2022-07-012023-06-302023-06-30false07218159GRANGE FARM EGGS 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GRANGE FARM EGGS LTD

Registered Number
07218159
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

GRANGE FARM EGGS LTD
Company Information
for the year from 1 July 2022 to 30 June 2023

Directors

MORRISON, Gillian Ann
MORRISON, Kenneth
MORRISON, Martin William

Company Secretary

MORRISON, Gillian

Registered Address

Grange Farm
Hornby
Northallerton
DL6 2HF

Registered Number

07218159 (England and Wales)
GRANGE FARM EGGS LTD
Statement of Financial Position
30 June 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets51,844,9211,634,579
1,844,9211,634,579
Current assets
Stocks350,996309,508
Debtors8749,487363,482
Cash at bank and on hand342,584-
1,443,067672,990
Creditors amounts falling due within one year9(415,252)(332,774)
Net current assets (liabilities)1,027,815340,216
Total assets less current liabilities2,872,7361,974,795
Creditors amounts falling due after one year10(25,833)(35,833)
Provisions for liabilities11(390,300)(201,007)
Net assets2,456,6031,737,955
Capital and reserves
Called up share capital100100
Profit and loss account2,456,5031,737,855
Shareholders' funds2,456,6031,737,955
The financial statements were approved and authorised for issue by the Board of Directors on 26 January 2024, and are signed on its behalf by:
MORRISON, Gillian Ann
Director
MORRISON, Kenneth
Director
MORRISON, Martin William
Director

Registered Company No. 07218159
GRANGE FARM EGGS LTD
Notes to the Financial Statements
for the year ended 30 June 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the sale of goods is recognising when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-25
Plant and machinery25-
Fixtures and fittings-25
Stocks policy
Biological assets, comprising hens are stated at the lowere of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is 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.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants and other government assistance policy
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
Employee benefits policy
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Employee information

20232022
Average number of employees during the year1111
5.Property, plant and equipment

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 01 July 22595,8092,254,33694,9262,945,071
Additions-312,543-312,543
Disposals-(6,500)-(6,500)
At 30 June 23595,8092,560,37994,9263,251,114
Depreciation and impairment
At 01 July 22245,8991,024,15140,4421,310,492
Charge for year23,83274,5713,798102,201
On disposals-(6,500)-(6,500)
At 30 June 23269,7311,092,22244,2401,406,193
Net book value
At 30 June 23326,0781,468,15750,6861,844,921
At 30 June 22349,9101,230,18554,4841,634,579
6.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £1,735 (2022 - £1,160).
7.Description of nature of transactions and balances with related parties
On 1 July the Director's owed the company £147,582. During the period the directors extracted £144,797 and repaid £176,861. At 30 June 2023 the Directors’ owed the Company £118,670. Interest has been charged using the HMRC rate for beneficial loan arrangements. Included in other creditors is a loan from one of the Directors. The loan is interest free with no set terms for repayment. During the year the company made pension contributions totaling £430,800 (2022 £24,000) on behalf of the directors.
8.Debtors

2023

2022

££
Trade debtors / trade receivables541,030133,862
Other debtors208,457229,620
Total749,487363,482
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables168,597172,808
Bank borrowings and overdrafts10,00072,660
Taxation and social security187,63248,023
Other creditors27,98132,255
Accrued liabilities and deferred income21,0427,028
Total415,252332,774
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts25,83335,833
Total25,83335,833
Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company. Included in other creditors is a loan from a director. The loan is interest free with no set terms for repayment.
11.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)390,300201,007
Total390,300201,007