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COMPANY REGISTRATION NUMBER: 01311819
Weybread Broiler Growers Limited
Unaudited financial statements
31 March 2024
Weybread Broiler Growers Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
7,592,933
7,599,491
Current assets
Debtors
6
261,453
306,012
Cash at bank and in hand
1,277,093
752,137
-----------
-----------
1,538,546
1,058,149
Creditors: Amounts falling due within one year
7
( 185,887)
( 139,920)
-----------
-----------
Net current assets
1,352,659
918,229
-----------
-----------
Total assets less current liabilities
8,945,592
8,517,720
Provisions
Taxation including deferred tax
( 1,665,780)
( 1,660,108)
-----------
-----------
Net assets
7,279,812
6,857,612
-----------
-----------
Capital and reserves
Called up share capital
2,000
2,000
Profit and loss account
7,277,812
6,855,612
-----------
-----------
Shareholders funds
7,279,812
6,857,612
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
D F Thacker
Director
Company registration number: 01311819
Weybread Broiler Growers Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE. The trading address of the company is Harvest Farm, Brickkiln Lane, Swainsthorpe, Norwich, NR14 8PY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is provided, on an undiscounted basis, in respect of all timing differences at the rates of tax expected to apply when the timing differences reverse. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
Over 3 years
Solar Panels
-
Over 25 Years
Office Furniture
-
20% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 2 (2023: 2 ).
5. Tangible assets
Investment Property
Computer equipment
Solar panels
Office Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
7,500,000
8,725
105,083
9,507
7,623,315
-----------
------
---------
------
-----------
Depreciation
At 1 April 2023
8,203
8,406
7,215
23,824
Charge for the year
522
4,203
1,833
6,558
-----------
------
---------
------
-----------
At 31 March 2024
8,725
12,609
9,048
30,382
-----------
------
---------
------
-----------
Carrying amount
At 31 March 2024
7,500,000
92,474
459
7,592,933
-----------
------
---------
------
-----------
At 31 March 2023
7,500,000
522
96,677
2,292
7,599,491
-----------
------
---------
------
-----------
At the year end the investment properties were determined to have a market value of £7,500,000 as calculated by the director. The total historical cost of these investment properties being £3,737,752.
6. Debtors
2024
2023
£
£
Trade debtors
68,878
Other debtors
192,575
306,012
---------
---------
261,453
306,012
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Social security and other taxes
182,367
136,600
Other creditors
3,520
3,320
---------
---------
185,887
139,920
---------
---------