Company registration number 01264817 (England and Wales)
BALINGOUR LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
BALINGOUR LIMITED
COMPANY INFORMATION
Directors
Mr F Bird
Mr ME Bird
Secretary
Mr ME Bird
Company number
01264817
Registered office
Underlyne
Langwathby
Penrith
Cumbria
CA10 1NB
Auditor
Waters & Atkinson
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
Bankers
Barclays Bank PLC
Market Square
Penrith
Cumbria
CA11 7YB
Solicitors
Cartmell Shepherd
Bishop Yards
Penrith
Cumbria
CA11 7XS
BALINGOUR LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
3
Directors' responsibilities statement
2
Independent auditor's report
4 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
11
Statement of changes in equity
10
Notes to the financial statements
12 - 19
BALINGOUR LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -
The directors present the strategic report for the year ended 31 January 2023.
Fair review of the business
As a poultry grower in the UK we continue to grow day old chicks until they are ready to be sold to our co-subsidiary company, Frank Bird (Poultry) Limited.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, those being turnover and gross margin. Turnover has increased from £11,453,367 to £15,234,162 as a result of an increase in throughput due to demand. The gross profit percentage has decreased from 5.3% to 5.17%, the decrease being attributable to a number of factors such as increased grain price and running costs such as electricity.
Principal risks and uncertainties
The poultry market is subject to sudden changes in market price and factors are difficult to predict. As a result the poultry market remains competitive and forward planning remains challenging. We are particularly affected by fluctuating grain prices and calor gas prices. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen events outside of our control.
Although profits fluctuated during the year, the company still expects the next 12 month period to be profitable, as indicated by ongoing management accounts. For this reason we continue to adopt the going concern basis in preparing the annual financial statements.
Development and performance
The directors continue to monitor the performance of the company, its employees, customers and suppliers and take action when that performance fails to meet up to expectations.
Mr F Bird
Director
7 August 2023
BALINGOUR LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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.
BALINGOUR LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
The directors present their annual report and financial statements for the year ended 31 January 2023.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr F Bird
Mr ME Bird
Auditor
Waters and Atkinson are deemed to be re-appointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr F Bird
Director
7 August 2023
BALINGOUR LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BALINGOUR LIMITED
- 4 -
Opinion
We have audited the financial statements of Balingour Limited (the 'company') for the year ended 31 January 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 January 2023 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
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.
BALINGOUR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BALINGOUR LIMITED
- 5 -
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 directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
BALINGOUR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BALINGOUR LIMITED
- 6 -
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
-the nature of the industry and sector, control environment and business performance;
-results of our enquiries of management and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the companies documentation of their policies and procedures relating to:
-identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance;
-detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud;
-the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
Posting of unusual journals and complex transactions.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements.
The key laws and regulations we considered in this context included the UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud.
In addition to the above, our procedures to respond to risks identified included the following:
-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
-enquiring of management concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making the accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
BALINGOUR LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BALINGOUR LIMITED
- 7 -
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
Damien Sissons BA FCA
Senior Statutory Auditor
For and on behalf of Waters & Atkinson
8 August 2023
Chartered Accountants
Statutory Auditor
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
BALINGOUR LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2023
- 8 -
2023
2022
Notes
£
£
Turnover
2
15,234,162
11,453,367
Cost of sales
(14,446,921)
(10,846,369)
Gross profit
787,241
606,998
Administrative expenses
(455,057)
(473,124)
Other operating income
47,753
43,528
Operating profit
3
379,937
177,402
Interest receivable and similar income
5
810
553
Profit before taxation
380,747
177,955
Tax on profit
6
(102,979)
(7,295)
Profit for the financial year
277,768
170,660
The profit and loss account has been prepared on the basis that all operations are continuing operations.
BALINGOUR LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023
- 9 -
2023
2022
£
£
Profit for the year
277,768
170,660
Other comprehensive income
-
-
Total comprehensive income for the year
277,768
170,660
BALINGOUR LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 February 2021
100
6,274,676
6,274,776
Year ended 31 January 2022:
Profit and total comprehensive income for the year
-
170,660
170,660
Balance at 31 January 2022
100
6,445,336
6,445,436
Year ended 31 January 2023:
Profit and total comprehensive income for the year
-
277,768
277,768
Balance at 31 January 2023
100
6,723,104
6,723,204
BALINGOUR LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
7
564,782
592,959
Current assets
Stocks
8
995,261
960,399
Debtors
9
6,649,773
5,975,296
Cash at bank and in hand
123,221
113,624
7,768,255
7,049,319
Creditors: amounts falling due within one year
10
(1,549,825)
(1,137,198)
Net current assets
6,218,430
5,912,121
Total assets less current liabilities
6,783,212
6,505,080
Provisions for liabilities
Deferred tax liability
11
60,008
59,644
(60,008)
(59,644)
Net assets
6,723,204
6,445,436
Capital and reserves
Called up share capital
13
100
100
Profit and loss reserves
6,723,104
6,445,336
Total equity
6,723,204
6,445,436
The financial statements were approved by the board of directors and authorised for issue on 7 August 2023 and are signed on its behalf by:
Mr F Bird
Director
Company Registration No. 01264817
BALINGOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 12 -
1
Accounting policies
Company information
Balingour Limited is a private company limited by shares incorporated in England and Wales. The registered office is Underlyne, Langwathby, Penrith, Cumbria, CA10 1NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of F and N One Limited.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
5% and 2% on cost
Plant and equipment
10% on cost
Motor vehicles
25% and 20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
BALINGOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 13 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Financial instruments
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
BALINGOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 14 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Sales of goods
15,234,162
11,453,367
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
15,234,162
11,453,367
BALINGOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
2
Turnover and other revenue
(Continued)
- 15 -
2023
2022
£
£
Other revenue
Interest income
810
553
3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
5,750
5,650
Depreciation of owned tangible fixed assets
49,372
59,507
Operating lease charges
107,900
107,900
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Staff
16
15
Directors
2
2
Total
18
17
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
432,823
393,237
Social security costs
36,165
32,705
Pension costs
8,068
7,044
477,056
432,986
5
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
453
10
Other interest income
357
543
Total income
810
553
BALINGOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 16 -
6
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
73,991
39,114
Adjustments in respect of prior periods
28,624
(28,624)
Total current tax
102,615
10,490
Deferred tax
Origination and reversal of timing differences
364
(3,195)
Total tax charge
102,979
7,295
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
380,747
177,955
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
72,342
33,811
Adjustments in respect of prior years
28,624
(28,624)
Capital allowances in excess of depreciation
1,649
5,302
Origination and reversal of timing differtences
364
(3,194)
Taxation charge for the year
102,979
7,295
BALINGOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 17 -
7
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2022
2,793,321
1,326,819
230,130
4,350,270
Additions
21,195
21,195
At 31 January 2023
2,793,321
1,326,819
251,325
4,371,465
Depreciation and impairment
At 1 February 2022
2,514,276
1,078,082
164,953
3,757,311
Depreciation charged in the year
14,153
18,351
16,868
49,372
At 31 January 2023
2,528,429
1,096,433
181,821
3,806,683
Carrying amount
At 31 January 2023
264,892
230,386
69,504
564,782
At 31 January 2022
279,045
248,737
65,177
592,959
8
Stocks
2023
2022
£
£
Finished goods and goods for resale
995,261
960,399
9
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
(39,991)
90,921
Amounts owed by group undertakings
6,636,575
5,851,751
Prepayments and accrued income
53,189
32,624
6,649,773
5,975,296
10
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,487,500
1,062,096
Accruals and deferred income
62,325
75,102
1,549,825
1,137,198
BALINGOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 18 -
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
60,008
59,644
2023
Movements in the year:
£
Liability at 1 February 2022
59,644
Charge to profit or loss
364
Liability at 31 January 2023
60,008
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
12
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
8,068
7,044
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
13
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
14
Related party transactions
All of Balingour Limited's produce is sold to Frank Bird (Poultry) Limited at normal market prices. Frank Bird (Poultry) Limited is also a wholly owned subsidiary of F and N Holdings Limited.
All directors of this company were also directors of Frank Bird (Poultry) Limited at the period end. Frank Bird is also a director of the immediate parent company F and N Holdings Limited and of the ultimate holding company F and N One Limited.
BALINGOUR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 19 -
15
Ultimate controlling party
The company is a wholly owned subsidiary of F and N Holdings Limited. This is a wholly owned subsidiary of F and N One Limited, which is the ultimate holding company and controlled by the director Mr Frank Bird.
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