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Company Reports & Accounts


By Roger Dean


Three Counties Feeds Ltd The company submitted its accounts for the year ending 30 September 2020 on 8 July 2021. The principal activity of the company is the manufacture and sale


of prepared animal feeds. All activities take place within the United Kingdom. In the year ending 30 September 2020, the company generated


turnover of £20.54 million, £702,000 or 3.3 per cent less than during the previous accounting period. The company attributed this decline to ‘the market trend in feed’, noting that the company’s Gross Profit ratio had risen from 5.6 per cent in the previous accounting period to 6.5 per cent during the period under review. After deducting indirect costs, profits before tax for the year under review amounted to £215,000, an increase of £23,000 or 12 per cent. As regards the market trend in feed, the key risks and uncertainty


affecting the company relate to the ‘contracting size of the ruminant animal feed sector and increased competition from other compound feed manufacturers’. The Covid-19 global pandemic posed ‘a number of operating


challenges to the business during 2020’. As an ‘essential business’, the company together with its parent has continued to operate throughout the periods of national lockdown and other local restrictions. The company did not engage in any significant research and development activity in the trading period under review. The company’s registered office is in South Molton, Devon. The


company’s ultimate parent undertaking and controlling party is Mole Valley Farmers Ltd.


Humphrey Feeds Ltd This company submitted its full accounts for the year ending 27 February 2021 on 5 September 2021. The company’s business is described as the manufacture of prepared feeds for farm animals. In the year under review, the company reported turnover amounting


to £34.88 million, £892,000 or 2.5 per cent less than in the previous accounting period. The company’s direct costs fell by £1.6 million or 4.9 per cent, resulting in an increase in Gross Profits amounting to £3.93 million, an increase of £711,000 or 22.1 per cent. This resulted in a Gross Profit ratio of 11.3 per cent, the highest since 2017 and a significant increase compared to the 9.2 per cent average of the three preceding accounting years. After taking distribution costs and administrative expenses into


account, as well as other operating income, the company’s operating profits for the year under review, at £1.38 million, were ahead of the previous accounting year by £700,000 or 102.6 per cent. After accounting for various transactional items, the company


reported pretax profits for the year under review of £1.55 million, £560,000 or 56.5 per cent more than in the preceding accounting period. The pretax


PAGE 26 SEPTEMBER/OCTOBER 2021 FEED COMPOUNDER


Manor Farm Feeds Ltd The company submitted its full accounts for the year ending 31 March 2021 on 27 August 2021. In the year under review, the company reported sales of £31.82


million, £5.56 million or 21.2 per cent ahead of the previous year’s results. Gross Profits rose by 13.3 per cent and profits before tax amounted to £1.48 million, well ahead of the two previous accounting years. The company reported that the principal risks and uncertainty facing


the company was the impact of the Covid-19 pandemic. The effect of the UK’s departure from the European Union was also uncertain, although the Directors felt that the nature of their industry ‘gives some comfort that the company’s trade will be largely untouched’.


ForFarmers UK Ltd The company submitted its accounts for the year ending 31 December 2020 on 18 August 2021. This company, previously known as BOCM Pauls, assumed its


current identity on 3 March 2015, following its acquisition by ForFarmers N.V.


The company reported sales amounting to £524.32 million in the


twelve months ending 31 December 2020, £39.76 or 7 per cent less than in the previous accounting year. The company reported that its direct costs of £461.29 million had fallen by £31.66 million or 6.4 per cent compared with the previous accounting period and resulting in a fall in the company’s Gross Profit ratio from 12.6 per cent in the previous accounting period to 12 per cent, a twelve-year low. The company made an operating profit of £718,000 in the financial


period under review; this compared with an operating loss of £2.27 million during the previous accounting year. The latter reflected higher distribution and administrative costs as well as a £3.38 million impairment cost. In the year under review, after taking a number of charges into account, the company made a pretax profit of £2.42million, compared to a prior accounting year loss of £8.03 million. The company reported that it had experienced ‘no major operational


difficulties due to Brexit during 2020, nor has it since Brexit became effective on 1 January 2021’. However, the company noted that ‘it is still uncertain . . . how the new trade relationships will work out and the effects they will have’. In particular, the company identifies the sterling exchange rate’s potential fluctuation against the euro as a particular risk. The company observes that there is ‘room for expansion in livestock


farmers in the UK’ given that the country is not self-sufficient in the production of poultry and pig meat. In addition, the company noted that the UK government had announced new legislation at the end of 2020 - the Agriculture Act 2020 – with the aim of enabling British farmers to ‘do business sustainably and profitably, gradually phasing out subsidies by 2028 while, at the same time, improving both the environment and animal welfare and reducing carbon emissions’. The company’s registered office is in Bury St Edmunds. The


company is a subsidiary of ForFarmers N.V., a company registered in the Netherlands.


Comment section is sponsored by Compound Feed Engineering Ltd www.cfegroup.com


profit ratio amounted to 4.4 per cent, the highest for five years. The Directors reported that ‘the development and improvement


of new and existing products ‘is a continuing process within the company’. The company’s parent company is Humphrey Farms Ltd and the


company is ultimately controlled by members of the Humphrey family by virtue of their majority shareholdings in Humphrey Farms Ltd.


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