Firwood Poultry Limited 06832739 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Farming Of Poultry Digita Accounts Production Advanced 6.30.9574.0 true true 06832739 2022-04-01 2023-03-31 06832739 2023-03-31 06832739 bus:OrdinaryShareClass1 2023-03-31 06832739 bus:OrdinaryShareClass2 2023-03-31 06832739 bus:OrdinaryShareClass3 2023-03-31 06832739 bus:OrdinaryShareClass4 2023-03-31 06832739 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 06832739 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 06832739 core:CurrentFinancialInstruments 2023-03-31 06832739 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06832739 core:Non-currentFinancialInstruments 2023-03-31 06832739 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06832739 core:LandBuildings 2023-03-31 06832739 core:OtherPropertyPlantEquipment 2023-03-31 06832739 bus:SmallEntities 2022-04-01 2023-03-31 06832739 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06832739 bus:FullAccounts 2022-04-01 2023-03-31 06832739 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06832739 bus:RegisteredOffice 2022-04-01 2023-03-31 06832739 bus:CompanySecretary2 2022-04-01 2023-03-31 06832739 bus:Director3 2022-04-01 2023-03-31 06832739 bus:Director4 2022-04-01 2023-03-31 06832739 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06832739 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 06832739 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 06832739 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 06832739 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06832739 bus:Agent1 2022-04-01 2023-03-31 06832739 core:LandBuildings 2022-04-01 2023-03-31 06832739 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 06832739 countries:England 2022-04-01 2023-03-31 06832739 2022-03-31 06832739 core:LandBuildings 2022-03-31 06832739 core:OtherPropertyPlantEquipment 2022-03-31 06832739 2021-04-01 2022-03-31 06832739 2022-03-31 06832739 bus:OrdinaryShareClass1 2022-03-31 06832739 bus:OrdinaryShareClass2 2022-03-31 06832739 bus:OrdinaryShareClass3 2022-03-31 06832739 bus:OrdinaryShareClass4 2022-03-31 06832739 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 06832739 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 06832739 core:CurrentFinancialInstruments 2022-03-31 06832739 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 06832739 core:Non-currentFinancialInstruments 2022-03-31 06832739 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 06832739 core:LandBuildings 2022-03-31 06832739 core:OtherPropertyPlantEquipment 2022-03-31 06832739 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 06832739 bus:OrdinaryShareClass2 2021-04-01 2022-03-31 06832739 bus:OrdinaryShareClass3 2021-04-01 2022-03-31 06832739 bus:OrdinaryShareClass4 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06832739

Firwood Poultry Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Firwood Poultry Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 11

Detailed Profit and Loss Account

12 to 13

 

Firwood Poultry Limited

Company Information

Directors

Mr Robert George Herrod

Mrs Philippa Herrod

Company secretary

Welch Company Services Limited

Registered office

2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

Accountants

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

 

Firwood Poultry Limited

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Robert George Herrod

Mrs Philippa Herrod

Principal activity

The principal activity of the company is Farming Of Poultry

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
Mr Robert George Herrod
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Firwood Poultry Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Firwood Poultry Limited for the year ended 31 March 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Firwood Poultry Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Firwood Poultry Limited and state those matters that we have agreed to state to the Board of Directors of Firwood Poultry Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Firwood Poultry Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Firwood Poultry Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Firwood Poultry Limited. You consider that Firwood Poultry Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Firwood Poultry Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Welch & Co (South West) Limited
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ

3 October 2023

 

Firwood Poultry Limited

(Registration number: 06832739)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,239,657

1,253,806

Current assets

 

Debtors

5

36,901

17,587

Cash at bank and in hand

 

60,306

37,102

 

97,207

54,689

Creditors: Amounts falling due within one year

6

(280,388)

(402,190)

Net current liabilities

 

(183,181)

(347,501)

Total assets less current liabilities

 

1,056,476

906,305

Creditors: Amounts falling due after more than one year

6

(38,372)

(63,601)

Net assets

 

1,018,104

842,704

Capital and reserves

 

Called up share capital

7

201

201

Retained earnings

1,017,903

842,503

Shareholders' funds

 

1,018,104

842,704

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 3 October 2023 and signed on its behalf by:
 

.........................................
Mr Robert George Herrod
Director

 

Firwood Poultry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Firwood Poultry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Firwood Poultry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 2).

3

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

22,648

27,365

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2022

1,171,711

175,301

1,347,012

Additions

-

8,500

8,500

At 31 March 2023

1,171,711

183,801

1,355,512

Depreciation

At 1 April 2022

-

93,206

93,206

Charge for the year

-

22,649

22,649

At 31 March 2023

-

115,855

115,855

Carrying amount

At 31 March 2023

1,171,711

67,946

1,239,657

At 31 March 2022

1,171,711

82,095

1,253,806

Included within the net book value of land and buildings above is £1,171,711 (2022 - £1,171,711) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

3,109

3,532

Other debtors

33,792

14,055

 

36,901

17,587

 

Firwood Poultry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

228,641

337,055

Trade creditors

 

4,380

143

Taxation and social security

 

-

391

Other creditors

 

47,367

64,601

 

280,388

402,190

Due after one year

 

Loans and borrowings

8

38,372

63,601

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

38,372

63,601

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

101

101

101

101

Ordinary B of £1 each

50

50

50

50

Ordinary C of £1 each

26

26

26

26

Ordinary D of £1 each

24

24

24

24

 

201

201

201

201

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

29,592

39,771

Hire purchase contracts

8,780

23,830

38,372

63,601

 

Firwood Poultry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

15,051

15,051

Other borrowings

213,590

322,004

228,641

337,055

 

Firwood Poultry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £19.80 (2022 - £169.80) per each Ordinary A

 

2,000

 

17,150

Interim dividend of £40.00 (2022 - £51.40) per each Ordinary B

 

2,000

 

2,570

Interim dividend of £Nil per each Ordinary C

 

-

 

-

Interim dividend of £Nil (2022 - £166.66) per each Ordinary D

 

-

 

4,000

   

4,000

 

23,720

10

Related party transactions

 

Firwood Poultry Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

13,650

13,200

 

Firwood Poultry Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2023

2023
 £

2022
 £

Turnover

Sale of goods, UK

1,438,535

1,004,467

Cost of sales

Purchases

196,010

154,944

Cleaning shed

3,337

-

Bedding

548

5,614

Vet & Vaccines/Chemicals

416

905

Feed

865,431

561,419

Subcontract cost

16,481

8,240

Consumable tools

31

-

Building repairs

31,928

5,855

1,114,182

736,977

Employment costs

Directors remuneration

(13,650)

(13,200)

Directors NIC (Employers)

(487)

-

(14,137)

(13,200)

Establishment costs

Rent

(25,000)

(25,000)

Light, heat and power

(11,027)

(7,520)

Insurance

(18,998)

(18,692)

(55,025)

(51,212)

General administrative expenses

Repairs and maintenance

(571)

(814)

Telephone and fax

(145)

(253)

Mobile

(1,532)

(1,087)

Trade subscriptions

(675)

(450)

Climate Change Levy

(35)

(56)

Payroll

(448)

(656)

Bookkeeping

(700)

(400)

Accountancy fees

(1,500)

(1,250)

Legal and professional fees

(1,002)

(525)

(6,608)

(5,491)

Finance charges

Bank charges

(242)

(236)

Depreciation costs

Depreciation of plant and machinery (owned)

(22,648)

(27,365)

Other operating income

Other operating income

-

15,449

 

Firwood Poultry Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2023

2023
 £

2022
 £

Operating profit

225,693

185,435

Interest payable and similar charges

Bank interest payable

891

-

Bank loan interest payable

-

732

891

732

Profit before tax

224,802

184,703