Company registration number 12513407 (England and Wales)
USK VALLEY FARM LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
USK VALLEY FARM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
USK VALLEY FARM LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
30 September 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,734
2,734
Tangible assets
4
881,709
399,595
884,443
402,329
Current assets
Stocks
454,123
279,325
Debtors
5
34,266
7,022
Cash at bank and in hand
5,426
14,872
493,815
301,219
Creditors: amounts falling due within one year
6
(1,456,701)
(731,884)
Net current liabilities
(962,886)
(430,665)
Total assets less current liabilities
(78,443)
(28,336)
Provisions for liabilities
-
0
(5,290)
Net liabilities
(78,443)
(33,626)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(78,543)
(33,726)
Total equity
(78,443)
(33,626)

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 period ended 30 September 2023 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 period 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.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr M H F Morgan
Director
Company Registration No. 12513407
USK VALLEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information

Usk Valley Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o UHY Hacker Young, 23 Nevill Street, Abergavenny, Monmouthshire, United Kingdom, NP7 5AA.

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 31 March 2023 the company had net liabilities of £78,443. The company is therefore reliant on the continued support of the directors. Having made the necessary enquiries into the future performance and cash flows in the business, the directors believe the going concern basis of accounting is appropriate.

1.3
Reporting period

The reporting period is for a period longer than 12 months due to the director altering the financial year as a result the prior year figures are not entirely comparable

1.4
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.

Revenue from the sale of livestock is recognised when the significant risks and rewards of ownership of the livestock have passed to the buyer (usually on dispatch of the livestock), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses where applicable.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

USK VALLEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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:

Freehold land and buildings
10 year straight line & 20% reducing balance
Plant and equipment
20% reducing balance
Fixtures and fittings
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.

1.7
Stocks

Stocks of livestock and feedstuff are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises livestock values and direct materials.

 

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.

At each reporting date, an assessment is made for any movement in livestock values or quantity. 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.

1.8
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recoded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
3
3
USK VALLEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 4 -
3
Intangible fixed assets
Entitlements
£
Cost
At 1 April 2022 and 30 September 2023
2,734
Amortisation and impairment
At 1 April 2022 and 30 September 2023
-
0
Carrying amount
At 30 September 2023
2,734
At 31 March 2022
2,734

Included in cost of entitlement is an amount of £2,734 (2022: £2,734) which is not amortised.

4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
350,683
56,547
1,775
13,352
422,357
Additions
409,018
3,950
60,345
52,820
526,133
At 30 September 2023
759,701
60,497
62,120
66,172
948,490
Depreciation and impairment
At 1 April 2022
3,387
13,926
639
4,810
22,762
Depreciation charged in the period
15,031
13,636
6,772
8,580
44,019
At 30 September 2023
18,418
27,562
7,411
13,390
66,781
Carrying amount
At 30 September 2023
741,283
32,935
54,709
52,782
881,709
At 31 March 2022
347,296
42,621
1,136
8,542
399,595

Included in cost or valuation of land and buildings is freehold land of £645,480 (2022: £306,566) which is not depreciated.

USK VALLEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,650
6,080
Other debtors
32,616
942
34,266
7,022
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,456,701
731,884
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
45
45
45
45
Ordinary B of £1 each
45
45
45
45
Ordinary C of £1 each
10
10
10
10
100
100
100
100
8
Related party transactions

At the year end a balance of £1,250,798 (2022: £258,500) remained outstanding to Miles Away Holdings Limited, included in creditors; amounts falling due within one year. The transactions are related as the directors of Usk Valley Farm Limited are also the directors of Miles Away Holdings Limited.

9
Directors' transactions

The directors operate a current loan account with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn directors' fees. The amount owed by the company at 30 September 2023 was £202,152 (2022: £182,846) this amount is included in creditors; amounts falling due within one year.

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