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REGISTERED NUMBER: 03813823 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2024

for

Bays Leap Dairy Farm Limited

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Contents of the Financial Statements
for the Year Ended 31st March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Bays Leap Dairy Farm Limited

Company Information
for the Year Ended 31st March 2024







DIRECTOR: S C Mellstrom MRICS





SECRETARY: W Munday





REGISTERED OFFICE: Glen House
Glen Road
Grayshott
Hindhead
Surrey
GU26 6NF





REGISTERED NUMBER: 03813823 (England and Wales)





ACCOUNTANTS: Sheen Stickland
Chartered Accountants
2 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Balance Sheet
31st March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 29,908
Tangible assets 5 3,840,457 2,788,513
Investments 6 265,807 265,807
Investment property 7 425,000 250,000
Herd basis 8 388,278 393,480
4,919,542 3,727,708

CURRENT ASSETS
Stocks 9 598,376 422,730
Debtors 10 179,765 188,363
Cash at bank 93 243,365
778,234 854,458
CREDITORS
Amounts falling due within one year 11 793,198 134,590
NET CURRENT (LIABILITIES)/ASSETS (14,964 ) 719,868
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,904,578

4,447,576

CREDITORS
Amounts falling due after more than
one year

12

(4,769,409

)

(5,451,172

)

PROVISIONS FOR LIABILITIES 15 (16,446 ) (31,694 )
NET ASSETS/(LIABILITIES) 118,723 (1,035,290 )

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Balance Sheet - continued
31st March 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 16 1,295 1,000
Share premium 17 1,205,665 -
Fair value reserve 17 20,654 20,654
Retained earnings 17 (1,108,891 ) (1,056,944 )
SHAREHOLDERS' FUNDS 118,723 (1,035,290 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

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

The financial statements were approved by the director and authorised for issue on 25th September 2024 and were signed by:





S C Mellstrom MRICS - Director


Bays Leap Dairy Farm Limited (Registered number: 03813823)

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


1. STATUTORY INFORMATION

Bays Leap Dairy Farm 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts have been prepared on a going concern basis as the director is confident that the company's bankers will continue to support the company for the foreseeable future.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of seven years.

Land and buildings
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
Plant and machinery etc - at variable rates on reducing balance

Land and buildings cost includes land which has not been depreciated. The directors have valued the cost of the land at £1,469,228.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


2. 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.

Dairy herd
The dairy herd is stated at cost as the company has elected to be taxed on the herd basis.
2024 2023

Cows in herd 948 999

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 2 ) .

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


4. SINGLE FARM PAYMENT ENTITLEMENTS
Other
intangible
assets
£   
COST
At 1st April 2023
and 31st March 2024 52,337
AMORTISATION
At 1st April 2023 22,429
Charge for year 29,908
At 31st March 2024 52,337
NET BOOK VALUE
At 31st March 2024 -
At 31st March 2023 29,908

5. TANGIBLE FIXED ASSETS
Improvements
Freehold Agricultural to
property buildings property
£    £    £   
COST
At 1st April 2023 1,889,883 590,871 -
Additions - 618,655 33,559
Disposals - - -
Reclassification/transfer (175,000 ) - -
At 31st March 2024 1,714,883 1,209,526 33,559
DEPRECIATION
At 1st April 2023 176,651 159,446 -
Charge for year 8,412 20,723 -
Eliminated on disposal - - -
At 31st March 2024 185,063 180,169 -
NET BOOK VALUE
At 31st March 2024 1,529,820 1,029,357 33,559
At 31st March 2023 1,713,232 431,425 -

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


5. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1st April 2023 2,149,405 2,095 4,632,254
Additions 784,442 - 1,436,656
Disposals (47,800 ) - (47,800 )
Reclassification/transfer - - (175,000 )
At 31st March 2024 2,886,047 2,095 5,846,110
DEPRECIATION
At 1st April 2023 1,505,744 1,900 1,843,741
Charge for year 154,918 29 184,082
Eliminated on disposal (22,170 ) - (22,170 )
At 31st March 2024 1,638,492 1,929 2,005,653
NET BOOK VALUE
At 31st March 2024 1,247,555 166 3,840,457
At 31st March 2023 643,661 195 2,788,513

Included in cost of land and buildings is freehold land of £ 1,469,288 (2023 - £ 1,469,288 ) which is not depreciated.

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Plant and
machinery
£   
COST
Additions 208,000
At 31st March 2024 208,000
DEPRECIATION
Charge for year 14,967
At 31st March 2024 14,967
NET BOOK VALUE
At 31st March 2024 193,033

6. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£    £   
Arla Milk Cooperative Ltd - Member's Capital 265,802 265,802
Arla Milk Cooperative Ltd - Share capital 5 5
265,807 265,807

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 250,000
Reclassification/transfer 175,000
At 31st March 2024 425,000
NET BOOK VALUE
At 31st March 2024 425,000
At 31st March 2023 250,000

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


7. INVESTMENT PROPERTY - continued

Fair value at 31st March 2024 is represented by:
£   
Valuation in 2022 20,654
Valuation in 2024 175,000
Cost 229,346
425,000

If investment had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 229,346 229,346

The investment property was valued on an open market basis on 11th May 2023 by Savills .

8. HERD BASIS
Dairy
herd
basis
£   
COST
At 1st April 2023 393,480
Additions - home bred at cost 112,350
Disposals (117,552 )
At 31st March 2024 388,278
NET BOOK VALUE
At 31st March 2024 388,278
At 31st March 2023 393,480

9. STOCKS
2024 2023
£    £   
Valuation 598,376 422,730

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 74,736 71,604
Other debtors 105,029 116,759
179,765 188,363

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 439,626 27,240
Trade creditors 227,856 95,836
Taxation and social security 10,196 1,904
Other creditors 115,520 9,610
793,198 134,590

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 4,719,018 4,244,708
Other creditors 50,391 1,206,464
4,769,409 5,451,172

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 3,146,250 3,146,250

Repayable by instalments
Bank loan 49,695 75,385

Other creditors includes:
20242023
££
Loan from Exors of G F C Mellstrom Dec'd-1,206,464
This loan is unsecured, interest free and repayable on notice of not less than one year.

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 172,135 172,135
Between one and five years 85,392 257,078
257,527 429,213

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 412,386 -
Bank loans 4,746,258 4,271,948
5,158,644 4,271,948

The loans are secured on the company's freehold land and buildings and it's investment property.

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 16,446 31,694

Deferred
tax
£   
Balance at 1st April 2023 31,694
Provided during year (15,248 )
Balance at 31st March 2024 16,446

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000
295 A shares £1 295 -
1,295 1,000

The following shares were issued during the year:

295 Ordinary shares of £1 for cash of £ 1,205,960

All classes of share rank pari passu in all respects.

17. RESERVES
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1st April 2023 (1,056,944 ) - 20,654 (1,036,290 )
Deficit for the year (51,947 ) (51,947 )
Cash share issue - 1,205,665 - 1,205,665
At 31st March 2024 (1,108,891 ) 1,205,665 20,654 117,428

18. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 319,682 319,682

Bays Leap Dairy Farm Limited (Registered number: 03813823)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024


19. OTHER FINANCIAL COMMITMENTS

ARLA FOODS

20242023
£   £   
Investment in Arla Milk Cooperative Limited (AMCo) - note 8265,802265,802

This is funded by a loan from AMCo which is being repaid by
deductions from milk sales.

Balance at year end, included in Other creditors00

Contribution to Common Consolidation

The company is also required to contribute to the common capital
of Arla Foods.

Required contribution225,814225,814

Contribution in year -12,925