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Company No: 14569028 (England and Wales)

DEVON & SOMERSET EGGS LTD

Unaudited Financial Statements
For the financial period from 04 January 2023 to 31 December 2023
Pages for filing with the registrar

DEVON & SOMERSET EGGS LTD

Unaudited Financial Statements

For the financial period from 04 January 2023 to 31 December 2023

Contents

DEVON & SOMERSET EGGS LTD

BALANCE SHEET

As at 31 December 2023
DEVON & SOMERSET EGGS LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023
£
Fixed assets
Tangible assets 3 359,506
359,506
Current assets
Stocks 4, 5 159,673
Debtors 6 120,901
Cash at bank and in hand 97,529
378,103
Creditors: amounts falling due within one year 7 ( 387,600)
Net current liabilities (9,497)
Total assets less current liabilities 350,009
Creditors: amounts falling due after more than one year 8 ( 360,232)
Net liabilities ( 10,223)
Capital and reserves
Called-up share capital 100
Profit and loss account ( 10,323 )
Total shareholders' deficit ( 10,223)

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Devon & Somerset Eggs Ltd (registered number: 14569028) were approved and authorised for issue by the Board of Directors on 20 March 2024. They were signed on its behalf by:

C S James
Director
A L Lampitt
Director
DEVON & SOMERSET EGGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 04 January 2023 to 31 December 2023
DEVON & SOMERSET EGGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 04 January 2023 to 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Devon & Somerset Eggs Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of eggs, and contracting. Turnover is shown net of value added tax and is when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks comprising deadstock such as feed are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

Included within stocks are current biological assets being poultry.

Trade and other 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
04.01.2023 to
31.12.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 6

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Total
£ £ £
Cost
At 04 January 2023 0 0 0
Additions 113,165 259,430 372,595
At 31 December 2023 113,165 259,430 372,595
Accumulated depreciation
At 04 January 2023 0 0 0
Charge for the financial period 4,026 9,063 13,089
At 31 December 2023 4,026 9,063 13,089
Net book value
At 31 December 2023 109,139 250,367 359,506

4. Stocks

31.12.2023
£
Stocks 9,226
Livestock 150,447
159,673

5. Current biological assets

Assets held at cost:

Poultry Total
£ £
Cost
At 04 January 2023 0 0
Increase due to purchases/ transfers in 150,447 150,447
At 31 December 2023 150,447 150,447

6. Debtors

31.12.2023
£
Trade debtors 10,640
Accrued income 105,999
VAT recoverable 4,242
Other taxation and social security 20
120,901

7. Creditors: amounts falling due within one year

31.12.2023
£
Bank loans 237,056
Trade creditors 91,172
Amounts owed to directors 45,023
Accruals 14,226
Other creditors 123
387,600

8. Creditors: amounts falling due after more than one year

31.12.2023
£
Bank loans 360,232

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

31.12.2023
£
Bank loans 97,624

There is a charge over the company but no security has been given on any assets held outside of the company.