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Filleted

Registration number: 06526622

A & M Griffiths Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

A & M Griffiths Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

A & M Griffiths Limited

Company Information

Directors

Mr A Griffiths

Mrs M Griffiths

Mr T R Griffiths

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

A & M Griffiths Limited

(Registration number: 06526622)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

895,854

909,665

Current assets

 

Stocks

7

61,703

63,226

Debtors

8

109,141

81,434

Cash at bank and in hand

 

102,030

27,531

 

272,874

172,191

Creditors: Amounts falling due within one year

9

(257,307)

(196,506)

Net current assets/(liabilities)

 

15,567

(24,315)

Total assets less current liabilities

 

911,421

885,350

Creditors: Amounts falling due after more than one year

9

-

(110,054)

Net assets

 

911,421

775,296

Capital and reserves

 

Called up share capital

201

201

Profit and loss account

911,220

775,095

Total equity

 

911,421

775,296

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 November 2023 and signed on its behalf by:
 

.........................................
Mr A Griffiths
Director

   
     
 

A & M Griffiths Limited

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

1

General information

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

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
Llwyngwcw
Upland Arms
Carmarthen
SA32 8DX

These financial statements were authorised for issue by the Board on 8 November 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.

 

A & M Griffiths Limited

Notes to the 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

Motor vehicles

20% reducing balance basis

Plant and machinery

10% reducing balance basis

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

Single farm payment

20% straight line basis

Milk quota

20% straight line basis

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.

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

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 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.

 

A & M Griffiths Limited

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

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

A & M Griffiths Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

16,564

18,518

 

A & M Griffiths Limited

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

5

Intangible assets

Milk quota
 £

Single farm payment
 £

Total
£

Cost or valuation

At 1 April 2022

5,474

73,310

78,784

At 31 March 2023

5,474

73,310

78,784

Amortisation

At 1 April 2022

5,474

73,310

78,784

At 31 March 2023

5,474

73,310

78,784

Carrying amount

At 31 March 2023

-

-

-

Revalued assets for the year ended 31 March 2022

6

Tangible assets

Agricultural land and buildings
£

Plant and machinery
£

Motor vehicles
 £

General equipment
 £

Cost or valuation

At 1 April 2022

570,706

338,170

27,370

187,828

Additions

-

573

-

3,180

Disposals

-

-

-

(1,000)

At 31 March 2023

570,706

338,743

27,370

190,008

Depreciation

At 1 April 2022

-

201,052

13,357

-

Charge for the year

-

13,762

2,802

-

At 31 March 2023

-

214,814

16,159

-

Carrying amount

At 31 March 2023

570,706

123,929

11,211

190,008

At 31 March 2022

570,706

137,118

14,013

187,828

 

A & M Griffiths Limited

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

Total
£

Cost or valuation

At 1 April 2022

1,124,074

Additions

3,753

Disposals

(1,000)

At 31 March 2023

1,126,827

Depreciation

At 1 April 2022

214,409

Charge for the year

16,564

At 31 March 2023

230,973

Carrying amount

At 31 March 2023

895,854

At 31 March 2022

909,665

Included within the net book value of land and buildings above is £570,706 (2022 - £570,706) in respect of freehold land and buildings.
 

7

Stocks

2023
£

2022
£

Non productive stock

59,025

60,250

Deadstock

2,678

2,976

61,703

63,226

8

Debtors

2023
£

2022
£

Trade debtors

96,289

72,115

Other debtors

12,852

9,319

109,141

81,434

 

A & M Griffiths Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

6,600

7,920

Trade creditors

 

99,138

77,472

Other related parties

 

92,501

89,391

Corporation tax liability

 

58,178

21,141

Other creditors

 

890

582

 

257,307

196,506

Due after one year

 

Loans and borrowings

11

-

110,054

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

-

110,054

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

Ordinary B Share of £1 each

1

1

1

1

 

201

201

201

201

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

103,454

HP and finance lease liabilities

-

6,600

-

110,054

 

A & M Griffiths Limited

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

12

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Other payments made to company by director
£

At 31 March 2023
£

Mr A Griffiths

Interest free loan with no fixed repayment terms

(7,797)

4,196

-

(3,601)

         
       

Mrs M Griffiths

Interest free loan with no fixed repayment terms

(7,797)

4,196

-

(3,600)

         
       

Mr T R Griffiths

Interest free loan with no fixed repayment terms

(73,798)

-

(11,502)

(85,300)

         
       

 

2022

At 1 April 2021
£

Other payments made to company by director
£

At 31 March 2022
£

Mr A Griffiths

Interest free loan with no fixed repayment terms

(5,805)

(1,992)

(7,797)

       
     

Mrs M Griffiths

Interest free loan with no fixed repayment terms

(5,805)

(1,992)

(7,797)

       
     

Mr T R Griffiths

Interest free loan with no fixed repayment terms

-

(73,798)

(73,798)

       
     

 

Summary of transactions with other related parties

Mr A Griffiths and Mrs M Griffiths (Directors)
 During the year the directors charged the company a rent of £6,914.93 (2022 : £7,736.18).