Year Ended
Registration number:
St Ewe Free Range Eggs Limited
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
St Ewe Free Range Eggs Limited
Company Information
Directors |
Mrs R J Tonks Mr R C Tonks Mrs C M Tonks |
Registered office |
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Accountants |
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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:
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
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St Ewe Free Range Eggs Limited
Balance Sheet
31 March 2023
Note |
2023 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
230 |
230 |
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Revaluation reserve |
70,679 |
- |
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Profit and loss account |
1,069,565 |
447,855 |
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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:
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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
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Company Registration Number: 11384483
St Ewe Free Range Eggs Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England and Wales
These financial statements were authorised for issue by the
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
• 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
St Ewe Free Range Eggs Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Intangible assets |
Goodwill |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Additions acquired separately |
- |
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At 31 March 2023 |
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Amortisation |
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At 1 April 2022 |
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Amortisation charge |
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At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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St Ewe Free Range Eggs Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Tangible assets |
Freehold property |
Leasehold property |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2022 |
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Revaluations |
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- |
- |
- |
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Additions |
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Disposals |
- |
- |
- |
( |
( |
At 31 March 2023 |
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Depreciation |
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At 1 April 2022 |
- |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 March 2023 |
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Carrying amount |
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At 31 March 2023 |
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At 31 March 2022 |
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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
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
St Ewe Free Range Eggs Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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- |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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2023 |
2022 |
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Due after more than five years |
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After more than five years by instalments |
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- |
- |
St Ewe Free Range Eggs Limited
Notes to the Unaudited Financial Statements
Year Ended 31 March 2023
Loans and borrowings |
2023 |
2022 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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Other borrowings |
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2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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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.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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120 |
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120 |
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110 |
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110 |
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