REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2023 |
for |
Cattle (Holderness) Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2023 |
for |
Cattle (Holderness) Limited |
Cattle (Holderness) Limited (Registered number: 00599804) |
Contents of the Financial Statements |
for the year ended 31st March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Cattle (Holderness) Limited |
Company Information |
for the year ended 31st March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Regent's Court |
Princess Street |
Hull |
East Yorkshire HU2 8BA |
Cattle (Holderness) Limited (Registered number: 00599804) |
Balance Sheet |
31st March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Cattle (Holderness) Limited (Registered number: 00599804) |
Balance Sheet - continued |
31st March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cattle (Holderness) Limited (Registered number: 00599804) |
Notes to the Financial Statements |
for the year ended 31st March 2023 |
1. | STATUTORY INFORMATION |
Cattle (Holderness) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. The company adopted FRS 102 in the current year and an explanation of how transition to FRS 102 has affected the reported financial position and performance is given in note 15. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible fixed assets |
Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. At the reporting date, the expected useful life has finished. |
Entitlements acquired via the ownership of existing land, and therefore have no cost, have been revalued to fair value on transition to FRS102 and are being amortised over their expected useful life in accordance with the above period of benefit expected from the basic payment scheme. |
Provision is made for any impairment. |
Under FRS102, intangible assets are being recognised using the cost model. The entitlements previously owned by the company, but acquired at £Nil cost, were revalued to their fair value on the transition date, which has subsequently been treated as their deemed cost and have been amortised in line with the accounting policy. The amortised fair value element of the NBV at 31 March 2023 is nil. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation |
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives. |
The annual rates used are as follows: |
Freehold property | Nil |
Buildings | 5-10% on reducing balance |
Plant and machinery - Other | 15-20% on reducing balance |
Plant and machinery - Arable | 15-20% on reducing balance |
Motor vehicles | 25% on reducing balance |
Plant and machinery - Pigs | 15-20% on reducing balance |
Cattle (Holderness) Limited (Registered number: 00599804) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Investment properties for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Biological assets in stock are valued under the cost model in accordance with Section 34 of FRS102, using the lower of cost and estimated selling price less costs to complete and sell method. |
Current & deferred tax |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities and other future taxable profits. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Cattle (Holderness) Limited (Registered number: 00599804) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st April 2022 |
and 31st March 2023 |
AMORTISATION |
At 1st April 2022 |
and 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant & |
Freehold | machinery |
property | Buildings | - Other |
£ | £ | £ |
COST OR VALUATION |
At 1st April 2022 |
Additions |
Disposals |
Reclassification/transfer |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Eliminated on disposal |
Reclassification/transfer |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Cattle (Holderness) Limited (Registered number: 00599804) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Plant & | Plant & |
machinery | Motor | machinery |
- Arable | vehicles | - Pigs | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer |
At 31st March 2023 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Cost or valuation at 31st March 2023 is represented by: |
Plant & |
Freehold | machinery |
property | Buildings | - Other |
£ | £ | £ |
Valuation in 2008 | 3,202,976 | - | - |
Cost | 7,553,690 | 5,157,080 | 121,895 |
10,756,666 | 5,157,080 | 121,895 |
Plant & | Plant & |
machinery | Motor | machinery |
- Arable | vehicles | - Pigs | Totals |
£ | £ | £ | £ |
Valuation in 2008 | - | - | - | 3,202,976 |
Cost | 1,873,025 | 54,072 | 2,136,254 | 16,896,016 |
1,873,025 | 54,072 | 2,136,254 | 20,098,992 |
Cattle (Holderness) Limited (Registered number: 00599804) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
If Freehold property had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 7,553,690 | 7,498,285 |
Value of land in freehold land and buildings | 10,756,666 | 10,701,261 |
Freehold property were valued on an open market basis on 3rd December 2008 by Frank Hill and Son . |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2022 |
Revaluations | 20,549 |
Reclassification/transfer | (1,813,935 | ) |
At 31st March 2023 |
DEPRECIATION |
At 1st April 2022 | 827,999 |
Charge for year | 86,599 |
Reclassification/transfer | (54,051 | ) |
At 31st March 2023 | 860,547 |
NET BOOK VALUE |
At 31st March 2023 |
At 31st March 2022 |
Fair value at 31st March 2023 is represented by: |
£ |
Valuation in 2023 | 20,549 |
Cost | 1,451,686 |
1,472,235 |
If 12 Greenshaw Lane had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 119,450 | 119,450 |
12 Greenshaw Lane was valued on open market basis on 31st March 2023 by Frank Hill & Son . |
Cattle (Holderness) Limited (Registered number: 00599804) |
Notes to the Financial Statements - continued |
for the year ended 31st March 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts owed to group undertakings |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdraft |
Bank loans |
The above bank loans have been taken out with Yorkshire Bank, and are secured on land owned by the company. |
11. | RELATED PARTY DISCLOSURES |
Balance of loans outstanding to the directors at the year end £1,412,982 (2022 £1,809,774). |