Company registration number 03310507 (England and Wales)
FRANK BIRD (POULTRY) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
FRANK BIRD (POULTRY) LIMITED
COMPANY INFORMATION
Directors
Mr F Bird
Mr ME Bird
Secretary
Mr F Bird
Company number
03310507
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
FRANK BIRD (POULTRY) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Notes to the financial statements
11 - 19
FRANK BIRD (POULTRY) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2022
- 1 -
The directors present the strategic report for the year ended 31 January 2022.
Fair review of the business
As a poultry processor, the company continues to sell fresh and frozen poultry, primarily to a range of wholesaler customers within the UK.
The results for the year ended 31 January 2022 are set out on page 9. These show an increase in turnover, principally due to the increase in number of birds being processed along with a higher average weight per bird. The gross profit percentage has fallen slightly from 14.68% to 14.01%, the decrease being attributable to a number of factors such as increased live bird price, plus some increased labour costs.
Principal risks and uncertainties
The poultry market is subject to sudden changes in market price caused by shortage or oversupply of birds, availability and price of foreign imports and customer demand and these are difficult to predict. Due to recent events in Ukraine, we are particularly affected by the fluctuating grain and energy prices. As a result, the poultry market remains competitive and forward planning remains challenging.
By reviewing ongoing management accounts for the next accounting year, profits can be seen being made to a similar level of the same period in the prior year. Although the company expects the next 12 month period to be profitable, the results are expected to be lower as a result of the recent events in Ukraine and the increased costs as mentioned above. For this reason, they 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 to take action when that performance fails to meet up to expectations.
Key performance indicators
The key performance indicators are:
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Gross profit as a % of turnover
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Section 172(1) statement
A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefits of its members as a whole, and in doing so have regard (amongst other matter) to factors (a) to (f).
(a) the likely consequences of any decision in the long term,
(b) the interest of the company's employees,
(c) the need to foster the company's business relationships with suppliers, customers and others,
(d) the impact of the company's operations on the community and environment,
(e) the desirability of the company maintaining a reputation for high standards of business conduct, and
(f) the need to act fairly as between members of the company.
This is ultimately a family owned company with no exterior members, directors or investors. The aim of the directors is to continue to operate a successful business ultimately for the benefit of the Bird family.
The company provides employment for 206 people in various roles, including many long term staff with a wealth of experience. The directors recognise the importance of providing adequate training and a safe working environment.
The company has built long standing relationships with a number of suppliers over many years and works closely with these, notably the chicken growers, all of which are UK based.
Similarly, the company has many long standing customers with whom they have traded for many years.
The directors are aware of the potential impact on the local community and have made every effort to minimise this.
The company's operations are subject to numerous regulations regarding all aspects of its operations and has an annual audit which ensures compliance with the BRC (British Retail Consortium) global standards in food safety. Although certification is not compulsory, it is an accepted standard and at the last reporting date the company received an AA grade.
FRANK BIRD (POULTRY) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 2 -
..............................
Mr F Bird
Director
Date: .............................................
FRANK BIRD (POULTRY) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2022
- 3 -
The directors present their annual report and financial statements for the year ended 31 January 2022.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £1,000,000. 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.
Energy and carbon report
We are obliged to report UK energy consumption in accordance with the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018.
2022
2021
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
14,523,491
14,735,986
2022
2021
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
615.46
656.33
- Fuel consumed for owned transport
1,897.85
1,904.57
2,513.31
2,560.90
Scope 2 - indirect emissions
- Electricity purchased
884.13
883.16
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the company
-
-
Total gross emissions
3,397.44
3,444.06
Intensity ratio
Tonnes of CO2e per total £m sales revenue
55.059
63.791
Quantification and reporting methodology
We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2021 UK Government’s Conversion Factors- Revised January 2022 for Company Reporting.
FRANK BIRD (POULTRY) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 4 -
Intensity measurement
The chosen intensity measurement ratio is Tonnes of CO2e per total £m sales revenue.
Measures taken to improve energy efficiency
Continual investment in processing and infrastructure that has delivered greater energy efficiency in the business.
Statement of directors' responsibilities
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;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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.
Strategic report
The directors' notes on business relationships are shown in the strategic report as part of the section 172(1) statement.
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
19 July 2022
FRANK BIRD (POULTRY) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FRANK BIRD (POULTRY) LIMITED
- 5 -
Opinion
We have audited the financial statements of Frank Bird (Poultry) Limited (the 'company') for the year ended 31 January 2022 which comprise the statement of income and retained earnings, the balance sheet 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 2022 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'
r
eport 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.
FRANK BIRD (POULTRY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRANK BIRD (POULTRY) LIMITED
- 6 -
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 identifie
d
material misstatements in the strategic report or the directors'
r
eport
.
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'
r
esponsibilities
s
tatement, 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.
FRANK BIRD (POULTRY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRANK BIRD (POULTRY) LIMITED
- 7 -
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.
FRANK BIRD (POULTRY) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FRANK BIRD (POULTRY) LIMITED
- 8 -
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
19 July 2022
Chartered Accountants
Statutory Auditor
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
FRANK BIRD (POULTRY) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2022
- 9 -
2022
2021
Notes
£
£
Turnover
2
61,705,614
53,994,460
Cost of sales
(53,063,450)
(46,065,852)
Gross profit
8,642,164
7,928,608
Administrative expenses
(6,843,576)
(6,051,317)
Other operating income
386,672
200,520
Operating profit
3
2,185,260
2,077,811
Interest receivable and similar income
6
22,516
30,215
Interest payable and similar expenses
7
(26,175)
Profit before taxation
2,207,776
2,081,851
Tax on profit
8
(400,941)
(313,009)
Profit for the financial year
1,806,835
1,768,842
Retained earnings brought forward
2,138,630
969,788
Dividends
9
(1,000,000)
(600,000)
Retained earnings carried forward
2,945,465
2,138,630
The profit and loss account has been prepared on the basis that all operations are continuing operations.
FRANK BIRD (POULTRY) LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2022
31 January 2022
- 10 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,217,459
2,153,862
Current assets
Stocks
12
121,735
236,968
Debtors
13
14,216,835
13,040,082
Cash at bank and in hand
7,629,892
8,603,709
21,968,462
21,880,759
Creditors: amounts falling due within one year
14
(10,884,221)
(11,576,814)
Net current assets
11,084,241
10,303,945
Total assets less current liabilities
13,301,700
12,457,807
Provisions for liabilities
Deferred tax liability
16
356,235
319,177
(356,235)
(319,177)
Net assets
12,945,465
12,138,630
Capital and reserves
Called up share capital
17
10,000,000
10,000,000
Profit and loss reserves
2,945,465
2,138,630
Total equity
12,945,465
12,138,630
The financial statements were approved by the board of directors and authorised for issue on 19 July 2022 and are signed on its behalf by:
Mr F Bird
Director
Company Registration No. 03310507
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
- 11 -
1
Accounting policies
Company information
Frank Bird (Poultry) 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 a
mounts
in these financial statements are
rounded to the nearest £.
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
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of
F and N One Limited.
The company's accounting reference date is the 31st January but this year the company has elected to prepare accounts up to 29th January 2022. Last year, the company elected to prepare accounts up to 30th January 2021.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which was 20 years.
1.5
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.
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
1
Accounting policies
(Continued)
- 12 -
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:
Plant and equipment
10% on cost
Helicopter
5% on cost
Motor vehicles
25% on cost and 20% on cost
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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.
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value.
1.8
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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
The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate for all qualifying employees.
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 lease
s
asset are consumed.
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 13 -
2
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Sale of poultry
61,648,801
53,941,800
Canteen income
56,813
52,660
61,705,614
53,994,460
2022
2021
£
£
Other revenue
Interest income
22,516
30,215
3
Operating profit
2022
2021
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
14,500
15,000
Depreciation of owned tangible fixed assets
322,526
323,504
Loss on disposal of tangible fixed assets
29,520
52,994
Operating lease charges
2,750
2,750
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Directors
2
2
Office and managerial
18
18
Production
188
199
Total
208
219
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
7,985,632
7,377,360
Social security costs
850,571
755,595
Pension costs
113,896
108,753
8,950,099
8,241,708
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 14 -
5
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
2,700,701
2,250,786
Company pension contributions to defined contribution schemes
1,282
1,278
2,701,983
2,252,064
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2021 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
2,650,000
2,200,000
6
Interest receivable and similar income
2022
2021
£
£
Interest income
Interest on bank deposits
19,412
28,728
Other interest income
3,104
1,487
Total income
22,516
30,215
7
Interest payable and similar expenses
2022
2021
£
£
Other interest
26,175
8
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
363,884
362,693
Adjustments in respect of prior periods
(81,527)
Total current tax
363,884
281,166
Deferred tax
Origination and reversal of timing differences
37,057
31,843
Total tax charge
400,941
313,009
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
8
Taxation
(Continued)
- 15 -
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:
2022
2021
£
£
Profit before taxation
2,207,776
2,081,851
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
419,477
395,552
Tax effect of expenses that are not deductible in determining taxable profit
5,609
15,041
Group relief
(5,989)
Under/(over) provided in prior years
(81,527)
Capital allowances in excess of depreciation
(61,202)
(41,911)
Origination and reversal of timing differtences
37,057
31,843
Taxation charge for the year
400,941
313,009
9
Dividends
2022
2021
£
£
Interim paid
1,000,000
600,000
10
Intangible fixed assets
Goodwill
£
Cost
At 1 February 2021 and 31 January 2022
6,327,130
Amortisation and impairment
At 1 February 2021 and 31 January 2022
6,327,130
Carrying amount
At 31 January 2022
At 31 January 2021
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 16 -
11
Tangible fixed assets
Plant and equipment
Helicopter
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2021
6,108,827
635,646
2,330,622
9,075,095
Additions
129,835
342,058
471,893
Disposals
(11,500)
(326,800)
(338,300)
At 31 January 2022
6,227,162
635,646
2,345,880
9,208,688
Depreciation and impairment
At 1 February 2021
4,936,182
420,646
1,564,405
6,921,233
Depreciation charged in the year
119,283
203,243
322,526
Eliminated in respect of disposals
(3,450)
(249,080)
(252,530)
At 31 January 2022
5,052,015
420,646
1,518,568
6,991,229
Carrying amount
At 31 January 2022
1,175,147
215,000
827,312
2,217,459
At 31 January 2021
1,172,645
215,000
766,217
2,153,862
12
Stocks
2022
2021
£
£
Finished goods and goods for resale
121,735
236,968
13
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
5,929,306
4,682,984
Amounts owed by group undertakings
5,530,903
5,478,874
Other debtors
2,540,546
2,668,089
Prepayments and accrued income
216,080
210,135
14,216,835
13,040,082
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 17 -
14
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans and overdrafts
15
546,272
541,922
Trade creditors
3,781,114
3,110,653
Amounts owed to group undertakings
5,851,751
5,787,551
Corporation tax
69,249
1,549,969
Other taxation and social security
413,857
425,392
Accruals and deferred income
221,978
161,327
10,884,221
11,576,814
15
Loans and overdrafts
2022
2021
£
£
Bank overdrafts
546,272
541,922
Payable within one year
546,272
541,922
The bank overdraft is a reconciled balance, after accounting for unpresented cheques. Funds are transferred from a deposit account as and when required so that there is no actual overdraft at anytime.
16
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
356,235
319,177
2022
Movements in the year:
£
Liability at 1 February 2021
319,177
Charge to profit or loss
37,058
Liability at 31 January 2022
356,235
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.
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 18 -
17
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
10,000,000
10,000,000
10,000,000
10,000,000
18
Ultimate Parent Company
This company is a wholly owned subsidiary of F and N Holdings Limited. This in turn is a wholly owned subsidiary of F and N One Limited, a company registered in England and Wales which is the ultimate holding company and is controlled by the director Frank Bird.
19
Operating lease commitments
Lessee
The sum of £2,500 is payable to the parent company F and N Holdings Limited under the terms of an annually renewable lease. This is expected to continue for the foreseeable future.
20
Capital commitments
Amounts contracted for but not provided in the financial statements:
2022
2021
£
£
Acquisition of tangible fixed assets
-
33,600
21
Directors Advances, Credits and Guarantees
The directors current account is included within other debtors as shown in note 13 and relates to Frank Bird. During the year, this account was overdrawn to a maximum of £172,759 and interest was paid at the official rate. The balance was paid post year end.
FRANK BIRD (POULTRY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2022
- 19 -
22
Related Party Disclosures
All directors of this company were also directors of Balingour Limited in the period. 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.
Included in other debtors are amounts owed from companies of which Mr F Bird is the controlling party, namely:
-
F and N Properties Limited £77,509 (2021 £67,803)
-
F and N Two £336,179 (2021 £334,766)
-
F and N Three £6,179 (2021 £4,766)
These balances arose as a result of payments made by Frank Bird (Poultry) Limited on behalf of the above.
A total of £13,508 (2021 £13,186) relating to sundry expenses was recharged to Paul Bird Motorsport Limited during the year via the sales ledger account and at the year end, the balance on the account was £174,698 (2021 £159,992).
Barclays Bank hold a £700,000 guarantee from Frank Bird (Poultry) Limited against the Paul Bird Motorsport Limited bank account and also retain a charge over the company's credit balances as an additional form of security.
Paul Bird, who is Frank Bird's son, is director and sole shareholder of Paul Bird Motorsport Limited.
2022-01-31
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