Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-3132022-04-01falseNo description of principal activity3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03348119 2022-04-01 2023-03-31 03348119 2021-04-01 2022-03-31 03348119 2023-03-31 03348119 2022-03-31 03348119 2021-04-01 03348119 c:Director3 2022-04-01 2023-03-31 03348119 d:Buildings 2022-04-01 2023-03-31 03348119 d:Buildings 2023-03-31 03348119 d:Buildings 2022-03-31 03348119 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03348119 d:LandBuildings 2023-03-31 03348119 d:LandBuildings 2022-03-31 03348119 d:PlantMachinery 2022-04-01 2023-03-31 03348119 d:PlantMachinery 2023-03-31 03348119 d:PlantMachinery 2022-03-31 03348119 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03348119 d:FurnitureFittings 2022-04-01 2023-03-31 03348119 d:FurnitureFittings 2023-03-31 03348119 d:FurnitureFittings 2022-03-31 03348119 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03348119 d:OfficeEquipment 2022-04-01 2023-03-31 03348119 d:OfficeEquipment 2023-03-31 03348119 d:OfficeEquipment 2022-03-31 03348119 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03348119 d:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 03348119 d:OtherPropertyPlantEquipment 2023-03-31 03348119 d:OtherPropertyPlantEquipment 2022-03-31 03348119 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03348119 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 03348119 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 03348119 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 03348119 d:CurrentFinancialInstruments 2023-03-31 03348119 d:CurrentFinancialInstruments 2022-03-31 03348119 d:Non-currentFinancialInstruments 2023-03-31 03348119 d:Non-currentFinancialInstruments 2022-03-31 03348119 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03348119 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03348119 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03348119 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 03348119 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 03348119 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 03348119 d:ShareCapital 2023-03-31 03348119 d:ShareCapital 2022-03-31 03348119 d:ShareCapital 2021-04-01 03348119 d:SharePremium 2023-03-31 03348119 d:SharePremium 2022-03-31 03348119 d:SharePremium 2021-04-01 03348119 d:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 03348119 d:RetainedEarningsAccumulatedLosses 2023-03-31 03348119 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 03348119 d:RetainedEarningsAccumulatedLosses 2022-03-31 03348119 d:RetainedEarningsAccumulatedLosses 2021-04-01 03348119 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 03348119 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 03348119 d:OtherDeferredTax 2023-03-31 03348119 d:OtherDeferredTax 2022-03-31 03348119 c:OrdinaryShareClass1 2022-04-01 2023-03-31 03348119 c:OrdinaryShareClass1 2023-03-31 03348119 c:OrdinaryShareClass1 2022-03-31 03348119 c:FRS102 2022-04-01 2023-03-31 03348119 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 03348119 c:FullAccounts 2022-04-01 2023-03-31 03348119 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03348119 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2022-04-01 2023-03-31 03348119 2 2022-04-01 2023-03-31 03348119 6 2022-04-01 2023-03-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03348119









GARTHMEILIO FARMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
GARTHMEILIO FARMS LIMITED
REGISTERED NUMBER: 03348119

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
61,471
60,895

Tangible assets
 5 
2,642,060
3,942,206

Investments
 6 
250
250

  
2,703,781
4,003,351

Current assets
  

Stocks
  
7,265
7,265

Debtors: amounts falling due within one year
 7 
62,444
155,330

Cash at bank and in hand
 8 
29,837
26,302

  
99,546
188,897

Creditors: amounts falling due within one year
 9 
(379,375)
(446,396)

Net current liabilities
  
 
 
(279,829)
 
 
(257,499)

Total assets less current liabilities
  
2,423,952
3,745,852

Creditors: amounts falling due after more than one year
 10 
(425,370)
(1,715,702)

Provisions for liabilities
  

Deferred tax
  
(318,865)
(314,866)

  
 
 
(318,865)
 
 
(314,866)

Net assets
  
1,679,717
1,715,284


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Share premium account
  
324,001
324,001

Profit and loss account
  
1,354,716
1,390,283

  
1,679,717
1,715,284


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject
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GARTHMEILIO FARMS LIMITED
REGISTERED NUMBER: 03348119
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 December 2023.




Mr RLW Griffith
Director

The notes on pages 4 to 13 form part of these financial statements.

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GARTHMEILIO FARMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 April 2021
1,000
324,001
1,340,797
1,665,798


Comprehensive income for the year

Profit for the year
-
-
49,486
49,486



At 1 April 2022
1,000
324,001
1,390,283
1,715,284


Comprehensive income for the year

Loss for the year
-
-
(35,567)
(35,567)


At 31 March 2023
1,000
324,001
1,354,716
1,679,717


The notes on pages 4 to 13 form part of these financial statements.

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GARTHMEILIO FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Garthmeilio Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Garthmeilio, Llangwm, Corwen, Clwyd, United Kingdown, LL31 0PY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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GARTHMEILIO FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

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GARTHMEILIO FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Farming land
-
Nil
Plant and machinery
-
15%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Office equipment
-
25%
reducing balance
Buildings
-
5%
reducing balance

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

Stocks

Stocks are stated at the lower 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 balance sheet 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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GARTHMEILIO FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.15

Financial instruments

The Company only 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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

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GARTHMEILIO FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Intangible assets




BPS Entitlements

£



Cost


At 1 April 2022
60,895


Additions
576



At 31 March 2023

61,471






Net book value



At 31 March 2023
61,471



At 31 March 2022
60,895



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GARTHMEILIO FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Tangible fixed assets





Farming land
Plant and machinery
Fixtures and fittings
Office equipment
Buildings
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2022
1,864,000
241,812
7,906
1,854
2,033,430
4,149,002


Additions
-
9,745
-
-
18,085
27,830


Disposals
-
-
-
-
(1,303,891)
(1,303,891)



At 31 March 2023

1,864,000
251,557
7,906
1,854
747,624
2,872,941



Depreciation


At 1 April 2022
-
117,168
889
922
87,817
206,796


Charge for the year on owned assets
-
20,156
1,052
233
2,644
24,085



At 31 March 2023

-
137,324
1,941
1,155
90,461
230,881



Net book value



At 31 March 2023
1,864,000
114,233
5,965
699
657,163
2,642,060



At 31 March 2022
1,864,000
124,644
7,017
932
1,945,613
3,942,206




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Farming land
1,864,000
1,864,000

1,864,000
1,864,000


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GARTHMEILIO FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2022
250



At 31 March 2023
250





7.


Debtors

2023
2022
£
£


Other debtors
45,672
34,332

Prepayments and accrued income
16,772
120,998

62,444
155,330



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
29,837
26,302

Less: bank overdrafts
(17,104)
-

12,733
26,302


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GARTHMEILIO FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
17,104
-

Bank loans
33,919
15,314

Trade creditors
299,916
362,194

Corporation tax
-
2,599

Other creditors
22,034
49,501

Accruals and deferred income
6,402
16,788

379,375
446,396



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
425,370
465,702

Other creditors
-
1,250,000

425,370
1,715,702


img737b.png Page 11

 
GARTHMEILIO FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
33,919
15,314


33,919
15,314

Amounts falling due 1-2 years

Bank loans
425,370
465,702


425,370
465,702



459,289
481,016



12.


Deferred taxation




2023


£






At beginning of year
(314,866)


Charged to profit or loss
(3,999)



At end of year
(318,865)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(30,285)
(26,286)

Property revaluation
(288,580)
(288,580)

(318,865)
(314,866)


13.


Share capital

2023
2022
img289e.png Page 12

 
GARTHMEILIO FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.Share capital (continued)

£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


 
img001f.png Page 13