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Registration number: 04511814

LD Heywood Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

LD Heywood Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

LD Heywood Limited

Company Information

Directors

Mr Lesley Dennis Heywood

Mrs Susan Jane Heywood

Mrs Clare Ley

Registered office

East Milford Farm
Hartland
Devon
EX39 6EA

Accountants

Ward and Co Chartered Accountants
West Penhill Farm
Fremington
Barnstaple
Devon
EX31 2NG

 

LD Heywood Limited

(Registration number: 04511814)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,222,325

924,466

Current assets

 

Stocks

5

189,840

223,155

Debtors

6

242,176

166,344

Cash at bank and in hand

 

129,736

60,458

 

561,752

449,957

Creditors: Amounts falling due within one year

7

(218,733)

(177,704)

Net current assets

 

343,019

272,253

Total assets less current liabilities

 

1,565,344

1,196,719

Creditors: Amounts falling due after more than one year

7

(39,487)

(44,872)

Provisions for liabilities

(75,171)

(52,947)

Net assets

 

1,450,686

1,098,900

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

1,449,686

1,097,900

Shareholders' funds

 

1,450,686

1,098,900

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 20 October 2023 and signed on its behalf by:
 

 

LD Heywood Limited

(Registration number: 04511814)
Balance Sheet as at 31 March 2023

.........................................
Mr Lesley Dennis Heywood
Director

.........................................
Mrs Susan Jane Heywood
Director

.........................................
Mrs Clare Ley
Director

 

LD Heywood 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 UK.

The address of its registered office is:
East Milford Farm
Hartland
Devon
EX39 6EA

These financial statements were authorised for issue by the Board on 20 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.

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 and deferred 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.

 

LD Heywood Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant & machinery

Straights line over 8 years

Motor vehicles

25% straight line

Production herd

The increase or decrease in the herd is shown at the accounting date, valued at historical cost.

Tenants improvements

Straight line over the life of the lease

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

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.

 

LD Heywood 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.

 

LD Heywood Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

LD Heywood Limited

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

4

Tangible assets

Tenants improvements
£

Plant & machinery
£

Motor vehicles
 £

Freehold property
£

Production herd
£

Cost or valuation

At 1 April 2022

132,571

2,026,369

25,650

-

528,544

Additions

-

180,883

-

223,550

-

Disposals

-

(55,300)

-

-

(6,250)

At 31 March 2023

132,571

2,151,952

25,650

223,550

522,294

Depreciation

At 1 April 2022

58,512

1,704,542

25,533

-

-

Charge for the year

5,303

94,985

117

-

-

Eliminated on disposal

-

(55,300)

-

-

-

At 31 March 2023

63,815

1,744,227

25,650

-

-

Carrying amount

At 31 March 2023

68,756

407,725

-

223,550

522,294

At 31 March 2022

74,059

321,746

117

-

528,544

Total
£

Cost or valuation

At 1 April 2022

2,713,134

Additions

404,433

Disposals

(61,550)

At 31 March 2023

3,056,017

Depreciation

At 1 April 2022

1,788,587

Charge for the year

100,405

Eliminated on disposal

(55,300)

At 31 March 2023

1,833,692

Carrying amount

At 31 March 2023

1,222,325

At 31 March 2022

924,466

 

LD Heywood Limited

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

5

Stocks

2023
£

2022
£

Other inventories

189,840

223,155

6

Debtors

Current

2023
£

2022
£

Trade debtors

234,099

155,224

Other debtors

8,077

11,120

 

242,176

166,344

 

LD Heywood Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

27,620

-

Trade creditors

 

116,577

147,413

Taxation and social security

 

51,339

17,941

Other creditors

 

23,197

12,350

 

218,733

177,704

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

39,487

44,872

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

39,487

44,872

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

27,620

-

 

LD Heywood Limited

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

10

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £4,000.00 (2022 - £54,000.00) per ordinary share

 

4,000

 

54,000