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COMPANY REGISTRATION NUMBER: 4827903
Vaynor Farm Limited
Filleted Unaudited Financial Statements
31 March 2022
Vaynor Farm Limited
Financial Statements
Year ended 31 March 2022
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 9
Vaynor Farm Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
6
2,021
Tangible assets
7
1,494,765
1,449,306
Investments
8
3,629
3,629
------------
------------
1,498,394
1,454,956
Current assets
Stocks
9
722,585
627,286
Debtors
10
355,196
275,482
Investments
11
121,017
121,056
Cash at bank and in hand
187,885
48,306
------------
------------
1,386,683
1,072,130
Creditors: amounts falling due within one year
12
( 544,302)
( 358,028)
------------
------------
Net current assets
842,381
714,102
------------
------------
Total assets less current liabilities
2,340,775
2,169,058
Creditors: amounts falling due after more than one year
13
( 1,188,523)
( 1,169,788)
Provisions
14
( 102,508)
( 92,906)
------------
------------
Net assets
1,049,744
906,364
------------
------------
Capital and reserves
Called up share capital
16
100
100
Profit and loss account
1,049,644
906,264
------------
---------
Shareholders funds
1,049,744
906,364
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Vaynor Farm Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
Mr FW Ridge
Director
Company registration number: 4827903
Vaynor Farm Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Granary, Vaynor Farm, Narberth, Pembrokeshire, SA67 8HW.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
over its estimated economic life of 5 years
Milk quota
-
on a straighline basis over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
over 50 years
Plant and machinery
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Biological assets and agricultural produce The company applies the cost model in relation to biological assets and agricultural produce. Biological assets are measured at costs less impairment.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 6 ).
5. Tax on profit
Major components of tax expense
2022
2021
£
£
Current tax:
UK current tax expense
12,945
8,256
Adjustments in respect of prior periods
24,008
--------
--------
Total current tax
12,945
32,264
--------
--------
Deferred tax:
Origination and reversal of timing differences
9,602
30,049
--------
--------
Tax on profit
22,547
62,313
--------
--------
6. Intangible assets
Goodwill
Milk quota
Total
£
£
£
Cost
At 1 April 2021 and 31 March 2022
65,000
204,430
269,430
--------
---------
---------
Amortisation
At 1 April 2021
62,979
204,430
267,409
Charge for the year
2,021
2,021
--------
---------
---------
At 31 March 2022
65,000
204,430
269,430
--------
---------
---------
Carrying amount
At 31 March 2022
--------
---------
---------
At 31 March 2021
2,021
2,021
--------
---------
---------
7. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 April 2021
938,865
1,244,698
2,183,563
Additions
252,069
252,069
Disposals
( 98,463)
( 98,463)
---------
------------
------------
At 31 March 2022
938,865
1,398,304
2,337,169
---------
------------
------------
Depreciation
At 1 April 2021
10,761
723,496
734,257
Charge for the year
3,144
153,515
156,659
Disposals
( 48,512)
( 48,512)
---------
------------
------------
At 31 March 2022
13,905
828,499
842,404
---------
------------
------------
Carrying amount
At 31 March 2022
924,960
569,805
1,494,765
---------
------------
------------
At 31 March 2021
928,104
521,202
1,449,306
---------
------------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2022
262,935
---------
At 31 March 2021
178,407
---------
8. Investments
Other investments
£
Cost
At 1 April 2021 and 31 March 2022
3,629
-------
Impairment
At 1 April 2021 and 31 March 2022
-------
Carrying amount
At 31 March 2022
3,629
-------
At 31 March 2021
3,629
-------
9. Stocks
2022
2021
£
£
Total stock
722,585
627,286
---------
---------
The breakdown of total stock is as follows:
2022 2021
£ £
Livestock 103,080 81,660
Feed, forage and bedding 29,316 19,683
Fertiliser 50,189 7,543
Dairy Herd 540,000 518,400
--------- ---------
722,585 627,286
--------- ---------
Dairy herd includes biological assets for the amount of £540,000 (2021 - £518,400).
10. Debtors
2022
2021
£
£
Trade debtors
104,382
84,885
Other debtors
250,814
190,597
---------
---------
355,196
275,482
---------
---------
Other debtors include an amount of £nil (2021 - £nil) falling due after more than one year.
11. Investments
2022
2021
£
£
Other investments
121,000
121,000
Listed investments
17
56
---------
---------
121,017
121,056
---------
---------
Market value of listed investments at 31 March 2022 was £17 (2021 - £56). The purchase price of the listed investments was £145.
12. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts (secured)
257,057
149,359
Trade creditors
106,886
62,733
Hire purchase agreements (secured)
54,429
49,777
Corporation tax
12,945
8,256
Social security and other taxes
4,842
1,752
Other creditors
108,143
86,151
---------
---------
544,302
358,028
---------
---------
Barclays Bank PLC hold charges over the property and land of the company.
13. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts (secured)
952,470
1,066,860
Hire purchase agreements (secured)
161,981
102,865
Other creditors
74,072
63
------------
------------
1,188,523
1,169,788
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £719,065 (2021: £753,583) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
14. Provisions
Deferred tax (note 15)
£
At 1 April 2021
92,906
Additions
9,602
---------
At 31 March 2022
102,508
---------
15. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022
2021
£
£
Included in provisions (note 14)
102,508
92,906
---------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2022
2021
£
£
Accelerated capital allowances
102,508
92,906
---------
--------
16. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
17. Related party transactions
The company was under the control of Mr FW Ridge and Mrs LJ Ridge, the managing directors, throughout the current and previous year. Mrs LJ Ridge is the ultimate controlling party, by virtue of her shareholding. During the year the company paid rent of £28,000 (2021 - £28,000) to Mr FW Ridge , the managing director. During the year the company paid dividends totalling £Nil (2021 - £31,100) to Mr FW Ridge and Mrs LJ Ridge, the managing directors.