Company Reports & Accounts
By Roger Dean
Humphrey Feeds Ltd This company reported its results for the year ending 23 February 2019 on 30 September 2019. Its primary business is the manufacture of prepared feeds for farm animals. (SIC Code 10910). The company reported sales amounting to £36.46 million in
the year under review, an increase of £4.29 million or 13.3 per cent on the previous accounting period. Gross profits – sales less direct costs – amounted to £3.31 million, up by £244,000 or 7.9 per cent while indirect costs – distribution costs and administrative expenses, together with any other operating income – rose by £108,000 or 4.8 per cent. As a result, profits before taxation, at £1,305,000, were £315,000 ahead of the year-earlier accounting year. These results followed a period when a highly competitive market
prevented prices rising while raw material costs were increasing. Analysis of the two financial years 2018 and 2019 shows that the Gross Profit ratio (Gross Profits / Sales) fell significantly in both years compared to the average of the previous five years; for example, the Gross Profit ratio in both 2016 and 2017 was 12.1 per cent whereas on 2018 it fell to 9.5 per cent, declining further to 9.1 per cent in the financial year under review. The outcome of the 2020 financial year will thus be watched with particular interest. This company is a wholly owned subsidiary of Humphrey Farms Ltd.
It is ultimately controlled by members of the Humphrey family by virtue of their majority shareholding in the ultimate parent undertaking.
ForFarmers UK Ltd The Annual Report and Accounts for this company, the former BOCM Pauls, for the year ending 31 December 2018 were submitted to Companies House on 2 October 2019. Sales in the year under review amounted to £585.8 million,
£41.6 million or 7.6 per cent ahead of sales in the preceding year. The Directors noted that the operating period in question had been marked by ‘challenging’ weather conditions – a cold winter and a hot summer – together with increased pressure from rising raw material and energy costs. Gross profit during the year, at £71.37 million, was ahead of year earlier results by £1.09 million or 1.6 per cent. The company reported indirect costs amounting to £66.45 million, ahead of year earlier data by £6.43 million, an increase of 10.7 per cent. This included significant increases, in particular in distribution costs and in administrative expenses and also a continuing curtailment of previous years ‘other operating income’. As a result, operating profits
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at £4.92 million were down by 52.1 per cent. As a result of a number of below the line transactions affecting
the 2018 results, the company’s profits before taxation amounted to £7.44 million, £318,000 or 4.1 per cent less than in the previous accounting year. The company’s Gross Profit ratio in 2018, at 12.2 per cent was
the lowest for five years but compares with the Gross Profit ratio of 14.1 per cent recorded in 2015, suggesting that a company such as ForFarmers is able to exert comparatively significant pressure on suppliers relative to what smaller companies have at their disposal. The company’s pretax profit ratio, at 1.3 per cent, was the second lowest in five years, exceeding only the 0.9 per cent recorded in the company’s 2015 results. The company’s immediate parent undertaking is Agricola
Holdings Ltd, incorporated in England and Wales. The company’s ultimate parent undertaking is ForFarmers N.V., a company incorporated in the Netherlands.
H.G. Gladwell & Sons Ltd This company filed its results for the year ending 31 March 2019 on 3 October 2019. The company reported sales of £25.82 million, £754,000 ahead
of the previous accounting year, an increase of 3 per cent. The company’s direct costs rose by £664,000 or 3.1 per cent, slightly more than the increase in the company’s sales during the accounting year under review. However, the company’s Gross Profit ratio, at 14.2 per cent, remained unchanged from the previous year, suggesting that H. G. Gladwell was successful in controlling its direct costs at a time when other companies were reporting pressures on the cost of raw materials. While the company’s distribution costs rose by £21,000 or just
over one per cent, administrative costs fell by £106,000 or 6.6 per cent. Partly reflecting these development, the company’s operating profits, at £122,000 in the 2018 financial year, more than doubled to £297,000. After payment of interest charges, H. G. Gladwell’s pre- tax profit rose from £59,114 in the financial year ending in 2018 to £225,828 in the year under review, a six-year high. The company’s pre-tax profit ratio, at 0.9 per cent, was also at a six-year high. Mr. M G J Gladwell and Mrs. Y L Gladwell are the company’s
controlling parties by virtue of their control of the majority of the voting rights.
Lallemand Animal Nutrition UK Ltd This company filed full accounts for the year ending 31 January 2019 on 25 October 2019. The company’s activities are described as the manufacture
of prepared feeds for farm animals (SIC Code 10910) and support activities for crop production (SIC Code 01610). The company’s report and accounts describe the company’s principal activities as being the manufacture, sale and commercial development of agricultural
Comment section is sponsored by Compound Feed Engineering Ltd
www.cfegroup.com
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