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REGISTERED NUMBER: 09482580 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

FOR

FELIN FARM LIMITED

FELIN FARM LIMITED (REGISTERED NUMBER: 09482580)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FELIN FARM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: D M Harries
A M Harries





REGISTERED OFFICE: Velindre Farm
St Nicholas
Goodwick
Pembs
SA64 0LJ





REGISTERED NUMBER: 09482580 (England and Wales)





ACCOUNTANTS: Green & Co
Chartered Certified Accountants
Pembroke House
Llantarnam Park Way
Cwmbran
Torfaen
NP44 3AU

FELIN FARM LIMITED (REGISTERED NUMBER: 09482580)

BALANCE SHEET
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,383,056 2,544,630
Herd basis 5 1,870,167 1,872,346
5,253,223 4,416,976

CURRENT ASSETS
Stocks 470,730 439,170
Debtors 6 502,961 714,200
Cash at bank 993,528 1,205,806
1,967,219 2,359,176
CREDITORS
Amounts falling due within one year 7 723,473 1,057,690
NET CURRENT ASSETS 1,243,746 1,301,486
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,496,969

5,718,462

CREDITORS
Amounts falling due after more than one
year

8

(2,201,867

)

(2,111,279

)

PROVISIONS FOR LIABILITIES (194,518 ) (483,480 )
NET ASSETS 4,100,584 3,123,703

FELIN FARM LIMITED (REGISTERED NUMBER: 09482580)

BALANCE SHEET - continued
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 6 6
Retained earnings 4,100,578 3,123,697
SHAREHOLDERS' FUNDS 4,100,584 3,123,703

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th October 2024 and were signed on its behalf by:




D M Harries - Director



A M Harries - Director


FELIN FARM LIMITED (REGISTERED NUMBER: 09482580)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Felin Farm Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

FELIN FARM LIMITED (REGISTERED NUMBER: 09482580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1st April 2023 2,154,962 467,870 2,622,832
Additions 450,021 580,613 1,030,634
Disposals - (110,450 ) (110,450 )
At 31st March 2024 2,604,983 938,033 3,543,016
DEPRECIATION
At 1st April 2023 - 78,202 78,202
Charge for year - 86,453 86,453
Eliminated on disposal - (4,695 ) (4,695 )
At 31st March 2024 - 159,960 159,960
NET BOOK VALUE
At 31st March 2024 2,604,983 778,073 3,383,056
At 31st March 2023 2,154,962 389,668 2,544,630

FELIN FARM LIMITED (REGISTERED NUMBER: 09482580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1st April 2023 163,177
Additions 306,750
Transfer to ownership (103,927 )
At 31st March 2024 366,000
DEPRECIATION
At 1st April 2023 30,995
Charge for year 36,008
Transfer to ownership (25,070 )
At 31st March 2024 41,933
NET BOOK VALUE
At 31st March 2024 324,067
At 31st March 2023 132,182

5. HERD BASIS
Dairy
herd
basis
£   
COST
At 1st April 2023 1,872,346
Disposals (2,179 )
At 31st March 2024 1,870,167
NET BOOK VALUE
At 31st March 2024 1,870,167
At 31st March 2023 1,872,346

FELIN FARM LIMITED (REGISTERED NUMBER: 09482580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 445,600 676,340
VAT 57,361 37,860
502,961 714,200

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,195 66,740
Hire purchase contracts 45,419 43,255
Trade creditors 332,036 369,314
Corporation Tax 73,612 145,953
Social security and other taxes 8,232 -
Directors' current accounts 221,153 357,743
Accruals and deferred income 2,826 74,685
723,473 1,057,690

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 2,098,273 2,111,279
Hire purchase contracts 103,594 -
2,201,867 2,111,279

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3 A Ordinary £1 3 3
3 Ordinary £1 3 3
6 6

FELIN FARM LIMITED (REGISTERED NUMBER: 09482580)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

10. RELATED PARTY DISCLOSURES

At 31 March 2024 the company owed £221,153 (2023 - £357,743) to the directors.

The company paid rent of £100,000 (2023 - £100,000) to D & A Harries, a partnership run by the directors.