Company registration number 07064734 (England and Wales)
F G PRYOR AND SON LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
F G PRYOR AND SON LIMITED
COMPANY INFORMATION
Directors
Mr P W Pryor
Mrs D A Pryor
Company number
07064734
Registered office
Bishopbrook House
Cathedral Avenue
WELLS
Somerset
BA5 1FD
Auditor
Old Mill Audit Limited
Leeward House
Fitzroy Road
Exeter Business Park
EXETER
Devon
EX1 3LJ
F G PRYOR AND SON LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 30
F G PRYOR AND SON LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 November 2024.

Review of the business

F G Pryor Limited had an unprecedented year in which it made a profit before tax of £5,610,650 (2023: £3,788,224). Turnover has increased by £2,976,017 (27.8%) compared to the previous year however gross margin decreased to 73.14% (2023: 75.79%). Profit reserves of £18,341,351 (2023: £14,072,424) have been retained at the year end.

 

The financial performance for 2024 is atypical and was influenced by an unusually high crop price due to weather related supply issues and an acceleration of crop sales out of store to meet market demands. These circumstances are not expected to repeat for the 2025 accounting period where current market conditions, weather related growing challenges and continued cost increases remain key issues for this and all businesses operating in this sector.

 

 

Principal risks and uncertainties

The principal business risks faced by the Company are market competition, agronomy challenges, weather challenges and rising costs.

 

The Company manages these risks by continuous improvement in staff training and investment in technology to drive greater efficiency within the business.

Development and performance

The directors are determined to continue with the progress made in recent years; cost controls and significant investment during the year will assist in improving efficiencies and ensure sustainable company profitability.

Key performance indicators

The directors monitor the performance of the company by preparing annual budgets in advance and using a number of financial and non-financial key performance indicators, including:

 

- Turnover

- Gross profit margin

- Surplus of potatoes

- Customer satisfaction

- Environmental impact

On behalf of the board

Mrs D A Pryor
Director
28 August 2025
F G PRYOR AND SON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2024.

Principal activities

The principal activity of the company continued to be that of mixed farming.

 

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £80,000. The directors do not recommend payment of a final dividend.

Directors

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

Mr P W Pryor
Mrs D A Pryor
Auditor

Old Mill Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006.

Statement of disclosure to auditor

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

Medium-sized companies exemption

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

On behalf of the board
Mrs D A Pryor
Director
28 August 2025
F G PRYOR AND SON LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

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.

F G PRYOR AND SON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF F G PRYOR AND SON LIMITED
- 4 -

Qualified opinion on financial statements

We have audited the financial statements of F G Pryor and Son Limited (the 'company') for the year ended 30 November 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

We were not appointed as auditor of the company until after the 30 November 2023 year and thus did not observe the counting of physical inventories at the end of that year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities of £3,786,913 held at 30 November 2023 by using other audit procedures. Consequently, we were unable to determine whether any adjustment to this amount at 30 November 2023 was necessary or whether there was any consequential effect on the costs of sales for the year ended 30 November 2024.

 

In respect of the year ended 30 November 2024 we were able to attend the site and have satisfied ourselves regarding the existence, and value (£3,920,337) of stock at 30 November 2024. As we were unable to gain assurance in the prior year regarding closing stock at 30 November 2023 (opening stock on 1 December 2023), our opinion is qualified this year in this regard.

 

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.

F G PRYOR AND SON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF F G PRYOR AND SON LIMITED (CONTINUED)
- 5 -

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:

Matters on which we are required to report by exception

In respect solely of the limitation on our work relating to stock, described above:

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.

F G PRYOR AND SON LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF F G PRYOR AND SON LIMITED (CONTINUED)
- 6 -

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

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

The auditor’s explanation of its audit response will depend on the risks identified but may include:

- Enquiry of management around actual and potential litigation and claims.

- Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations.

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

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.

Other matters

We draw attention to the fact that the previous reporting period was unaudited. Our opinion is qualified in respect of this matter.

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 Mills MSc BA ACA (Senior Statutory Auditor)
For and on behalf of Old Mill Audit Limited, Statutory Auditor
Leeward House
Fitzroy Road
Exeter Business Park
EXETER
Devon
EX1 3LJ
28 August 2025
F G PRYOR AND SON LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 7 -
2024
2023 Unaudited
as restated
Notes
£
£
Turnover
3
13,689,587
10,713,570
Cost of sales
(3,677,545)
(2,594,249)
Gross profit
10,012,042
8,119,321
Distribution costs
(586,132)
(601,291)
Administrative expenses
(4,431,044)
(3,881,063)
Other operating income
270,615
294,969
Operating profit
4
5,265,481
3,931,936
Interest receivable and similar income
8
347,383
102,558
Interest payable and similar expenses
9
(2,214)
(53,618)
Amounts written off investments
10
-
(192,652)
Profit before taxation
5,610,650
3,788,224
Tax on profit
11
(1,261,723)
(1,111,325)
Profit for the financial year
4,348,927
2,676,899

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

F G PRYOR AND SON LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
2024
2023 Unaudited
as restated
£
£
Profit for the year
4,348,927
2,676,899
Other comprehensive income
-
-
Total comprehensive income for the year
4,348,927
2,676,899
F G PRYOR AND SON LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023 Unaudited
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
13
5,653
3,819
Tangible assets
14
10,813,449
9,650,205
Investment property
15
750,000
750,000
Investments
16
1,115,593
921,079
12,684,695
11,325,103
Current assets
Stocks
18
3,920,337
3,786,913
Debtors
19
1,814,871
1,938,459
Cash at bank and in hand
3,241,806
449,871
8,977,014
6,175,243
Creditors: amounts falling due within one year
20
(2,004,258)
(2,093,993)
Net current assets
6,972,756
4,081,250
Total assets less current liabilities
19,657,451
15,406,353
Creditors: amounts falling due after more than one year
21
(49,176)
(181,935)
Provisions for liabilities
Deferred tax liability
25
1,266,824
1,151,894
(1,266,824)
(1,151,894)
Net assets
18,341,451
14,072,524
Capital and reserves
Called up share capital
27
100
100
Profit and loss reserves
18,341,351
14,072,424
Total equity
18,341,451
14,072,524

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 August 2025 and are signed on its behalf by:
Mr P W Pryor
Mrs D A Pryor
Director
Director
Company registration number 07064734 (England and Wales)
F G PRYOR AND SON LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 November 2023:
Balance at 1 December 2022
100
11,554,313
11,554,413
Effect of change in accounting policy
-
(158,788)
(158,788)
As restated
100
11,395,525
11,395,625
Year ended 30 November 2023:
Profit and total comprehensive income
-
2,676,899
2,676,899
Balance at 30 November 2023
100
14,072,424
14,072,524
Year ended 30 November 2024:
Profit and total comprehensive income
-
4,348,927
4,348,927
Dividends
12
-
(80,000)
(80,000)
Balance at 30 November 2024
100
18,341,351
18,341,451
F G PRYOR AND SON LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
2024
2023 Unaudited
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
33
6,463,548
2,784,413
Interest paid
(2,214)
(53,618)
Income taxes paid
(1,316,856)
(170,854)
Net cash inflow from operating activities
5,144,478
2,559,941
Investing activities
Purchase of intangible assets
(4,975)
(4,885)
Proceeds from disposal of intangibles
-
0
(1)
Purchase of tangible fixed assets
(2,272,906)
(1,498,262)
Proceeds from disposal of tangible fixed assets
172,000
286,053
Proceeds from disposal of biological assets
-
0
2,813
Net cash inflow/(outflow) on balance with joint ventures
(112,120)
85,816
Proceeds from disposal of investments
(82,394)
(4,151)
Interest received
58,326
3,866
Dividends received
(1,207)
347
Other income received from investments
290,264
98,345
Net cash used in investing activities
(1,953,012)
(1,030,059)
Financing activities
Repayment of borrowings
(4,288)
641
Repayment of bank loans
-
0
(1,000,000)
Payment of finance leases obligations
(315,243)
(9,044)
Dividends paid
(80,000)
-
0
Net cash used in financing activities
(399,531)
(1,008,403)
Net increase in cash and cash equivalents
2,791,935
521,479
Cash and cash equivalents at beginning of year
449,871
(71,608)
Cash and cash equivalents at end of year
3,241,806
449,871
F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
1
Accounting policies
Company information

F G Pryor and Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bishopbrook House, Cathedral Avenue, WELLS, Somerset, BA5 1FD. The business address is Colwyn Farm, Perranwell Station, Truro, Cornwall, TR3 7NA.

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, modified to to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

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

1.3
Turnover

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

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

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.5
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:

Website
3 years straight line
1.6
Tangible fixed assets

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

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

Freehold land and buildings
Nil
Long leasehold buildings
10 years straight line or 50 years straight line
Plant and machinery
20% reducing balance or 20 years straight line
Computer equipment
3 years straight line
Motor vehicles
25% reducing balance
Property improvements
10 years straight line or 50 years straight line

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.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 14 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.9
Impairment of fixed assets

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

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

 

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

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

1.10
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.11
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.

F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.12
Financial instruments

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

 

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

 

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

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

 

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

 

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

Other financial liabilities

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 through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.13
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.

1.14
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.

F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax

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

 

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

1.15
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.

1.16
Retirement benefits

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

1.17
Leases

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

 

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Government grants

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

 

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

F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.19
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 in the period are included in profit or loss.

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.

Recoverability of debts

The directors have reviewed all significant debts on a case by case  basis and have made a provision against or written off bad debts based upon their knowledge of both the specific debtor and the current economic conditions within the industry.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful economic life of assets

In determining the estimated useful life the company considers the expected usage (capacity or physical output) of the asset, expected physical wear and tear of the asset and expected technical advancements in the industry that could lead to obsolescence of the asset. Each year the company reviews the above to establish if there is any change in expected useful life of tangible assets.

 

3
Turnover and other revenue

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

2024
2023 Unaudited
£
£
Turnover analysed by class of business
Sales
13,689,587
10,713,570
F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023 Unaudited
£
£
Turnover analysed by geographical market
Sales - UK
13,689,587
10,713,570
2024
2023 Unaudited
£
£
Other revenue
Interest income
42,094
(4,600)
Dividends received
12,159
347
Grants received
124,945
159,633
4
Operating profit
2024
2023 Unaudited
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(124,945)
(159,633)
Depreciation of owned tangible fixed assets
802,207
778,673
Depreciation of tangible fixed assets held under finance leases
172,503
161,074
Profit on disposal of tangible fixed assets
(37,048)
(103,314)
Amortisation of intangible assets
3,141
616
(Profit)/loss on disposal of intangible assets
-
3,927
5
Auditor's remuneration
2024
2023 Unaudited
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
17,500
-
0
6
Employees

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

2024
2023 Unaudited
Number
Number
Average employees
41
36
F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
6
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2024
2023 Unaudited
£
£
Wages and salaries
1,594,931
1,227,223
Pension costs
494,712
215,317
2,089,643
1,442,540
7
Directors' remuneration
2024
2023 Unaudited
£
£
Remuneration for qualifying services
25,140
25,140
Company pension contributions to defined contribution schemes
120,000
200,000
145,140
225,140
8
Interest receivable and similar income
2024
2023 Unaudited
£
£
Interest income
Interest on bank deposits
55,678
3,866
Other interest income
2,648
-
0
Total interest revenue
58,326
3,866
Other income from investments
Dividends received
(1,207)
347
Gains on financial instruments measured at fair value through profit or loss
(2,866)
(8,466)
54,253
(4,253)
Income from fixed asset investments
Income from participating interests - joint ventures
206,661
94,541
Income from other fixed asset investments
86,469
12,270
Total income
347,383
102,558
F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
8
Interest receivable and similar income
(Continued)
- 21 -
2024
2023 Unaudited
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
55,678
3,866
Interest on financial assets measured at fair value through profit or loss
(2,866)
(8,466)
Dividends from financial assets measured at fair value through profit or loss
12,159
12,677
9
Interest payable and similar expenses
2024
2023 Unaudited
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
-
49,151
Other finance costs:
Interest on finance leases and hire purchase contracts
2,214
4,467
2,214
53,618
10
Amounts written off investments
2024
2023 Unaudited
£
£
Changes in the fair value of investment properties
-
(192,652)
11
Taxation
2024
2023 Unaudited
£
£
Current tax
UK corporation tax on profits for the current period
1,204,631
754,776
Adjustments in respect of prior periods
(57,838)
(68,747)
Total current tax
1,146,793
686,029
Deferred tax
Origination and reversal of timing differences
114,930
98,873
Adjustment in respect of prior periods
-
0
326,423
Total deferred tax
114,930
425,296
Total tax charge
1,261,723
1,111,325
F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
11
Taxation
(Continued)
- 22 -

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

2024
2023 Unaudited
£
£
Profit before taxation
5,610,650
3,788,224
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023 Unaudited: 23.00%)
1,402,663
871,292
Tax effect of expenses that are not deductible in determining taxable profit
1,750
1,029
Tax effect of utilisation of tax losses not previously recognised
1,489
-
0
Unutilised tax losses carried forward
18,330
1,494
Adjustments in respect of prior years
(57,838)
273,565
Depreciation on assets not qualifying for tax allowances
2,375
1,821
Amortisation on assets not qualifying for tax allowances
(154)
142
Adjustments in respect of financial assets
(18,075)
4,952
Under/(over) provided in prior years
(39,698)
-
0
Deferred tax adjustments in respect of prior years
-
0
(7,749)
Dividend income
(3,040)
(2,917)
Stock movement under BIM 33190
(14,843)
11,735
Grant release
(31,236)
(36,733)
Enhanced allowances
-
0
(7,306)
Taxation charge for the year
1,261,723
1,111,325
12
Dividends
2024
2023 Unaudited
£
£
Interim paid
80,000
-
0
F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
13
Intangible fixed assets
Goodwill
Website
Total
£
£
£
Cost
At 1 December 2023
13,039
4,435
17,474
Additions
-
0
4,975
4,975
At 30 November 2024
13,039
9,410
22,449
Amortisation and impairment
At 1 December 2023
13,039
616
13,655
Amortisation charged for the year
-
0
3,141
3,141
At 30 November 2024
13,039
3,757
16,796
Carrying amount
At 30 November 2024
-
0
5,653
5,653
At 30 November 2023
-
0
3,819
3,819

 

F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 24 -
14
Tangible fixed assets
Freehold land and buildings
Long leasehold buildings
Plant and machinery
Computer equipment
Motor vehicles
Property improvements
Total
£
£
£
£
£
£
£
Cost
At 1 December 2023
3,991,423
143,730
8,954,070
41,076
201,670
2,296,391
15,628,360
Additions
1,010,862
-
0
1,230,294
-
0
31,750
-
0
2,272,906
Disposals
-
0
-
0
(257,400)
-
0
-
0
-
0
(257,400)
At 30 November 2024
5,002,285
143,730
9,926,964
41,076
233,420
2,296,391
17,643,866
Depreciation and impairment
At 1 December 2023
-
0
70,954
4,997,132
38,047
92,453
779,569
5,978,155
Depreciation charged in the year
-
0
8,063
833,108
1,612
28,635
103,292
974,710
Eliminated in respect of disposals
-
0
-
0
(122,448)
-
0
-
0
-
0
(122,448)
At 30 November 2024
-
0
79,017
5,707,792
39,659
121,088
882,861
6,830,417
Carrying amount
At 30 November 2024
5,002,285
64,713
4,219,172
1,417
112,332
1,413,530
10,813,449
At 30 November 2023
3,991,423
72,776
3,956,938
3,029
109,217
1,516,822
9,650,205
F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
14
Tangible fixed assets
(Continued)
- 25 -

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2024
2023 Unaudited
£
£
Plant and machinery
687,658
860,161
15
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
750,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the company directors. The valuation was made on an open market value basis.

16
Fixed asset investments
2024
2023 Unaudited
Notes
£
£
Investments in joint ventures
17
6,670
6,670
Loans to joint ventures
17
211,636
99,516
Listed investments
897,287
814,893
1,115,593
921,079
Movements in fixed asset investments
Shares in joint ventures
Loans to joint ventures
Other investments
Total
£
£
£
£
Cost or valuation
At 1 December 2023
6,670
99,516
814,893
921,079
Additions
-
206,661
-
206,661
Valuation changes
-
-
82,394
82,394
Disposals
-
(94,541)
-
(94,541)
At 30 November 2024
6,670
211,636
897,287
1,115,593
Carrying amount
At 30 November 2024
6,670
211,636
897,287
1,115,593
At 30 November 2023
6,670
99,516
814,893
921,079
F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 26 -
17
Joint ventures

Details of the company's joint ventures at 30 November 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
The Little Spud Company Ltd
United Kingdom
50 Ordinary shares
50.00
18
Stocks
2024
2023 Unaudited
£
£
Raw materials and consumables
3,920,337
3,786,913
19
Debtors
2024
2023 Unaudited
Amounts falling due within one year:
£
£
Trade debtors
1,492,317
1,532,771
Other debtors
253,779
301,274
Prepayments and accrued income
68,775
104,414
1,814,871
1,938,459
20
Creditors: amounts falling due within one year
2024
2023 Unaudited
Notes
£
£
Obligations under finance leases
23
120,465
315,243
Other borrowings
22
543
4,831
Trade creditors
619,286
619,282
Corporation tax
584,714
754,777
Government grants
24
12,294
124,945
Other creditors
393,826
78,362
Accruals and deferred income
273,130
196,553
2,004,258
2,093,993

 

The hire purchase liabilities of £120,465 (2023 - £315,243) are secured on the assets to which they relate.

F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 27 -
21
Creditors: amounts falling due after more than one year
2024
2023 Unaudited
Notes
£
£
Obligations under finance leases
23
-
0
120,465
Government grants
24
49,176
61,470
49,176
181,935

 

The hire purchase liabilities of £Nil (2023 - £120,465) are secured on the assets to which they relate.

22
Loans and overdrafts
2024
2023 Unaudited
£
£
Other loans
543
4,831
Payable within one year
543
4,831
23
Finance lease obligations
2024
2023 Unaudited
Future minimum lease payments due under finance leases:
£
£
Within one year
120,465
315,243
In two to five years
-
0
120,465
120,465
435,708

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 1 year. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

24
Government grants
2024
2023 Unaudited
£
£
Arising from government grants
61,470
186,415
Included in the financial statements as follows:
Current liabilities
12,294
124,945
Non-current liabilities
49,176
61,470
61,470
186,415
F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 28 -
25
Deferred taxation

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

Liabilities
Liabilities
2024
2023 Unaudited
Balances:
£
£
Accelerated capital allowances
1,260,728
1,165,616
Tax losses
(6,258)
(7,746)
Unrealised chargeable gains
12,354
(5,976)
1,266,824
1,151,894
2024
Movements in the year:
£
Liability at 1 December 2023
1,151,894
Charge to profit or loss
114,930
Liability at 30 November 2024
1,266,824
26
Retirement benefit schemes
2024
2023 Unaudited
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
494,712
215,317

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

27
Share capital
2024
2023 Unaudited
2024
2023 Unaudited
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
28
Financial commitments, guarantees and contingent liabilities

The company has entered into a cross guarantee to the bank in respect of assets held by the directors. At 30 November 2024 the amount owed by the directors to the bank was £384,785 (2023 - £475,914).

F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 29 -
29
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023 Unaudited
£
£
Acquisition of tangible fixed assets
405,000
46,834
30
Prior period adjustment

An adjustment has been made to remove wages totalling £158,788 from the profit and loss in the year ended 30 November 2024. This adjustment has impacted the accruals and reserves in the year ended 30 November 2023.

Prior to the adjustment November 2023 profit and loss reserves were £14,231,212 and following the adjustment the reserves are £14,072,424. Similarly, prior to the adjustment the accruals for November 2023 were £37,765 and following the adjustment restated accruals are £196,553.

 

31
Related party transactions
Transactions with related parties

 

During the year the company made sales to a related party of £4,627,445 (2023 - £3,625,445).

32
Directors' transactions

 

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director's Loan acount
2.25
-
163,040
1,328
(164,368)
-
Director's Loan acount
2.25
-
162,821
1,319
(164,140)
-
-
325,861
2,647
(328,508)
-
F G PRYOR AND SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 30 -
33
Cash generated from operations
2024
2023 Unaudited
£
£
Profit after taxation
4,348,927
2,676,899
Adjustments for:
Taxation charged
1,261,723
1,111,325
Finance costs
2,214
53,618
Investment income
(347,383)
(102,558)
Gain on disposal of tangible fixed assets
(37,048)
(103,314)
(Gain)/loss on disposal of intangible assets
-
3,927
Fair value (gain)/loss on investment properties
-
0
192,652
Amortisation and impairment of intangible assets
3,141
616
Depreciation and impairment of tangible fixed assets
974,710
939,747
Movements in working capital:
Increase in stocks
(133,424)
(833,945)
Decrease/(increase) in debtors
123,588
(917,038)
Increase/(decrease) in creditors
392,045
(77,883)
Decrease in deferred income
(124,945)
(159,633)
Cash generated from operations
6,463,548
2,784,413
34
Analysis of changes in net funds
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
449,871
2,791,935
3,241,806
Borrowings excluding overdrafts
(4,831)
4,288
(543)
Lease liabilities
(435,708)
315,243
(120,465)
9,332
3,111,466
3,120,798
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