| REGISTERED NUMBER: |
| MASON'S ANIMAL FEEDS LTD |
| STRATEGIC REPORT, |
| REPORT OF THE DIRECTOR AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| REGISTERED NUMBER: |
| MASON'S ANIMAL FEEDS LTD |
| STRATEGIC REPORT, |
| REPORT OF THE DIRECTOR AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 6 |
| Statement of Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Notes to the Financial Statements | 13 |
| MASON'S ANIMAL FEEDS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants & Statutory Auditors |
| Church House |
| 24 Dublin Road |
| OMAGH |
| Co. Tyrone |
| BT78 1HE |
| BANKERS: |
| 7 Upper English Street |
| ARMAGH |
| BT61 7BL |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| The director presents his strategic report for the year ended 31 October 2024. |
| REVIEW OF BUSINESS |
| The director considers the results during the year to be satisfactory given the conditions within the agricultural sector at present and in particular the volatility in the cost of raw materials. The results for the year are set out in the Statement of Comprehensive Income, showing an increase in turnover, although reduced profit margins and inflationary pressures have contributed to decreased operating profitability. The year end financial position is set out on the Balance Sheet and is considered satisfactory. |
| The company has invested in people and product development along with continued investment in plant and equipment during the year and will continue to do so in order to ensure ongoing business growth and improved effectiveness. |
| The director views the outlook for the company with confidence. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Financial Risk Management |
| The company's operations expose it to a variety of financial risks that include price risk, liquidity risk and interest rate risk. Given the size of the company the financial risk management is controlled by the director and the main risks associated with the financial assets and liabilities are set out below. |
| Price Risk |
| The company is exposed to commodity price risk due to movements and the volatility of commodity prices. The company seeks to mitigate this risk thorough the policy of entering into fixed price contracts for a proportion of it's raw materials. |
| Credit Risk |
| Credit risk arises on third party derived revenues. The company carries out appropriate checks on potential customers before sale terms are agreed, and the majority of sales continue to be made to long standing customers. Individual exposures are monitored on an ongoing bases to ensure that the company's exposure to bad debts is mitigated. |
| Liquidity Risk |
| The company's liquidity risk is managed by the company's director through daily assessment of required cash levels and resultant utilisation of available facilities from the company's bank. |
| Interest Rate Risk |
| The company has external borrowings with its bank and the debt is maintained at variable rates of interest. The company is satisfied with this arrangement and will review this policy as the company's operations may change in the future. The director does not believe that the company has significant exposure arising from interest rate changes. |
| ENVIRONMENT |
| The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The director's continual aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible. Opportunities to improve the sustainability of the company's operations are actively pursued by the director. |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| HEALTH AND SAFETY |
| The company is committed to achieving the highest possible standard in health and safety management and continues to invest in its facilities to ensure a safe environment for employees and customers alike. |
| HUMAN RESOURCES |
| The company regards people as one of its most important resources. Retention of key staff is critical and the director is pleased with the low turnover of personnel. |
| KEY PERFORMANCE INDICATORS (KPIS) |
| Given the nature of the business, the company's director view the principle KPIs of the business to be growth in turnover and gross profit. |
| The key performance indicators of the company are set out below: |
| 2024 | 2023 |
| Turnover | £68.3m | £60.3m |
| Gross profit margin | 10.72% | 9.88% |
| Net profit margin | 1.32% | 1.63% |
| ON BEHALF OF THE BOARD: |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| The director presents his report with the financial statements of the company for the year ended 31 October 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of manufacture of prepared feeds for farm animals. |
| DIVIDENDS |
| A dividend of £500,000 was paid during the year. (2023 - £400,000). |
| RESEARCH AND DEVELOPMENT |
| The director continues to invest in research and development projects to advance the efficiency and production in the company. |
| DIRECTOR |
| POLITICAL DONATIONS AND EXPENDITURE |
| The company made charitable donations amounting to £10,000 during the year (2023 :£15,000). No donations for political purposes were made during the year. |
| RESULTS |
| The profit for the year, after taxation, amounts to £677,195 (2023 - £663,846). |
| FUTURE DEVELOPMENTS |
| The director does not foresee any future developments in the forthcoming year outside of normal trading. |
| POST BALANCE SHEET EVENTS |
| There have been no significant events affecting the Company since the year end. |
| DIRECTOR'S RESPONSIBILITIES STATEMENT |
| The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
| Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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. |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| REPORT OF THE DIRECTOR |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| DIRECTOR'S RESPONSIBILITIES STATEMENT - continued |
| The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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. |
| AUDITORS |
| The auditors, McAleer Jackson Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MASON'S ANIMAL FEEDS LTD |
| Opinion |
| We have audited the financial statements of Mason's Animal Feeds Ltd (the 'company') for the year ended 31 October 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 October 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MASON'S ANIMAL FEEDS LTD |
| Other information |
| The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director 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 Director. |
| 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 director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Director's Responsibilities Statement set out on pages four and five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MASON'S ANIMAL FEEDS LTD |
| 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. |
| 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 further 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. |
| 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: |
| We 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 material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, pensions and tax legislation, environmental regulations and health and safety laws, together with 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. |
| We tailored our response to those identified risks to include enquiring of management and external legal advisors concerning actual and potential litigation and claims, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud, and reviewing correspondence with tax authorities and other regulatory bodies. |
| In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias, and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. We apply professional scepticism throughout the audit to consider deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. |
| 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: |
| - the nature of the industry and sector, control environment and business performance including the company's remuneration policies, and performance targets; |
| - results of our enquiries of management and other key persons about the company's own policies for the identification and assessment of the risks of irregularities, including those that may occur either as a result of fraud or error, and matters we identified from our review of the company's policies, procedures and internal controls; and |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| MASON'S ANIMAL FEEDS LTD |
| - the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occur in the financial statements; |
| - design of audit procedures responsive to those risks that incorporate unpredictability around the nature, timing and extent of our testing. |
| 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. |
| 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. |
| for and on behalf of |
| Chartered Accountants & Statutory Auditors |
| Church House |
| 24 Dublin Road |
| OMAGH |
| Co. Tyrone |
| BT78 1HE |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 4 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 1,008,097 | 1,062,325 |
| Other operating income |
| OPERATING PROFIT | 6 |
| Interest payable and similar expenses | 7 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 8 |
| PROFIT FOR THE FINANCIAL YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| BALANCE SHEET |
| 31 OCTOBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 10 |
| Tangible assets | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the director and authorised for issue on |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 1 November 2022 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31 October 2024 |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 1. | STATUTORY INFORMATION |
| Mason's Animal Feeds Ltd is a private company, limited by shares, registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page of these financial statements. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements are shown in sterling, which is the functional currency of the company. |
| 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 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 paragraphs 26.18(b), 26.19 to 26.21 and 26.23. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value asset tax and other sales taxes. |
| Sale of goods |
| Revenue from the sale of good is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. |
| Goodwill |
| Goodwill is recognised at cost initially, being amortised evenly over its estimated useful life of no more than 10 years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Freehold property | - |
| Plant & machinery | - |
| Fixtures & fittings | - |
| Motor vehicles | - |
| Tangible fixed assets are stated at cost or valuation, net of depreciation and any provisions for impairment. |
| The assets' residual values, useful life and depreciation methods are reviewed, and adjusted prospectively if appropriate, or it 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 the Statement of Comprehensive Income. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is defined as the expenditure which has been incurred in the normal course of business in bringing the product to its present location and condition. Net realisable value is the actual or estimated selling price less all further costs to completion and all costs to be incurred in marketing, selling and distributing |
| Interest income |
| Interest income is recognised in the Statement of Comprehensive Income using the effective interest method. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Finance costs |
| Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount changed is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
| Dividends |
| Equity dividends are recognised when they become legally payable. Interm equity dividends are recognised when paid. Final equity dividends are recognised when approved by the director. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to the Statement of Comprehensive Income over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease. |
| Holiday pay accrual |
| A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transactional price. Any losses arising from impairment are recognised in the Statement of Comprehensive Income account in other administrative expenses. |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet 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 Statement of Comprehensive Income unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| 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. |
| 3. | CRITICAL ACCOUNTING JUDGEMENTS AND AREAS OF ESTIMATION UNCERTAINTY |
| When preparing the financial statements, management undertakes a number of judgements, estimates and assumptions about the recognition and measurement of assets, liabilities, income and expenses. The following are significant management judgements in applying the accounting policies of the company that have the most significant effect on the financial statements. |
| Allowance for impairment of trade debtors |
| The company estimated the allowance for doubtful trade debtors based on assessment of specific balances where the company has objective evidence comprising default in payment terms or significant financial difficulty that certain customers are unable to meet their financial obligations. In these cases, judgment used was based on the best available facts and circumstances included but not limited to, the length of the relationship. |
| Useful lives of depreciable assets |
| The annual depreciation charge depends primarily on the estimated lives of each type of asset, in certain circumstances, estimated of fair values and residual values. The directors annually review these asset lives and adjust them as necessary to reflect current thinking on remaining lives in light of technological change, prospective economic utilisation and physical condition for the period. It is not practical to quantify the impact of changes in asset lives on an overall basis, as asset lives are individually determined, and there are a significant number of asset lives in use. The impact of any change would vary significantly depending on individual changes in assets and the classes of asset impacted. |
| 4. | TURNOVER |
| The turnover and profit before taxation are attributable to the principal activity of the company. |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 5. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Management | 2 | 2 |
| Administration & sales | 17 | 15 |
| Production & distribution | 30 | 31 |
| Cleaning | 4 | 2 |
| 2024 | 2023 |
| £ | £ |
| Director's remuneration | 30,100 | 30,100 |
| Director's pension | 55,900 | 55,900 |
| 86,000 | 86,000 |
| 6. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) | ( |
) |
| Auditors' remuneration |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Loan interest |
| Hire purchase interest |
| Bank interest and related |
| charges |
| 8. | 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 |
| Deferred tax | ( |
) |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Income not taxable for tax purposes | ( |
) |
| Capital allowances in excess of depreciation | ( |
) | - |
| Depreciation in excess of capital allowances | - |
| Adjustments to tax charge in respect of previous periods | ( |
) |
| Deferred tax at future rate | - | 94,363 |
| Enhanced tax relief on qualifying expenditure | - | (3,081 | ) |
| Total tax charge | 225,157 | 319,367 |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 9. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Final |
| 10. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| AMORTISATION |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 11. | TANGIBLE FIXED ASSETS |
| Freehold | Plant & | Fixtures | Motor |
| property | machinery | & fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 11. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant & |
| machinery |
| £ |
| COST OR VALUATION |
| At 1 November 2023 |
| Additions |
| Transfer to ownership | (133,877 | ) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Transfer to ownership | (61,564 | ) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| 12. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials and goods for |
| resale |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Amounts owed by related |
| undertakings | 368,003 | - |
| VAT |
| Prepayments and accrued income |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 16) |
| Hire purchase contracts (see note 17) |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| Accruals |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 16) |
| Hire purchase contracts (see note 17) |
| 16. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank overdrafts |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Capital and interest is payable quarterly on bank loans at varying rates. |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 17. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 18. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank overdrafts |
| Bank loans |
| Bank loans and overdrafts are secured by legal charges over the company's premises and book debts, together with a charge over keyman insurance policy and a guarantee from the company's director, and a cross guarantee with the parent company. |
| 19. | FINANCIAL INSTRUMENTS |
| Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors, cash and cash equivalents. |
| Financial liabilities measured at amortised cost comprise trade creditors, accruals, bank overdrafts & bank loans. |
| 20. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 521,116 | 321,421 |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| 20. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Movement during year | 199,695 |
| Balance at 31 October 2024 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 22. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 November 2023 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 October 2024 |
| 23. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of the exemption under FRS102 Section 33 'Related Party Disclosures' not to disclose transactions with its group undertakings. |
| 2024 | 2023 |
| £ | £ |
| Amount due from related party |
| MASON'S ANIMAL FEEDS LTD (REGISTERED NUMBER: NI051986) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2024 |
| Mr Colin Purdy is a director and shareholder of Drumbare Ltd. |
| During the year ended 31 October 2024, Mason's Animal Feeds Ltd made purchases of £1,696,524 from Drumbare Ltd. |
| During the year ended 31 October 2024, Mason's Animal Feeds Ltd sold property to Talbot & Muir SIPP re GC Purdy and TM Trustee Ltd, of which Mrs GC Purdy is a trustee. Rentals of £18,363 were paid by the company to the pension scheme in the year ended 31 October 2024. |
| 24. | CONTINGENT LIABILITIES |
| The director confirms that the company has no contingent liabilities at the year end (2023: £NIL). |
| 25. | CAPITAL COMMITMENTS |
| At 31 October 2024 the company had capital commitments of £Nil (2023: £615,328). |
| 26. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme for all employees. The assets of the schemes are held separately from those of the company. The total cost for the company for the year was £158,999 (2023: £144,564). |
| 27. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
| The immediate and ultimate parent company is CP Animal Feeds Ltd, a company incorporated in Northern Ireland, which owns 100% of the issued share capital of Mason's Animal Feeds Ltd. |
| The smallest and largest group of undertakings for which group financial statements are drawn up and for which the company is a member is CP Animal Feeds Ltd. Copies of group financial statements are available from Companies House. |
| The ultimate controlling parties are Colin Purdy and Grace Purdy by virtue of their controlling interest in CP Animal Feeds Ltd. |