IRIS Accounts Production
v20.2.0.366
00633546
Board of Directors
1.3.19
29.2.20
29.2.20
poultry, arable, fruit and general farming.
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2019-02-28
REGISTERED NUMBER:
00633546
(England and Wales)
|
Strategic Report, Report of the Directors and
|
Financial Statements for the Year Ended 29 February 2020
|
Report of the Directors
|
3
|
|
Report of the Independent Auditors
|
5
|
|
Statement of Comprehensive Income
|
7
|
|
Statement of Changes in Equity
|
9
|
|
Notes to the Cash Flow Statement
|
11
|
|
Notes to the Financial Statements
|
12
|
|
|
REGISTERED OFFICE:
|
Ox House
|
|
REGISTERED NUMBER:
|
00633546 (England and Wales)
|
|
AUDITORS:
|
A D Accounts Limited (Registered Auditors)
|
The directors present their strategic report for the year ended 29 February 2020. |
We aim to present a balanced and comprehensive review of the development and performance of our business during the
|
year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and
|
is written in the context of the risks and uncertainties we face.
|
As a farming business largely based in poultry, the company continues to provide hatching eggs.This along with the
|
company's other main activities are organized in the the following three enterprises:-
|
We consider that our key financial performance indicators are those that communicate the financial performance and
|
strength of the company as a whole, these being turnover, gross margin and return on capital employed.
|
The turnover of the company by departments was as follows:
|
Cereals and Crops
|
|
314
|
|
|
266
|
|
Apples and Blackcurrants
|
|
380
|
|
|
317
|
|
Miscellaneous sales
|
|
38
|
|
|
22
|
|
Overall operating profit has increased to £1,080,508 (13%) from £748,323 (9.8% 2019) and profit before tax to
|
£1,126,565 (£793,733 - 2019). Return on capital employed has increased to 9.8% (9% 2019).
|
PRINCIPAL RISKS AND UNCERTAINTIES
|
With the prospect of Brexit and the ongoing consequences of the global pandemic together with the current economy
|
uncertainties and risks in mind, we are aware that any plans for the future development of the business may be subject to
|
unforeseen future events outside our control.
|
The directors present their report with the financial statements of the company for the year ended 29 February 2020. |
Dividends totalling £300,000 were paid during the year ended 29th February 2020 in relation to the previous financial
|
The directors recommended dividends per share as follows to be paid during the year ended 28th February 2021 in
|
relation to the year ended 29th February 2020:-
|
'A' Ordinary £1 shares
|
|
NIL
|
|
'B' Ordinary £1 shares
|
|
£7.40
|
|
The total dividends for the year ended 29th February 2020 payable in the following financial year, are £300,000.
|
The directors shown below have held office during the whole of the period from 1 March 2019 to the date of this report.
|
STATEMENT OF DIRECTORS' RESPONSIBILITIES
|
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements
|
in accordance with applicable law and regulations.
|
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors
|
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting
|
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not
|
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the
|
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors
|
-
|
select suitable accounting policies and then apply them consistently;
|
-
|
make judgements and accounting estimates that are reasonable and prudent;
|
-
|
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business.
|
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the
|
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and
|
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for
|
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud
|
and other irregularities.
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
|
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act
|
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have
|
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the
|
company's auditors are aware of that information.
|
The auditors, A D Accounts Limited (Registered Auditors), will be proposed for re-appointment at the forthcoming
|
We have audited the financial statements of Corbett Farms Limited (the 'company') for the year ended 29 February 2020
|
which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow
|
Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant
|
accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and
|
United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard
|
applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
|
In our opinion the financial statements:
|
-
|
give a true and fair view of the state of the company's affairs as at 29 February 2020 and of its profit for the year then
ended;
|
-
|
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
|
-
|
have been prepared in accordance with the requirements of the Companies Act 2006.
|
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
|
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the
|
financial statements section of our report. We are independent of the company in accordance with the ethical
|
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,
|
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit
|
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
|
Conclusions relating to going concern
|
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to
|
-
|
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or
|
-
|
the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period
of at least twelve months from the date when the financial statements are authorised for issue.
|
The directors are responsible for the other information. The other information comprises the information in the Strategic
|
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors
|
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. We have nothing to
|
Opinions on other matters prescribed by the Companies Act 2006
|
In our opinion, based on the work undertaken in the course of the audit:
|
-
|
the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and
|
-
|
the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements.
|
Matters on which we are required to report by exception
|
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit,
|
we have not identified material misstatements in the Strategic Report or the Report of the Directors.
|
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you
|
-
|
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or
|
-
|
the financial statements are not in agreement with the accounting records and returns; or
|
-
|
certain disclosures of directors' remuneration specified by law are not made; or
|
-
|
we have not received all the information and explanations we require for our audit.
|
Responsibilities of directors
|
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.
|
Auditors' responsibilities for the audit of the financial statements
|
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
|
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.
|
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
|
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
|
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
|
decisions of users taken on the basis of these financial statements.
|
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting
|
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
|
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the
|
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those
|
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent
|
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's
|
members as a body, for our audit work, for this report, or for the opinions we have formed.
|
Allan James Davies F.C.C.A. (Senior Statutory Auditor)
|
for and on behalf of
A D Accounts Limited (Registered Auditors) |
TURNOVER
|
3
|
8,353,774
|
|
7,655,097
|
|
|
Cost of sales
|
(6,482,738
|
) |
(6,240,312
|
) |
|
GROSS PROFIT
|
1,871,036
|
|
1,414,785
|
|
|
Administrative expenses
|
(1,268,753
|
) |
(1,144,154
|
) |
|
Other operating income
|
478,225
|
|
477,692
|
|
|
OPERATING PROFIT
|
5
|
1,080,508
|
|
748,323
|
|
|
Income from fixed asset investments
|
30,000
|
|
30,000
|
|
|
Interest receivable and similar income
|
29,294
|
|
29,596
|
|
|
Interest payable and similar expenses
|
6
|
(13,237
|
) |
(14,186
|
) |
|
PROFIT BEFORE TAXATION
|
1,126,565
|
|
793,733
|
|
|
Tax on profit
|
7
|
(243,878
|
) |
(190,388
|
) |
|
PROFIT FOR THE FINANCIAL YEAR
|
882,687
|
|
603,345
|
|
|
OTHER COMPREHENSIVE INCOME
|
-
|
|
-
|
|
|
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
|
882,687
|
|
603,345
|
|
|
Tangible assets
|
9
|
4,052,623
|
|
4,099,879
|
|
|
Investments
|
10
|
376,678
|
|
290,452
|
|
|
Stocks
|
11
|
809,723
|
|
721,468
|
|
|
Debtors
|
12
|
1,767,779
|
|
2,210,599
|
|
|
Cash at bank and in hand
|
2,122,200
|
|
922,685
|
|
|
Amounts falling due within one year
|
13
|
(1,464,571
|
) |
(1,074,533
|
) |
|
NET CURRENT ASSETS
|
3,235,131
|
|
2,780,219
|
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES
|
7,664,432
|
|
7,170,550
|
|
|
Amounts falling due after more than one
year
|
14
|
(275,436
|
) |
(363,241
|
) |
|
PROVISIONS FOR LIABILITIES
|
17
|
(190,500
|
) |
(191,500
|
) |
|
NET ASSETS
|
7,198,496
|
|
6,615,809
|
|
|
Called up share capital
|
18
|
58,039
|
|
58,039
|
|
|
Share premium
|
19
|
58,565
|
|
58,565
|
|
|
Capital redemption reserve
|
19
|
19,970
|
|
19,970
|
|
|
Retained earnings
|
19
|
7,061,922
|
|
6,479,235
|
|
|
SHAREHOLDERS' FUNDS
|
7,198,496
|
|
6,615,809
|
|
|
The financial statements were approved by the Board of Directors and authorised for issue on
14 January 2021 and were
signed on its behalf by:
|
|
share
|
|
Retained
|
|
Share
|
|
redemption
|
|
Total
|
|
capital
|
|
earnings
|
|
premium
|
|
reserve
|
|
equity
|
Balance at 1 March 2018
|
58,039
|
|
6,175,890
|
|
58,565
|
|
19,970
|
|
6,312,464
|
|
|
Dividends
|
-
|
|
(300,000
|
) |
-
|
|
-
|
|
(300,000
|
) |
|
Total comprehensive income
|
-
|
|
603,345
|
|
-
|
|
-
|
|
603,345
|
|
|
Balance at 28 February 2019
|
58,039
|
|
6,479,235
|
|
58,565
|
|
19,970
|
|
6,615,809
|
|
|
Dividends
|
-
|
|
(300,000
|
) |
-
|
|
-
|
|
(300,000
|
) |
|
Total comprehensive income
|
-
|
|
882,687
|
|
-
|
|
-
|
|
882,687
|
|
|
Balance at 29 February 2020
|
58,039
|
|
7,061,922
|
|
58,565
|
|
19,970
|
|
7,198,496
|
|
|
Cash flows from operating activities
|
Cash generated from operations
|
1
|
1,914,987
|
|
1,513,110
|
|
|
Interest paid
|
(9,191
|
) |
(10,398
|
) |
|
Interest element of hire purchase payments
paid
|
(4,046
|
) |
(3,788
|
) |
|
Tax paid
|
(147,878
|
) |
(271,888
|
) |
|
Net cash from operating activities
|
1,753,872
|
|
1,227,036
|
|
|
Cash flows from investing activities
|
Purchase of tangible fixed assets
|
(360,967
|
) |
(731,123
|
) |
|
Purchase of fixed asset investments
|
(86,226 |
) |
- |
|
|
Sale of tangible fixed assets
|
5,700
|
|
47,100
|
|
|
Interest received
|
29,294
|
|
29,596
|
|
|
Dividends received
|
30,000
|
|
30,000
|
|
|
Net cash from investing activities
|
(382,199
|
) |
(624,427
|
) |
|
Cash flows from financing activities
|
Loan repayments in year
|
(69,166
|
) |
(67,820
|
) |
|
Capital repayments in year
|
(16,470
|
) |
31,346
|
|
|
Amount introduced by directors
|
462,992 |
|
191,600 |
|
|
Amount withdrawn by directors
|
(249,514 |
) |
(426,922 |
) |
|
Equity dividends paid
|
(300,000
|
) |
(300,000
|
) |
|
Net cash from financing activities
|
(172,158
|
) |
(571,796
|
) |
|
Increase in cash and cash equivalents
|
1,199,515
|
|
30,813
|
|
|
Cash and cash equivalents at beginning of
year
|
2
|
922,685
|
|
891,872 |
|
|
Cash and cash equivalents at end of year
|
2
|
2,122,200 |
|
922,685 |
|
|
1.
|
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
|
|
Profit before taxation
|
1,126,565
|
|
793,733
|
|
|
|
Depreciation charges
|
404,736
|
|
361,712
|
|
|
|
Profit on disposal of fixed assets
|
(2,213
|
) |
(13,958
|
) |
|
|
Finance costs
|
13,237 |
|
14,186 |
|
|
|
Finance income
|
(59,294 |
) |
(59,596 |
) |
|
|
(Increase)/decrease in stocks
|
(88,255
|
) |
103,187
|
|
|
|
Decrease in trade and other debtors
|
229,342
|
|
355,054
|
|
|
|
Increase/(decrease) in trade and other creditors
|
290,869
|
|
(41,208
|
) |
|
|
Cash generated from operations
|
1,914,987
|
|
1,513,110
|
|
|
2.
|
CASH AND CASH EQUIVALENTS
|
|
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these
|
|
Year ended 29 February 2020
|
|
Cash and cash equivalents
|
2,122,200 |
|
922,685 |
|
|
|
Year ended 28 February 2019
|
|
Cash and cash equivalents
|
922,685 |
|
891,872 |
|
|
3.
|
ANALYSIS OF CHANGES IN NET FUNDS
|
|
At 1.3.19
|
Cash flow
|
At 29.2.20
|
|
Cash at bank and in hand
|
922,685 |
|
1,199,515 |
|
2,122,200 |
|
|
922,685 |
|
1,199,515
|
|
2,122,200 |
|
|
|
Finance leases
|
(45,677 |
) |
16,470 |
|
(29,207 |
) |
|
|
Debts falling due within 1 year
|
(68,611 |
) |
(2,169 |
) |
(70,780 |
) |
|
|
Debts falling due after 1 year
|
(334,034 |
) |
71,335 |
|
(262,699 |
) |
|
(448,322 |
) |
85,636 |
|
(362,686 |
) |
|
|
Total
|
474,363 |
|
1,285,151 |
|
1,759,514 |
|
|
|
Corbett Farms Limited is a
private company, limited by shares , registered in England and Wales. The company's
|
|
registered number and registered office address can be found on the Company Information page.
|
|
Basis of preparing the financial statements
|
|
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value
|
|
added taxes. Turnover includes revenue earned from the sale of goods.
|
|
Turnover from the sale of eggs and other goods is recognised when the significant risks and rewards of the
|
|
ownership of them has transferred to the buyer. For the sale of eggs, this is usually at the point of hatching. For
|
|
the sale of other goods, this is usually at the point that the customer has signed for the delivery of the goods.
|
|
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
|
Freehold property
|
-
|
4% on cost |
|
Improvements to property
|
-
|
16.67% per annum of net book value |
|
Plant and machinery
|
-
|
10% on cost |
|
Stock is valued using various methods that are intended to estimate the value at the lower of cost or net realisable
|
|
value, after making due allowances for obsolete and slow moving items. In respect of livestock an estimate of the
|
|
current cost less provision for reduction in market value is used.
|
|
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive
|
|
Income, except to the extent that it relates to items recognised in other comprehensive income or directly in
|
|
Current or deferred taxation assets and liabilities are not discounted.
|
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or
|
|
substantively enacted by the balance sheet date.
|
|
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
|
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from
|
|
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
|
|
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the
|
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they
|
|
will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
|
|
Hire purchase and leasing commitments
|
|
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held
|
|
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases
|
|
are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
|
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element
|
|
of the future payments is treated as a liability.
|
|
Pension costs and other post-retirement benefits
|
|
The company operates a defined contribution pension scheme. Contributions payable to the company's pension
|
|
scheme are charged to profit or loss in the period to which they relate.
|
|
Financial instruments are classified and accounted for according to the substance of the contractual arrangement.
|
|
They are classified as financial assets, financial liabilities or equity instruments. An equity instrument is any
|
|
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
|
|
The analysis of turnover by activity is as follows:
|
|
Sale of goods
|
|
8,353,774
|
|
|
7,655,097
|
|
|
4.
|
EMPLOYEES AND DIRECTORS
|
|
Wages and salaries
|
1,326,138
|
|
1,131,447
|
|
|
|
Social security costs
|
116,735
|
|
100,057
|
|
|
|
The average number of employees during the year was as follows:
|
|
Directors' remuneration
|
215,673
|
|
161,770
|
|
|
|
Information regarding the highest paid director for the year ended 29 February 2020 is as follows:
|
|
The operating profit is stated after charging/(crediting):
|
|
Depreciation - owned assets
|
394,380
|
|
357,279
|
|
|
|
Depreciation - assets on hire purchase contracts
|
10,356
|
|
4,433
|
|
|
|
Profit on disposal of fixed assets
|
(2,213
|
) |
(13,958
|
) |
|
|
Auditors' remuneration
|
6,500
|
|
6,500
|
|
|
6.
|
INTEREST PAYABLE AND SIMILAR EXPENSES
|
|
|
Bank loan interest
|
9,191
|
|
10,398
|
|
|
|
Hire purchase charges
|
-
|
|
358
|
|
|
|
Analysis of the tax charge
|
|
The tax charge on the profit for the year was as follows:
|
|
UK corporation tax
|
244,878
|
|
150,388
|
|
|
|
Deferred tax
|
(1,000
|
) |
40,000
|
|
|
|
Tax on profit
|
243,878
|
|
190,388
|
|
|
|
UK corporation tax has been charged at 19% (2019 - 19%).
|
|
Reconciliation of total tax charge included in profit and loss
|
|
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is
|
|
Profit before tax
|
1,126,565
|
|
793,733
|
|
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
19
%
(2019 -
19
%)
|
214,047
|
|
150,809
|
|
|
|
Income not taxable for tax purposes
|
(5,700
|
) |
(5,700
|
) |
|
|
Depreciation in excess of capital allowances
|
36,653
|
|
2,891
|
|
|
|
Adjustments to tax charge in respect of previous periods
|
(122
|
) |
2,388
|
|
|
|
Deferred tax charge for the year
|
(1,000 |
) |
40,000 |
|
|
|
Total tax charge
|
243,878 |
|
190,388 |
|
|
|
Paid in year
|
|
300,000
|
|
|
300,000
|
|
|
|
Paid after the year end (not recognised as a liability)
|
|
300,000
|
|
|
300,000
|
|
|
|
Paid equity dividends on "B" Ordinary shares
|
|
7.40
|
|
|
7.40
|
|
|
|
Dividends totalling £126,508 were paid to the directors in the year (2019 £126,508).
|
|
property
|
|
property
|
|
machinery
|
|
Totals
|
|
At 1 March 2019
|
2,362,959
|
|
3,625,503
|
|
4,520,573
|
|
10,509,035
|
|
|
|
Additions
|
165,504
|
|
1,346
|
|
194,117
|
|
360,967
|
|
|
|
Disposals
|
-
|
|
-
|
|
(10,800
|
) |
(10,800
|
) |
|
|
At 29 February 2020
|
2,528,463
|
|
3,626,849
|
|
4,703,890
|
|
10,859,202
|
|
|
|
At 1 March 2019
|
403,597
|
|
2,711,849
|
|
3,293,710
|
|
6,409,156
|
|
|
|
Charge for year
|
47,888
|
|
136,358
|
|
220,490
|
|
404,736
|
|
|
|
Eliminated on disposal
|
-
|
|
-
|
|
(7,313
|
) |
(7,313
|
) |
|
|
At 29 February 2020
|
451,485
|
|
2,848,207
|
|
3,506,887
|
|
6,806,579
|
|
|
|
At 29 February 2020
|
2,076,978
|
|
778,642
|
|
1,197,003
|
|
4,052,623
|
|
|
|
At 28 February 2019
|
1,959,362
|
|
913,654
|
|
1,226,863
|
|
4,099,879
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
|
|
and 29 February 2020
|
103,148
|
|
|
|
At 29 February 2020
|
14,789
|
|
|
|
At 29 February 2020
|
88,359
|
|
|
|
At 28 February 2019
|
98,715
|
|
|
10.
|
FIXED ASSET INVESTMENTS
|
|
At 29 February 2020
|
376,678
|
|
|
|
At 29 February 2020
|
376,678
|
|
|
|
At 28 February 2019
|
290,452
|
|
|
|
Amounts falling due within one year:
|
|
Trade debtors
|
460,080
|
|
571,317
|
|
|
|
Other debtors
|
56,843
|
|
67,751
|
|
|
|
Directors' current accounts
|
107,173 |
|
320,651 |
|
|
|
Prepayments and accrued income
|
38,171
|
|
38,293
|
|
|
|
Amounts falling due after more than one year:
|
|
Other debtors
|
1,021,014
|
|
1,115,595
|
|
|
|
Aggregate amounts
|
1,767,779
|
|
2,210,599
|
|
|
13.
|
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|
|
|
Bank loans and overdrafts (see note 15)
|
70,780
|
|
68,611
|
|
|
|
Hire purchase contracts (see note 16)
|
16,470
|
|
16,470
|
|
|
|
Trade creditors
|
900,264
|
|
637,701
|
|
|
|
Corporation tax
|
245,000
|
|
148,000
|
|
|
|
Social security and other taxes
|
91,085
|
|
51,656
|
|
|
|
Other creditors
|
133,575
|
|
144,698
|
|
|
|
Directors' current accounts
|
7,397 |
|
7,397 |
|
|
14.
|
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
|
|
|
Bank loans (see note 15)
|
262,699
|
|
334,034
|
|
|
|
Hire purchase contracts (see note 16)
|
12,737
|
|
29,207
|
|
|
|
An analysis of the maturity of loans is given below:
|
|
Amounts falling due within one year or on demand:
|
|
Bearwood loan
|
70,780 |
|
68,611 |
|
|
|
Amounts falling due between one and two years:
|
|
Bearwood loan
|
72,679 |
|
71,410 |
|
|
|
Amounts falling due between two and five years:
|
|
Bearwood loan
|
190,020 |
|
223,756 |
|
|
|
Amounts falling due in more than five years:
|
|
HSBC plc holds a floating charge over the company's assets together with legal charges over various elements of
|
|
the company's freehold land and buildings, in order to secure its borrowings.
|
|
Minimum lease payments under hire purchase fall due as follows:
|
|
Net obligations repayable:
|
|
Within one year
|
16,470
|
|
16,470
|
|
|
|
Between one and five years
|
12,737
|
|
29,207
|
|
|
17.
|
PROVISIONS FOR LIABILITIES
|
|
Deferred tax
|
190,500 |
|
191,500 |
|
|
|
Balance at 1 March 2019
|
191,500
|
|
|
|
Accelerated capital allowances
|
(1,000 |
) |
|
|
Balance at 29 February 2020
|
190,500
|
|
|
18.
|
CALLED UP SHARE CAPITAL
|
|
Allotted, issued and fully paid:
|
|
Number:
|
Class:
|
Nominal
|
2020
|
2019
|
|
|
17,500
|
'A' Ordinary
|
£1
|
17,500 |
|
17,500 |
|
|
|
40,539
|
'B' Ordinary
|
£1
|
40,539 |
|
40,539 |
|
|
|
Retained
|
|
Share
|
|
redemption
|
|
|
earnings
|
|
premium
|
|
reserve
|
|
Totals
|
|
At 1 March 2019
|
6,479,235
|
|
58,565
|
|
19,970
|
|
6,557,770 |
|
|
|
Profit for the year
|
882,687
|
|
882,687
|
|
|
|
Dividends
|
(300,000
|
) |
(300,000
|
) |
|
|
At 29 February 2020
|
7,061,922
|
|
58,565
|
|
19,970
|
|
7,140,457 |
|
|
|
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from
|
|
those of the company in independently administered funds. The pension cost charge represents contribution
|
|
payable by the company to these funds and amounted to £56,920 (2019 - £47,146). Contributions totalling
|
|
£6,954 (2019 £5,794) were payable to the funds as at 29th February 2020.
|
21.
|
OTHER FINANCIAL COMMITMENTS
|
|
The company has contracted to lease a vehicle. The agreement commenced on 14th February 2020 and is to run
|
|
for 24 months. The total financial commitment not included on the balance sheet is £6,172.
|
22.
|
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
|
|
The following advances and credits to directors subsisted during the years ended 29 February 2020 and
|
|
Balance outstanding at start of year
|
13,960
|
|
12,908
|
|
|
|
Amounts advanced
|
13,395
|
|
11,052
|
|
|
|
Amounts repaid
|
(12,000
|
) |
(10,000
|
) |
|
|
Balance outstanding at end of year
|
15,355
|
|
13,960
|
|
|
|
Balance outstanding at start of year
|
153,345
|
|
36,210
|
|
|
|
Amounts advanced
|
159,072
|
|
268,643
|
|
|
|
Amounts repaid
|
(266,508
|
) |
(151,508
|
) |
|
|
Balance outstanding at end of year
|
45,909
|
|
153,345
|
|
|
|
Balance outstanding at start of year
|
153,345
|
|
36,210
|
|
|
|
Amounts advanced
|
77,048
|
|
147,227
|
|
|
|
Amounts repaid
|
(184,484
|
) |
(30,092
|
) |
|
|
Balance outstanding at end of year
|
45,909
|
|
153,345
|
|
|
|
After the year end, the balances were repaid.
|
23.
|
ULTIMATE CONTROLLING PARTY
|
|
There is no ultimate controlling party.
|
24.
|
KEY MANAGEMENT PERSONNEL
|
|
The key management personnel are the directors of the company. The total remuneration received by them is
|