REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31st March 2024 |
for |
Bays Leap Dairy Farm Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
Herd basis | 8 | 388,278 | 393,480 |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
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 |
Share premium | 17 |
Fair value reserve | 17 |
Retained earnings | 17 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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. |
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 |
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 |
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. |
Land and buildings |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
AMORTISATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | Agricultural | to |
property | buildings | property |
£ | £ | £ |
COST |
At 1st April 2023 |
Additions |
Disposals |
Reclassification/transfer | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 |
At 31st March 2024 |
DEPRECIATION |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
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 |
Reclassification/transfer | 175,000 |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
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 |
Other debtors |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Other creditors |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
Repayable by instalments |
Bank loan | 49,695 | 75,385 |
Other creditors includes: |
2024 | 2023 |
£ | £ |
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 |
Between one and five years |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdraft |
Bank loans |
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 |
Deferred |
tax |
£ |
Balance at 1st April 2023 |
Provided during year | ( |
) |
Balance at 31st March 2024 |
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: | £ | £ |
Ordinary | £1 | 1,000 | 1,000 |
A shares | £1 | 295 | - |
1,295 | 1,000 |
The following shares were issued during the year: |
295 Ordinary shares of £1 for cash of £ |
All classes of share rank pari passu in all respects. |
17. | RESERVES |
Fair |
Retained | Share | value |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1st April 2023 | ( |
) | (1,036,290 | ) |
Deficit for the year | ( |
) | ( |
) |
Cash share issue | - | 1,205,665 | - | 1,205,665 |
At 31st March 2024 | ( |
) | 117,428 |
18. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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 |
2024 | 2023 |
£ | £ |
Investment in Arla Milk Cooperative Limited (AMCo) - note 8 | 265,802 | 265,802 |
This is funded by a loan from AMCo which is being repaid by deductions from milk sales. |
Balance at year end, included in Other creditors | 0 | 0 |
Contribution to Common Consolidation |
The company is also required to contribute to the common capital of Arla Foods. |
Required contribution | 225,814 | 225,814 |
Contribution in year | - | 12,925 |