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St Ewe Free Range Eggs Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 11384483

 

St Ewe Free Range Eggs Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 14

 

St Ewe Free Range Eggs Limited

Company Information

Directors

Mrs R J Tonks

Mr R C Tonks

Mrs C M Tonks

Registered office

Ventonwyn Farm
Tregony
Truro
Cornwall
TR2 5SH

Accountants

Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

St Ewe Free Range Eggs 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:

Mrs R J Tonks

Mr R C Tonks

Mrs C M Tonks

Principal activity

The principal activity of the company is the rearing of chickens and the sale of eggs.

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 23 October 2023 and signed on its behalf by:
 

.........................................
Mrs R J Tonks
Director

.........................................
Mr R C Tonks
Director

.........................................
Mrs C M Tonks
Director

 

St Ewe Free Range Eggs Limited

Balance Sheet

31 March 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

45,310

53,224

Tangible assets

5

5,722,430

4,752,336

 

5,767,740

4,805,560

Current assets

 

Stocks

492,747

296,965

Debtors

6

1,631,313

962,979

Cash at bank and in hand

 

331,608

374,374

 

2,455,668

1,634,318

Creditors: Amounts falling due within one year

7

(2,078,449)

(1,576,479)

Net current assets

 

377,219

57,839

Total assets less current liabilities

 

6,144,959

4,863,399

Creditors: Amounts falling due after more than one year

7

(4,647,020)

(4,411,749)

Provisions for liabilities

(357,465)

(3,565)

Net assets

 

1,140,474

448,085

Capital and reserves

 

Called up share capital

9

230

230

Revaluation reserve

70,679

-

Profit and loss account

1,069,565

447,855

Shareholders' funds

 

1,140,474

448,085

 

St Ewe Free Range Eggs Limited

Balance Sheet

31 March 2023

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.

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

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.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

.........................................
Mrs R J Tonks
Director

.........................................
Mr R C Tonks
Director

.........................................
Mrs C M Tonks
Director

Company Registration Number: 11384483

 

St Ewe Free Range Eggs Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Ventonwyn Farm
Tregony
Truro
Cornwall
TR2 5SH
England and Wales

These financial statements were authorised for issue by the Board on 23 October 2023.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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

In the opinion of the directors, the company has sufficient working capital to continue to trade for the forseeable future, and therefore the financial statements have been prepared on a going concern basis.

 

St Ewe Free Range Eggs Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Prior period errors

The deferred tax position has been updated to reflect the correct balance in the comparative year. The impact on the comparative financial statements is as follows:

- The previous deferred tax asset of £124,535 is now restated to show a deferred tax liability of £3,565.
- The net assets have reduced by £128,100.
- The profit after tax has reduced by £128,100.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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;
- and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are recognised using the performance model. Grant income recieved is recognised to the extent that the specific future performance-related conditions specific to each individual grant have been met.

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

St Ewe Free Range Eggs Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Tangible assets

Freehold Land and Property are carried under the revluation model.

Land and buildings are stated at the revalued amounts less any depreciation or impairment losses subsequently accumulated. Previously they were carried under the cost model.

Revaluations are carried out regularly so that the carrying amounts approximate the fair value at the reporting date. An increase in value is credited to the revaluation reserve except to the extent that it reverses a previous revaluation decrease related to the same property that was recognised in profit or loss. Similarly, revaluation decreases are recognised in the revaluation reserves to the extent that they equal gains previously recognised in respect of the same asset. Thereafter any excess is recognised as an expense in profit or loss.

Land is not depreciated. Depreciation on revalued buildings is recognised using the straight-line basis and results in the carrying amount, less the residual value, being expensed in profit or loss over the estimated useful lives of 50 years.

All other 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.

Depreciation

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

Asset class

Depreciation method and rate

Freehold property

2% straight line

Leasehold property

5% straight line

Plant and machinery

10-25% straight line

Motor vehicles

25% reducing balance

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

 

St Ewe Free Range Eggs Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 stocks 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.

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.

 

St Ewe Free Range Eggs Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2022 - 44).

 

St Ewe Free Range Eggs Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2022

83,000

730

83,730

Additions acquired separately

-

510

510

At 31 March 2023

83,000

1,240

84,240

Amortisation

At 1 April 2022

30,433

73

30,506

Amortisation charge

8,300

124

8,424

At 31 March 2023

38,733

197

38,930

Carrying amount

At 31 March 2023

44,267

1,043

45,310

At 31 March 2022

52,567

657

53,224

 

St Ewe Free Range Eggs Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

5

Tangible assets

Freehold property
£

Leasehold property
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

3,389,194

84,048

32,827

1,577,749

5,083,818

Revaluations

94,238

-

-

-

94,238

Additions

766,961

260

30,630

309,777

1,107,628

Disposals

-

-

-

(12,604)

(12,604)

At 31 March 2023

4,250,393

84,308

63,457

1,874,922

6,273,080

Depreciation

At 1 April 2022

-

17,094

15,155

299,233

331,482

Charge for the year

48,198

4,896

5,412

162,868

221,374

Eliminated on disposal

-

-

-

(2,206)

(2,206)

At 31 March 2023

48,198

21,990

20,567

459,895

550,650

Carrying amount

At 31 March 2023

4,202,195

62,318

42,890

1,415,027

5,722,430

At 31 March 2022

3,389,194

66,954

17,672

1,278,516

4,752,336

 

St Ewe Free Range Eggs Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Included within the net book value of land and buildings above is £4,202,195 (2022 - £3,389,194) in respect of freehold land and buildings and £62,318 (2022 - £66,954) in respect of long leasehold land and buildings.
 

Revaluation

The fair value of the company's Freehold Property was revalued on 14 June 2022 by an independent valuer . The name and qualification of the independent valuer are Abby Pugh, MRICS.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £4,156,155 (2022 - £3,389,194).

 

St Ewe Free Range Eggs Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Trade debtors

1,461,100

755,662

Prepayments

80,949

82,049

Other debtors

89,264

125,268

1,631,313

962,979

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

341,290

232,565

Trade creditors

 

1,348,307

1,167,038

Taxation and social security

 

42,242

25,206

Other creditors

 

120,000

-

Accruals and deferred income

 

226,610

151,670

 

2,078,449

1,576,479

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

4,647,020

4,411,749

2023
£

2022
£

Due after more than five years

After more than five years by instalments

3,216,378

2,841,194

-

-

 

St Ewe Free Range Eggs Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

4,435,816

3,753,230

HP and finance lease liabilities

1,322

4,264

Other borrowings

209,882

654,255

4,647,020

4,411,749

2023
£

2022
£

Current loans and borrowings

Bank borrowings

309,028

200,631

Hire purchase contracts

2,942

2,614

Other borrowings

29,320

29,320

341,290

232,565

The bank loans all have security over the asset which the borrowing relates to. The CBILS loan has a fixed and floating charge over all assets. Assets held under HP and finance lease are secured over the asset to which they relate.

Included in the loans and borrowings are the following amounts due after more than five years:

Borrowings due after five years

Within bank borrowings there is £3,216,378 (2022 £2,841,194) that is due for repayment after more than 5 years.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

120

120

120

120

Ordinary A Shares of £1 each

110

110

110

110

 

230

230

230

230