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REGISTERED NUMBER: 05599224 (England and Wales)















Shanael Farms Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023






Shanael Farms Limited (Registered number: 05599224)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Shanael Farms Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: M K Miller
Mrs S E Miller
P T Miller
S K Miller



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 05599224 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: HSBC Bank plc
6 Broad Street
Worcester
Worcestershire
WR1 2EJ

Shanael Farms Limited (Registered number: 05599224)

Abridged Statement of Financial Position
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,674,963 2,494,953

CURRENT ASSETS
Stocks 260,380 271,500
Debtors 466,044 553,409
Cash at bank 455,952 219,502
1,182,376 1,044,411
CREDITORS
Amounts falling due within one year 940,137 920,546
NET CURRENT ASSETS 242,239 123,865
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,917,202

2,618,818

CREDITORS
Amounts falling due after more than one year 6 (821,230 ) (913,439 )

PROVISIONS FOR LIABILITIES (300,608 ) (196,709 )
NET ASSETS 1,795,364 1,508,670

CAPITAL AND RESERVES
Called up share capital 201,000 201,000
Retained earnings 1,594,364 1,307,670
SHAREHOLDERS' FUNDS 1,795,364 1,508,670

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Shanael Farms Limited (Registered number: 05599224)

Abridged Statement of Financial Position - continued
30 November 2023


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2024 and were signed on its behalf by:





M K Miller - Director


Shanael Farms Limited (Registered number: 05599224)

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

1. STATUTORY INFORMATION

Shanael Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - 2% on cost and not provided
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and not provided

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Shanael Farms Limited (Registered number: 05599224)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 December 2022 3,720,863
Additions 450,984
Disposals (90,696 )
At 30 November 2023 4,081,151
DEPRECIATION
At 1 December 2022 1,225,910
Charge for year 261,350
Eliminated on disposal (81,072 )
At 30 November 2023 1,406,188
NET BOOK VALUE
At 30 November 2023 2,674,963
At 30 November 2022 2,494,953

Shanael Farms Limited (Registered number: 05599224)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 December 2022 290,982
Additions 148,500
Transfer to ownership (23,363 )
At 30 November 2023 416,119
DEPRECIATION
At 1 December 2022 127,400
Charge for year 70,417
Transfer to ownership (6,483 )
At 30 November 2023 191,334
NET BOOK VALUE
At 30 November 2023 224,785
At 30 November 2022 163,582

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
30.11.23 30.11.22
£    £   
Repayable by instalments
Bank loans 433,693 502,216
Other loans 47,196 37,639
480,889 539,855

Shanael Farms Limited (Registered number: 05599224)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

7. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 790,035 859,824
Other loans 57,003 66,016
Hire purchase contracts 146,278 135,274
993,316 1,061,114

Finance leases and hire purchase contracts are secured by a fixed charge over the specific financed assets.

Bank loans and overdrafts are secured by fixed and floating charges over the assets of the company. £25,785 (2022: £35,655) relates to a government backed bounce back loan.

Included in other loans are amounts due to RR and Mrs ME Miller and Societe Generale. The loan from RR and Mrs ME Miller is secured by way of a floating charge over the assets of the company.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
S K Miller
Balance outstanding at start of year 9,499 3,090
Amounts repaid (54,000 ) (25,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (18,566 ) 9,499

Mrs S E Miller
Balance outstanding at start of year 3,832 (95,426 )
Amounts repaid (58,893 ) (30,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (38,525 ) 3,832

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M K Miller and Mrs S E Miller.

The company was controlled during the current period by the above directors by virtue of the fact that they own the majority of the company's ordinary issued share capital.