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Company registration number: 13587148

Green Circle Feeds Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Period from 31 January 2023 to 31 January 2024

image-name
 

Green Circle Feeds Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Green Circle Feeds Ltd

Company Information

Directors

C R Down

Mrs K J Down

J M French

Dr S Nichols

Registered office

The Grain Store
Sidmouth Road
Clyst St Mary
Exeter
Devon
EX5 1DR

Accountants

Pat Tomlinson Accountancy Ltd
39-40 High Street
Taunton
Somerset
TA1 3PN

 

Green Circle Feeds Ltd

(Registration number: 13587148)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,112,817

1,156,603

Current assets

 

Stocks

5

495,390

501,030

Debtors

6

2,089,982

1,239,359

Cash at bank and in hand

 

28,350

4,037

 

2,613,722

1,744,426

Creditors: Amounts falling due within one year

7

(1,582,960)

(1,755,627)

Net current assets/(liabilities)

 

1,030,762

(11,201)

Total assets less current liabilities

 

3,143,579

1,145,402

Creditors: Amounts falling due after more than one year

7

(2,216,121)

(793,541)

Net assets

 

927,458

351,861

Capital and reserves

 

Called up share capital

8

150,100

150,100

Profit and loss account

777,358

201,761

Total equity

 

927,458

351,861

 

Green Circle Feeds Ltd

(Registration number: 13587148)
Balance Sheet as at 31 January 2024

For the financial period ending 31 January 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 period 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 29 October 2024 and signed on its behalf by:
 

C R Down
Director

J M French
Director

 
     
 

Green Circle Feeds Ltd

Notes to the Unaudited Financial Statements for the Period from 31 January 2023 to 31 January 2024

1

General information

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

The address of its registered office is:
The Grain Store
Sidmouth Road
Clyst St Mary
Exeter
Devon
EX5 1DR

These financial statements were authorised for issue by the Board on 29 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 presentational currency is £ Sterling.

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 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.

 

Green Circle Feeds Ltd

Notes to the Unaudited Financial Statements for the Period from 31 January 2023 to 31 January 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 of tangible assets

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

10% reducing balance

Plant and machinery

15% reducing balance

Office equipment

20% reducing balance

Motor vehicles

20% reducing balance

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.

Trade 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.

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.

 

Green Circle Feeds Ltd

Notes to the Unaudited Financial Statements for the Period from 31 January 2023 to 31 January 2024

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.

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

 

Green Circle Feeds Ltd

Notes to the Unaudited Financial Statements for the Period from 31 January 2023 to 31 January 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.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

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.

Security is provided by way of the assets themselves.

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.

 

Green Circle Feeds Ltd

Notes to the Unaudited Financial Statements for the Period from 31 January 2023 to 31 January 2024

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 period, was 15 (2023 - 9).

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 31 January 2023

-

1,277,713

7,304

80,880

1,365,897

Additions

105,470

1,123,526

3,000

34,500

1,266,496

Disposals

-

(38,517)

-

(21,152)

(59,669)

At 31 January 2024

105,470

2,362,722

10,304

94,228

2,572,724

Depreciation

At 31 January 2023

-

191,658

1,460

16,176

209,294

Charge for the period

9,197

233,198

1,769

16,456

260,620

Eliminated on disposal

-

(5,777)

-

(4,230)

(10,007)

At 31 January 2024

9,197

419,079

3,229

28,402

459,907

Carrying amount

At 31 January 2024

96,273

1,943,643

7,075

65,826

2,112,817

At 30 January 2023

-

1,086,055

5,844

64,704

1,156,603

Included within the net book value of land and buildings above is £96,273 (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Green Circle Feeds Ltd

Notes to the Unaudited Financial Statements for the Period from 31 January 2023 to 31 January 2024

5

Stocks

2024
£

2023
£

Production supplies

412,904

382,067

Work in progress

82,486

118,963

495,390

501,030

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,786,105

1,238,959

Prepayments

55,552

300

Other debtors

248,325

100

 

2,089,982

1,239,359

 

Green Circle Feeds Ltd

Notes to the Unaudited Financial Statements for the Period from 31 January 2023 to 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

177,421

748,132

Trade creditors

 

1,181,646

839,758

Accruals and deferred income

 

170,934

132,350

Taxation and social security

 

24,984

18,818

Other creditors

 

27,975

16,569

 

1,582,960

1,755,627

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

2,216,121

793,541

 

Green Circle Feeds Ltd

Notes to the Unaudited Financial Statements for the Period from 31 January 2023 to 31 January 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

£0.01 Ordinary A shares of £0.01 each

10,000

100

10,000

100

£0.01 Preference B share of £0.01 each

1

-

1

-

£0.01 Ordinary C share of £0.01 each

1

-

1

-

£0.01 Ordinary D share of £0.01 each

1

-

1

-

£0.01 Ordinary E share of £0.01 each

1

-

1

-

£0.01 Ordinary F share of £0.01 each

1

-

1

-

£0.01 Ordinary G share of £0.01 each

1

-

1

-

£10,000 Redeemable preference shares of £10,000 each

15

150,000

15

150,000

10,021

150,100

10,021

150,100

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

616,121

793,541

Other borrowings

1,600,000

-

2,216,121

793,541

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

177,421

169,132

Other borrowings

-

579,000

177,421

748,132

 

Green Circle Feeds Ltd

Notes to the Unaudited Financial Statements for the Period from 31 January 2023 to 31 January 2024

10

Related party transactions

Transactions with directors

2024

At 31 January 2023
£

Advances to director
£

At 31 January 2024
£

Loans repayable on demand, interest payable at 2.25%

-

100,100

100,100

 

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2023
£

Remuneration

177,347

181,346

Contributions paid to money purchase schemes

2,643

2,389

179,990

183,735

 

Green Circle Feeds Ltd

Notes to the Unaudited Financial Statements for the Period from 31 January 2023 to 31 January 2024

Summary of transactions with other related parties

Other borrowings in 2023 comprises funds introduced into the company since incorporation by C R Down Farming Limited, a company in which C R Down and Mrs K J Down are directors.

Interest is paid monthly at 3% over bank base rate on the balance at each month end.

The balance at 31 January 2024 was £nil (2023: £579,000).

Other borrowings in 2024 comprises funds introduced into the company by Crealy Farms Partnership, a partnership between C R Down and Mrs K J Down.

Interest is paid monthly at 7.5% on the balance at each month end.

The balance at 31 January 2024 was £1,600,000 (2023: £nil).