Registration number:
Capestone Organic Poultry Limited
for the Year Ended 31 December 2024
Capestone Organic Poultry Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account and Statement of Retained Earnings |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Capestone Organic Poultry Limited
Company Information
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Directors |
Mr R D Cumine Mr G F G Huttepain Mr B Lafon Mr A M C P D Du Hamel De Fougeroux |
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Registered office |
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Auditors |
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Capestone Organic Poultry Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the group is the processing of poultry.
Fair review of the business
Overall, the business has continued to perform strongly, after the previous two years being affected by the Avian Influenza outbreaks.
The Group results for the year ended 31 December 2024 show a profit of £1,199,160 before taxation compared to a profit of £533,936 before taxation, for the year ended 31 December 2023.
Turnover have shown continued growth, with turnover for 2024 being £42,644,702 compared to £34,573,385 for the 12 months to 31 December 2023. The increase in turnover is largely due to growing weekly chicken volumes in line with the business strategy and consistent Christmas turkey volumes.
The company continues to invest in equipment and systems, with continued support from its parent company (LDC). Expenditure has taken place in both the agricultural and processing areas, in particular the processing part of the business, with the investment in plant and machinery throughout. The investment in plant and machinery has resulted in an increase in efficiency. These improvements will ensure that the business is well equipped to continue to meet customer requirements in terms of product quality, food safety and animal welfare.
Continued investment in the factory is planned for 2025, with the focus being on continuing increasing productivity and efficiencies.
Availability of seasonal labour is of great importance for Christmas turkey production. The increase in national living wage and other costs due to Brexit etc have all been managed successfully.
Senior management continue to plan for the future and will work towards maintaining recent improvements and responding to future challenges facing the business.
Principal risks and uncertainties
The key business risks and uncertainties faced by the business relate to feed costs and labour costs. Feed costs are subject to change as a result of exchange rate movements and commodity price fluctuations. Where significant transactions involve non-sterling currencies, forward contracts may be used to eliminate the impact of exchange rate changes. Labour costs are increasing year on year, so it is important that efficiencies and productivity are improved year on year.
Approved and authorised by the
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Capestone Organic Poultry Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the for the year ended 31 December 2024.
Directors of the group
The directors who held office during the year were as follows:
Future developments
The strategy is to increase year-round chicken volumes while maintaining the capacity to process Christmas turkey. The intention is to fully utilise the processing capacity in an efficient manner throughout the year. Further investment in the agricultural supply chain will also help to reduce costs and ensure the business remains competitive while also differentiating the offering.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
The auditors LHP Audit Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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Capestone Organic Poultry Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Capestone Organic Poultry Limited
Independent Auditor's Report to the Members of Capestone Organic Poultry Limited
Opinion
We have audited the financial statements of Capestone Organic Poultry Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account and Statement of Retained Earnings, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 December 2024 and of the group's 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Capestone Organic Poultry Limited
Independent Auditor's Report to the Members of Capestone Organic Poultry Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], 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 Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Capestone Organic Poultry Limited
Independent Auditor's Report to the Members of Capestone Organic Poultry Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
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Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; |
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Reviewing minutes of meetings of those charged with governance; |
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Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operation of the entity through enquiry and inspection; |
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
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Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. |
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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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Capestone Organic Poultry Limited
Independent Auditor's Report to the Members of Capestone Organic Poultry Limited
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.
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For and on behalf of
Llys Deri
Parc Pensarn
SA31 2NF
Capestone Organic Poultry Limited
Consolidated Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar charges |
( |
( |
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(256,765) |
(327,300) |
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Profit before tax |
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Taxation |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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Retained earnings brought forward |
4,074,850 |
2,654,432 |
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Retained earnings carried forward |
5,015,975 |
4,074,849 |
Capestone Organic Poultry Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Capestone Organic Poultry Limited
(Registration number: 03693186)
Consolidated Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Capital redemption reserve |
4,000 |
4,000 |
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Retained earnings |
5,015,975 |
4,074,849 |
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Equity attributable to owners of the company |
5,020,075 |
4,078,949 |
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Shareholders' funds |
5,020,075 |
4,078,949 |
Approved and authorised by the
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Capestone Organic Poultry Limited
(Registration number: 03693186)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Capital redemption reserve |
4,000 |
4,000 |
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Retained earnings |
2,497,534 |
3,377,968 |
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Shareholders' funds |
2,501,634 |
3,382,068 |
The company made a loss after tax for the financial year of £880,435 (2023 - profit of £723,536).
Capestone Organic Poultry Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Loss on disposal of tangible assets |
- |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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( |
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Foreign exchange gains/losses |
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Working capital adjustments |
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Increase in stocks |
( |
( |
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(Increase)/decrease in trade debtors |
( |
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Increase in trade creditors |
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Decrease in deferred income, including government grants |
( |
( |
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Cash generated from operations |
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Income taxes received |
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Net cash flow from operating activities |
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Cash flows from investing activities |
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Interest received |
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
- |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
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Interest paid |
( |
( |
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Proceeds from other borrowing draw downs |
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Repayment of other borrowing |
( |
( |
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Payments to finance lease creditors |
( |
( |
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Net cash flows from financing activities |
( |
( |
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Net (decrease)/increase in cash and cash equivalents |
( |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
(437,045) |
3,038,473 |
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Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Wales
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The accounts are denominated in UK pounds sterling and rounded to the nearest pound.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024. A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group. Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Accounting policies (continued) |
Going concern
The financial statements have been prepared on a going concern basis.
Based on current forecasts, and ongoing support from the parent company, the directors are confident that the company will have sufficient liquid resources to continue in operation for the foreseeable future, being at least 12 months from the approval date of these financial statements. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the group’s activities. Turnover is recognised at the date of despatch where the company is contracted to undertake the transportation of goods to the customers' place of business. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
Government grants
Capital based grants are recognised at their fair value where there is a reasonable assurance that the grant will comply with all attached conditions. Grants are recognised using the accrual model. Government grants relating to the acquisition of property, plant and equipment are included in current and non-current liabilities as deferred capital grants and are credited to the income statement on a systematic basis over the expected lives of the related assets. Government grants relating to to revenue expenditure are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Land & Buildings |
4% straight line (except land) |
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Plant, Machinery, Fixtures & Fittings |
15% reducing balance |
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Office Equipment |
15% straight line |
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Motor Vehicles |
33% straight line |
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Properties under construction |
No depreciation |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions have been made for trade debtors and inventory. These provisions are estimates of the actual costs and timing of future cash flows, which are dependent on future events. The difference between expectations and the actual future liability will be accounted for in the period when such a determination is made.
Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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2 |
Accounting policies (continued) |
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arraignment constitutes a financing transaction, where it is recognised at the present value of future payments discounted at a market rate of interest for a similar debt instrument
Debt instruments are subsequently measured at amortised cost.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at present value of future payments discounted at market rate of interest for a similar debt instrument.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are all assessed individually for impairment. Other financial assets are ether assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in the carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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Revenue |
The analysis of the group's Turnover for the year from continuing operations is as follows:
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2024 |
2023 |
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Sale of goods |
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The analysis of the group's Turnover for the year by market is as follows:
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2024 |
2023 |
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United Kingdom |
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Europe |
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Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Other operating income |
The analysis of the group's other operating income for the year is as follows:
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2024 |
2023 |
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Government grants |
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Miscellaneous other operating income |
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Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
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Depreciation expense |
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Foreign exchange losses |
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|
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Loss on disposal of property, plant and equipment |
- |
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Government grants |
The amount of grants recognised in the financial statements was £
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Other interest receivable and similar income |
|
2024 |
2023 |
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Interest income on bank deposits |
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Interest payable and similar expenses |
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2024 |
2023 |
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Interest on obligations under finance leases and hire purchase contracts |
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Interest expense on other finance liabilities |
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Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
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Production |
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Administration and support |
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
|
|
|
192,653 |
233,345 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
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2024 |
2023 |
|
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Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
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Remuneration |
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Company contributions to money purchase pension schemes |
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Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Auditors' remuneration |
|
2024 |
2023 |
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|
Audit of these financial statements |
14,175 |
13,775 |
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Taxation |
Tax charged/(credited) in the consolidated profit and loss account
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2024 |
2023 |
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Current taxation |
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UK corporation tax adjustment to prior periods |
( |
( |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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( |
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Tax expense/(receipt) in the income statement |
|
( |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
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2024 |
2023 |
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Profit before tax |
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|
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Corporation tax at standard rate |
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|
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Tax increase/(decrease) from effect of capital allowances and depreciation |
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( |
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Tax increase/(decrease) from other short-term timing differences |
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( |
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Effect of expense not deductible in determining taxable profit (tax loss) |
|
- |
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
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Total tax charge/(credit) |
|
( |
Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
Group
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Properties under construction |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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Transfers |
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- |
( |
- |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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- |
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Charge for the year |
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- |
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At 31 December 2024 |
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- |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £1,030,160 (2023 - £908,490) in respect of long leasehold property.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Property, plant, equipment and vehicles |
726,911 |
1,109,907 |
Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
13 |
Tangible assets (continued) |
Company
|
Land and buildings |
Furniture, fittings and equipment |
Properties under construction |
Total |
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Cost or valuation |
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At 1 January 2024 |
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|
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Additions |
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Transfers |
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|
( |
- |
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At 31 December 2024 |
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|
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Depreciation |
||||
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At 1 January 2024 |
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|
- |
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Charge for the year |
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- |
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At 31 December 2024 |
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- |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £1,030,160 (2023 - £908,490) in respect of freehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Property, plant, equipment and vehicles |
726,911 |
1,109,907 |
Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Investments |
Company
|
Subsidiaries |
£ |
|
Cost |
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At 1 January 2024 |
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Provision |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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|
2024 |
2023 |
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Subsidiary undertakings |
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Capeston Farm, Walwyns Castle, Haverfordwest, Pembrokeshire, SA62 3DY Wales |
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Capeston Farm, Walwyns Castle, Haverfordwest, Pembrokeshire, SA62 3DY Wales |
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Capeston Farm, Walwyns Castle, Haverfordwest, Pembrokeshire, SA62 3DY Wales |
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Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
14 |
Investments (continued) |
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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Capeston Farm, Walwyns Castle, Haverfordwest, Pembrokeshire, SA62 3DY Wales |
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Capeston Farm, Walwyns Castle, Haverfordwest, Pembrokeshire, SA62 3DY Wales |
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Capeston Farm, Walwyns Castle, Haverfordwest, Pembrokeshire, SA62 3DY Wales |
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Capeston Farm, Walwyns Castle, Haverfordwest, Pembrokeshire, SA62 3DY Wales |
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Capeston Farm, Walwyns Castle, Haverfordwest, Pembrokeshire, SA62 3DY Wales |
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For the year-ending 31 December 2024, all the above subsidiary companies have claimed exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. Capestone Organic Poultry Limited has guaranteed the liabilities of all subsidiary companies.
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Stocks |
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Group |
Company |
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2024 |
2023 |
2024 |
2023 |
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Raw materials and consumables |
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Work in progress |
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Finished goods and goods for resale |
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Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Debtors |
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Group |
Company |
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Current |
2024 |
2023 |
2024 |
2023 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
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Group |
Company |
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Note |
2024 |
2023 |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
- |
- |
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Social security and other taxes |
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Accruals |
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|
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Deferred income |
- |
|
- |
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Other creditors |
148,782 |
115,815 |
148,782 |
115,815 |
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Due after one year |
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Loans and borrowings |
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Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Provisions for liabilities |
Group
|
Deferred tax |
Total |
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At 1 January 2024 |
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Additional provisions |
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At 31 December 2024 |
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Company
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Deferred tax |
Total |
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At 1 January 2024 |
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Additional provisions |
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At 31 December 2024 |
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The provision is made up from fixed asset timing differences
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Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
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Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
|
|
- |
- |
- |
- |
|
|
- |
- |
- |
- |
|
|
|
|
|
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Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
20 |
Share capital (continued) |
Rights, preferences and restrictions
|
The A Ordinary shares have the following rights, preferences and restrictions: |
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Loans and borrowings |
|
Group |
Company |
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Note |
2024 |
2023 |
2024 |
2023 |
|
|
Non-current loans and borrowings |
|||||
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Hire purchase contracts |
|
|
|
|
|
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Amounts due to group undertakings |
6,356,875 |
7,419,436 |
6,356,875 |
7,419,436 |
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Group |
Company |
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Note |
2024 |
2023 |
2024 |
2023 |
|
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Current loans and borrowings |
|||||
|
Bank overdrafts |
|
- |
|
- |
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Hire purchase contracts |
|
|
|
|
|
|
Amounts due to group undertakings |
2,715,728 |
3,880,568 |
2,715,728 |
3,880,568 |
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Related party transactions |
Company
Key management compensation
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
Summary of transactions with parent
The balance due at the end of the year was £9,072,603.
Capestone Organic Poultry Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
22 |
Related party transactions (continued) |
Summary of transactions with subsidiaries
Loans from related parties
|
Parent |
||
|
2024 |
2023 |
|
|
At start of period |
|
|
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Advanced |
|
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Repaid |
( |
( |
|
Interest transactions |
|
|
|
At end of period |
|
|
|
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Parent and ultimate parent undertaking |
The Group's immediate parent undertaking is LDC International Sas which heads the smallest group of which the group is a member and for which group financial statements are drawn up. Copies of the annual report and financial statements are available from Capeston Farm, Walwyns Castle, Haverfordwest, Pembrokeshire, SA62 3DY.
The ultimate parent undertaking and controlling party is LDC SA, a company incorporated in France and its address is Zone Industrielle, Saint Laurant, 72300 Sablè-Sur-Sarthe, France. LDC SA heads the largest group of which the group is a member and for which group financial statements are drawn up. Copies of the annual report and financial statements are available from Capeston Farm, Walwyns Castle, Haverfordwest, Pembrokeshire, SA62 3DY.