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Registered number: 00066810










HARRIS TOBIAS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
HARRIS TOBIAS LIMITED
 
 
COMPANY INFORMATION


Directors
J F Stott 
C E Stoyell (appointed 12 November 2024)




Registered number
00066810



Registered office
3 Station Road
Stansted Mountfitchet

Essex

CM24 8BE




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

NE2 1QP





 
HARRIS TOBIAS LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Balance Sheet
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 28


 
HARRIS TOBIAS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Principal activities
 
The principal activities of the company during the financial year continue to be that of merchants and dealers in oils and fats, seeds and recycled materials.

Business review
 
The financial results are detailed in the accompanying schedules. During the year the Company saw turnover increase. These movements were principally the result of increased commodity and freight prices globally, due to the war between Russia and Ukraine.
The Company continues to develop new markets and products in an attempt to maintain its turnover
and its margin going forward. The Company's Balance Sheet and cash position remain strong at the year end and the directors are confident this will remain the position going forward.
Principal risks and uncertainties
The management of the business and execution of its strategy are subject to a number of risks. The main business risks and uncertainties relate to general economic activity and from competition and business consolidation. The directors are confident that the company is structured and positioned in a manner that will enable it to meet the demands of its markets and business environment.
Principal risks are detailed below:
- Financial risk:
The Company's operations expose it to financial risks including the effects of liquidity risk. The directors mitigate liquidity by the continual review of the Company's cash resources against future commitments.
Credit exposure is vigorously monitored even where trading relationships may have been set up for many years.
 - Commodity price risk:
The Company manages commodity risk through competitive sourcing, the constant review of suppliers' and competitors' pricing and continuing routine checks for margin erosion.
- Regulatory risk:
There is a risk associated with the procurement and supply of oils and their associated by-products. Batch controls are strictly adhered to and the company has the very highest standard of hygiene and compliance of appropriate standards so that it passes all assessments constantly undertaken by any one of several agencies and key customers. These standards are passed on to the Company's customers to minimise any detrimental impact.
- Currency exposure fluctuations risk:
The company operates in Sterling, US Dollars and Euro and where possible exchange risk is minimised by natural hedging and some forward contracts. 

Page 1

 
HARRIS TOBIAS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The Company's key financial performance indicators for the year were turnover, gross profit, operating profit, profit for the period after taxation and shareholders' funds.
The Company's turnover increased by £7,571,886 to £56,209,191.The Company's gross profit increased by £612,918 to £1,915,286. The Company's operating profit increased by £2,371,001 to £1,292,243. The Company's profit after taxation increased by £2,434,359 to £1,294.487. The Company's shareholders' funds increased by £1,294,487 to £4,548,643. 


This report was approved by the board on 18 June 2025 and signed on its behalf.





................................................
J F Stott
Director

................................................
C E Stoyell
Director

Page 2

 
HARRIS TOBIAS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,294,487 (2023 - loss £1,139,872).

There are no planned or proposed dividends. 

Directors

The directors who served during the year were:

J F Stott 
N Turton (resigned 6 September 2024)
N F Hunter (resigned 6 September 2024)
L D Sanderson (resigned 6 September 2024)
C E Stoyell (appointed 12 November 2024)
M N Viergutz (appointed 6 September 2024 and resigned 12 November 2024)

Future developments

The business will continue to look at how to further diversify over the coming years, and the directors are committed to additional growth through the development of business relationships with existing and new customers.

Page 3

 
HARRIS TOBIAS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsRyecroft Glentonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 18 June 2025 and signed on its behalf.
 





................................................
J F Stott
Director
................................................
C E Stoyell
Director

Page 4

 
HARRIS TOBIAS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARRIS TOBIAS LIMITED
 

Opinion


We have audited the financial statements of Harris Tobias Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
HARRIS TOBIAS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARRIS TOBIAS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 
HARRIS TOBIAS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARRIS TOBIAS LIMITED (CONTINUED)


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 an Auditors' 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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
•  the Responsible Individual ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
•  we identified the laws and regulations applicable to the company through discussions with directors and
          other management, and from our commercial knowledge and experience of the sector;
•  we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the company, including Companies Act 2006, taxation    legislation, data protection, anti-bribery and employment legislation;
•  we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal correspondence; and
•  identified laws and regulations were communicated within the audit team regularly and the team     remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
•  making enquiries of management as to where they considered there was susceptibility to fraud, their    knowledge of actual, suspected and alleged fraud; and
•  considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we:
•  performed analytical procedures to identify any unusual or unexpected relationships; and
•  tested journal entries to identify unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
•  agreeing financial statement disclosures to underlying supporting documentation;
•  reading the minutes of meetings of those charged with governance;
•  reviewing ISO certificates and relevant safety audit reports to ensure maintaining compliance;
•  enquiring of management as to actual and potential litigation and claims along with the process for
          monitoring compliance with laws and regulations; and
•  reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors provided to
          us.
 
Page 7

 
HARRIS TOBIAS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HARRIS TOBIAS LIMITED (CONTINUED)


There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing Standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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 Auditors' 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.





Andrew Cameron (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditors
  
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP

18 June 2025
Page 8

 
HARRIS TOBIAS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
56,209,191
48,637,305

Cost of sales
  
(54,293,905)
(47,334,937)

Gross profit
  
1,915,286
1,302,368

Administrative expenses
  
(722,613)
(362,885)

Exceptional administrative expenses
 11 
-
(2,160,693)

Other operating income
 5 
99,570
142,452

Operating profit/(loss)
  
1,292,243
(1,078,758)

Interest receivable and similar income
 9 
722
8,921

Profit/(loss) before tax
  
1,292,965
(1,069,837)

Tax on profit/(loss)
 10 
1,522
(70,035)

Profit/(loss) for the financial year
  
1,294,487
(1,139,872)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 28 form part of these financial statements.

Page 9

 
HARRIS TOBIAS LIMITED
REGISTERED NUMBER: 00066810

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
234,013
238,144

Investments
 13 
10,551
10,551

  
244,564
248,695

Current assets
  

Stocks
 14 
39,048
974,646

Debtors: amounts falling due within one year
 15 
9,345,634
7,350,917

Cash at bank and in hand
 16 
1,158,064
806,241

  
10,542,746
9,131,804

Creditors: amounts falling due within one year
 17 
(6,238,667)
(6,126,343)

Net current assets
  
 
 
4,304,079
 
 
3,005,461

Total assets less current liabilities
  
4,548,643
3,254,156

  

Net assets
  
4,548,643
3,254,156


Capital and reserves
  

Called up share capital 
 20 
10,008
10,008

Revaluation reserve
 21 
182,698
182,698

Capital redemption reserve
 21 
5
5

Profit and loss account
 21 
4,355,932
3,061,445

  
4,548,643
3,254,156


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 June 2025.




................................................
J F Stott
................................................
C E Stoyell
Director
Director

The notes on pages 12 to 28 form part of these financial statements.

Page 10

 
HARRIS TOBIAS LIMITED
 

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


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2023
10,008
5
182,698
4,201,317
4,394,028



Loss for the year
-
-
-
(1,139,872)
(1,139,872)



At 1 January 2024
10,008
5
182,698
3,061,445
3,254,156



Profit for the year
-
-
-
1,294,487
1,294,487


At 31 December 2024
10,008
5
182,698
4,355,932
4,548,643


The notes on pages 12 to 28 form part of these financial statements.

Page 11

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The Company is a private company limited by shares and is incorporated in England and Wales. The address of its registered office is 3 Station Road, Stansted Mountfitchet, Essex, CM24 8BE. The Company's number is 00066810. The principal activity of the Company during the financial year was that of merchants and dealers in oils and fats, seeds and recycled materials.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

Group accounts have not been prepared as all of the Company's subsidiaries are permitted to be excluded from group accounts by virtue of Section 405 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of GVO B-1 Limited as at 31 December 2024 and these financial statements may be obtained from Companies House, Cardiff.

Page 12

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The Company financial statements are prepared on a going concern basis.
The directors have performed an assessment of the Company's ability to continue trading as a going concern by reference to trading forecasts for a period of at least 12 months from the date of approval of these financial statements. 
The Company meets its ordinary working capital requirements through its existing and internally generated cash resources. The directors monitor the Company's cash resources to ensure that they have sufficient resources in place.
Having regard to the above, the directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP. Monetary amounts in these financial statements are rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 13

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 15

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on both a reducing balance and straight-line basis.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
33.33% reducing balance
Computer equipment
-
33.33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Freight on board for stock in transit is not recognised until ownership has been transferred.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 16

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Page 17

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)


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

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors are satisfied that there are no critical judgements in applying the accounting policies.


4.


Turnover

The whole of the turnover is attributable to net invoiced sales of goods excluding value added tax and relates to the continuing principal activity of the company.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
46,797,611
47,774,603

Rest of World
9,411,580
862,702

56,209,191
48,637,305



5.


Other operating income

2024
2023
£
£

Management fees
56,400
-

Commissions receivable
43,170
142,452

99,570
142,452


Page 18

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
14,000
14,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
532,799
200,081

Social security costs
66,036
23,890

Cost of defined contribution scheme
16,000
16,000

614,835
239,971


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Traders
1
1



Sales and administration
4
4

5
5

Page 19

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
404,282
70,000

Company contributions to defined contribution pension schemes
10,000
10,000

414,282
80,000


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £404,282 (2023 - £70,000).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £10,000 (2023 - £10,000).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
722
8,921

722
8,921


10.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(1,522)
70,035


(1,522)
70,035
Page 20

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%) as set out below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
1,292,965
(1,069,837)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
323,241
(251,626)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
438
519

Capital allowances for year in excess of depreciation
(989)
1,894

Utilisation of tax losses
(324,212)
-

Other timing differences leading to an increase (decrease) in taxation
-
(6,564)

Unrelieved tax losses carried forward
-
255,777

Other differences leading to an increase (decrease) in the tax charge
-
70,035

Total tax charge for the year
(1,522)
70,035

Page 21

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Exceptional items

2024
2023
£
£


Impairment of asset
-
2,160,693

-
2,160,693

A review of debtors was undertaken in the prior year and one debtor was prudently provided against. 


12.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2024
226,939
19,288
41,429
287,656


Additions
-
13,103
167
13,270


Disposals
-
(7,288)
-
(7,288)



At 31 December 2024

226,939
25,103
41,596
293,638



Depreciation


At 1 January 2024
10,839
5,778
32,895
49,512


Charge for the year on owned assets
3,739
4,157
3,675
11,571


Disposals
-
(1,458)
-
(1,458)



At 31 December 2024

14,578
8,477
36,570
59,625



Net book value



At 31 December 2024
212,361
16,626
5,026
234,013



At 31 December 2023
216,099
13,511
8,534
238,144

Page 22

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           12.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
212,361
216,101

212,361
216,101


Cost or valuation at 31 December 2024 is as follows:

Freehold property
£


At cost
138,971
At valuation:

Market value on existing use basis, at 31 December 2022
87,968



226,939

The 2022 valuation was made by Mullucks, an estate agency and registered Chartered Surveyors, on an open market value for existing use basis. 
In the opinion of the directors, the carrying value of freehold property does not differ materially from that which would be determined using fiar value at the end of the reporting period.

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
138,971
138,971

Accumulated depreciation
(130,239)
(127,460)

Net book value
8,732
11,511

Page 23

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
10,551



At 31 December 2024
10,551





Subsidiary undertakings


The following were subsidiary undertakings of the Company, both of which were dormant during the year:

Name

Registered office

Class of shares

Holding

Percy Tobias & Company Limited
3 Station Road, Stansted Mountfitchet, Essex, CM24 8BE
Ordinary
100%
Feeding Stuff & Fertilisers (London) Limited
3 Station Road, Stansted Mountfitchet, Essex, CM24 8BE
Ordinary
100%


14.


Stocks

2024
2023
£
£

Raw materials and consumables
-
913,857

Finished goods and goods for resale
39,048
60,789

39,048
974,646


Page 24

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Debtors

2024
2023
£
£


Trade debtors
5,063,638
3,517,714

Amounts owed by group undertakings
3,442,755
3,723,918

Other debtors
164,486
5,015

Prepayments and accrued income
672,693
103,730

Deferred taxation
2,062
540

9,345,634
7,350,917



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,158,064
806,241

1,158,064
806,241



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,584,379
4,487,916

Amounts owed to group undertakings
173,831
1,096,420

Other taxation and social security
56,778
258,070

Accruals and deferred income
423,679
283,937

6,238,667
6,126,343


Page 25

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at amortised cost
8,506,393
7,246,647


Financial liabilities


Financial liabilities measured at amortised cost
6,181,889
5,868,274


Financial assets measured at amortised cost comprise trade debtors, amounts owed by parent undertaking and certain other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, amounts due to related undertakings, certain other creditors and accruals and deferred income.


19.


Deferred taxation




2024


£






At beginning of year
540


Charged to profit or loss
1,522



At end of year
2,062

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,938)
(3,460)

Other short term timing differences
4,000
4,000

2,062
540

Page 26

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,008 (2023 - 10,008) Ordinary shares of £1.00 each
10,008
10,008

All shares rank pari passu.



21.


Reserves

Revaluation reserve

The revaluation reserve relates to the revaluations of the freehold property.

Capital redemption reserve

The capital redemption reserve records the nominal value of shares repurchased by the company.

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £16,000 (2023: £16,000). Contributions totalling £16,000 (2023: £16,000) were payable to the fund at the balance sheet date.


23.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Later than 1 year and not later than 5 years
6,981
13,963

6,981
13,963

Page 27

 
HARRIS TOBIAS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Related party transactions

The Company is a member of a group headed by GVO B-1 Limited. 
During the year the company made payments on behalf of non-wholly owned group undertakings totalling £5,000 (2023: £Nil). At the year end £3,406,250 (2023: £3,401,251) was due from non-wholly owned group undertakings. 
During the year the company purchased corporation tax losses from a non-wholly owned group undertaking totalling £nil (2023: £191,093). At the year end £nil (2023: £191,093) was due to the non-wholly owned group undertaking. 
During the period the Company made sales and purchases from non-wholly owned group undertakings totalling £1,307,501 (2023: £4,262,199) and £4,406,180 (2023: £5,976,446) respectively. All transactions were concluded under normal market conditions. The amount outstanding from non-wholly owned group companies at the period end was £33,567 (2023: £38,553) and amounts due to non-wholly owned group undertakings was £162,770 (2023: £645,359).
Key Management Personnel
The Company has elected to take advantage of the key management personnel compensation exemption under FRS 102 paragraph 1.12(e) and 33.7.


25.


Controlling party

The Company's immediate parent company is GVO B-1 Limited, a company registered in England. The registered office of GVO B-1 Limited is Control Tower, Hemswell Cliff Industrial Estate, Hemswell Cliff, Gainsborough, DN21 5TU..
The ultimate controlling party during the period, and up to 24 April 2025, was Mrs E L von Opel by virtue of her shareholding in GVO B-1 Limited.
On 24 April 2025 Hansa Aktiengesellschaft, a Swiss company limited by shares, became the ultimate controlling party by virtue of their sharholding in GVO B-1 Limited.

 
Page 28