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REGISTRAR OF COMPANIES

Registration number: 05735877

Vevers Limited

Unaudited Financial Statements

31 March 2024

image-name

 

Vevers Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Vevers Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Vevers Limited for the year ended 31 March 2024 as set out on pages 2 to 10 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Vevers Limited, as a body, in accordance with the terms of our engagement letter dated 5 June 2023. Our work has been undertaken solely to prepare for your approval the accounts of Vevers Limited and state those matters that we have agreed to state to the Board of Directors of Vevers 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 Vevers Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Vevers Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Vevers Limited. You consider that Vevers 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 accounts of Vevers 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 accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

12 August 2024

 

Vevers Limited

(Registration number: 05735877)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

40,698

64,327

Tangible assets

5

1,188,486

1,087,624

Other financial assets

6

59,367

47,884

 

1,288,551

1,199,835

Current assets

 

Stocks

550,620

524,180

Debtors

7

148,523

141,408

Investments

8

125

125

Cash at bank and in hand

 

230,384

295,816

 

929,652

961,529

Creditors: Amounts falling due within one year

9

(782,907)

(738,524)

Net current assets

 

146,745

223,005

Total assets less current liabilities

 

1,435,296

1,422,840

Creditors: Amounts falling due after more than one year

9

(7,231)

(8,507)

Provisions for liabilities

(144,226)

(183,606)

Net assets

 

1,283,839

1,230,727

Capital and reserves

 

Allotted, called up and fully paid share capital

110

110

Profit and loss account

1,283,729

1,230,617

Total equity

 

1,283,839

1,230,727

 

Vevers Limited

(Registration number: 05735877)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 August 2024
 

.........................................

R Vevers

Director

 

Vevers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
High Plains
Longtown
CARLISLE
CA6 5PY

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

 

Vevers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Land and buildings

Not depreciated (land) and 10% reducing balance

Plant and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Investments

Fixed asset investments represent an investment in AMCo Individual Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is refundable and is stated at historical cost less provision for any diminution in value.

 

Vevers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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.

 

Vevers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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 the director) during the year, was 10 (2023 - 8).

 

Vevers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

64,182

120,147

184,329

At 31 March 2024

64,182

120,147

184,329

Amortisation

At 1 April 2023

64,182

55,820

120,002

Amortisation charge

-

23,629

23,629

At 31 March 2024

64,182

79,449

143,631

Carrying amount

At 31 March 2024

-

40,698

40,698

At 31 March 2023

-

64,327

64,327

5

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

462,706

1,456,636

23,995

1,943,337

Additions

75,865

162,451

-

238,316

Disposals

-

(20,900)

-

(20,900)

At 31 March 2024

538,571

1,598,187

23,995

2,160,753

Depreciation

At 1 April 2023

74,968

768,664

12,081

855,713

Charge for the year

14,740

108,057

2,979

125,776

Eliminated on disposal

-

(9,222)

-

(9,222)

At 31 March 2024

89,708

867,499

15,060

972,267

Carrying amount

At 31 March 2024

448,863

730,688

8,935

1,188,486

At 31 March 2023

387,738

687,972

11,914

1,087,624

 

Vevers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

59,367

47,884

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

47,884

47,884

Additions

11,483

11,483

At 31 March 2024

59,367

59,367

Carrying amount

At 31 March 2024

59,367

59,367

At 31 March 2023

47,884

47,884

7

Debtors

2024
£

2023
£

Trade debtors

73,349

71,977

Other debtors

75,174

69,431

148,523

141,408

8

Current asset investments

2024
£

2023
£

Other investments

125

125

 

Vevers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

491,410

458,081

Trade creditors

 

245,919

170,252

Taxation and social security

 

1,933

2,395

Corporation tax liability

 

12,092

72,124

Other creditors

 

31,553

35,672

 

782,907

738,524

Due after one year

 

Other creditors

 

7,231

8,507

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

-

861

Other borrowings

491,410

457,220

491,410

458,081

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

-

861

Finance lease liabilities are secured on the assets to which they relate.