A Leicestershire poultry farm is reaping the rewards of investing in new machinery.
Thanks to accountants Newby Castleman, Sunrise Eggs of Sileby was able to benefit from the research and development (R&D) tax credit, saving over £80,000 in tax following the purchase and installation of a £1.8 million egg sorting and packing machine.
Sunrise now produces and packs over 3 million eggs per week, compared to the 2.25 million it produced before the new machinery was purchased.
Brothers Phill and Ady Crawley have run the business together since their father passed away in 2009. Tony Crawley founded the company with his wife Sheila in 1973, leaving behind a career as a Nuclear Physicist to seize an opportunity in egg production.
The new machine grades the eggs into four sizes, removes poor quality and cracked eggs and then packs them ready to be distributed across the country to retailers and food service accounts. It has made the firm more efficient and has laid the groundwork for future growth.
Sunrise Eggs has used Leicester-based accountants Newby Castleman for their annual accounts and audit since the mid-1970s.
Phill Crawley said: “Without the advice from Newby Castleman we wouldn’t have known about the tax credit available to businesses like ours. The savings have been a huge help and have enabled us to move along with our growth plan.”
Ady Crawley added: “This has been a major investment for the business but one that helps us now and in the future, giving us room for further growth in the long term.”
David Hastings, partner at Newby Castleman, said: “If a company makes innovative use of science or technology to develop or significantly enhance products, services or business processes, they may be entitled to claim research and development tax credits to help offset some of the costs of the investment.
“Despite being around for the last 10 years, many companies are still missing out on claiming their entitlement. This relief is specifically designed to promote more investment in R&D by UK companies and the benefits can be significant.”