Company registration number 12143416 (England and Wales)
GROVE FARM LAMB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GROVE FARM LAMB LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
GROVE FARM LAMB LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GROVE FARM LAMB LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Grove Farm Lamb Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Grove Farm Lamb Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Grove Farm Lamb Limited and state those matters that we have agreed to state to the Board of Directors of Grove Farm Lamb Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grove Farm Lamb Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Grove Farm Lamb Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Grove Farm Lamb Limited. You consider that Grove Farm Lamb Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Grove Farm Lamb Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
28 August 2024
GROVE FARM LAMB LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
148,443
117,995
Current assets
Stocks
191,427
228,098
Debtors
4
805,164
502,635
Cash at bank and in hand
67,744
68,151
1,064,335
798,884
Creditors: amounts falling due within one year
5
(1,173,289)
(677,003)
Net current (liabilities)/assets
(108,954)
121,881
Total assets less current liabilities
39,489
239,876
Creditors: amounts falling due after more than one year
6
(9,500)
(219,867)
Provisions for liabilities
7
(28,204)
(22,419)
Net assets/(liabilities)
1,785
(2,410)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,685
(2,510)
Total equity
1,785
(2,410)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GROVE FARM LAMB LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 12 August 2024 and are signed on its behalf by:
Mr C J Griffith
Mrs F Griffith
Director
Director
Company registration number 12143416 (England and Wales)
GROVE FARM LAMB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Grove Farm Lamb Limited is a private company limited by shares incorporated in England and Wales. The registered office is 51A Green Street, The Grange Garden, Milton Malsor, Northampton, NN7 3AT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the
company has adequate resources to continue in operational existence for the foreseeable future. Thus the
directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
GROVE FARM LAMB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
6
GROVE FARM LAMB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
101,170
47,000
148,170
Additions
41,985
29,624
71,609
At 31 March 2024
143,155
76,624
219,779
Depreciation and impairment
At 1 April 2023
17,690
12,485
30,175
Depreciation charged in the year
25,126
16,035
41,161
At 31 March 2024
42,816
28,520
71,336
Carrying amount
At 31 March 2024
100,339
48,104
148,443
At 31 March 2023
83,480
34,515
117,995
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
784,136
496,209
Corporation tax recoverable
4,772
Other debtors
13,336
3,506
Prepayments and accrued income
2,920
2,920
805,164
502,635
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,000
6,000
Trade creditors
548,454
432,094
Corporation tax
9,843
Other taxation and social security
1,308
Other creditors
612,635
215,158
Accruals and deferred income
6,200
12,600
1,173,289
677,003
The Bounce Back loan of £6,000 (2023 - £6,000) is fully guaranteed by the government.
GROVE FARM LAMB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,500
15,500
Other creditors
204,367
9,500
219,867
The Bounce Back loan of £9,500 (2023 - £15,500) is fully guaranteed by the government.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
28,204
22,419