Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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ROGER SKINNER LIMITED
COMPANY INFORMATION
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ROGER SKINNER LIMITED
CONTENTS
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ROGER SKINNER LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Directors present their Strategic Report and financial statements for the year ended 31 March 2023.
The Company’s principal activity relates to the manufacture and supply of dog food.
During the year, the Company’s turnover increased by 4% to £25.5m, with the Skinner’s brand showing positive growth from its core dried dog food business as well as its wet dog food and treat ranges too. In common with many other manufacturers, the business experienced inflationary cost pressures, particularly in relation to key raw material ingredients, packaging, energy and transport costs. The Company continues to make good progress in mitigating input cost inflation through a range of measures, including cost efficiencies. Our valued staff have continued to adapt and respond brilliantly to the challenging economic environment which the world faces and we thank each and every one of them for their continuing hard work and dedication to the Company. Following the resignation of three Directors, the senior management team was restructured, as a result of which the business has become more efficient and profitable. The Company continues to be a member ofhe Living Wage Foundation and supports their important work and ethics.
The Company’s sales have increased strongly since the beginning of the current financial year and should this trend continue, we should see much improved results for year ending 31st March 2024.
The Company continues to invest in its people, processes, operational infrastructure and product range to support future growth. The Company continues to proactively manage ongoing input cost inflation, which has continued to impact the UK food manufacturing sector generally.
As noted above, the Company's principal activity is the manufacture of dog food. In common with many businesses carrying out similar activity, the principal risks and uncertainties it faces are customer spending downturns and changes in general economic conditions. While recognising the existence of such risks, the Directors believe the Company is well placed to successfully deal with any such challenges should they arise.
Page 1
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ROGER SKINNER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Directors use a variety of performance measures in order to monitor and manage the business effectively. The Directors monitor the performance of the Company based upon its turnover, EBITDA (before exceptional costs and intercompany rent charges), and profit before tax.
In common with every other business, the Company aims to minimise financial risk. The measures used by the Directors to manage this risk include preparation of profit forecasts and regular monitoring of actual performance against these forecasts. Debtors are closely monitored to keep the risk of bad debts to a minimum.
The Company uses various financial instruments including cash and items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to ensure sufficient finance for the Company's operations. The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below. The main risks arising from the Company's financial instruments are credit risk, interest rate risk and liquidity risk. The Directors review and agree policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous periods. Credit risk The Company's principal credit risk is the recovery of amounts owed by trade debtors. In order to manage credit risk the directors set limits for customers based on a combination of payment history and third party credit reference information. Credit limits are reviewed on a regular basis in conjunction with debt ageing and collection history. Debts are actively chased by the credit control department. Price risk The Company seeks to limit its exposure to price risk by agreeing forward contracts on some grain and other cereal purchases. Interest rate risk The Company has external finance in existence at 31 March 2023 as detailed in notes 17, 18, and 19. The Company manages its interest rate risk by agreeing rates with lenders where appropriate. Liquidity risk As a result of positive cash flows from operating activities and the current asset position, the directors do not consider liquidity or cashflow risk to be an issue although these areas are closely monitored to ensure the Company's procedures continue to operate effectively to minimise risks.
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ROGER SKINNER LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
This report was approved by the board and signed on its behalf.
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ROGER SKINNER LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The Directors present their report and the financial statements for the year ended 31 March 2023.
The profit for the year, after taxation, amounted to £1,653,046 (2022 - £1,277,082).
During the year, dividends of £1,657,500 (2022 - £473,000) were declared and paid.
The Directors who served during the year were:
The Strategic Report includes the following disclosures that could have been included within the Directors'
Report: - Business review - Future developments - Principal risks and uncertainties - Financial key performance indicators - Financial risk management policies and objectives
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ROGER SKINNER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
There have been no significant events affecting the Company since the year end.
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ROGER SKINNER LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The auditors, Larking Gowen LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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ROGER SKINNER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROGER SKINNER LIMITED
We have audited the financial statements of Roger Skinner Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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ROGER SKINNER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROGER SKINNER LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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ROGER SKINNER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROGER SKINNER LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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:
• Enquiries with management and those charged with governance around actual and potential litigation and claims; • Reviewing legal and professional invoices to identify any other potential litigations or claims; • Reviewing minutes of management meetings; • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; • Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business. Because of the field in which the client operates, we identified the following areas as those most likely to have a material impact on the financial statements: meeting quality and food safety standards for products; Health and Safety; employment law (including the Working Time Directive); anti-bribery and corruption; General Data Protection Regulations and compliance with the UK Companies Act. Because of the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.
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 Auditors' Report.
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ROGER SKINNER LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ROGER SKINNER LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Norwich
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ROGER SKINNER LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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ROGER SKINNER LIMITED
REGISTERED NUMBER: 01272854
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
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ROGER SKINNER LIMITED
REGISTERED NUMBER: 01272854
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 15 to 32 form part of these financial statements.
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ROGER SKINNER LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Roger Skinner Limited is a private company limited by shares and is incorporated in England and Wales. Its registered address is The Mill, Stradbroke, Eye, Suffolk, IP21 5HL. The principal activity remains unchanged being that of dog food manufacturers and suppliers.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Roger Skinner Holdings Limited as at 31 March 2023 and these financial statements may be obtained from Companies House.
The Directors have considered the Company’s financial position at the time of signing the financial statements, in the context of the current challenging economic climate. At the time of signing the financial statements, the Company continues to operate successfully and profitably.
The Directors have considered the Company’s current financial position and future prospects in the context of the ongoing challenging economic climate. On the basis of the information currently available, the Directors have concluded that the Company should have adequate financial resources to continue to operate for the foreseeable future, being at least 12 months from the date of signing these financial statements. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing these financial statements.
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimated is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The whole of the turnover is attributable to pet food manufacture and supply.
Analysis of turnover by country of destination:
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
10.Taxation (continued)
The main rate of corporation tax increased to 25% with effect from 1 April 2023.
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 26
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
13.Tangible fixed assets (continued)
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Page 28
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Share premium account
Profit and loss account
The Company has entered into a cross guarantee with other group companies in respect of bank borrowings totalling £5,832,790 (2022: £5,871,213).
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £94,904 (2022 - £101,917). No contributions were outstanding at 31 March 2023 (2022 - £Nil).
Page 31
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ROGER SKINNER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The Company buys large quantities of grain and other commodities whose prices can fluctuate. As a result, the Company is subject to price risk. The Company seeks to reduce this risk by entering into forward contracts with suppliers to purchase goods for use in the business. At 31 March 2023 the Company had forward contracts with a value of £6,155,870 (2022 - £8,925,993) which are expected to be drawn down in the year ending 31 March 2024.
The Immediate Parent Undertaking is Skinner's Pet Food Holdings Limited, a Company registered in England and Wales. Consolidated accounts are available from Companies House, Cardiff, CF14 3UZ.
The Ultimate Parent Undertaking is Roger Skinner Holdings Limited, a Company registered in England and Wales. Consolidated accounts are available from Companies House, Cardiff, CF14 3UZ. The Ultimate Controlling Party is Mr R A S Skinner by virtue of his beneficial shareholding in the Ultimate Parent Company.
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