G.W. Woolhouse & Sons Limited - Limited company accounts 23.2

REGISTERED NUMBER: 02121613 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31st March 2023

for

G.W. Woolhouse & Sons Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

R J Woolhouse

S M Woolhouse

REGISTERED OFFICE:

Church Farm

Ravenfield

Rotherham

S65 4NA

REGISTERED NUMBER:

02121613 (England and Wales)

SENIOR STATUTORY AUDITOR:

Nicola Shipley FCA

INDEPENDENT AUDITORS:

Smailes Goldie Limited

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

The directors present their strategic report for the year ended 31st March 2023.

REVIEW OF BUSINESS

During the year the company has returned to profit after making a loss in the prior year. The directors consider the results for the period to be as expected, reflecting significantly higher pig prices in light of a large reduction in the supply of pigs across the UK and the EU.

The level of profitability in the future will depend to a large extent on the fluctuation of pig prices, however the directors expect to remain profitable into the coming year with feed costs falling and pig prices remaining historically high.

PRINCIPAL RISKS AND UNCERTAINTIES

The principle risks and uncertainties facing the company are the market price for pig meat, disease and the level of feed costs.

Financial risk management

The company's operations expose it to a variety of financial risks that include price risk, credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme which seeks to limit adverse effects on the financial performance of the company.

Price risk

The company is exposed to commodity price risk as a result of its operations. This risk is managed through analysis of markets and consultation with reputable agents, suppliers and customers.

Credit risk

The company has implemented policies whereby it constantly monitors the credit worthiness of its major customers.

Interest rate risk

At times in the production cycle the company has interest bearing liabilities. The company does not use derivative financial instruments to manage interest rate cost and as such, no hedge accounting is applied. The directors will revisit the appropriateness of this policy should the operations change in size or nature.

Key performance indicators

One of the main financial Key Performance Indicators used by the company is the monitoring of sales prices per pig against the cost of production per pig, which then feeds into gross margin reviews carried out.

Liquidity risk

The company operates within its current bank facilities together with funds provided by its directors.

GOING CONCERN

The directors have carefully considered the activities of the company for a period of 12 months of the date of approval of these financial statements and the liquid resources available. The directors' are of the opinion that there are no material uncertainties regarding the ability of the company to continue to trade as a going concern during this period and accordingly these financial statements have been prepared on a going concern basis.

BY ORDER OF THE BOARD:

R J Woolhouse - Director

18th December 2023

The directors present their report with the financial statements of the company for the year ended 31st March 2023.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the raising of pigs, cattle and growing of cereals, leguminous crops and oil seeds.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2023 was £2,000 (2022 £2,000).

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2022 to the date of this report.

R J Woolhouse

S M Woolhouse

GOING CONCERN

The pig industry was and still is facing some difficult challenges as a result of continued high feed costs and staff shortages further down the supply chain, however the company is well placed to mitigate some of the main challenges as a result of their arable enterprise and continuing review of inputs and overheads. Towards the end of the 2023 financial year and in the post year end period the industry has seen a rise in pig prices. The directors and other stakeholders are able to financially support the business, which shows a strong balance sheet position and return to profit in the period. As a result there are no material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

BY ORDER OF THE BOARD:

R J Woolhouse - Director

18th December 2023

Opinion

We have audited the financial statements of G.W. Woolhouse & Sons Limited (the 'company') for the year ended 31st March 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31st March 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you 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 directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

reading the minutes of meetings of those charged with governance;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with relevant regulators and the company's legal advisors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Nicola Shipley FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie Limited

Chartered Accountants

Statutory Auditor

Hull

18th December 2023

TURNOVER

13,895,873

11,798,024

Cost of sales

12,979,520

11,720,853

GROSS PROFIT

916,353

77,171

Administrative expenses

236,769

471,584

679,584

(394,413

)

Other operating income

87,326

51,714

OPERATING PROFIT/(LOSS)

4

766,910

(342,699

)

Income from fixed asset investments

51

-

766,961

(342,699

)

Interest payable and similar expenses

6

-

403

PROFIT/(LOSS) BEFORE TAXATION

766,961

(343,102

)

Tax on profit/(loss)

7

192,445

(8,142

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

574,516

(334,960

)

FIXED ASSETS

Intangible assets

9

2,454

-

Tangible assets

10

1,820,242

1,747,925

Investments

11

606

606

1,823,302

1,748,531

CURRENT ASSETS

Stocks

12

2,930,377

2,526,348

Debtors

13

2,195,279

1,244,021

Cash at bank

734,371

2,433,900

5,860,027

6,204,269

CREDITORS

Amounts falling due within one year

14

3,797,179

4,678,416

NET CURRENT ASSETS

2,062,848

1,525,853

TOTAL ASSETS LESS CURRENT LIABILITIES

3,886,150

3,274,384

CREDITORS

Amounts falling due after more than one year

15

(16,797

)

-

PROVISIONS FOR LIABILITIES

16

(236,641

)

(214,188

)

NET ASSETS

3,632,712

3,060,196

CAPITAL AND RESERVES

Called up share capital

17

665

665

Share premium

18

225,488

225,488

Retained earnings

18

3,406,559

2,834,043

SHAREHOLDERS' FUNDS

3,632,712

3,060,196

The financial statements were approved by the Board of Directors and authorised for issue on 18th December 2023 and were signed on its behalf by:

R J Woolhouse - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1st April 2021

665

3,171,003

225,488

3,397,156

Changes in equity

Dividends

-

(2,000

)

-

(2,000

)

Total comprehensive income

-

(334,960

)

-

(334,960

)

Balance at 31st March 2022

665

2,834,043

225,488

3,060,196

Changes in equity

Dividends

-

(2,000

)

-

(2,000

)

Total comprehensive income

-

574,516

-

574,516

Balance at 31st March 2023

665

3,406,559

225,488

3,632,712

Cash flows from operating activities

Cash generated from operations

1

(89,860

)

(410,739

)

Interest paid

-

(403

)

Taxation refund

2,826

-

Net cash from operating activities

(87,034

)

(411,142

)

Cash flows from investing activities

Purchase of intangible fixed assets

(2,850

)

-

Purchase of tangible fixed assets

(318,787

)

(109,732

)

Sale of tangible fixed assets

56,359

52,146

Dividends received

51

-

Net cash from investing activities

(265,227

)

(57,586

)

Cash flows from financing activities

Amount introduced by directors

7,605,776

3,192,575

Amount withdrawn by directors

(8,951,044

)

(25,768

)

Equity dividends paid

(2,000

)

(2,000

)

Net cash from financing activities

(1,347,268

)

3,164,807

(Decrease)/increase in cash and cash equivalents

(1,699,529

)

2,696,079

Cash and cash equivalents at beginning of year

2

2,433,900

(262,179

)

Cash and cash equivalents at end of year

2

734,371

2,433,900

1.	RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2023

2022

£

£

Profit/(loss) before taxation

766,961

(343,102

)

Depreciation charges

210,628

239,500

Profit on disposal of fixed assets

(20,121

)

(26,150

)

Finance costs

-

403

Finance income

(51

)

-

957,417

(129,349

)

Increase in stocks

(404,029

)

(249,877

)

Increase in trade and other debtors

(954,084

)

(237,820

)

Increase in trade and other creditors

310,836

206,307

Cash generated from operations

(89,860

)

(410,739

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2023

31.3.23

1.4.22

£

£

Cash and cash equivalents

734,371

2,433,900

Year ended 31st March 2022

31.3.22

1.4.21

£

£

Cash and cash equivalents

2,433,900

-

Bank overdrafts

-

(262,179

)

2,433,900

(262,179

)

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.22

Cash flow

At 31.3.23

£

£

£

Net cash

Cash at bank

2,433,900

(1,699,529

)

734,371

2,433,900

(1,699,529

)

734,371

Total

2,433,900

(1,699,529

)

734,371

1.	STATUTORY INFORMATION

G.W. Woolhouse & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover from arable sales is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Turnover is recognised when the farm products and services have been delivered.

Turnover, all of which arose in the United Kingdom, represents the total amount charged to customers for the supply of pigs and cattle, exclusive of Value Added Tax. Turnover is recognised when the pigs/cattle are collected by the customer.

Intangible fixed assets - entitlements

Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. Entitlements acquired via the ownership of existing land, and therefore having no cost, have been revalued to fair value on the transition to FRS 102 and amortised over their expected useful life.

The Basic Payment Scheme commenced in 2015 and the old format of the scheme ended during the 2021 accounting year. Entitlements were amortised over their expected useful life, in accordance with this period of benefit expected from the Basic Payment Scheme.

Entitlements purchased after this date have been amortised over their expected useful life, in accordance with the new period of benefit expected from the ownership of entitlements, when delinked payments cease in December 2027 falling into the 2028 accounting year.

Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Freehold buildings

4% per annum

Farm improvements

16% on a reducing balance basis

Plant and machinery

25% on a reducing balance basis

Freehold land is not depreciated.

Government grants

Amounts receivable under the Basic Payment Scheme subsidy are recognised as income in the profit and loss account when the eligibility criteria have been satisfied at the end of the scheme year.

Government grants received in respect of fixed assets are released to the profit and loss account in equal annual amounts over the estimated useful economic lives of the specific asset they relate to.

Other government grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops, livestock and finished produce to its current state. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.

Arable cultivations and livestock are valued under the cost model in accordance with Section 34 of FRS 102, using the lower of cost and estimated selling price less costs to complete and sell method.

Investments

Unlisted investments are measured at cost less impairment.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.

Tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

3.	EMPLOYEES AND DIRECTORS

2023

2022

£

£

Wages and salaries

140,425

142,429

Social security costs

6,155

7,500

Other pension costs

6,121

3,860

152,701

153,789

The average number of employees during the year was as follows:

2023

2022

7

7

2023

2022

£

£

Directors' remuneration

7,308

7,179

4.	OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

2023

2022

£

£

Hire of plant and machinery

9,327

6,254

Other operating leases

25,338

31,448

Depreciation - owned assets

210,232

239,500

Profit on disposal of fixed assets

(20,121

)

(26,150

)

BPS entitlements amortisation

396

-

5.	EXCEPTIONAL ITEMS

2023

2022

£

£

Exceptional items

-

(250,000

)

The company settled a Breach of Contract legal dispute with an out of court settlement for £250,000 on 11 March 2022.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2023

2022

£

£

Bank interest

-

403

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2023

2022

£

£

Current tax:

UK corporation tax

169,992

(44,700

)

Deferred tax

22,453

36,558

Tax on profit/(loss)

192,445

(8,142

)

UK corporation tax has been charged at 19% (2022 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023

2022

£

£

Profit/(loss) before tax

766,961

(343,102

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 19% (2022 - 19%)

145,723

(65,189

)

Effects of:

Income not taxable for tax purposes

(753

)

(75

)

Depreciation in excess of capital allowances

42,087

2,892

Adjustments to tax charge in respect of previous periods

-

2,826

Change in rate for deferred tax

5,388

51,404

Total tax charge/(credit)

192,445

(8,142

)

8.

DIVIDENDS

2023

2022

£

£

Ordinary shares of £1 each

Final

2,000

2,000

9.	INTANGIBLE FIXED ASSETS

BPS

entitlements

£

COST

At 1st April 2022

85,899

Additions

2,850

At 31st March 2023

88,749

AMORTISATION

At 1st April 2022

85,899

Amortisation for year

396

At 31st March 2023

86,295

NET BOOK VALUE

At 31st March 2023

2,454

At 31st March 2022

-

The entitlements owned by the company, prior to restatement for FRS 102, but acquired at £Nil cost, were revalued to their fair value on the transition date. This transition value has subsequently been treated as their deemed cost and has been amortised in line with the accounting policy. The amortised fair value element of the Net Book Value at 31 March 2023 represents £nil (2022 £nil), which is shown separately within the fair value reserve.

The remaining Net Book Value represents purchased entitlements which have been amortised in line with the accounting policy.

10.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

Totals

£

£

£

£

COST

At 1st April 2022

729,660

1,184,384

1,493,582

3,407,626

Additions

-

204,558

114,229

318,787

Disposals

-

-

(65,794

)

(65,794

)

At 31st March 2023

729,660

1,388,942

1,542,017

3,660,619

DEPRECIATION

At 1st April 2022

55,676

495,482

1,108,543

1,659,701

Charge for year

-

110,546

99,686

210,232

Eliminated on disposal

-

-

(29,556

)

(29,556

)

At 31st March 2023

55,676

606,028

1,178,673

1,840,377

NET BOOK VALUE

At 31st March 2023

673,984

782,914

363,344

1,820,242

At 31st March 2022

673,984

688,902

385,039

1,747,925

11.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1st April 2022

and 31st March 2023

606

NET BOOK VALUE

At 31st March 2023

606

At 31st March 2022

606