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Filleted
Registration number: 04374329

Ludchurch Farms Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Ludchurch Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Ludchurch Farms Limited

Company Information

Directors

Mrs LM Davies

Mr PJ Davies

Mrs N J Davies

Company secretary

Mrs N J Davies

Registered office

1st Floor
Agriculture House
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW

Accountants

LHP Haverfordwest
Chartered Certified Accountants
1st Floor
Agriculture House
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW

 

Ludchurch Farms Limited

(Registration number: 04374329)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,509,483

4,959,833

Current assets

 

Stocks

5

60,750

162,391

Debtors

6

643,898

500,493

Investments

7

736

736

Cash at bank and in hand

 

1,186,396

287,665

 

1,891,780

951,285

Creditors: Amounts falling due within one year

8

(1,776,866)

(1,036,074)

Net current assets/(liabilities)

 

114,914

(84,789)

Total assets less current liabilities

 

5,624,397

4,875,044

Creditors: Amounts falling due after more than one year

8

(2,125,128)

(2,378,475)

Provisions for liabilities

(333,179)

(168,348)

Net assets

 

3,166,090

2,328,221

Capital and reserves

 

Called up share capital

9

30,042

80,042

Retained earnings

3,136,048

2,248,179

Shareholders' funds

 

3,166,090

2,328,221

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.

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 17 October 2023 and signed on its behalf by:
 

 

Ludchurch Farms Limited

(Registration number: 04374329)
Balance Sheet as at 31 March 2023

.........................................
Mrs LM Davies
Director

.........................................
Mr PJ Davies
Director

 
     
 

Ludchurch 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:
1st Floor
Agriculture House
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1RW

These financial statements were authorised for issue by the Board on 17 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 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.

 

Ludchurch Farms Limited

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

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.

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

Nil

Plant and machinery

10% reducing balance

Improvements to property

Nil and 10% on cost

Shed costs

Straight line over 20 years

Herd

The production herd has been included within the fixed assets at tax value under ITTOIA 2005, s111, as there is a herd basis election in place.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

Stocks

Stock is valued at the lower of cost and estimated selling price less costs of sale.

 

Ludchurch Farms Limited

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

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.

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.

 

Ludchurch Farms Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 17).

 

Ludchurch Farms Limited

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

4

Tangible assets

Land and buildings
£

Improvements to property
£

Plant and machinery
£

Shed costs
 £

Cost or valuation

At 1 April 2022

1,581,828

119,882

3,349,019

1,088,597

Additions

-

48,441

913,909

-

Disposals

-

-

(150,967)

-

At 31 March 2023

1,581,828

168,323

4,111,961

1,088,597

Depreciation

At 1 April 2022

-

30,177

1,721,099

641,785

Charge for the year

-

13,815

243,377

54,430

Eliminated on disposal

-

-

(42,903)

-

At 31 March 2023

-

43,992

1,921,573

696,215

Carrying amount

At 31 March 2023

1,581,828

124,331

2,190,388

392,382

At 31 March 2022

1,581,828

89,705

1,627,920

446,812

Herd
£

Total
£

Cost or valuation

At 1 April 2022

1,213,568

7,352,894

Additions

6,986

969,336

Disposals

-

(150,967)

At 31 March 2023

1,220,554

8,171,263

Depreciation

At 1 April 2022

-

2,393,061

Charge for the year

-

311,622

Eliminated on disposal

-

(42,903)

At 31 March 2023

-

2,661,780

Carrying amount

At 31 March 2023

1,220,554

5,509,483

At 31 March 2022

1,213,568

4,959,833

Included within the net book value of land and buildings above is £1,581,828 (2022 - £1,581,828) in respect of freehold land and buildings.
 

 

Ludchurch Farms Limited

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

5

Stocks

2023
£

2022
£

Deadstock

13,500

12,811

Livestock

47,250

149,580

60,750

162,391

6

Debtors

Current

2023
£

2022
£

Trade debtors

481,275

430,805

Other debtors

162,623

69,688

 

643,898

500,493

7

Current asset investments

2023
£

2022
£

Other investments

736

736

 

Ludchurch Farms Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

410,439

310,407

Trade creditors

 

1,111,950

570,047

Other related parties

 

171,057

155,620

Other creditors

 

83,420

-

 

1,776,866

1,036,074

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

2,125,128

2,378,475

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A ordinary of £1 each

20

20

20

20

B ordinary of £1 each

20

20

20

20

C ordinary of £1 each

1

1

1

1

D ordinary of £1 each

1

1

1

1

Cumulative redeemable preference of £1 each

30,000

30,000

80,000

80,000

 

30,042

30,042

80,042

80,042

At the year end the amount of £50,000 has been transferred from the capital reserve account to the directors current account. The accounting entry, made under the Companies Act 2006, represents the share cancellation in previous years, distributing the cumulative paid up value that was cancelled back to the shareholder (who is also the director).

 

Ludchurch Farms Limited

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

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,947,857

2,164,585

Hire purchase liability (1-5 yrs)

177,271

213,890

2,125,128

2,378,475

2023
£

2022
£

Current loans and borrowings

Bank borrowings

178,681

178,681

HP and finance lease liability 1 (under 1yr)

231,758

131,726

410,439

310,407

 

Ludchurch Farms Limited

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

11

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mrs N J Davies

Interest free loan with no fixed repayment term

(139,520)

70,648

-

(68,872)

         
       

Mrs LM Davies

Interest fee loan with no fixed repayment term

(11,867)

-

(46,570)

(58,437)

         
       

Mr PJ Davies

Interest free loan with no fixed repayment term

(4,233)

-

(39,515)

(43,748)

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mrs N J Davies

Interest free loan with no fixed repayment term

32,860

44,499

(216,880)

(139,520)

         
       

Mrs LM Davies

Interest fee loan with no fixed repayment term

(23,044)

27,997

(16,820)

(11,867)

         
       

Mr PJ Davies

Interest free loan with no fixed repayment term

(23,044)

32,284

(13,474)

(4,233)