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Registration number: 05262289

S Kelly Farms Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

S Kelly Farms Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

S Kelly Farms Limited

Company Information

Directors

S Kelly

J D R Heath

J T J Kelly

Company secretary

J T J Kelly

Registered office

5 East Gores Road
Salmons Lane
Coggeshall
Colchester
Essex
CO6 1RZ

Bankers

Clydesdale Bank
Unit 8
Moseley's Farm
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

S Kelly Farms Limited

(Registration number: 05262289)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,212,143

1,929,845

Current assets

 

Stocks

5

349,080

289,812

Debtors

6

744,844

1,305,005

 

1,093,924

1,594,817

Creditors: Amounts falling due within one year

7

(1,220,515)

(1,480,835)

Net current (liabilities)/assets

 

(126,591)

113,982

Total assets less current liabilities

 

3,085,552

2,043,827

Creditors: Amounts falling due after more than one year

7

(957,698)

(734,474)

Provisions for liabilities

(177,844)

(168,115)

Net assets

 

1,950,010

1,141,238

Capital and reserves

 

Called up share capital

8

2

2

Revaluation reserve

852,188

246,812

Retained earnings

1,097,820

894,424

Shareholders' funds

 

1,950,010

1,141,238

For the financial 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 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 9 October 2024 and signed on its behalf by:
 

S Kelly
Director

 

S Kelly Farms Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 5 East Gores Road, Salmons Lane, Coggeshall, Colchester, Essex, CO6 1RZ. Which is the same as the principle place of business.

These financial statements were authorised for issue by the Board on 9 October 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of poultry and poultry manure in the ordinary course of the company’s activities. Turnover is shown net of 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.

Contract revenue recognition

Contract revenue includes the amount agreed in the initial contract, plus revenue from alterations in the original contract work that are expected to be collected and can be measured reliably.

Contract costs include costs that relate directly to the specific contract.

Revenue and costs are recognised in proportion to the stage of completion of the contract as at the Financial Statement period end date under the percentage of completion method.

Tax

Current Tax is recognised in the profit and loss account, 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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

S Kelly Farms Limited

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation 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

not provided

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

No depreciation is provided in respect of Land and buildings and they are revalued at the discretion of the directors. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for broiler chickens and poultry manure sold in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

S Kelly Farms Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 (2023 - 6).

 

S Kelly Farms Limited

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

4

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Solar panels
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

1,909,906

99,390

96,211

-

421,098

2,526,605

Revaluations

608,753

-

-

-

-

608,753

Additions

623,205

-

89,409

17,540

39,465

769,619

Disposals

-

-

(54,069)

-

(18,000)

(72,069)

At 31 March 2024

3,141,864

99,390

131,551

17,540

442,563

3,832,908

Depreciation

At 1 April 2023

167,017

78,543

21,713

-

329,487

596,760

Charge for the year

-

5,212

17,571

702

25,636

49,121

Eliminated on disposal

-

-

(7,686)

-

(17,430)

(25,116)

At 31 March 2024

167,017

83,755

31,598

702

337,693

620,765

Carrying amount

At 31 March 2024

2,974,847

15,635

99,953

16,838

104,870

3,212,143

At 31 March 2023

1,742,889

20,847

74,498

-

91,611

1,929,845

Included within the net book value of land and buildings above is £2,761,163 (2023 - £1,713,238) in respect of freehold land and buildings and £213,684 (2023 - £29,650) in respect of improvements to property.

 

 

S Kelly Farms Limited

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

5

Stocks

2024
£

2023
£

Stocks

349,080

289,812

6

Debtors

2024
£

2023
£

Trade debtors

613,719

570,193

Other debtors

123,425

72,682

Prepayments

7,700

5,880

Amounts recoverable on long term contracts

-

656,250

744,844

1,305,005

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

239,192

310,604

Trade creditors

 

870,080

619,427

Amounts owed to group undertakings and undertakings in which the company has a participating interest

5,681

6,810

Taxation and social security

 

57,155

84,231

Accruals and deferred income

 

3,486

368,975

Other creditors

 

44,921

90,788

 

1,220,515

1,480,835

Creditors include bank loans, overdrafts and net obligations under hire purchase contracts which are secured of £239,192 (2023 - £310,604).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

957,698

734,474


 

Creditors due after more than on year are bank loans and net obligations under hire purchase contracts which are secured of £956,116(2023 - £734,474).

Creditors include loans repayable by instalments of £646,275 (2023 - £505,212) due after more than five years.

 

S Kelly Farms Limited

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

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

45,478

26,500

Bank overdrafts

133,611

232,812

Hire purchase contracts

17,009

8,197

Other borrowings

43,094

43,095

239,192

310,604

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

597,169

343,011

Hire purchase contracts

34,551

3,590

Other borrowings

325,978

387,873

957,698

734,474