IRIS Accounts Production v25.1.0.734 00792934 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities poultry breeders. 97 95 true true false true true false false true true false Defined benefit pension plans These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary A 1.00000 Ordinary B 1.00000 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REGISTERED NUMBER: 00792934 (England and Wales)















JOICE AND HILL POULTRY LTD

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 6

Income Statement 7

Other Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13 to 24


JOICE AND HILL POULTRY LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: N J K Bailey
Institut De Selection Animale BV
P Casanovas Infiesta
W L Duijmelinck


REGISTERED OFFICE: Green Road
Eye
Peterborough
PE6 7YP


REGISTERED NUMBER: 00792934 (England and Wales)


SENIOR STATUTORY AUDITOR: Tara Bellamy FCA


AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS


BANKERS: Rabobank
Cooperative Centrale
Raiffeisen-Boerenleenbank B.A
P.O. Box 17100
3500 HG
UTRECHT

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

STRATEGIC REPORT 2024
The company is involved in the production and sale of day-old chicks, supplying the egg industry across the UK & Eire. This is a competitive environment that depends on the quality of the genetics, our day-old chicks and inter-company relationships. As part of multi-species animal breeding group Hendrix Genetics and with close relationships within the UK egg value chain, we are well placed to serve the industry with the right breeds of laying hen. There is an increasing interest in our Dekalb White breed which has demonstrated excellent performance in free range and barn egg production.

REVIEW OF BUSINESS
2024 was a good year for those with eggs to sell, leading to a returned growth in free-range production capacity. Barn also continued to grow slightly. Overall, the available market grew by 1.3m chicks in the UK compared with 2023 (+3.5%). High demand for our breeds, especially Dekalb White, Bovans and Shaver Brown also saw a slight increase in our market share although this was limited by availability.

High demand led to record chick sales of 14.4m with sales turnover up by 12%. Profitability was affected by increased labour costs and higher parent stock prices as the genetics company puts further investment into R&D. Dividends from our daughter company in the salmon business also boosted results. Investments continued into automation, biosecurity and the general infrastructure of our production facilities.

RESEARCH AND DEVELOPMENT
Work continues with the development of our specialty egg laying lines and in areas of data collection. The field data we collect verifies the genetic improvements in our breeding lines, particularly the extension of viable production cycles.

POST YEAR END EVENTS
Demand for our products continues to grow and we are still turning away business. It takes at least nine months to increase chick production if you can find suitable parent stock premises. Demand for commercial eggs means that poultry housing is at a premium so finding contract hatching egg production is even more difficult than normal. Avian Influenza seems to be on the rise again.

PRINCIPAL RISKS AND UNCERTAINTIES
Our principal risks are avian disease, fire, production cost volatility and utilisation of our production. The directors take the management of these risks very seriously, but it is due to the diligence of all employees that we continue to thrive. As our products are constantly improving in the output of first quality eggs and production cycles lengthen, it is logical that our available market may shrink. In this respect it is vital for business continuation that we are paid for this contribution to egg production efficiency.

ON BEHALF OF THE BOARD:





N J K Bailey - Director


29 April 2025

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

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

DIVIDENDS
An interim dividend of £0.75913 per share was paid on 27/09/2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2024 will be £2,000,000.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

N J K Bailey
Institut De Selection Animale BV

Other changes in directors holding office are as follows:

M H A Mertens - resigned 10 May 2024
P Casanovas Infiesta - appointed 2 May 2024
W L Duijmelinck - appointed 6 May 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's 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.

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

ON BEHALF OF THE BOARD:





N J K Bailey - Director


29 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOICE AND HILL POULTRY LTD

Opinion
We have audited the financial statements of Joice and Hill Poultry Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOICE AND HILL POULTRY LTD


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

In preparing the financial statements, the directors are responsible for assessing the 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.

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

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. This included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Employment laws, Code of Good Practice, Label Rouge and RSPCA.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management. We have performed audit work through enquiries with management regarding any non-compliance and reviewed all available information to assess whether any breaches have been found. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
JOICE AND HILL POULTRY LTD


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Tara Bellamy FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS

29 April 2025

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £    £   

TURNOVER 3 14,688,256 13,085,518

Cost of sales 11,845,916 10,401,151
GROSS PROFIT 2,842,340 2,684,367

Distribution costs 719,658 621,482
Administrative expenses 1,311,339 1,278,147
2,030,997 1,899,629
OPERATING PROFIT 5 811,343 784,738

Income from shares in group undertakings 2,000,000 3,500,000
Interest receivable and similar income 6 44,308 1,096
2,044,308 3,501,096
2,855,651 4,285,834
Amounts written back on investments 7 80,007 -
2,775,644 4,285,834

Interest payable and similar expenses 8 (45,217 ) (7,131 )
PROFIT BEFORE TAXATION 2,820,861 4,292,965

Tax on profit 9 52,652 136,214
PROFIT FOR THE FINANCIAL YEAR 2,768,209 4,156,751

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,768,209 4,156,751


OTHER COMPREHENSIVE INCOME
Actuarial gain/(loss) on pension scheme 564,000 144,000
Asset ceiling adjustment (928,000 ) (480,000 )
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

(364,000

)

(336,000

)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 2,404,209 3,820,751

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 11 2,514,062 2,436,985
Investments 12 2,657,629 2,737,636
5,171,691 5,174,621

CURRENT ASSETS
Stocks 13 1,859,907 1,910,704
Debtors 14 2,489,180 2,091,119
Cash at bank and in hand 1,732,588 1,088,830
6,081,675 5,090,653
CREDITORS
Amounts falling due within one year 15 2,372,405 1,718,366
NET CURRENT ASSETS 3,709,270 3,372,287
TOTAL ASSETS LESS CURRENT LIABILITIES 8,880,961 8,546,908

PROVISIONS FOR LIABILITIES 17 195,668 265,824
NET ASSETS 8,685,293 8,281,084

CAPITAL AND RESERVES
Called up share capital 18 2,634,581 2,634,581
Retained earnings 19 6,050,712 5,646,503
SHAREHOLDERS' FUNDS 8,685,293 8,281,084

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by:





N J K Bailey - Director


JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 2,634,581 4,475,752 7,110,333

Changes in equity
Total comprehensive income - 3,820,751 3,820,751
Dividends - (2,650,000 ) (2,650,000 )
Balance at 31 December 2023 2,634,581 5,646,503 8,281,084

Changes in equity
Total comprehensive income - 2,404,209 2,404,209
Dividends - (2,000,000 ) (2,000,000 )
Balance at 31 December 2024 2,634,581 6,050,712 8,685,293

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,131,543 1,158,668
Interest paid 45,217 7,131
Tax paid (96,086 ) -
Taxation refund - 19,602
Net cash from operating activities 1,080,674 1,185,401

Cash flows from investing activities
Purchase of tangible fixed assets (481,224 ) (524,524 )
Interest received 44,308 1,096
Dividends received 2,000,000 3,500,000
Net cash from investing activities 1,563,084 2,976,572

Cash flows from financing activities
Equity dividends paid (2,000,000 ) (2,650,000 )
Net cash from financing activities (2,000,000 ) (2,650,000 )

Increase in cash and cash equivalents 643,758 1,511,973
Cash and cash equivalents at beginning of year 2 1,088,830 (423,143 )

Cash and cash equivalents at end of year 2 1,732,588 1,088,830

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

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

2024 2023
£    £   
Profit before taxation 2,820,861 4,292,965
Depreciation charges 404,147 404,578
Pension contributions paid off provision (296,000 ) (287,000 )
Non cash actuarial pension costs (68,000 ) (49,000 )
Non cash impairment of investment 80,007 -
Finance costs (45,217 ) (7,131 )
Finance income (2,044,308 ) (3,501,096 )
851,490 853,316
Decrease/(increase) in stocks 50,797 (128,969 )
(Increase)/decrease in trade and other debtors (401,477 ) 212,021
Increase in trade and other creditors 630,733 222,300
Cash generated from operations 1,131,543 1,158,668

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 1,732,588 1,088,830
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 1,088,830 545,991
Bank overdrafts - (969,134 )
1,088,830 (423,143 )


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 1,088,830 643,758 1,732,588
1,088,830 643,758 1,732,588
Total 1,088,830 643,758 1,732,588

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Joice and Hill Poultry Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Hendrix Genetics B.V., Villa 'De Korver', Spoorstraatt 69 - PO BOX, 5830 Ac Boxmeer, Netherlands.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 and are covered within the accounting policies:

i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

(ii) When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

(iii) The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, ageing profile of debtors and historical experience.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover is measure at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. Sales are recognised upon delivery to the customer, or upon collection by the customer.

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

2. ACCOUNTING POLICIES - continued

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

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Freehold land and buildings- 2% on cost and Nil
Plant and machinery- at varying rates on cost and at variable rates on reducing balance
Motor vehicles- at varying rates on cost
Computer equipment- ar varying rates on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks
Livestock are valued at direct costs of production, including attributable production overheads, amortised over their estimated production lives.

Eggs are valued at direct costs of production, including attributable production overheads.

Raw materials including vaccines and feed, are valued at the lower of cost and net realisable value, after making due allowance for slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost 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 discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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. Accounts 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.

Foreign currency translation
The statement of financial position foreign currency balances are translated using the foreign exchange rate at the statement of financial positionstatement of financial position date, which has been provided by the group.

The income statement items have been translated at the date of the transaction using the foreign exchange rate provided by the group.

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined benefit pension scheme. The regular pension cost is charged to the income statement and is based on the expected pension costs over the service life of the employees.

The amounts charged to operating profit in respect of the defined benefit scheme are the current service cost and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the income statement if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The interest cost and the expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest.

Actuarial gains and losses are recognised immediately in the statement of total recognised gains and losses. Defined benefit schemes are funded, with the assets of the scheme held separately from those of the company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each statement of financial position date. The resulting defined benefit asset or liability, net of the related deferred tax, is presented separately after other net assets on the face the statement of financial position.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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


Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each statement of financial position reporting date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the income statement unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 14,528,494 13,032,493
Europe 159,762 53,025
14,688,256 13,085,518

Sale of goods

Turnover from the sale of chicks and eggs is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the date of order where the system calculates the price and number of chick boxes needed for the order.

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the company’s right to receive payment is established.

4. EMPLOYEES AND DIRECTORS

20242023
£   £   
Staff costs comprise:
Wages and salaries2,719,7092,487,511
Social security costs238,071232,966
Employer pension contributions98,90299,695
3,056,6822,820,172

20242023
The average monthly number of persons employed by the company during the year
was:

Production8582
Sales79
Management and administration54
9795

2024 2023
£    £   
Directors' remuneration 134,141 113,001
Directors' pension contributions to money purchase schemes 17,503 15,820

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 404,147 404,578
Auditors' remuneration 23,030 32,256
(Gain) / loss on foreign exchange movements 22,783 19,680
Operating lease payments - land and buildings 458,236 444,109
Operating lease payments - plant, equipment and vehicles 145,801 157,396
Impairment of subsidiary investment and write off of intercompany balance (16,993 ) -

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£    £   
Bank interest 44,308 1,096

7. AMOUNTS WRITTEN BACK ON INVESTMENTS
2024 2023
£    £   
Amounts written back on investments 80,007 -

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest - 22,189
Expected return on pension scheme assets (215,000 ) (196,000 )
Interest on pension scheme
liabilities 147,000 147,000
(Profit)/Loss on foreign
exchange rate movement 22,783 19,680
(45,217 ) (7,131 )

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 122,808 79,900

Deferred tax (70,156 ) 56,314
Tax on profit 52,652 136,214

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

9. TAXATION - continued

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

2024 2023
£    £   
Profit before tax 2,820,861 4,292,965
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
25%)

705,215

1,073,241

Effects of:
Expenses not deductible for tax purposes 8,065 4,562
Income not taxable for tax purposes (456 ) (2,822 )
Depreciation in excess of capital allowances 5,232 13,274
Utilisation of tax losses - (22,993 )
Deficit reduction pension payments (74,000 ) (67,504 )
Income from shares in group undertakings (500,000 ) (823,220 )

Deferred tax movement in year (70,156 ) 56,314
Pension scheme finance costs (17,000 ) (11,525 )
Tax refund in year - (19,602 )
Tax rate changing from 19% to 25% in year - (63,511 )
Amounts written off to investments (4,248 ) -
Total tax charge 52,652 136,214

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Actuarial gain/(loss) on pension scheme 564,000 - 564,000
Asset ceiling adjustment (928,000 ) - (928,000 )
(364,000 ) - (364,000 )

2023
Gross Tax Net
£    £    £   
Actuarial gain/(loss) on pension scheme 144,000 - 144,000
Asset ceiling adjustment (480,000 ) - (480,000 )
(336,000 ) - (336,000 )

10. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 2,000,000 2,650,000

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

11. TANGIBLE FIXED ASSETS
Freehold
land and Plant and Motor Computer
buildings machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 2,504,800 5,629,307 404,321 52,294 8,590,722
Additions 13,668 309,745 147,982 9,829 481,224
At 31 December 2024 2,518,468 5,939,052 552,303 62,123 9,071,946
DEPRECIATION
At 1 January 2024 1,620,823 4,243,446 251,530 37,938 6,153,737
Charge for year 16,159 304,148 76,183 7,657 404,147
At 31 December 2024 1,636,982 4,547,594 327,713 45,595 6,557,884
NET BOOK VALUE
At 31 December 2024 881,486 1,391,458 224,590 16,528 2,514,062
At 31 December 2023 883,977 1,385,861 152,791 14,356 2,436,985

Included in cost of land and buildings is freehold land of £ 76,842 (2023 - £ 76,842 ) which is not depreciated.

12. FIXED ASSET INVESTMENTS
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1 January 2024 2,751,223 3,406 2,754,629
Disposals (97,000 ) - (97,000 )
At 31 December 2024 2,654,223 3,406 2,657,629
PROVISIONS
At 1 January 2024 16,993 - 16,993

Eliminated on disposal (16,993 ) - (16,993 )
At 31 December 2024 - - -
NET BOOK VALUE
At 31 December 2024 2,654,223 3,406 2,657,629
At 31 December 2023 2,734,230 3,406 2,737,636

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

Landcatch Natural Selection Limited
Registered office: Lochgilphead, Argyll, Scotland
Nature of business: Freshwater aquaculture
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,014,791 4,051,097
Profit for the year 1,963,694 1,991,508

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

12. FIXED ASSET INVESTMENTS - continued

Joice and Hill Limited
Registered office: Peterborough, Lincolnshire, United Kingdom
Nature of business: Dissolved (2024) Dormant company (2023)
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves - 97,000

Joice and Hill Poultry Limited was dissolved on 26 November 2024, therefore no investment was held at 31 December 2024.

Other investments are shares in other unlisted companies which have been measured at cost less impairments.

13. STOCKS
2024 2023
£    £   
Stocks 1,859,907 1,910,704

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,100,381 1,705,685
Amounts owed by group undertakings 18,083 15,941
Tax (45 ) 3,371
VAT 117,865 99,196
Prepayments 252,896 266,926
2,489,180 2,091,119

Amounts owed from group undertakings are unsecured and repayable on demand.

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 981,825 904,739
Amounts owed to group undertakings 794,854 117,744
Corporation tax 122,808 99,502
Other taxes and social security 111,121 98,483
Other creditors 90,708 178,955
Accrued expenses 271,089 318,943
2,372,405 1,718,366

Amounts owed to group undertakings are unsecured and repayable on demand.

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 134,865 147,223
Between one and five years 200,197 208,921
335,062 356,144

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

16. LEASING AGREEMENTS - continued

In addition to the above, the company has annual commitments in relation to third party owned properties and related facility / management services totalling £713,625 (2023: £458,236) which are renewed annually and have no set expiry date.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 195,668 265,824

Deferred
tax
£   
Balance at 1 January 2024 265,824
Credit to Income Statement during year (70,156 )
Balance at 31 December 2024 195,668

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,555,981 Ordinary A £1 2,555,981 2,555,981
78,600 Ordinary B £1 78,600 78,600
2,634,581 2,634,581

19. RESERVES
Retained
earnings
£   

At 1 January 2024 5,646,503
Profit for the year 2,768,209
Dividends (2,000,000 )
Actuarial loss on
pension scheme 564,000
Other pension (charges)/gains (928,000 )
At 31 December 2024 6,050,712

The retained earnings reserve represents the cumulative profits net of dividends and other adjustments of the entity.







20. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit pension plan for qualifying employees providing benefits based upon final pensionable pay. The pension plan is funded by the payment of contributions and assets of the plan are held in a separately administered fund.

The most recent comprehensive actuarial valuation of pension plan assets and the present value of the defined benefit obligation were carried out at 31 December 2024.

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

The amounts recognised in the balance sheet are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Present value of funded obligations (5,269,000 ) (4,671,000 )
Fair value of plan assets 5,269,000 4,671,000
- -
Present value of unfunded obligations - -
Deficit - -
Net liability - -

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Current service cost - -
Interest cost 147,000 147,000
Expected return - -
Past service cost - -
147,000 147,000

Actual return on plan assets 378,000 458,000

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening defined benefit obligation 4,671,000 3,956,000
Interest cost 147,000 147,000
Actuarial losses/(gains) (401,000 ) 118,000
Benefits paid (76,000 ) (30,000 )
Asset ceiling adjustment 928,000 480,000
5,269,000 4,671,000

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Opening fair value of scheme assets 4,671,000 3,956,000
Interest on pension assets 215,000 196,000
Contributions by employer 296,000 287,000
Actuarial gains/(losses) 163,000 262,000
Benefits paid (76,000 ) (30,000 )
5,269,000 4,671,000

The amounts recognised in the statement of recognised gains and losses are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Actuarial gains/(losses) 564,000 144,000
564,000 144,000

Cumulative amount of actuarial gains/(losses) - -

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit
pension plans
2024 2023
£    £   
Equities 3,267,000 2,916,000
Fixed Interest Bonds 907,000 843,000
Cash 207,000 76,000
Other 888,000 836,000
5,269,000 4,671,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2024 2023
Discount rate 5.50% 4.50%
Future salary increases 2.50% 2.40%
Future pension increases 3.00% 3.00%
Proportion of employees opting for early retirement 3.20% 3.20%
Annual increase in healthcare costs 2.50% 2.40%

JOICE AND HILL POULTRY LTD (REGISTERED NUMBER: 00792934)

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

20. EMPLOYEE BENEFIT OBLIGATIONS - continued

Amounts for the current and previous four periods are as follows:

2024 2023 2022 2021 2020
£    £    £    £    £   
Defined benefit obligation (5,269,000 ) (4,671,000 ) (3,956,000 ) (4,922,000 ) (5,033,000 )
Fair value of scheme assets 5,269,000 4,671,000 3,956,000 4,185,000 3,633,000
Deficit - - - (737,000 ) (1,400,000 )

Experience adjustments on
scheme liabilities

-

-

-

-

-


Experience adjustments on
scheme assets

-

-

-

-

-


In the opinion of the director's, the £2,284,000 (2023 - £1,356,000) asset cannot be realistically recovered from the pension scheme, either by direct payment or future pension service contributions, hence an adjustment of £928,000 (2023 - £480,000) has been made to remove the pension scheme net surplus.

21. ULTIMATE PARENT COMPANY

Hendrix Genetics BV (incorporated in The Netherlands ) is regarded by the directors as being the company's ultimate parent company.

Joice and Hill Poultry Limited is part of a group with the parent being Hendrix Genetics BV.

The registered address is:
Villa 'de Koerver
Spoorstraat 69
5831 CK Boxmeer
The Netherlands

The parent undertaking and the smallest and largest Group of which the company was a member during the year and for which the group financial statements were prepared was Hendrix Genetics BV, a company incorporated in the Netherlands.

Copies of the Hendrix Genetics BV financial statements are available to the public at the following address, Villa 'de Koerver, Spoorstraat 69, 5831 CK Boxmeer, The Netherlands.

The immediate parent company is Institut de Selection Animale BV NL and the ultimate parent company Hendrix Genetics BV.Both companies are incorporated in the Netherlands.

22. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 88,357 25,851

23. RELATED PARTY DISCLOSURES

Joice and Hill Poultry Limited are exempt from disclosing the related parties as per FRS 102 33.1A, which states 'disclosures need not be given of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member'.