Company registration number 04677087 (England and Wales)
CTC LEY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CTC LEY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
CTC LEY LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
131,613
129,625
Current assets
Stocks
163,857
146,610
Debtors
4
17,263
5,145
Cash at bank and in hand
9,206
3,565
190,326
155,320
Creditors: amounts falling due within one year
5
(149,773)
(83,502)
Net current assets
40,553
71,818
Total assets less current liabilities
172,166
201,443
Creditors: amounts falling due after more than one year
6
(22,950)
(57,317)
Provisions for liabilities
(31,873)
(35,194)
Net assets
117,343
108,932
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
117,333
108,922
Total equity
117,343
108,932
CTC LEY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 November 2024 and are signed on its behalf by:
Mr C T C Ley
Director
Company Registration No. 04677087
CTC LEY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
CTC Ley Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Millennium House, Brannam Crescent, Roundswell Business Park, Barnstaple, Devon, United Kingdom, EX31 3TD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for farm sales net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Long life assets
4% or 5% straight line
Plant and machinery
15% reducing balance
Tractors
15% reducing balance
Motor vehicles
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The value of the herd animals is arrived at by writing down the cost at the point they joined the herd over their expected productive life to an anticipated cull value, on a straight line basis.
1.4
Stocks
Stock is valued in accordance with the principles contained in HMRC's IR232. Where animals have been home-reared and not purchased and actual cost cannot be identified, deemed cost has been used in accordance with HMRC guidance IR 232.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CTC LEY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.6
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery
Tractors
Motor vehicles
Long life assets
Total
£
£
£
£
£
Cost
At 1 April 2023
149,935
104,315
11,100
64,521
329,871
Additions
14,452
6,753
21,205
At 31 March 2024
164,387
111,068
11,100
64,521
351,076
Depreciation and impairment
At 1 April 2023
118,121
45,017
7,652
29,456
200,246
Depreciation charged in the year
6,961
9,910
690
1,656
19,217
At 31 March 2024
125,082
54,927
8,342
31,112
219,463
Carrying amount
At 31 March 2024
39,305
56,141
2,758
33,409
131,613
At 31 March 2023
31,814
59,298
3,448
35,065
129,625
CTC LEY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,471
1,786
Other debtors
6,792
3,359
17,263
5,145
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
24,167
10,000
Obligations under finance leases
10,200
10,200
Trade creditors
18,693
2,950
Corporation tax
1,510
139
Other taxation and social security
1,870
Other creditors
90,307
57,733
Accruals and deferred income
3,026
2,480
149,773
83,502
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
24,167
Other creditors
22,950
33,150
22,950
57,317
The directors of CTC Ley Ltd have given personal guarantees to secure the bank borrowing.
7
Directors' transactions
Land used by the company is owned by the directors of the company and occupied without charge being made.