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Company No: 05849664 (England and Wales)

VENN FARM PARTNERSHIP LIMITED

Unaudited Financial Statements
For the financial period from 01 December 2022 to 31 December 2023
Pages for filing with the registrar

VENN FARM PARTNERSHIP LIMITED

Unaudited Financial Statements

For the financial period from 01 December 2022 to 31 December 2023

Contents

VENN FARM PARTNERSHIP LIMITED

COMPANY INFORMATION

For the financial period from 01 December 2022 to 31 December 2023
VENN FARM PARTNERSHIP LIMITED

COMPANY INFORMATION (continued)

For the financial period from 01 December 2022 to 31 December 2023
DIRECTORS Mr C L Tizzard
Mrs P T Tizzard
SECRETARY Mrs P T Tizzard
REGISTERED OFFICE Venn Farm London Road
Milborne Port
Sherborne
DT9 5RA
England
United Kingdom
COMPANY NUMBER 05849664 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
VENN FARM PARTNERSHIP LIMITED

BALANCE SHEET

As at 31 December 2023
VENN FARM PARTNERSHIP LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 30.11.2022
£ £
Fixed assets
Tangible assets 4 3,040,166 2,981,056
Investments 1,317 1,317
3,041,483 2,982,373
Current assets
Stocks 5 641,418 603,518
Debtors 6 39,481 0
Cash at bank and in hand 28,007 34,292
708,906 637,810
Creditors: amounts falling due within one year 7 ( 1,300,427) ( 975,518)
Net current liabilities (591,521) (337,708)
Total assets less current liabilities 2,449,962 2,644,665
Creditors: amounts falling due after more than one year 8 ( 757,475) ( 1,072,038)
Provision for liabilities ( 37,892) ( 48,072)
Net assets 1,654,595 1,524,555
Capital and reserves
Called-up share capital 3 3
Profit and loss account 1,654,592 1,524,552
Total shareholders' funds 1,654,595 1,524,555

For the financial period 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 financial statements of Venn Farm Partnership limited (registered number: 05849664) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

Mr C L Tizzard
Director
VENN FARM PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 December 2022 to 31 December 2023
VENN FARM PARTNERSHIP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 December 2022 to 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Venn Farm Partnership limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Venn Farm London Road, Milborne Port, Sherborne, DT9 5RA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Other property, plant and equipment 25 % reducing balance
5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

Period from
01.12.2022 to
31.12.2023
Year ended
30.11.2022
Number Number
Monthly average number of persons employed by the Company during the period, including directors 3 3

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 December 2022 39,958 39,958
At 31 December 2023 39,958 39,958
Accumulated amortisation
At 01 December 2022 39,958 39,958
At 31 December 2023 39,958 39,958
Net book value
At 31 December 2023 0 0
At 30 November 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 December 2022 2,803,265 225,584 79,500 240,573 3,348,922
Additions 103,507 12,250 0 0 115,757
At 31 December 2023 2,906,772 237,834 79,500 240,573 3,464,679
Accumulated depreciation
At 01 December 2022 41,590 166,677 21,033 138,566 367,866
Charge for the financial period 3,528 17,547 15,835 19,737 56,647
At 31 December 2023 45,118 184,224 36,868 158,303 424,513
Net book value
At 31 December 2023 2,861,654 53,610 42,632 82,270 3,040,166
At 30 November 2022 2,761,675 58,907 58,467 102,007 2,981,056

5. Stocks

31.12.2023 30.11.2022
£ £
Stocks 641,418 603,518

6. Debtors

31.12.2023 30.11.2022
£ £
Trade debtors 37,231 0
Other debtors 2,250 0
39,481 0

7. Creditors: amounts falling due within one year

31.12.2023 30.11.2022
£ £
Bank loans 276,000 276,000
Trade creditors 46,625 11,086
Other loans 13,471 12,731
Accruals 11,946 18,751
Taxation and social security 8,970 53,317
Other creditors 943,415 603,633
1,300,427 975,518

8. Creditors: amounts falling due after more than one year

31.12.2023 30.11.2022
£ £
Bank loans (secured) 754,000 1,054,000
Obligations under finance leases and hire purchase contracts (secured) 3,475 18,038
757,475 1,072,038

The bank loan is secured against specific assets held by the company.
The hire purchase agreements are secured against the assets to which they relate.

9. Related party transactions

Included within other creditors is a loan owed from an associated company of £878,535 (2022 £558,535.00). The loan is interest free and is repayable on demand.