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Registration number: 00815784

Tir-Gwallter Farm Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 March 2024

 

Tir-Gwallter Farm Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 6

 

Tir-Gwallter Farm Limited

Company Information

Directors

Mr J B Howell

Mrs R A Howell

Company secretary

Mrs R A Howell

Registered office

Tir-Gwallter Farm
Llandefalle
Brecon
Powys
LD3 0NL

 

Bankers

NatWest Bank plc
38 High Street
Brecon
Powys
LD3 7LF

Accountants

W J James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

Tir-Gwallter Farm Limited

(Registration number: 00815784)

Balance Sheet
as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

19,643

22,553

Current assets

 

Stocks

980

2,387

Debtors

5

5,324

4,276

Cash at bank and in hand

 

15,579

12,968

 

21,883

19,631

Creditors: Amounts falling due within one year

6

(25,236)

(23,457)

Net current liabilities

 

(3,353)

(3,826)

Net assets

 

16,290

18,727

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

16,190

18,627

Total equity

 

16,290

18,727

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.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Tir-Gwallter Farm Limited

(Registration number: 00815784)

Balance Sheet
as at 31 March 2024

Approved and authorised by the Board on 8 October 2024 and signed on its behalf by:
 

.........................................

Mr J B Howell

Director

 

Tir-Gwallter Farm Limited

Notes to the 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 and Wales within the United Kingdom.

The address of its registered office is:
Tir-Gwallter Farm
Llandefalle
Brecon
Powys
LD3 0NL

These financial statements were authorised for issue by the Board on 8 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 except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in pounds sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The company has net current liabilities at the balance sheet date. The directors will only draw their loan account if there is sufficient cash to do so.

Revenue recognition

Turnover represents subsidies and grass letting income, together with the sale of crops and fodder, stated net of Value Added Tax. Revenue is recognised as follows: from subsidies when receivable, from grass letting in accordance with the period for which payment is made, and from crop and fodder sales on the date of sale.

Tax

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 UK, which is the country where the company operates and generates taxable income.

Tangible assets

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

 

Tir-Gwallter Farm Limited

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

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% on reducing balance

Plant and machinery

20% on reducing balance

Motor vehicles

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from for subsidies receivable stated at the amount that is expected to be received.

Stocks

Livestock is valued at the lower of cost and estimated market value, and deadstock is valued at the estimated cost of production. Stocks of heating oil and diesel fuel are valued at cost price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers, stated at invoice value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash received.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Tir-Gwallter Farm Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

2,789

76,359

98,610

177,758

Additions

-

4,100

-

4,100

Disposals

-

(3,415)

-

(3,415)

At 31 March 2024

2,789

77,044

98,610

178,443

Depreciation

At 1 April 2023

2,726

59,556

92,923

155,205

Charge for the year

9

3,831

1,422

5,262

Eliminated on disposal

-

(1,667)

-

(1,667)

At 31 March 2024

2,735

61,720

94,345

158,800

Carrying amount

At 31 March 2024

54

15,324

4,265

19,643

At 31 March 2023

63

16,803

5,687

22,553

5

Debtors

2024
£

2023
£

Trade debtors

750

750

Prepayments

3,096

2,920

Other debtors

1,478

606

5,324

4,276

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

5,040

-

Accruals and deferred income

1,743

1,765

Other creditors

18,453

21,692

25,236

23,457