
12. Stocks 2024 2023
  £ £
 
Potato Stocks 1,934,111 1,511,243
Packaging Stocks 325,518 403,674
Consumables 467,866 416,320
  ───────── ─────────
  2,727,495 2,331,237
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
13. Debtors 2024 2023
  £ £
 
Trade debtors 4,895,388 3,571,510
Amounts owed by group undertakings 58,137 50,037
Amounts owed by related parties - 87,162
Other debtors 433,497 112,675
Directors' current accounts (Note 22) 341,061 304,814
Taxation  (Note 17) 367,933 230,055
Prepayments and accrued income 108,923 79,970
  ───────── ─────────
  6,204,939 4,436,223
  ═════════ ═════════
       
14. Cash and cash equivalents 2024 2023
  £ £
 
Cash and bank balances 9,176 2,994
Bank overdrafts (2,797,353) (1,877,913)
  ───────── ─────────
  (2,788,177) (1,874,919)
  ═════════ ═════════
       
15. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 2,797,353 1,877,913
Bank loans 804,336 715,542
Net obligations under finance leases
and hire purchase contracts 22,100 24,988
Trade creditors 3,563,745 3,715,767
Taxation  (Note 17) 158,017 184,023
Other creditors 12,307 29,724
Accruals 669,118 440,604
  ───────── ─────────
  8,026,976 6,988,561
  ═════════ ═════════
 



First Trust Bank holds the following charges and guarantees over Wilsons Country Limited:-

(a) A fixed and floating charge over all assets of the Company both present and future.
(b) A legal charge over 14 Carn Road, Carn Industrial Estate, Portadown, registered in the name of Wilson's Country Limited.
(c) A legal charge over 25 Carn Road, Carn Industrial Estate, Portadown, registered in the name of Wilson's Country Limited.
(d) First legal mortgage/charge over property known as Carn House, Carn Road, Portadown, comprised in Land Certificate Folio Number AR20541L Co Armagh registered in the name of Wilson's Country Limited.
(e) First legal charge over 3.59 acres Drumnagood Road, Craigavon.
(f) Assignment over rental income in respect of Carn House, Carn Road, Portadown.
(g) Chattels mortgage over various items of equipment registered in the name of Wilson's Country Limited.
(h) Chattel mortgage over combine Heat & Power engine (CHP Plant).
(i) Assigment over all renewable benefits in respect of the AD Plant to include all material contracts.
(j) A letter of gaurantee amounting to £1m plus interest.
       
16. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loans 2,878,798 1,534,594
Finance leases and hire purchase contracts 23,636 40,013
  ───────── ─────────
  2,902,434 1,574,607
  ═════════ ═════════
 
Overdrafts and loans
Repayable in one year or less, or on demand (Note 15) 3,601,689 2,593,455
Repayable between one and two years 804,336 715,542
Repayable between two and five years 2,074,462 819,052
  ───────── ─────────
  6,480,487 4,128,049
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 22,100 24,988
Repayable between one and five years 23,636 40,013
  ───────── ─────────
  45,736 65,001
  ═════════ ═════════
       
17. Taxation 2024 2023
  £ £
 
Debtors:
VAT 367,933 230,055
  ═════════ ═════════
Creditors:
PAYE / NI 158,017 184,023
  ═════════ ═════════
         
18. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial period start 256,048 256,048 505,580
Charged to profit and loss 79,109 79,109 (249,532)
  ───────── ───────── ─────────
At financial period end 335,157 335,157 256,048
  ═════════ ═════════ ═════════
           
19. Share capital     2024 2023
      £ £
Description Number of shares Value of units    
 
Allotted, called up and fully paid
Ordinary Shares £1 each 25,706 £1.00 each 25,706 25,706
 
      ═════════ ═════════
   
20. Reserves
 
Revaluation Reserve
 
The trading properties located at 14 and 25 Carn Road, Portadown and the investment property at 21 Carn Road, Portadown were revalued by OKT, commercial property consultants in November 2015. A further revaluation of 25 Carn Road, Portadown was undertaken in January 2019.

Surpluses arising between the carrying value and the revaluation amount in relation to the trading properties has been credited to the revaluation reserve account with the impairment arising on the revaluation of 14 Carn Road, Portadown taken to profit and loss account. The difference between the carrying value and the revaluation of the investment property has been taken to profit and loss.
 
       
21. Financial commitments
 
Total future minimum lease payments under non-cancellable operating leases are as follows:
 
  2024 2023
  £ £
Due:
Within one year 14,339 14,339
  ═════════ ═════════
       
22. Directors' remuneration and transactions 2024 2023
  £ £
 
Directors' remuneration
Remuneration 293,476 282,932
Pension contributions 24,000 24,000
  ───────── ─────────
  317,476 306,932
  ═════════ ═════════
Highest Paid Director £ £
Amounts included above:
Emoluments and other benefits 146,645 135,775
  ═════════ ═════════
           
The following advances were made to the directors:
 
  Balance at Movement Balance at Maximum
  27/07/24 in period 29/07/23 in period
  £ £ £ £
 
Angus Wilson 341,061 36,247 304,814 341,061
  ═════════ ═════════ ═════════ ═════════
   
23. Parent company
 
The company regards Joyus Investments Limited as its parent company.
 
The parent of the largest group in which the results are consolidated is Joyus Investments Ltd.
Joyus Investments Ltd is registered in Northern Ireland.
 
           
24 Reconciliation of Net Cash Flow to Movement in Net Debt
  Opening Cash Other Closing
  balance flows changes balance
         
  £ £ £ £
 
Long-term borrowings (1,534,594) (3,520,096) 2,175,892 (2,878,798)
Short-term borrowings (715,542) 2,087,098 (2,175,892) (804,336)
Finance lease and hire purchase (65,000) 28,140 (8,876) (45,736)
  ───────── ───────── ───────── ─────────
Total liabilities from financing activities (2,315,136) (1,404,858) (8,876) (3,728,870)
  ═════════ ═════════ ═════════ ─────────
Total Cash and cash equivalents (Note 14)       (2,788,177)
        ─────────
Total net debt       (6,517,047)
        ═════════