relatively small charges for interest and similar charges, pre-tax profits fell from £262,000 in the year ending 31 August 2016 to £244,000 in the succeeding twelve months, equivalent in both time periods to 0.3 per cent of turnover. The ultimate parent company is Oakes Millers Ltd. In the opinion of the directors, the group is ultimately controlled by Mr J E Lea.
F H Nash Ltd This company filed accounts for a group of companies made up to 30 September 2017 on 12 June 2018. John Loader (Wessex) Ltd is an active subsidiary. The principal activity of the group is the manufacture and distribution
of horse feeds. In the twelve months ending 30 September 2017, total sales amounted to £27.52 million, £2.21 million or 8.7 per cent more than in the preceding twelve months and the highest total since the financial year ending 30 September 2013. After deduction of direct costs, the group’s gross profit amounted
to £8.04 million, £70,000 or 0.9 per cent more than in the previous accounting period. However, direct costs as a proportion of total sales value fell to 29.2 per cent compared with the preceding year’s figure of 31.5 per cent, marking a retreat from the relatively high direct cost ratios that characterised the 2015 and 2016 financial years. During the twelve months under review, the company reported a
significant increase in indirect costs. Distribution costs rose by £337,000 to £3.44 million, an increase of almost 11 per cent. Administrative expenses rose by £264,000 or 10 per cent to £2.84 million. As a result, operating profits fell from £2.29 million in the previous financial year to £1.76 million, a contraction of £532,000 or 23.3 per cent. After income from investments and interest charges are taken into
account, the company recorded pre-tax profits of £1.75 million in the twelve months ending 30 September 2017, £538,288 or 23.5 per cent less than in the previous financial year. Expressed as a percentage of Gross Profit, this represented a four year low. In the opinion of the Directors, there is no ultimate controlling
party.
John Loader (Wessex) Ltd This company filed its annual report and accounts for the year ending 30 September 2017 on 12 June 2018. The company’s principal activities are the manufacture of prepared feeds for farm animals and the manufacture of prepared pet foods. As previously note, this company is a subsidiary company of F
H Nash. In the financial year under review, the company recorded sales
of £7.84 million, £395,000 or 5.3 per cent more than in the preceding twelve months. However, the cost of sales rose by £500,000 or 7.6 per cent compared to those of the preceding year, resulting in Gross Profits falling by £105,000 or 12.1 per cent. Indirect costs rose by £14,000 or 2 per cent. However, this included
higher distribution costs, up by £14,000 or 3.5 per cent and administrative expenses that fell by a thousand pounds or a marginal 0.2 per cent. However, the increase in the company’s cost of sales resulted in a fall in the company’s operating profit of £119,000 or 73.3 per cent. After insignificant income from investments and interest charges, the company’s pre-tax profits of £43,000 were £120,000 or 73.6 per cent lower than during the preceding financial year.
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FEED COMPOUNDER JULY/AUGUST 2018 PAGE 21
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