Henllan Farms Limited 04541036 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is farming Digita Accounts Production Advanced 6.30.9574.0 Software true true 04541036 2022-03-01 2023-02-28 04541036 2023-02-28 04541036 bus:CompanySecretary1 1 2023-02-28 04541036 bus:Director1 1 2023-02-28 04541036 bus:OrdinaryShareClass1 2023-02-28 04541036 bus:OrdinaryShareClass2 2023-02-28 04541036 bus:OrdinaryShareClass3 2023-02-28 04541036 bus:PreferenceShareClass1 2023-02-28 04541036 core:RetainedEarningsAccumulatedLosses 2023-02-28 04541036 core:ShareCapital 2023-02-28 04541036 core:CurrentFinancialInstruments 2023-02-28 04541036 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 04541036 core:Non-currentFinancialInstruments 2023-02-28 04541036 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 04541036 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 04541036 core:LandBuildings core:LongLeaseholdAssets 2023-02-28 04541036 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 04541036 core:MotorVehicles 2023-02-28 04541036 core:OfficeEquipment 2023-02-28 04541036 core:PlantMachinery 2023-02-28 04541036 bus:SmallEntities 2022-03-01 2023-02-28 04541036 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 04541036 bus:FullAccounts 2022-03-01 2023-02-28 04541036 bus:RegisteredOffice 2022-03-01 2023-02-28 04541036 bus:CompanySecretary1 2022-03-01 2023-02-28 04541036 bus:CompanySecretary1 1 2022-03-01 2023-02-28 04541036 bus:Director1 2022-03-01 2023-02-28 04541036 bus:Director1 1 2022-03-01 2023-02-28 04541036 bus:Director3 2022-03-01 2023-02-28 04541036 bus:Director4 2022-03-01 2023-02-28 04541036 bus:Director5 2022-03-01 2023-02-28 04541036 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 04541036 bus:OrdinaryShareClass2 2022-03-01 2023-02-28 04541036 bus:OrdinaryShareClass3 2022-03-01 2023-02-28 04541036 bus:PreferenceShareClass1 2022-03-01 2023-02-28 04541036 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 04541036 core:IntangibleAssetsOtherThanGoodwill 2022-03-01 2023-02-28 04541036 core:LandBuildings core:LongLeaseholdAssets 2022-03-01 2023-02-28 04541036 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 04541036 core:MotorVehicles 2022-03-01 2023-02-28 04541036 core:OfficeEquipment 2022-03-01 2023-02-28 04541036 core:PlantMachinery 2022-03-01 2023-02-28 04541036 core:VehiclesPlantMachinery 2022-03-01 2023-02-28 04541036 countries:Wales 2022-03-01 2023-02-28 04541036 2022-02-28 04541036 bus:CompanySecretary1 1 2022-02-28 04541036 bus:Director1 1 2022-02-28 04541036 core:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 04541036 core:LandBuildings core:LongLeaseholdAssets 2022-02-28 04541036 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 04541036 core:MotorVehicles 2022-02-28 04541036 core:OfficeEquipment 2022-02-28 04541036 core:PlantMachinery 2022-02-28 04541036 2021-03-01 2022-02-28 04541036 2022-02-28 04541036 bus:CompanySecretary1 1 2022-02-28 04541036 bus:Director1 1 2022-02-28 04541036 bus:OrdinaryShareClass1 2022-02-28 04541036 bus:OrdinaryShareClass2 2022-02-28 04541036 bus:OrdinaryShareClass3 2022-02-28 04541036 bus:PreferenceShareClass1 2022-02-28 04541036 core:RetainedEarningsAccumulatedLosses 2022-02-28 04541036 core:ShareCapital 2022-02-28 04541036 core:CurrentFinancialInstruments 2022-02-28 04541036 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 04541036 core:Non-currentFinancialInstruments 2022-02-28 04541036 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 04541036 core:LandBuildings core:LongLeaseholdAssets 2022-02-28 04541036 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 04541036 core:MotorVehicles 2022-02-28 04541036 core:OfficeEquipment 2022-02-28 04541036 core:PlantMachinery 2022-02-28 04541036 bus:CompanySecretary1 1 2021-03-01 2022-02-28 04541036 bus:Director1 1 2021-03-01 2022-02-28 04541036 bus:OrdinaryShareClass2 2021-03-01 2022-02-28 04541036 bus:OrdinaryShareClass3 2021-03-01 2022-02-28 04541036 bus:CompanySecretary1 1 2021-02-28 04541036 bus:Director1 1 2021-02-28 iso4217:GBP xbrli:pure xbrli:shares

Filleted

Registration number: 04541036

Henllan Farms Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Henllan Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Henllan Farms Limited

Company Information

Directors

Mr Evan John Tegwyn Davies

Mrs Mary Eileen Davies

Mrs Rhuddian Enfys Davies

Mrs Mairos Eleri Edwards

Company secretary

Mrs Mary Eileen Davies

Registered office

Caeremlyn
Henllan Amgoed
Whitland
Carmarthenshire
SA34 0SJ

 

Henllan Farms Limited

(Registration number: 04541036)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

1,861,542

1,879,746

Current assets

 

Stocks

7

1,500

1,500

Debtors

8

48

-

Cash at bank and in hand

 

25,063

21,826

 

26,611

23,326

Creditors: Amounts falling due within one year

9

(72,910)

10,957

Net current (liabilities)/assets

 

(46,299)

34,283

Total assets less current liabilities

 

1,815,243

1,914,029

Creditors: Amounts falling due after more than one year

9

(719,402)

(771,029)

Provisions for liabilities

-

(40,579)

Net assets

 

1,095,841

1,102,421

Capital and reserves

 

Called up share capital

500,100

500,002

Profit and loss account

595,741

602,419

Total equity

 

1,095,841

1,102,421

For the financial year ending 28 February 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.

 

Henllan Farms Limited

(Registration number: 04541036)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 24 November 2023 and signed on its behalf by:
 

.........................................
Mr Evan John Tegwyn Davies
Director

   
     
 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
Caeremlyn
Henllan Amgoed
Whitland
Carmarthenshire
SA34 0SJ

These financial statements were authorised for issue by the Board on 24 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 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.

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 28 February 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 and machinery

10% reducing balance

Motor vehicles

20% reducing balance

Tractors

10% reducing balance

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

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.

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 28 February 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 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.

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.

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 0 (2022 - 0).

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

22,242

24,397

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

5

Intangible assets

Milk quota
£

Total
£

Cost or valuation

At 1 March 2022

192,963

192,963

At 28 February 2023

192,963

192,963

Amortisation

At 1 March 2022

192,963

192,963

At 28 February 2023

192,963

192,963

Carrying amount

At 28 February 2023

-

-

Revalued assets for the year ended 28 February 2022

6

Tangible assets

Land and buildings
£

Agricultural buildings
£

Tractors
£

General equipment
£

Motor vehicles
 £

Cost or valuation

At 1 March 2022

1,489,755

176,416

141,840

772,175

22,924

Additions

-

-

-

4,038

-

At 28 February 2023

1,489,755

176,416

141,840

776,213

22,924

Depreciation

At 1 March 2022

-

-

78,390

626,858

18,116

Charge for the year

-

-

6,345

14,935

962

At 28 February 2023

-

-

84,735

641,793

19,078

Carrying amount

At 28 February 2023

1,489,755

176,416

57,105

134,420

3,846

At 28 February 2022

1,489,755

176,416

63,450

145,317

4,808

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Total
£

Cost or valuation

At 1 March 2022

2,603,110

Additions

4,038

At 28 February 2023

2,607,148

Depreciation

At 1 March 2022

723,364

Charge for the year

22,242

At 28 February 2023

745,606

Carrying amount

At 28 February 2023

1,861,542

At 28 February 2022

1,879,746

Included within the net book value of land and buildings above is £1,489,755 (2022 - £1,489,755) in respect of land and buildings and £176,416 (2022 - £176,416) in respect of agricultural buildings.
 

7

Stocks

2023
£

2022
£

Closing deadstock

1,500

1,500

8

Debtors

2023
£

2022
£

Other debtors

48

-

48

-

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

5,241

6,652

Taxation and social security

 

5,974

10,213

Other related parties

 

58,400

(30,321)

Other creditors

 

3,295

2,499

 

72,910

(10,957)

Due after one year

 

Loans and borrowings

11

719,402

771,029

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

719,402

771,029

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

52

52

2

2

Preference of £1 each

500,000

500,000

500,000

500,000

Ordinary B of £1 (2022 - £0) each

24

24

-

-

Ordinary C of £1 (2022 - £0) each

24

24

-

-

 

500,100

500,100

500,002

500,002

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

719,402

771,029

12

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Repayments by director
£

Other payments made to company by director
£

At 28 February 2023
£

Mr Evan John Tegwyn Davies

Interest free loan

15,161

(15,161)

(29,200)

(29,200)

         
       

Mrs Mary Eileen Davies

Interest free loan

15,161

(15,161)

(29,200)

(29,200)

         
       

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

Mr Evan John Tegwyn Davies

Interest free loan

14,675

486

15,161

       
     

Mrs Mary Eileen Davies

Interest free loan

14,675

486

15,161