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Registration number: 05262289

S Kelly Farms Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

S Kelly Farms Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

S Kelly Farms Limited

Company Information

Directors

S Kelly

J D R Heath

J T J Kelly

Company secretary

J T J Kelly

Registered office

5 East Gores Road
Salmons Lane
Coggeshall
Colchester
Essex
CO6 1RZ

Bankers

Clydesdale Bank
Unit 8
Moseley's Farm
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY

Accountants

Lambert Chapman LLP
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

S Kelly Farms Limited

(Registration number: 05262289)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,929,845

1,567,503

Current assets

 

Stocks

5

289,812

632,924

Debtors

6

1,305,005

354,537

 

1,594,817

987,461

Creditors: Amounts falling due within one year

7

(1,480,835)

(1,487,495)

Net current assets/(liabilities)

 

113,982

(500,034)

Total assets less current liabilities

 

2,043,827

1,067,469

Creditors: Amounts falling due after more than one year

7

(734,474)

(92,971)

Provisions for liabilities

(168,115)

(142,160)

Net assets

 

1,141,238

832,338

Capital and reserves

 

Called up share capital

8

2

2

Revaluation reserve

246,812

246,812

Retained earnings

894,424

585,524

Shareholders' funds

 

1,141,238

832,338

For the financial year ended 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

S Kelly
Director

 

S Kelly Farms Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 5 East Gores Road, Salmons Lane, Coggeshall, Colchester, Essex, CO6 1RZ. Which is the same as the principle place of business.

2

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of poultry and poultry manure in the ordinary course of the company’s activities. Turnover is shown net of 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.

Contract revenue recognition

Contract revenue includes the amount agreed in the initial contract, plus revenue from alterations in the original contract work that are expected to be collected and can be measured reliably.

Contract costs include costs that relate directly to the specific contract,

Revenue and costs are recognised in proportion to the stage of completion of the contract as at the Financial Statement period end date under the percentage of completion method.

Tax

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

S Kelly Farms Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

not provided

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

No depreciation is provided in respect of Land and buildings and they are revalued at the discretion of the directors. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for broiler chickens and poultry manure sold in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

S Kelly Farms Limited

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

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 9).

 

S Kelly Farms Limited

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

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

1,560,564

99,390

128,961

395,972

2,184,887

Additions

427,342

-

48,000

25,126

500,468

Disposals

-

-

(80,750)

-

(80,750)

Transfers

(78,000)

-

-

-

(78,000)

At 31 March 2023

1,909,906

99,390

96,211

421,098

2,526,605

Depreciation

At 1 April 2022

167,017

71,594

75,407

303,366

617,384

Charge for the year

-

6,949

12,166

26,121

45,236

Eliminated on disposal

-

-

(65,860)

-

(65,860)

At 31 March 2023

167,017

78,543

21,713

329,487

596,760

Carrying amount

At 31 March 2023

1,742,889

20,847

74,498

91,611

1,929,845

At 31 March 2022

1,393,547

27,796

53,554

92,606

1,567,503

Included within the net book value of land and buildings above is £1,713,238 (2022 - £1,364,102) in respect of freehold land and buildings and £29,650 (2022 - £29,444) in respect of improvements to property. During the year, £78,000 of freehold land and buildings has been transferred to development costs.

 

5

Stocks

2023
£

2022
£

Stocks

289,812

632,924

6

Debtors

2023
£

2022
£

Trade debtors

570,193

274,181

Other debtors

72,682

62,010

Prepayments and accrued income

5,880

18,346

Amounts recoverable on long term contracts

656,250

-

Total current trade and other debtors

1,305,005

354,537

 

S Kelly Farms Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

310,604

507,053

Trade creditors

 

619,427

810,385

Amounts owed to group undertakings

6,810

5,910

Social security and other taxes

 

4,049

3,326

Directors loan

 

89,669

141,186

Other creditors

 

1,119

5,438

Corporation tax

 

80,182

10,342

Accruals and deferred income

 

368,975

3,855

 

1,480,835

1,487,495

Creditors include bank loans, overdrafts and net obligations under hire purchase contracts which are secured of £293,804 (2022 - £507,053).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

734,474

92,971

Creditors due after more than on year are bank loans and net obligations under hire purchase contracts which are secured of £401,074(2022 - £92,971).

Creditors include loans repayable by instalments of £505,212 (2022 - £0.00) due after more than five years.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

S Kelly Farms Limited

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

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

52,795

421,921

Bank overdrafts

232,812

73,112

Hire purchase contracts

8,197

12,020

Other borrowings

16,800

-

310,604

507,053

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

397,484

80,556

Hire purchase contracts

3,590

12,415

Other borrowings

333,400

-

734,474

92,971