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Filleted

Registration number: 04541036

Henllan Farms Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Henllan Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Henllan Farms Limited

Company Information

Directors

Mr E J T Davies

Mrs M E Davies

Mrs R E Davies

Company secretary

Mrs M E Davies

Registered office

Caeremlyn
Henllan Amgoed
Whitland
Carmarthenshire
SA34 0SJ

 

Henllan Farms Limited

(Registration number: 04541036)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

1,842,407

1,861,542

Current assets

 

Stocks

7

1,500

1,500

Debtors

8

-

48

Cash at bank and in hand

 

6,191

25,063

 

7,691

26,611

Creditors: Amounts falling due within one year

9

(162,976)

(72,910)

Net current liabilities

 

(155,285)

(46,299)

Total assets less current liabilities

 

1,687,122

1,815,243

Creditors: Amounts falling due after more than one year

9

(671,998)

(719,402)

Net assets

 

1,015,124

1,095,841

Capital and reserves

 

Called up share capital

500,100

500,100

Profit and loss account

515,024

595,741

Total equity

 

1,015,124

1,095,841

For the financial year ending 29 February 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.

 

Henllan Farms Limited

(Registration number: 04541036)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 20 November 2024 and signed on its behalf by:
 

.........................................
Mr E J T Davies
Director

   
     
 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Caeremlyn
Henllan Amgoed
Whitland
Carmarthenshire
SA34 0SJ

These financial statements were authorised for issue by the Board on 20 November 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 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.

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Motor vehicles

20% reducing balance

Tractors

10% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Milk quota

20% straight line basis

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.

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 29 February 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

19,942

22,242

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

5

Intangible assets

Milk quota
£

Total
£

Cost or valuation

At 1 March 2023

192,963

192,963

At 29 February 2024

192,963

192,963

Amortisation

At 1 March 2023

192,963

192,963

At 29 February 2024

192,963

192,963

Carrying amount

At 29 February 2024

-

-

6

Tangible assets

Land and buildings
£

Agricultural buildings
£

Tractors
£

General equipment
£

Cost or valuation

At 1 March 2023

1,489,755

176,416

141,840

776,213

Additions

-

-

-

807

At 29 February 2024

1,489,755

176,416

141,840

777,020

Depreciation

At 1 March 2023

-

-

84,735

641,793

Charge for the year

-

-

5,711

13,462

At 29 February 2024

-

-

90,446

655,255

Carrying amount

At 29 February 2024

1,489,755

176,416

51,394

121,765

At 28 February 2023

1,489,755

176,416

57,105

134,420

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

22,924

2,607,148

Additions

-

807

At 29 February 2024

22,924

2,607,955

Depreciation

At 1 March 2023

19,078

745,606

Charge for the year

769

19,942

At 29 February 2024

19,847

765,548

Carrying amount

At 29 February 2024

3,077

1,842,407

At 28 February 2023

3,846

1,861,542

Included within the net book value of land and buildings above is £1,489,755 (2023 - £1,489,755) in respect of land and buildings and £176,416 (2023 - £176,416) in respect of agricultural buildings.
 

7

Stocks

2024
£

2023
£

Closing deadstock

1,500

1,500

8

Debtors

2024
£

2023
£

Other debtors

-

48

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

482

5,241

Taxation and social security

 

6,842

5,974

Other related parties

 

153,473

58,400

Other creditors

 

2,179

3,295

 

162,976

72,910

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

671,998

719,402

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

52

52

52

52

Preference of £1 each

500,000

500,000

500,000

500,000

Ordinary B of £1 each

24

24

24

24

Ordinary C of £1 each

24

24

24

24

 

500,100

500,100

500,100

500,100

11

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

671,998

719,402

 

Henllan Farms Limited

Notes to the Financial Statements for the Year Ended 29 February 2024

12

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 29 February 2024
£

Mr E J T Davies

Interest free loan

(29,200)

9

(6,491)

(37,709)

(73,391)

           
         

Mrs M E Davies

Interest free loan

(29,200)

9

(6,491)

(37,709)

(73,391)

           
         

 

2023

At 1 March 2022
£

Repayments by director
£

Other payments made to company by director
£

At 28 February 2023
£

Mr E J T Davies

Interest free loan

15,161

(15,161)

(29,200)

(29,200)

         
       

Mrs M E Davies

Interest free loan

15,161

(15,161)

(29,200)

(29,200)