Company registration number 03967462 (England and Wales)
CANNINGTON ENTERPRISES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
CANNINGTON ENTERPRISES LIMITED
COMPANY INFORMATION
Directors
Mr T Roe
Mr M Roe
Secretary
Mr M Roe
Company number
03967462
Registered office
Swang Farm
Cannington
Bridgwater
Somerset
United Kingdom
TA5 2NJ
Auditor
Lentells (Audit) Limited
17 - 18 Leach Road
Chard Business Park
Chard
Somerset
TA20 1FA
CANNINGTON ENTERPRISES LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
CANNINGTON ENTERPRISES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for the year ended 31 July 2024.

Review of the business

Cannington Enterprises Ltd continues to focus on its core business activities of farming, renewable energy production, warehousing, and associated transport and waste management services.

This year, the company has sustained its strategic focus on maximising the performance of its renewable energy operations, particularly as it continues to benefit from the remaining life of its Renewable Heat Incentive (RHI) and Feed-in Tariff (FiT) agreements. Alongside this, investment into ancillary operations remains a key priority, leveraging the company’s robust infrastructure and market presence.

A notable area of investment has been the continued acquisition of state-of-the-art farm machinery, supporting both efficiency improvements and the company's broader sustainability ambitions. These advancements not only improve operational productivity but also reinforce Cannington’s position at the forefront of modern, environmentally conscious farming.

Building on our commitment to innovation and sustainability, we are progressing the construction of a cutting-edge CO₂ capture plant, which is scheduled to become operational in Summer 2025. This development represents a major milestone in our long-term sustainability strategy, enabling the business to capture and repurpose carbon dioxide from its processes, significantly reducing the carbon footprint of its operations and aligning with global environmental goals.

The company continues to support the successful growth of the RocketGro brand, offering peat-free compost and mulch products. With increasing consumer demand for sustainable gardening solutions, further investment in product development, marketing, and distribution is being pursued to expand RocketGro’s market reach and brand recognition.

Cannington Enterprises Ltd remains deeply committed to its local community and environment, actively promoting employment and sustainable practices. The integration of in-house farming ensures a secure, traceable feedstock supply for the anaerobic digestion plant, strengthening operational self-sufficiency and resilience.

The company continues to pursue sustainable reinvestment strategies, enabling the growth and diversification of its income streams while maintaining prudent risk management.

 

Business Environment:

 

While external pressures such as inflation and climate-related challenges—including adverse weather patterns—persist, the company has taken proactive steps to maintain operational stability. Measures such as careful feedstock planning and investment in irrigation and soil management systems have proven effective.

Energy production remained strong during the period, supported by steady wholesale pricing and efficient plant operations. Nonetheless, the company continues to monitor market volatility and input costs closely to safeguard profitability.

The company continues to monitor developments in UK agricultural and energy policy, particularly those affecting the phasing out of legacy subsidies and the transition to environmental land management schemes (ELMS). These shifts present both risk and opportunity, and the company is positioning itself to benefit from future incentives aligned with renewable and regenerative practices.

CANNINGTON ENTERPRISES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -

Business Performance:

 

Despite a challenging macroeconomic environment, the business delivered solid financial results for the year, reflecting the strength and adaptability of its operations:

 

Period ended

£000s

31/07/24

31/07/23

Energy generation income

11,314

14,517

Pre-tax profit

792

3,834

EBITDA

3,237

6,027

Principal risks and uncertainties

The business remains exposed to volatility in wholesale gas and electricity prices. This risk continues to be mitigated by the company’s fixed, index-linked RHI and FiT income streams.

Interest rate exposure is carefully managed, with the majority of loan funding secured at fixed rates over the long term.

The company maintains strong liquidity, which has enabled the continued generation of healthy operating cash flows and the consistent settlement of supplier obligations within standard terms of trade.

Other information and explanations

Future Strategy:

Looking ahead, the strategic focus will continue to centre on:

- Preserving and enhancing existing revenue streams,
- Driving operational efficiencies and managing costs,
- Investing in infrastructure, technology, and people,
- Realising the full potential of the CO₂ capture facility,
- Supporting the ongoing expansion of the RocketGro product line.

Cannington Enterprises Ltd will remain agile in responding to evolving market conditions and will continue to explore opportunities for growth through sustainable practices, innovation, and collaboration.

On behalf of the board

Mr T Roe
Director
25 April 2025
CANNINGTON ENTERPRISES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of energy production.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £325,000. The directors do not recommend payment of a final dividend.

Preference dividends were paid amounting to £15,200.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr T Roe
Mr M Roe
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr T Roe
Director
25 April 2025
CANNINGTON ENTERPRISES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

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

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the company for that period.

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

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.

CANNINGTON ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CANNINGTON ENTERPRISES LIMITED
- 5 -
Opinion

We have audited the financial statements of Cannington Enterprises Limited (the 'company') for the year ended 31 July 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

CANNINGTON ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CANNINGTON ENTERPRISES LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instance 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 out procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit planning we obtained an understanding of the legal and regulatory framework that is applicable to the entity and the industry/sector in which it operates to identify the key laws and regulations affecting the entity. As part of this assessment process we discussed with management the laws and regulations applicable to the company, review other communications and considered findings from previous audits.

The key laws and regulations we identified were parameters put in place regarding the introduction of gas to the mains supply, Health & Safety regulations, and employment laws.

 

We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, primarily Companies Act 2006 and relevant UK tax law.

 

We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place.

 

We also identified the individuals who have responsibility for ensuring that the entity complies with laws and regulations and deal with reporting any issues if they arise.

As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the entity’s ability to continue trading and the risk of material misstatement to the financial statements.

CANNINGTON ENTERPRISES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CANNINGTON ENTERPRISES LIMITED (CONTINUED)
- 7 -

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

 

 

As part of our enquiries we discussed with management whether there have been any known instances, allegations or suspicions of fraud, of which management confirmed there had been none during or after the period.

 

We also evaluated the risk of fraud through management override. They key risks we identified were financial performance in relation to the financial loan covenants in place. We determined that the principal risks were related to cut-off in respect of revenue recognition and stock valuation.

In response to the identified risk, as part of our audit work we:

 

 

Given the inherent limitations of an audit, the more remote the non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the greater the risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements, as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Philip Adrian Stallard FCA (Senior Statutory Auditor)
For and on behalf of Lentells (Audit) Limited, Statutory Auditors
Chartered Certified Accountants
17 - 18 Leach Road
Chard Business Park
Chard
Somerset
TA20 1FA
25 April 2025
CANNINGTON ENTERPRISES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
15,724,289
17,754,698
Cost of sales
(12,742,996)
(12,244,513)
Gross profit
2,981,293
5,510,185
Administrative expenses
(1,713,653)
(1,487,922)
Other operating income
88,843
111,324
Operating profit
6
1,356,483
4,133,587
Interest receivable and similar income
7
9,150
3,548
Interest payable and similar expenses
8
(574,061)
(303,225)
Profit before taxation
791,572
3,833,910
Tax on profit
9
(434,310)
(582,876)
Profit for the financial year
357,262
3,251,034

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CANNINGTON ENTERPRISES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 9 -
2024
2023
£
£
Profit for the year
357,262
3,251,034
Other comprehensive income
-
-
Total comprehensive income for the year
357,262
3,251,034
CANNINGTON ENTERPRISES LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
29,829
41,429
Tangible assets
12
22,920,492
20,653,784
22,950,321
20,695,213
Current assets
Stocks
14
3,913,580
2,762,289
Biological assets
13
1,617,242
1,360,530
Debtors
15
5,499,737
4,813,642
Cash at bank and in hand
1,589
8,538
11,032,148
8,944,999
Creditors: amounts falling due within one year
19
(8,693,815)
(4,463,793)
Net current assets
2,338,333
4,481,206
Total assets less current liabilities
25,288,654
25,176,419
Creditors: amounts falling due after more than one year
20
(6,942,593)
(7,281,730)
Provisions for liabilities
Deferred tax liability
21
3,004,895
2,570,585
(3,004,895)
(2,570,585)
Net assets
15,341,166
15,324,104
Capital and reserves
Called up share capital
23
380,100
380,100
Profit and loss reserves
14,961,066
14,944,004
Total equity
15,341,166
15,324,104
The financial statements were approved by the board of directors and authorised for issue on 25 April 2025 and are signed on its behalf by:
Mr T Roe
Director
Company Registration No. 03967462
CANNINGTON ENTERPRISES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 August 2022
180,100
11,931,870
12,111,970
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
3,251,034
3,251,034
Issue of share capital
23
200,000
-
200,000
Dividends
10
-
(238,900)
(238,900)
Balance at 31 July 2023
380,100
14,944,004
15,324,104
Year ended 31 July 2024:
Profit and total comprehensive income for the year
-
357,262
357,262
Dividends
10
-
(340,200)
(340,200)
Balance at 31 July 2024
380,100
14,961,066
15,341,166
CANNINGTON ENTERPRISES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
29
1,437,074
5,453,228
Interest paid
(574,061)
(303,225)
Income taxes refunded
-
0
210,262
Net cash inflow from operating activities
863,013
5,360,265
Investing activities
Purchase of tangible fixed assets
(4,705,515)
(6,701,102)
Proceeds from disposal of tangible fixed assets
505,311
667,163
Movement in loans advanced
(192,043)
(165,005)
Interest received
9,150
3,548
Net cash used in investing activities
(4,383,097)
(6,195,396)
Financing activities
Proceeds from issue of shares
-
0
200,000
Repayment of borrowings
(27,142)
(27,143)
Net advance/(repayment) of bank loans
2,550,826
(434,797)
Advance of finance leases obligations
1,343,084
1,031,907
Payment of finance lease obligations
(973,492)
(825,943)
Dividends paid
(340,200)
(238,900)
Net cash generated from/(used in) financing activities
2,553,076
(294,876)
Net decrease in cash and cash equivalents
(967,008)
(1,130,007)
Cash and cash equivalents at beginning of year
(1,844,136)
(714,129)
Cash and cash equivalents at end of year
(2,811,144)
(1,844,136)
Relating to:
Cash at bank and in hand
1,589
8,538
Bank overdrafts included in creditors payable within one year
(2,812,733)
(1,852,674)
CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
1
Accounting policies
Company information

Cannington Enterprises Limited is a private company limited by shares incorporated in England and Wales. The registered office is Swang Farm, Cannington, Bridgwater, Somerset, United Kingdom, TA5 2NJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Energy income and income from the provision of services is recognised in the period to which it relates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Basic payment scheme entitlements
7 years straight line
1.5
Tangible fixed assets

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

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
0% & 2% straight line
Plant and equipment
5% straight line & 15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 14 -
1.6
Biological assets

Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise growing crops.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Crops in store, comprising silage and sugar beet stock held for the purposes of energy generation by the company, are stated at estimated cost of production.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Judgements and estimations are used in determining the tonnage of silage and within the valuation method of growing crops and crops in store, Other areas of the accounts subject to judgement and estimation.are depreciation, accruals and prepayments.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Storage income
1,567,656
1,385,046
Energy income
11,314,327
14,516,858
Transport, recycling and waste disposal
1,026,958
1,170,420
Farm income
358,280
94,553
Other income
1,457,068
587,821
15,724,289
17,754,698
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,724,289
17,754,698
2024
2023
£
£
Other revenue
Interest income
9,150
3,548
Grants received
88,843
110,778
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
45
42
CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
4
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,746,606
1,512,247
Social security costs
181,779
151,651
Pension costs
35,050
28,075
1,963,435
1,691,973
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
16,320
16,320
Company pension contributions to defined contribution schemes
58
58
16,378
16,378
6
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
1,212
-
0
Government grants
(88,843)
(110,778)
Fees payable to the company's auditor for the audit of the company's financial statements
10,045
9,900
Depreciation of owned tangible fixed assets
1,471,411
1,340,434
Depreciation of tangible fixed assets held under finance leases and hire purchase agreements
397,417
541,700
Loss on disposal of tangible fixed assets
64,668
32,615
Amortisation of intangible assets
11,600
11,600
Operating lease charges
1,176,518
1,023,133
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
9,150
3,548
CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
449,934
222,966
Other finance costs:
Interest on finance leases and hire purchase contracts
124,127
80,822
Other interest
-
0
(563)
574,061
303,225
9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(70,580)
Deferred tax
Origination and reversal of timing differences
434,310
653,456
Total tax charge
434,310
582,876

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
791,572
3,833,910
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
197,893
958,478
Tax effect of expenses that are not deductible in determining taxable profit
18,524
14,356
Tax effect of utilisation of tax losses not previously recognised
-
0
(279,640)
Unutilised tax losses carried forward
186,263
-
0
Adjustments in respect of prior years
-
0
(70,580)
Permanent capital allowances in excess of depreciation
(402,680)
(693,194)
Deferred taxation movement
434,310
653,456
Taxation charge for the year
434,310
582,876
10
Dividends
2024
2023
£
£
Interim paid
340,200
238,900
CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
11
Intangible fixed assets
Basic payment scheme entitlements
£
Cost
At 1 August 2023 and 31 July 2024
92,800
Amortisation and impairment
At 1 August 2023
51,371
Amortisation charged for the year
11,600
At 31 July 2024
62,971
Carrying amount
At 31 July 2024
29,829
At 31 July 2023
41,429
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
7,860,350
24,664,661
50,795
696,366
33,272,172
Additions
768,991
3,862,685
24,415
49,424
4,705,515
Disposals
-
0
(955,190)
-
0
(15,000)
(970,190)
At 31 July 2024
8,629,341
27,572,156
75,210
730,790
37,007,497
Depreciation and impairment
At 1 August 2023
574,966
11,670,941
30,117
342,364
12,618,388
Depreciation charged in the year
58,115
1,705,202
6,764
98,747
1,868,828
Eliminated in respect of disposals
-
0
(393,648)
-
0
(6,563)
(400,211)
At 31 July 2024
633,081
12,982,495
36,881
434,548
14,087,005
Carrying amount
At 31 July 2024
7,996,260
14,589,661
38,329
296,242
22,920,492
At 31 July 2023
7,285,384
12,993,720
20,678
354,002
20,653,784

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
2,514,881
2,858,209
CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
13
Biological assets
Growing Crops
£
Cost
At 1 August 2023
1,360,530
Additions - procreation or planting
1,617,242
Harvest
(1,360,530)
At 31 July 2024
1,617,242
Depreciation and impairment
At 1 August 2023 and 31 July 2024
-
0
Carrying amount
At 31 July 2024
1,617,242
At 31 July 2023
1,360,530
14
Stocks
2024
2023
£
£
Raw materials and consumables
337,356
30,285
Harvested crops and other materials
3,576,224
2,732,004
3,913,580
2,762,289
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,338,966
1,388,590
Corporation tax recoverable
55,959
55,555
Other debtors
811,664
676,183
Prepayments and accrued income
3,293,148
2,693,314
5,499,737
4,813,642
16
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
5,194,348
4,424,364
Carrying amount of financial liabilities
Measured at amortised cost
15,595,677
11,707,452
CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
17
Loans and overdrafts
2024
2023
£
£
Bank loans
8,539,828
5,989,002
Bank overdrafts
2,812,733
1,852,674
Other loans
54,286
81,428
11,406,847
7,923,104
Payable within one year
6,289,050
2,334,602
Payable after one year
5,117,797
5,588,502

The bank loans and overdraft are secured by a fixed charge over land and a floating charge over all other assets.

Bank loans are denominated in £ and comprise the following:

 

a) Fixed rate loan with a nominal interest rate of 3.18%. Final instalment is due on 11 January 2034. The carrying amount at year end is £4,122,948 (2023 - £4,488,696).

 

b) Fixed rate loan with a nominal interest rate of 3.67%. Final instalment is due on 19 April 2037. The carrying amount at year end is £1,416,880 (2023- £1,500,306).

 

c) Variable rate loan (commenced September 2023) with a nominal interest rate of 2.20% over the Bank of England Base Rate. Final instalment is due on 25 March 2025. The carrying amount at year end is £1,400,000.

 

d) Variable rate loan (commenced September 2023) with a nominal interest rate of 2.20% over the Bank of England Base Rate. Final instalment is due on 18 July 2025. The carrying amount at year end is £1,600,000.

18
Finance lease and hire purchase agreement obligations
2024
2023
Future minimum lease payments due under finance leases and hire purchase agreements:
£
£
Within one year
929,160
691,136
In two to five years
1,824,796
1,693,228
2,753,956
2,384,364

Hire purchase payments represent payments made by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. Interest of £124,127 (2023: £80,823) has been charged on these finance leases.

CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 24 -
19
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
6,261,907
2,307,459
Obligations under finance leases and hire purchase agreements
18
929,160
691,136
Other borrowings
17
27,143
27,143
Trade creditors
975,250
976,815
Corporation tax
404
-
0
Other taxation and social security
40,327
38,071
Other creditors
127,013
316,575
Accruals and deferred income
332,611
106,594
8,693,815
4,463,793
20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
5,090,654
5,534,217
Obligations under finance leases and hire purchase agreements
18
1,824,796
1,693,228
Other borrowings
17
27,143
54,285
6,942,593
7,281,730
21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
3,193,130
2,570,585
Tax losses
(188,235)
-
3,004,895
2,570,585
2024
Movements in the year:
£
Liability at 1 August 2023
2,570,585
Charge to profit or loss
434,310
Liability at 31 July 2024
3,004,895
CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
21
Deferred taxation
(Continued)
- 25 -

The deferred tax liability includes accelerated capital allowances that are expected to reverse in future tax years.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
35,050
28,075

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

23
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A share of 1p each
10,000
10,000
100.00
100.00
Ordinary B share of 1p each
1
1
0.01
0.01
Ordinary C share of 1p each
1
1
0.01
0.01
Ordinary D share of 1p each
1
1
0.01
0.01
Ordinary E share of 1p each
1
1
0.01
0.01
Ordinary F share of 1p each
1
1
0.01
0.01
Ordinary G share of 1p each
1
1
0.01
0.01
Ordinary H share of 1p each
1
1
0.01
0.01
10,007
10,007
100.07
100.07
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Reedeemable Preference A shares of £10000 each
38
38
380,000
380,000
Preference shares classified as equity
380,000
380,000
Total equity share capital
380,100
380,100

Rights, preferences and restrictions

 

All classes of ordinary share have full voting and equity rights.

 

The redeemable preference shares have full voting rights, and preferential rights upon winding up but no equity rights. The preference shares carry a right to a 4% fixed dividend.

CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
24
Operating lease commitments
Lessee

The operating leases represent leases to third parties for land used for growing crops. The leases are negotiated over terms between 6 months and 1 year.

2024
2023
£
£
Within one year
110,438
180,115
Between two and five years
1,083
-
0
111,521
180,115
25
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
2,131,730
3,728,318
26
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
216,523
164,552
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
2024
2023
£
£
Entities under common control
1,508,436
575,353
CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
26
Related party transactions
(Continued)
- 27 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities under common control
513,403
370,035
Other related parties
113,166
113,166
27
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Dividends totalling £208,000 (2023 - £151,700) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan account
2.25
256,926
454,043
(262,000)
448,969
Loan account
-
(303,429)
283,279
(96,041)
(116,191)
(46,503)
737,322
(358,041)
332,778
28
Prior year adjustment

The value of RGGO income had been incorrectly calculated in the year to 31 July 2023, with accrued income being understated. This has resulted in a prior year adjustment being recognised. The value of the adjustment totalled £329,751 and results in profits for the previous year increasing by this amount and an increase to the accrued income balance within debtors in the balance sheet of the same amount.

 

The value of fertiliser stocks was also understated in the year to 31 July 2023, with stock being understated. This has resulted in a prior year adjustment being recognised in these accounts. The comparative figures in these accounts, relating to the year ended 31 July 2023, have therefore been restated. The valuation adjustment totalled £15,547 and results in profit for the year increasing by this amount and an increase in the balance sheet stock valuation of the same amount.

 

Retained earnings as at 31 July 2023 as previously reported £3,488,612

RGGO income adjustment £329,751

Fertiliser stock adjustment £15,546

Retained earnings at 31 July 2023 as restated £3,833,909

CANNINGTON ENTERPRISES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
29
Cash generated from operations
2024
2023
£
£
Profit after taxation
357,262
3,251,034
Adjustments for:
Taxation charged
434,310
582,876
Finance costs
574,061
303,225
Investment income
(9,150)
(3,548)
Loss on disposal of tangible fixed assets
64,668
32,615
Amortisation and impairment of intangible assets
11,600
11,600
Depreciation and impairment of tangible fixed assets
1,868,828
1,882,134
Movements in working capital:
Increase in stocks
(1,408,003)
(522,333)
(Increase)/decrease in debtors
(493,648)
514,460
Increase/(decrease) in creditors
37,146
(598,835)
Cash generated from operations
1,437,074
5,453,228
30
Analysis of changes in net debt
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
8,538
(6,949)
1,589
Bank overdrafts
(1,852,674)
(960,059)
(2,812,733)
(1,844,136)
(967,008)
(2,811,144)
Borrowings excluding overdrafts
(6,070,430)
(2,523,684)
(8,594,114)
Obligations under finance leases and hire purchase agreements
(2,384,364)
(369,592)
(2,753,956)
(10,298,930)
(3,860,284)
(14,159,214)
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