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Registration number: 11438724

LLWYN FARM LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

LLWYN FARM LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

LLWYN FARM LTD

Company Information

Directors

Mr K Jones

Mr AG Vaughan-Jones

Mr DW Jones

Registered office

Llwyn
Llanfair Road
Lampeter
Ceredigion
SA48 8JY

 

LLWYN FARM LTD

(Registration number: 11438724)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,903,601

4,646,220

Current assets

 

Stocks

5

140,190

151,780

Debtors

6

227,260

277,982

Investments

7

74,034

74,034

Cash at bank and in hand

 

411,634

383,364

 

853,118

887,160

Creditors: Amounts falling due within one year

8

(1,101,850)

(874,053)

Net current (liabilities)/assets

 

(248,732)

13,107

Total assets less current liabilities

 

4,654,869

4,659,327

Creditors: Amounts falling due after more than one year

8

(2,869,600)

(3,171,866)

Net assets

 

1,785,269

1,487,461

Capital and reserves

 

Called up share capital

300

300

Profit and loss account

1,784,969

1,487,161

Total equity

 

1,785,269

1,487,461

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 and the option not to file the Profit and Loss Account has been taken.

 

LLWYN FARM LTD

(Registration number: 11438724)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 3 October 2024 and signed on its behalf by:
 

.........................................
Mr AG Vaughan-Jones
Director

   
     
 

LLWYN FARM LTD

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 & Wales.

The address of its registered office is:
Llwyn
Llanfair Road
Lampeter
Ceredigion
SA48 8JY

These financial statements were authorised for issue by the Board on 3 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.

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 goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

LLWYN FARM LTD

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Plant & machinery

20% on reducing balance

Motor Vehicles

25% on reducing balance

Freehold Property & Agricultural buildings

4% straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

LLWYN FARM LTD

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

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

LLWYN FARM LTD

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 7).

 

LLWYN FARM LTD

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

4

Tangible assets

Land and buildings
£

Agricultural buildings
 £

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

2,932,546

255,118

984,730

13,847

Additions

-

52,592

317,034

-

Disposals

-

-

(85,770)

-

At 31 March 2024

2,932,546

307,710

1,215,994

13,847

Depreciation

At 1 April 2023

21,573

13,183

349,152

10,014

Charge for the year

19,067

12,265

176,114

958

Eliminated on disposal

-

-

(13,729)

-

At 31 March 2024

40,640

25,448

511,537

10,972

Carrying amount

At 31 March 2024

2,891,906

282,262

704,457

2,875

At 31 March 2023

2,910,973

241,935

635,578

3,833

Dairy Herd
 £

Total
£

Cost or valuation

At 1 April 2023

853,901

5,040,142

Additions

199,700

569,326

Disposals

(31,500)

(117,270)

At 31 March 2024

1,022,101

5,492,198

Depreciation

At 1 April 2023

-

393,922

Charge for the year

-

208,404

Eliminated on disposal

-

(13,729)

At 31 March 2024

-

588,597

Carrying amount

At 31 March 2024

1,022,101

4,903,601

At 31 March 2023

853,901

4,646,220

Included within the net book value of land and buildings above is £2,891,906 (2023 - £2,910,972) in respect of freehold land and buildings.
 

 

LLWYN FARM LTD

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

5

Stocks

2024
£

2023
£

Raw materials and consumables

140,190

151,780

6

Debtors

2024
£

2023
£

Trade debtors

93,795

106,277

Prepayments

51,943

57,055

Other debtors

81,522

114,650

227,260

277,982

7

Current asset investments

2024
£

2023
£

Other investments

74,034

74,034

 

LLWYN FARM LTD

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

141,229

21,866

Trade creditors

 

274,403

204,338

Other related parties

 

641,187

606,667

Corporation tax liability

 

13,450

6,239

Other creditors

 

31,581

34,943

 

1,101,850

874,053

Due after one year

 

Loans and borrowings

10

2,869,600

3,171,866

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

2,869,600

3,171,866

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

300

300

300

300

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

2,869,600

3,150,000

HP and finance lease liabilities

-

21,866

2,869,600

3,171,866

 

LLWYN FARM LTD

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

2024
£

2023
£

Current loans and borrowings

Bank borrowings

119,363

-

HP and finance lease liabilities

21,866

21,866

141,229

21,866

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr K Jones

Interest Free loan repayable on demand

(309,921)

8,241

(20,000)

(321,679)

         
       

Mr AG Vaughan-Jones

Interest free loan repayable on demand

(147,948)

8,642

(20,000)

(159,306)

         
       

Mr DW Jones

Interest free loan repayable on demand

(148,797)

9,198

(20,602)

(160,201)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr K Jones

Interest Free loan repayable on demand

(295,390)

5,469

(20,000)

(309,921)

         
       

Mr AG Vaughan-Jones

Interest free loan repayable on demand

(292,830)

164,882

(20,000)

(147,948)

         
       

Mr DW Jones

Interest free loan repayable on demand

(295,498)

166,701

(20,000)

(148,797)