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REGISTRAR OF COMPANIES

Registration number: SC552092

The Claycrop Egg Company Ltd

Unaudited Financial Statements

31 December 2023

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The Claycrop Egg Company Ltd

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Claycrop Egg Company Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Claycrop Egg Company Ltd for the year ended 31 December 2023 as set out on pages 2 to 9 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 The Claycrop Egg Company Ltd, as a body, in accordance with the terms of our engagement letter dated 19 May 2022. Our work has been undertaken solely to prepare for your approval the accounts of The Claycrop Egg Company Ltd and state those matters that we have agreed to state to the Board of Directors of The Claycrop Egg Company Ltd, 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 The Claycrop Egg Company Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Claycrop Egg Company Ltd 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 The Claycrop Egg Company Ltd. You consider that The Claycrop Egg Company Ltd 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 The Claycrop Egg Company Ltd. 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

19 April 2024

 

The Claycrop Egg Company Ltd

(Registration number: SC552092)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

825,488

860,643

Current assets

 

Stocks

174,765

141,705

Debtors

5

76,265

65,574

 

251,030

207,279

Creditors: Amounts falling due within one year

6

(293,941)

(331,393)

Net current liabilities

 

(42,911)

(124,114)

Total assets less current liabilities

 

782,577

736,529

Creditors: Amounts falling due after more than one year

6

(828,449)

(860,634)

Provisions for liabilities

(58,119)

(43,213)

Net liabilities

 

(103,991)

(167,318)

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

(104,091)

(167,418)

Total equity

 

(103,991)

(167,318)

 

The Claycrop Egg Company Ltd

(Registration number: SC552092)
Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 April 2024 and signed on its behalf by:
 

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

J Wallace

Director

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

J I A Wallace

Director

 

The Claycrop Egg Company Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The principal place of business is:
Claycrop Farm
Kirkinner
NEWTON STEWART
DG8 9AS

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.

The company has net liabilities at 31 December 2023 and meets its day to day working capital requirements through its bank borrowing facilities. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.

Tax

The tax expense for the period comprises 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 Claycrop Egg Company Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

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

30 years straight line basis

Plant and equipment

10% reducing balance basis

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.

 

The Claycrop Egg Company Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

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.

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 directors) during the year, was 6 (2022 - 7).

 

The Claycrop Egg Company Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

911,484

188,624

1,100,108

Additions

-

8,386

8,386

At 31 December 2023

911,484

197,010

1,108,494

Depreciation

At 1 January 2023

180,147

59,318

239,465

Charge for the year

30,385

13,156

43,541

At 31 December 2023

210,532

72,474

283,006

Carrying amount

At 31 December 2023

700,952

124,536

825,488

At 31 December 2022

731,337

129,306

860,643

5

Debtors

2023
£

2022
£

Trade debtors

-

52,486

Other debtors

76,265

13,088

76,265

65,574

 

The Claycrop Egg Company Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

47,880

207,714

Trade creditors

 

237,950

108,670

Taxation and social security

 

2,300

1,220

Other creditors

 

5,811

13,789

 

293,941

331,393

Due after one year

 

Loans and borrowings

7

828,449

860,634

2023
£

2022
£

After more than five years by instalments

691,738

708,583

691,738

708,583

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

33,450

39,666

Bank overdrafts

6,528

67,229

Finance lease liabilities

7,902

8,682

Other borrowings

-

92,137

47,880

207,714

 

The Claycrop Egg Company Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

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

2023
£

2022
£

Bank borrowings

33,450

39,666

Bank overdrafts

6,528

67,229

Finance lease liabilities

7,902

8,682

47,880

115,577

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.

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

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

822,546

847,609

Finance lease liabilities

5,903

13,025

828,449

860,634

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

2023
£

2022
£

Bank borrowings

822,546

847,609

Finance lease liabilities

5,903

13,025

828,449

860,634

Bank borrowings are secured by fixed and floating charges over the company's assets.

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