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Company registration number: 09816093
Otter Valley Poultry Limited
Unaudited filleted financial statements
31 October 2023
OTTER VALLEY POULTRY LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mrs Jane Gardner
Mr Ross Gardner
Mrs Teresa Gardner
Company number 09816093
Registered office Spurtham Farm
Upottery
Honiton
Devon
EX14 9QD
Accountants Westcotts
30 St Peter Street
Tiverton
Devon
EX16 6NR
OTTER VALLEY POULTRY LIMITED
STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 20,000 28,000
Tangible assets 6 900,324 770,824
_______ _______
920,324 798,824
Current assets
Stocks 45,250 44,609
Debtors 7 488,209 536,428
Cash at bank and in hand 348,106 191,230
_______ _______
881,565 772,267
Creditors: amounts falling due
within one year 8 ( 513,026) ( 560,795)
_______ _______
Net current assets 368,539 211,472
_______ _______
Total assets less current liabilities 1,288,863 1,010,296
Creditors: amounts falling due
after more than one year 9 ( 15,833) ( 25,833)
Provisions for liabilities ( 210,701) ( 135,005)
_______ _______
Net assets 1,062,329 849,458
_______ _______
Capital and reserves
Called up share capital 99 99
Profit and loss account 10 1,062,230 849,359
_______ _______
Shareholders funds 1,062,329 849,458
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr Ross Gardner
Director
Company registration number: 09816093
OTTER VALLEY POULTRY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 2023
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is Spurtham Farm, Upottery, Honiton, Devon, EX14 9QD.
Principal activity
The principal activity of the company was poultry abattoir.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over thecompanies interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 4 % straight line
Plant and machinery - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2022: 15 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2022 and 31 October 2023 80,000 80,000
_______ _______
Amortisation
At 1 November 2022 52,000 52,000
Charge for the year 8,000 8,000
_______ _______
At 31 October 2023 60,000 60,000
_______ _______
Carrying amount
At 31 October 2023 20,000 20,000
_______ _______
At 31 October 2022 28,000 28,000
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 November 2022 311,620 684,220 6,760 67,492 1,070,092
Additions 22,469 192,864 2,785 33,063 251,181
Disposals - - - ( 14,995) ( 14,995)
_______ _______ _______ _______ _______
At 31 October 2023 334,089 877,084 9,545 85,560 1,306,278
_______ _______ _______ _______ _______
Depreciation
At 1 November 2022 29,050 231,427 3,419 35,372 299,268
Charge for the year 13,363 89,531 2,089 13,139 118,122
Disposals - - - ( 11,436) ( 11,436)
_______ _______ _______ _______ _______
At 31 October 2023 42,413 320,958 5,508 37,075 405,954
_______ _______ _______ _______ _______
Carrying amount
At 31 October 2023 291,676 556,126 4,037 48,485 900,324
_______ _______ _______ _______ _______
At 31 October 2022 282,570 452,793 3,341 32,120 770,824
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 383,474 353,637
Other debtors 104,735 182,791
_______ _______
488,209 536,428
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 343,724 409,714
Accruals and deferred income 32,358 58,704
Social security and other taxes 57,195 8,600
Other creditors 69,749 73,777
_______ _______
513,026 560,795
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 15,833 25,833
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director 1 ( 10,067) 20,778 ( 24,000) ( 13,289)
Director 2 ( 11,412) 46,187 ( 35,000) ( 225)
Director 3 ( 26,863) 20,984 ( 24,000) ( 29,879)
_______ _______ _______ _______
( 48,342) 87,949 ( 83,000) ( 43,393)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director 1 ( 37,572) 27,505 - ( 10,067)
Director 2 ( 47,322) 35,910 - ( 11,412)
Director 3 ( 47,112) 20,249 - ( 26,863)
_______ _______ _______ _______
( 132,006) 83,664 - ( 48,342)
_______ _______ _______ _______