Company Reports & Accounts
By Roger Dean
Dugdale Nutrition Ltd On 1 May 2018, the operations of B. Tickle & Sons were fully integrated into Dugdale Nutrition Ltd, formerly known as B Dugdale & Son Ltd. This, combined with what the Directors of the company described as ‘severe weather with the Beast from the East’ meant that it ‘was a trading year that will live long in the memory of all those involved in the business’. The company’s annual Report and Accounts for the year ending 30
April 2018 was published on 18 January 2019. The Directors reported that the financial performance of the company ‘suffered due to several reasons including teething problems associated with being a multi-site operation and margin erosion caused by a massive increase of volume on fixed prices with a rising raw material market’. Under the heading of principal risks and uncertainties, the company views Brexit as posing the greatest uncertainty, there being no clear picture of how the UK will exit the EU and what effect this will have on the UK livestock industry supplied by the company. The company’s sales in the year to 30 April 2018 amounted to
£51.71 million, ahead of the previous year by £12.84 million or 33 per cent. The company’s cost of sales increased by £11.82 million or just short of 33 per cent. This resulted in a deterioration of the company’s Gross Margin ratio from 15.4 per cent to 13.6 per cent in the year ending 30 April 2018, the lowest since 2008 and a reflection of the rapid rise in raw material costs relative to sales values. Largely due to the latter, operating profits fell from £485,187 in 2017 to £432,104 in the year under review, resulting in a fall in the company’s operating profit ratio from an already low 1.2 per cent to 0.8 per cent. The company’s pre-tax profits in the year in question fell from £485,387 to £433,662.
Crediton Milling Ltd This company reported sales of £40,832,506 in the twelve months ending 30 June 2018 compared with £35,954,446 in the previous twelve months, an increase of £4.88 million or 13.6 per cent. The company’s cost of sales also increased by £4.04 million or 15.2 per cent. These changes are reflected in the fall in the company’s Gross Margin ratio from 26.1 per cent in 2017 to 25.0 per cent in the financial year under review. However, this compares to a five-year average of 25.2 per cent, with the comparatively low 2018 result reflecting rising feed material prices and a highly competitive market for livestock feed. Regarding administrative expenses and distributive costs, these
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rose by £672,791 or 8.5 per cent, significantly less than the cost of sales and resulting in the indirect cost ratio falling from 29.8 per cent to 28.1 per cent in the year under review, a four-year low. Operating profits, at £1.64 million, were £160,180 or 10.8 per cent higher than in the preceding year, the best for eight years while pre-tax profits were £136,241 or 9.2 per cent higher than in the 2017 accounting year. The company’s pre-tax profit of 4.0 per cent was marginally lower than the preceding year – 4.1 per cent – but compares with a five-year average of 4.2 per cent. Crediton Milling Holdings Ltd is regarded by the company’s Directors
as being the company’s ultimate parent company, with three Directors whom, together with close family members, own 100 per cent of the issued share capital of Crediton Milling Holdings Ltd.
Harpers Home Mix Ltd This company’s accounts for the twelve months ending 30 June 2018 were filed on 4 April 2019. The company’s main customers are farmers and it describes its
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principal risks as being that there is ‘uncertainty in certain sectors of the farming industry’. The company adds that ‘the rising cost of raw materials can materially affect profit margins before such increases can be passed onto customers’. The company reported sales of £42.86 million during the financial
year under review, ahead of year-earlier sales of £35.79 million, an increase of £7.07 million or 19.75 per cent. Cost of sales rose by 20 per cent to £33.12 million, leaving a Gross Profit of £9.74 million, £1.54 million or 18.8 per cent higher than the previous accounting year. Consequently, the company’s Gross Profit ratio fell – but only from 22.9 per cent to 22.7 per cent, suggesting a relatively successful strategy to control raw material costs relative to sales value. Indirect costs, comprising administrative charges and distribution
costs, increased from 21.9 per cent to 21.2 per cent of sales during the year under review, with the most significant increase taking place in
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