2023-07-012024-06-302024-06-30false07218159GRANGE FARM EGGS 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GRANGE FARM EGGS LTD

Registered Number
07218159
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

GRANGE FARM EGGS LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

MORRISON, Gillian Ann
MORRISON, Kenneth
MORRISON, Martin William

Company Secretary

MORRISON, Gillian

Registered Address

Grange Farm
Hornby
Northallerton
DL6 2HF

Registered Number

07218159 (England and Wales)
GRANGE FARM EGGS LTD
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,313,5331,844,921
2,313,5331,844,921
Current assets
Stocks4353,627350,996
Debtors5960,267749,487
Cash at bank and on hand800,965342,584
2,114,8591,443,067
Creditors amounts falling due within one year6(455,749)(415,252)
Net current assets (liabilities)1,659,1101,027,815
Total assets less current liabilities3,972,6432,872,736
Creditors amounts falling due after one year7(15,833)(25,833)
Provisions for liabilities8(369,050)(390,300)
Net assets3,587,7602,456,603
Capital and reserves
Called up share capital100100
Profit and loss account3,587,6602,456,503
Shareholders' funds3,587,7602,456,603
The financial statements were approved and authorised for issue by the Board of Directors on 1 November 2024, and are signed on its behalf by:
MORRISON, Martin William
Director
Registered Company No. 07218159
GRANGE FARM EGGS LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the sale of goods is recognising when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-25
Plant and machinery25-
Fixtures and fittings-25
Stocks and work in progress
Biological assets, comprising hens are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each reporting date, stocks are assessed for impairment. If stock is 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.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year1111
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 01 July 23595,8092,560,37994,9263,251,114
Additions383,975296,807-680,782
At 30 June 24979,7842,857,18694,9263,931,896
Depreciation and impairment
At 01 July 23269,7321,092,22244,2391,406,193
Charge for year23,832184,5413,797212,170
At 30 June 24293,5641,276,76348,0361,618,363
Net book value
At 30 June 24686,2201,580,42346,8902,313,533
At 30 June 23326,0771,468,15750,6871,844,921
Included in land and buildings is land costing £367,758 which has not been depreciated.
4.Stocks

2024

2023

££
Other stocks353,627350,996
Total353,627350,996
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables372,665541,030
Other debtors285,600208,457
Prepayments and accrued income302,002-
Total960,267749,487
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables55,605168,597
Bank borrowings and overdrafts11,94710,000
Taxation and social security377,529187,632
Other creditors-27,981
Accrued liabilities and deferred income10,66821,042
Total455,749415,252
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts15,83325,833
Total15,83325,833
Bank borrowings and overdrafts are secured by fixed and floating charges over the assets of the company.
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)369,050390,300
Total369,050390,300
9.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £1,908 (2023 - £1,735).
10.Related party transactions
On 1 July 2023 the Director's owed the company £118,670. During the period the directors extracted £265,171 and repaid £179,602. At 30 June 2024 the Directors’ owed the Company £209,930. Interest has been charged using the HMRC rate for beneficial loan arrangements. During the year the company made pension contributions totaling £403,001 (2023 £430,800) on behalf of the directors.