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Registration number: 11201995

K W Cattle Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

K W Cattle Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

K W Cattle Limited

Company Information

Director

Mrs Kathryn Louise Woodrow

Registered office

Managers House
Wicken Farm
Castle Acre
Norfolk
PE32 2BP

Accountants

Jacobs Allen Limited
59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

 

K W Cattle Limited

(Registration number: 11201995)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

12,821

16,194

Current assets

 

Stocks

5

27,200

74,425

Debtors

6

3,361

11,000

Cash at bank and in hand

 

5,239

10,235

 

35,800

95,660

Creditors: Amounts falling due within one year

7

(258,135)

(308,330)

Net current liabilities

 

(222,335)

(212,670)

Net liabilities

 

(209,514)

(196,476)

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

(209,524)

(196,486)

Shareholders' deficit

 

(209,514)

(196,476)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 director on 11 April 2024
 

.........................................
Mrs Kathryn Louise Woodrow
Director

 

K W Cattle Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Managers House
Wicken Farm
Castle Acre
Norfolk
PE32 2BP

These financial statements were authorised for issue by the director on 11 April 2024.

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 rearing and sale of cattle 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.

 

K W Cattle Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Land and buildings

5 years straight line

Plant and machinery

20% reducing balance

Motor vehicles

20% reducing balance

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 livestock sold 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

Biological assets, consisting cattle, are valued at fair value less costs to sell. Any gains or losses arising on initial recognition of fair value are included in the profit and loss account.
The fair value of the cattle herd has reduced in the year to take into account the increasing age of the herd.

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.

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.

 

K W Cattle Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

2,000

7,000

26,985

35,985

At 29 February 2024

2,000

7,000

26,985

35,985

Depreciation

At 1 March 2023

1,833

4,467

13,491

19,791

Charge for the year

167

507

2,699

3,373

At 29 February 2024

2,000

4,974

16,190

23,164

Carrying amount

At 29 February 2024

-

2,026

10,795

12,821

At 28 February 2023

167

2,533

13,494

16,194

Included within the net book value of land and buildings above is £Nil (2023 - £167) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Cattle and other inventories

27,200

74,425

6

Debtors

Current

2024
£

2023
£

Trade debtors

3,000

11,000

Other debtors

361

-

 

3,361

11,000

 

K W Cattle Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

255,735

297,840

Trade creditors

 

-

6,791

Taxation and social security

 

-

1,299

Accruals and deferred income

 

2,400

2,400

 

258,135

308,330

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.01 each

1,000

10

1,000

10

         

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

255,735

297,840

10

Related party transactions

Other transactions with the director

The director has provided an interest free loan to the company of £255,735 (2023 - £297,840). This loan is repayable upon demand.