Company registration number 00478878 (England and Wales)
CRIDDLE & CO. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
CRIDDLE & CO. LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 21
CRIDDLE & CO. LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the period ended 1 September 2024.

Principal activities and fair review of the business

The company's principal activities during the period continued to be the merchanting of animal feed ingredients.

 

The business operated similarly to the previous year helping its customers take advantage of market opportunities.

 

The key financial and other performance indicators during the period were as follows:

52 week period ended 1 September
52 week period ended 3 September
2024
2023
£'000
£'000
Turnover
135,143
176,561
Operating profit
1,570
2,795
Profit after tax
1,162
2,399
Shareholder's funds
8,777
8,614
Current assets % current liabilities
155%
160%
Principal risks and uncertainties

The directors meet regularly to discuss the risks facing the business. The principal risks and uncertainties facing the company arise mainly through commodity price variances and supply.

 

These are broadly risks that are managed by financial instruments and derivatives:

 

Commercial Risks

The company has established a risk and financial management framework to monitor and limit normal commercial risks such as credit control, counter party exposure, customer concentration and cost control, in order to protect the company from such risks.

Financial Instrument Risks

The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the company's performance objectives.

 

The objectives are to limit and restrict the extent of financial instrument risks within certain limits.

 

Use of Derivatives

The company trades mainly in animal feed commodities and enters into fixed price contracts to be taken up at a future date. The majority of the price risk associated with such trading is mitigated by matching sales and purchase contracts. The directors closely monitor current cost price movements in order to manage the risk.

 

 

CRIDDLE & CO. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
- 2 -

Employees

The company has continued to follow the requirements of Health & Safety at Work Act with concern of the welfare of its employees.

 

The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person.

 

The company provides employees with information about the company through internal media methods and newsletters.

 

Policy on payments to creditors

Creditors are paid in accordance with terms of business agreed with suppliers.

 

Given the nature of the company's activities and agreed terms with suppliers, the directors have not calculated an average creditor day figure as a whole on the basis that such a statement would not be beneficial.

 

S172 (1) Statement

 

The Board of directors consider, both individually and collectively, that they have acted in ways that they believe in good faith to be most likely to promote the success of the company for the benefit of its shareholders as a whole in the decisions they made during the period ended 3 September 2023.

 

We recognise our people as our most important asset and aim to be a responsible employer. The health, safety and wellbeing of our people is of the highest importance. Ensuring a safe working environment is paramount in our day to day operations.

 

Customers are at the heart of everything we do, as is evidenced by our programmes of engagement and support for UK farmers.

We seek to develop long term partnerships with our suppliers which are mutually beneficial and ultimately deliver our customer value and a high quality product.

As the Board of Directors, our intention is always to behave responsibly and to ensure that the business operates in a responsible manner, adhering to high standards of business conduct and good governance. We recognise that the maintenance of our good reputation, founded on responsible behaviour, is fundamental to our continuing ability to achieve profitable growth for the benefit of all our stakeholders in the future.

By order of the board

E J Munsey
Secretary
27 May 2025
CRIDDLE & CO. LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
- 3 -

The directors present their annual report and financial statements for the period ended 1 September 2024.

Results and dividends

The results for the period are set out on page 9.

Ordinary dividends were paid amounting to £1,000,000. The directors do not recommend payment of a final dividend.

Directors

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

J Young
L L R Whiteley
(Resigned 29 February 2024)
S G Hughes
C Aldag
Auditor

The auditor, Mitchell Charlesworth (Audit) Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

The company is committed to reducing carbon emissions wherever possible and is working with The Carbon Trust to ensure that the company makes optimum use of energy across the business. The detailed disclosure requirements of the Streamlined Energy and Carbon Reporting Requirements are covered in the report of the parent undertaking Edward Billington and Son Limited.

Statement of directors' responsibilities

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.

CRIDDLE & CO. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
- 4 -
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.

Strategic report

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company's strategic report information required by schedule 7 of the Large and Medium- sized Companies and Groups (Accounts and Reports) Regulations 2008 and is noted in the strategic report on pages 1 and 2.

By order of the board
E J Munsey
Secretary
27 May 2025
CRIDDLE & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRIDDLE & CO. LIMITED
- 5 -
Opinion

We have audited the financial statements of Criddle & Co. Limited (the 'company') for the period ended 1 September 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:

CRIDDLE & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRIDDLE & CO. 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.

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

 

CRIDDLE & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRIDDLE & CO. LIMITED (CONTINUED)
- 7 -

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

 

(i) The presentation of the Statement of Comprehensive Income, (ii) revenue recognition (iii) open book valuation, (iv) understatement of creditors. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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

 

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.

CRIDDLE & CO. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CRIDDLE & CO. LIMITED (CONTINUED)
- 8 -

Use of our report

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

Philip Griffiths
Senior Statutory Auditor
For and on behalf of Mitchell Charlesworth (Audit) Limited
27 May 2025
Accountants
Statutory Auditor
Suites C, D, E & F
14th Floor, The Plaza
100 Old Hall Street
Liverpool
England
L3 9QJ
CRIDDLE & CO. LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
- 9 -
Period
Period
ended
ended
1 September
3 September
2024
2023
Notes
£
£
Turnover
3
135,142,706
176,560,769
Cost of sales
(132,157,754)
(172,321,487)
Gross profit
2,984,952
4,239,282
Administrative expenses
(1,414,742)
(1,444,162)
Operating profit
4
1,570,210
2,795,120
Interest receivable and similar income
7
1,076
259,712
Interest payable and similar expenses
8
(18,072)
-
0
Profit before taxation
1,553,214
3,054,832
Tax on profit
9
(391,000)
(656,000)
Profit for the financial period
1,162,214
2,398,832

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

CRIDDLE & CO. LIMITED
BALANCE SHEET
AS AT
1 SEPTEMBER 2024
01 September 2024
- 10 -
1 September 2024
3 September 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
11
525,781
419,551
Current assets
Stocks
14
4,924,338
3,674,781
Debtors
15
18,442,659
17,911,926
Cash at bank and in hand
90,939
376,010
23,457,936
21,962,717
Creditors: amounts falling due within one year
16
(15,120,112)
(13,708,877)
Net current assets
8,337,824
8,253,840
Total assets less current liabilities
8,863,605
8,673,391
Provisions for liabilities
Deferred tax liability
17
87,000
59,000
(87,000)
(59,000)
Net assets
8,776,605
8,614,391
Capital and reserves
Called up share capital
18
150,000
150,000
Profit and loss reserves
8,626,605
8,464,391
Total equity
8,776,605
8,614,391
The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
S G Hughes
Director
Company registration number 00478878 (England and Wales)
CRIDDLE & CO. LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 5 September 2022
150,000
7,565,559
7,715,559
Period ended 3 September 2023:
Profit and total comprehensive income
-
2,398,832
2,398,832
Dividends
10
-
(1,500,000)
(1,500,000)
Balance at 3 September 2023
150,000
8,464,391
8,614,391
Period ended 1 September 2024:
Profit and total comprehensive income
-
1,162,214
1,162,214
Dividends
10
-
(1,000,000)
(1,000,000)
Balance at 1 September 2024
150,000
8,626,605
8,776,605
CRIDDLE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
- 12 -
1
Accounting policies
Company information

Criddle & Co. Limited is a private company limited by shares incorporated in England and Wales. The registered office is .

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Edward Billington and Son Limited. These consolidated financial statements are available from its registered office, 2nd Floor, Cunard Building, Liverpool, Merseyside, L3 1EL,

1.2
Going concern

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

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 and settlement discounts.

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.

CRIDDLE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Software
10% per annum
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:

Fixtures, fittings & equipment
20% - 33% per annum

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.

1.6
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.

1.7
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.

CRIDDLE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 14 -

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.

1.8
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.

1.9
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.

CRIDDLE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
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.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies 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

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

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 though 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.

1.10
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.

1.11
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.

CRIDDLE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less tax.

 

Deferred tax assets are recognised only to the extent that the directors have considered that it is more likely than not that there will be suitable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax is measured on an undiscounted basis at the rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the Balance Sheet Date.

1.12
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.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

1.14

Related parties

Details of transactions with fellow group undertakings where control is wholly within the group are not disclosed in these accounts as they are included in the consolidated accounts of Edward Billington and Son Limited.

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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Valuation of forward contracts/stock

Valuation of forwards contracts and stock are performed to indicate a potential loss in value at year end and reflects the true value of open contracts and held stock at year end. When assessing valuation, the directors consider market factors and use third party agreed Broker prices to value stock and contracts. Provisions and losses are created as keeping with accounting policies.

CRIDDLE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
- 17 -
3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
135,142,706
176,560,769
2024
2023
£
£
Other revenue
Interest income
1,076
259,712
4
Operating profit
2024
2023
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange gains
(6,412)
-
0
Amortisation of intangible assets
49,735
-

Remuneration paid to the company's auditors for services other than the statutory audit of the company are not analysed in these accounts since the consolidated accounts of the ultimate parent undertaking, Edward Billington and Son Limited, are required to disclose non- audit fees on a consolidated basis.

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
11,000
10,500
6
Employees

The directors and staff, including key management personnel, are employed and remunerated by the ultimate parent undertaking.

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
-
0
0
259,182
Other interest income
1,076
530
Total income
1,076
259,712
CRIDDLE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
7
Interest receivable and similar income
(Continued)
- 18 -
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
0
259,182
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
18,072
-
0
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
363,000
585,000
Deferred tax
Origination and reversal of timing differences
28,000
71,000
Total tax charge
391,000
656,000

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

2024
2023
£
£
Profit before taxation
1,553,214
3,054,832
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.50%)
388,304
656,789
Tax effect of expenses that are not deductible in determining taxable profit
1,758
3,000
Adjustment to reflect effective tax rate
938
9,211
Enhanced capital allowances
-
0
(13,000)
Taxation charge for the period
391,000
656,000
CRIDDLE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
- 19 -
10
Dividends
2024
2023
£
£
Interim paid
1,000,000
1,500,000
11
Intangible fixed assets
Software
£
Cost
At 4 September 2023
419,551
Additions
155,965
At 1 September 2024
575,516
Amortisation and impairment
At 4 September 2023
-
0
Amortisation charged for the period
49,735
At 1 September 2024
49,735
Carrying amount
At 1 September 2024
525,781
At 3 September 2023
419,551
12
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 4 September 2023
189,222
Disposals
(17,603)
At 1 September 2024
171,619
Depreciation and impairment
At 4 September 2023
189,222
Eliminated in respect of disposals
(17,603)
At 1 September 2024
171,619
Carrying amount
At 1 September 2024
-
0
At 3 September 2023
-
0
CRIDDLE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
- 20 -
13
Financial instruments
2024
2023
£
£
Carrying amount of financial liabilities measured at fair value through profit or loss
Provision against forward contracts
-
152,000
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
4,924,338
3,674,781
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,629,546
1,129,946
Amounts owed by group undertakings
16,647,403
16,721,690
Other debtors
129,645
39,929
Prepayments and accrued income
36,065
20,361
18,442,659
17,911,926
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
10,133,766
7,934,403
Amounts owed to group undertakings
777,177
1,986,000
Corporation tax
948,000
585,000
Accruals and deferred income
3,261,169
3,203,474
15,120,112
13,708,877
CRIDDLE & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 1 SEPTEMBER 2024
- 21 -
17
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
127,000
99,000
Short term timing differences
(40,000)
(40,000)
87,000
59,000
2024
Movements in the period:
£
Liability at 4 September 2023
59,000
Charge to profit or loss
28,000
Liability at 1 September 2024
87,000
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
150,000
150,000
150,000
150,000
19
Bank security

The company has provided a fixed and floating charge over all assets of the company to Barclays Bank plc, in addition to a guarantee from the ultimate parent undertaking.

20
Ultimate controlling party

The ultimate parent undertaking is Edward Billington and Son Limited, which is incorporated in England and Wales.

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