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Filleted

Registration number: 09047468

Trebersed Farms Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Trebersed Farms Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Trebersed Farms Ltd

Company Information

Directors

Mr David Grant Hartman

Mrs Deborah Anne Hartman

Registered office

Trebersed Farm
St Peters
Carmarthen
SA31 3RR

 

Trebersed Farms Ltd

(Registration number: 09047468)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

4,033,327

2,413,310

Current assets

 

Stocks

7

913,500

737,050

Debtors

8

614,229

615,729

 

1,527,729

1,352,779

Creditors: Amounts falling due within one year

9

(1,797,937)

(1,765,221)

Net current liabilities

 

(270,208)

(412,442)

Total assets less current liabilities

 

3,763,119

2,000,868

Creditors: Amounts falling due after more than one year

9

(2,563,541)

(1,211,775)

Net assets

 

1,199,578

789,093

Capital and reserves

 

Profit and loss account

1,199,578

789,093

Total equity

 

1,199,578

789,093

For the financial year ending 30 June 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.

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

.........................................
Mr David Grant Hartman
Director

   
     
 

Trebersed Farms Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

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:
Trebersed Farm
St Peters
Carmarthen
SA31 3RR

These financial statements were authorised for issue by the Board on 15 March 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.

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 current 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.

 

Trebersed Farms Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

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

Reducing balance at 10%

Motor Vehicles

Reducing balance at 20%

Office equipment

Reducing balance at 20%

Fixtures and fittings

Reducing balance at 10%

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

Entitlements

Straight line over 5 years

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.

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.

 

Trebersed Farms Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

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.

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 0 (2022 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

96,645

86,991

Amortisation expense

-

385

 

Trebersed Farms Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

5

Intangible assets

Entitlements
£

Total
£

Cost or valuation

At 1 July 2022

3,750

3,750

At 30 June 2023

3,750

3,750

Amortisation

At 1 July 2022

3,750

3,750

At 30 June 2023

3,750

3,750

Carrying amount

At 30 June 2023

-

-

Revalued assets for the year ended 30 June 2022

 

Trebersed Farms Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Dairy Herd
£

Total
£

Cost or valuation

At 1 July 2022

395,302

323,966

1,076,032

2,172

32,372

1,123,644

2,953,488

Additions

1,551,421

18,004

97,399

-

-

56,400

1,723,224

Disposals

-

-

(10,000)

-

-

-

(10,000)

At 30 June 2023

1,946,723

341,970

1,163,431

2,172

32,372

1,180,044

4,666,712

Depreciation

At 1 July 2022

-

156,342

359,835

1,432

22,569

-

540,178

Charge for the year

-

18,079

76,359

247

1,961

-

96,646

Eliminated on disposal

-

-

(3,439)

-

-

-

(3,439)

At 30 June 2023

-

174,421

432,755

1,679

24,530

-

633,385

Carrying amount

At 30 June 2023

1,946,723

167,549

730,676

493

7,842

1,180,044

4,033,327

At 30 June 2022

395,302

167,624

716,197

740

9,803

1,123,644

2,413,310

Included within the net book value of land and buildings above is £1,946,723 (2022 - £395,302) in respect of freehold land and buildings.
 

 

Trebersed Farms Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

7

Stocks

2023
£

2022
£

Closing livestock

526,600

458,050

Closing deadstock

376,900

279,000

Growing crops

10,000

-

913,500

737,050

8

Debtors

2023
£

2022
£

Trade debtors

376,053

348,371

Other debtors

238,176

267,358

614,229

615,729

 

Trebersed Farms Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

738,940

759,127

Trade creditors

 

817,832

779,882

Taxation and social security

 

2,535

3,543

Other related parties

 

138,003

208,361

Outstanding defined contribution pension costs

 

725

772

Other creditors

 

99,902

13,536

 

1,797,937

1,765,221

Due after one year

 

Loans and borrowings

11

2,563,541

1,211,775

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

2,563,541

1,211,775

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

200

200

200

200

Ordinary A Shares of £1 each

200

200

200

200

 

400

400

400

400

11

Loans and borrowings

 

Trebersed Farms Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

2,461,875

1,067,606

HP and finance lease liabilities

67,916

144,169

Other borrowings

33,750

-

2,563,541

1,211,775

2023
£

2022
£

Current loans and borrowings

Bank borrowings

158,038

199,942

Bank overdrafts

486,808

435,611

HP and finance lease liabilities

74,094

89,824

Other borrowings

20,000

33,750

738,940

759,127

12

Related party transactions

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr David Grant Hartman

Interest free loan with no fixed repayment terms

(104,181)

84,950

(49,771)

(69,002)

         
       

Mrs Deborah Anne Hartman

Interest free loan with no fixed repayment terms

(104,181)

84,950

(49,771)

(69,002)

         
       

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr David Grant Hartman

Interest free loan with no fixed repayment terms

(116,175)

58,101

(46,107)

(104,181)

         
       

Mrs Deborah Anne Hartman

Interest free loan with no fixed repayment terms

(116,175)

58,101

(46,107)

(104,181)

         
       

 

Summary of transactions with other related parties

 

Trebersed Farms Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023

Trebersed Management Ltd - The Directors, Mr DG Hartman and Mrs Hartman of Trebersed Farm Ltd are also Directors of Trebersed Management Ltd
 During the year, Purchases and sales were made to and from Trebersed Management Ltd
At balance sheet date the amount due from Trebersed Management Ltd was £ 67,901 ( 2022 - £ 90,542 )