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Registered Number:
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their Strategic Report and the financial statements for the year ended 31 March 2025.
H.G. Gladwell & Sons Limited is engaged in the manufacture and distribution of pet and animal feeds. The Company operates within the United Kingdom, providing products/services to a wide range of customers across the pet and animal food industry.
During the year ended March 2025, the Company achieved a turnover of £35,844,398, representing a decrease from the prior year’s £38,143,142. Despite the reduction in revenue, operational efficiencies and cost controls resulted in an increase in gross profit to £5,570,568. The Company thus recorded a net profit for the year of £299,792. The directors consider this to be a satisfactory result given the challenges of increasing employment costs and a slow down in the overall economy. The Company’s strategic priorities remain focused on: • Strengthening relationships with existing customers while expanding the customer base. • Improving operational efficiency and cost management. • Investing in technology and innovation to support future growth. • Maintaining a strong balance sheet to ensure long-term sustainability.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The management of the business and execution of the Company’s strategy is subject to a number of risks and uncertainties. The Company's principal financial instruments comprise trade debtors, a bank loan, a sales ledger financing facility, trade creditors and hire purchase agreements.
The Company is subject to financial risk, and these are managed as follows: Price risk The Company is exposed to price risk with regards to the increased cost of the finished goods purchased for resale and materials used to manufacture its own products. Inflationary price rises in fuel, utilities and general cost increases are also a risk. The Directors monitor selling prices on a daily basis to ensure that positive margins are always made. The Company makes advanced orders for raw materials in order to guarantee supply and fix the prices of future material purchases. Credit risk In order to mitigate the risk of bad debts, the Company performs credit checks before offering credit to customers. The Directors monitor the sales ledger to ensure customers pay within their credit terms. Liquidity and cash flow risks Management accounts are prepared and reviewed on a monthly basis, whilst cash flow is monitored on a weekly basis to ensure that the Company has adequate liquid resources to meet the ongoing operating needs of the business. The Company has a small overdraft facility along with a sales ledger finance facility and a bank loan invoice for day-to-day trading and uses Hire Purchase contracts to finance capital expenditure. There are no indications that any terms of finance used by the Company will be withdrawn or be insufficient for the Company's future trading purposes.
The Directors have also prepared detailed cash flow forecasts which indicate that the Company has sufficient cash and cash equivalents to enable it to continue to trade and to settle its obligations as they become due for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.
The Directors have considered the profit for the year against the backdrop of a year of great turbulence in the economy.
The Board has reviewed forecasts prepared for the two years ending on 31 March 2027 which also consider the available headroom on the overdraft and sales financing facilities and planned capital expenditure, which show appropriate levels of profitability and cash generation. These forecasts indicate that the Company will continue to trade and be able to meet its liabilities as they fall due for the foreseeable, future being a period of at least 12 months from the date of approval of the financial statements. It is pleasing to report that the company has now returned to profitability, which has continued post year end. Managing cashflow remains a focus for management, it is closely monitored and reviewed to ensure liabilities can be paid as they fall due, and the intention is that now the company is profitable it will convert to cash. Additionally the directors are of the opinion that they could secure further financing if required. Thus, the Directors believe that it is appropriate that the financial statements for the year to 31 March 2025 be prepared on a going concern basis.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The Company use KPIs to measure monthly and cumulative performance against its forecast and prior years.
The KPIs are considered to be as follows: 2025 2024 Turnover £35,844,398 £38,143,142 Turnover growth (6.03%) 3.70% Gross profit margin 15.54% 12.87% Profit after tax £299,792 (£29,026)
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The Directors present their report and the financial statements for the year ended 31 March 2025.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
The profit for the year, after taxation, amounted to £299,792 (2024 - loss £29,026).
Since the year end the Directors have declared and the Company has paid dividends amounting to £32,500.
The Directors who served during the year were:
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H. G. GLADWELL & SONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Details of the Company's financial risk management objectives and policies, including its use of financial instruments and the key risks to which it is exposed, are included in the Strategic Report.
There have been no significant events affecting the Company since the year end and to the date of this Report.
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF H. G. GLADWELL & SONS LIMITED
We have audited the financial statements of H. G. Gladwell & Sons Limited (the 'Company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
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H. G. GLADWELL & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF H. G. GLADWELL & SONS LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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.
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H. G. GLADWELL & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF H. G. GLADWELL & SONS LIMITED (CONTINUED)
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H. G. GLADWELL & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF H. G. GLADWELL & SONS LIMITED (CONTINUED)
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.
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 identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of the Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company. The following laws and regulations were identified as being of significance to the Company: • Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, UK taxation legislation and UK Company Law; and • Those laws and regulations considered to have a indirect effect on the financial statements including The Health & Safety Act 1974, Control of Substances Hazardous to Health regulations in respect of general work place health and safety, the Vehicle Operator Licence requirements in respect of the Company's haulage operations, the Department for Environment Food & Rural Affairs and Agriculture & Horticulture Development Board requirements regarding the manufacture of animal food, GDPR, and Employment law. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, testing the appropriateness of journal entries and the performance of analytical review procedures to identify any unexpected movements in account balances which may be indicative of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities 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 Auditor's Report.
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H. G. GLADWELL & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF H. G. GLADWELL & SONS LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditor
Fitzroy House
Crown Street
Suffolk
IP1 3LG
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 37 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
H G Gladwell & Sons Limited (the "Company") is a private company limited by shares, domiciled and incorporated registered in England and Wales. The address of the registered office is Copdock Mill, Copdock, Ipswich, Suffolk IP8 3LA.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Directors have considered the profit for the year against the backdrop of a year of great turbulence in the economy.
The Board has reviewed forecasts prepared for the two years ending on 31 March 2027 which also consider the available headroom on the overdraft and sales financing facilities and planned capital expenditure, which show appropriate levels of profitability and cash generation. These forecasts indicate that the Company will continue to trade and be able to meet its liabilities as they fall due for the foreseeable, future being a period of at least 12 months from the date of approval of the financial statements. It is pleasing to report that the company has now returned to profitability, which has continued post year end. Managing cashflow remains a focus for management, it is closely monitored and reviewed to ensure liabilities can be paid as they fall due, and the intention is that now the company is profitable it will convert to cash. Additionally the directors are of the opinion that they could secure further financing if required. Thus, the Directors believe that it is appropriate that the financial statements for the year to 31 March 2025 be prepared on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised by the Company when the risks and rewards transfer, typically when goods are dispatched.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Goodwill represents the difference between the cost of a business combination and the acquirer’s interest in the fair value of the identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over 10 years and charged to the Statement of Comprehensive Income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Freehold land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Freehold buildings - 2.5% straight line method
Short Leasehold improvements - 25% straight line method Plant and machinery - 12.5% straight line method Motor vehicles - 25% reducing balance method Fixtures and fittings - 12.5% straight line method Computer equipment - 20% and 33.3% straight line method
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Profit and losses on disposals are recognised where the related depreciation is charged in either cost of sales or administrative expenses.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.The general policy is to engage third parties to perform an independent valuation every three years. In the intervening years the value is based on the directors assessment.
Stocks are recognised on a first in, first out basis.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the purchase price plus directly attributable labour and an allocation of overheads for manufactured stocks.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other amounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme is a pension scheme under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in Other Creditors as a liability in the Balance Sheet. The assets of the pension scheme are held separately from the Company in independently administered funds.
Provisions are made where an event has taken place at the balance sheet date that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Useful economic life of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are kept under review by the Direcors. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Useful economic lives of goodwill The annual amortisation charge for goodwill is sensitive to changes in the useful economic life of the asset. The goodwill is currently being amortised on a straight-line basis of 10 years from the date of acquisition, being the Directors' estimate of the useful economic life of the business acquired. This economic life is kept under review and revised when necessary to reflect current estimates, based on recoverability and expected future economic inflows to the Company. Recoverability of trade debtors A provision for bad and doubtful debts is made where it is identified that a trade debtor may potentially not be recoverable in full by the Company. The bad and doubtful debt provision is made on a specific basis against customer balances where they are not considered recoverable based upon payment history and aging profile. Valuation of stock Stock is held at the lower of cost and net realisable value. Management reviews the stock holdings and make a provision for slow moving and obsolete stock where the recoverable amount on a stock item has fallen below its cost. Finished goods in respect of the Company's manufactured products include estimates of the labour and other overhead costs directly attributable to their manufacture. Valuation of freehold land and buildings The freehold land and buildings were valued by the Directors at 31 March 2025 based upon their open market value for existing use. This valuation was made with reference to a properties valuation performed by Fenn Wright on 13 August 2024 and subsequent enquiries of local chartered surveyors and the local property market. The property valuation was not deemed to be materially different between the balance sheet date and the date of the valuation. The valuation performed in August 2024 by Fenn Wright was made on an open market for existing use basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Since the year end, the Directors have declared and the Company has paid dividends amounting to £32,500.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
14.Tangible fixed assets (continued)
Included within land and buildings is freehold land at Copdock, Suffolk with a historical cost of £310,935 (2024 - £310,935), which is not being depreciated.
The freehold land and property at Copdock is stated at valuation of £5,300,000 (2024 - £5,300,000), the comparable historic cost is £735,648 (2024 - £735,648) and depreciated net book value is £450,586 (2024 - £466,477). The freehold land and buildings were valued by the Directors at 31 March 2025 based upon their open market value for existing use. This valuation was made with reference to a properties valuation performed by Fenn Wright on 13 August 2024 and subsequent enquiries of local chartered surveyors and the local property market. The property valuation was not deemed to be materially different between the balance sheet date and the date of the valuation. The valuation performed in August 2024 by Fenn Wright was made on an open market for existing use basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Revaluation Reserve
Profit and Loss Account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
During the year it was identified that the deferred tax liability of £431,449 relating to the revaluation of the freehold property was not transferred to the revalaution reserve. This has been adjusted for in the comparatives. There is no effect on the profit or loss for either the current or prior year.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £252,639 (2024 - £234,396). Contributions amounting to £27,810 (2024 - £27,820) were payable to the fund at the balance sheet date and included in Other Creditors.
28.Other financial commitments
The Company enters into advance orders with suppliers to obtain goods at a fixed date and price in the future. As at 31 March 2024, the total value of these commitments amounted to £1,106,985 (2024 - £1,632,868).
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Mr M G J Gladwell and Mrs Y L Gladwell are the ultimate controlling parties by virtue of their control of the majority of the voting rights of the Company.
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