Staplegrove Livestock Limited 03188809 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is livestock and deadstock dealers which included horse slaughter and knacker business, butcher advisory services and outside contract with DEFRA Digita Accounts Production Advanced 6.30.9574.0 true true 03188809 2023-03-01 2024-02-29 03188809 2024-02-29 03188809 core:CurrentFinancialInstruments 2024-02-29 03188809 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 03188809 core:PatentsTrademarksLicencesConcessionsSimilar 2024-02-29 03188809 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-29 03188809 core:PlantMachinery 2024-02-29 03188809 1 2024-02-29 03188809 bus:SmallEntities 2023-03-01 2024-02-29 03188809 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03188809 bus:FilletedAccounts 2023-03-01 2024-02-29 03188809 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 03188809 bus:RegisteredOffice 2023-03-01 2024-02-29 03188809 bus:CompanySecretaryDirector1 2023-03-01 2024-02-29 03188809 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03188809 core:IntangibleAssetsOtherThanGoodwill 2023-03-01 2024-02-29 03188809 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 03188809 core:PlantMachinery 2023-03-01 2024-02-29 03188809 countries:EnglandWales 2023-03-01 2024-02-29 03188809 1 2023-03-01 2024-02-29 03188809 2023-02-28 03188809 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 03188809 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 03188809 core:PlantMachinery 2023-02-28 03188809 1 2023-02-28 03188809 2022-03-01 2023-02-28 03188809 2023-02-28 03188809 core:CurrentFinancialInstruments 2023-02-28 03188809 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 03188809 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 03188809 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 03188809 core:PlantMachinery 2023-02-28 03188809 1 2023-02-28 03188809 1 2022-03-01 2023-02-28 03188809 1 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 03188809

Staplegrove Livestock Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Staplegrove Livestock Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Staplegrove Livestock Limited

(Registration number: 03188809)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,000

1,000

Tangible assets

5

1,532,614

1,625,415

 

1,533,614

1,626,415

Current assets

 

Stocks

6

396,991

359,596

Debtors

7

2,719,541

2,748,394

Cash at bank and in hand

 

538,121

304,304

 

3,654,653

3,412,294

Creditors: Amounts falling due within one year

8

(979,071)

(1,054,248)

Net current assets

 

2,675,582

2,358,046

Total assets less current liabilities

 

4,209,196

3,984,461

Provisions for liabilities

(97,993)

(121,194)

Net assets

 

4,111,203

3,863,267

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

4,111,201

3,863,265

Shareholders' funds

 

4,111,203

3,863,267

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.

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 28 May 2024
 

 

Staplegrove Livestock Limited

(Registration number: 03188809)
Statement of Financial Position as at 29 February 2024 (continued)


Mrs M Alford
Company secretary and director

 

Staplegrove Livestock Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
Foxhill Farm
Blackborough
Cullompton
Devon
EX15 2HU

Principal activity

The principal activity of the company is livestock and deadstock dealers which included horse slaughter and knacker business, butcher advisory services and outside contract with DEFRA

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 financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Staplegrove Livestock Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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.

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.

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.

 

Staplegrove Livestock Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is calclulated so as to write off the cost of an asset, less its estimated residual value. over the suefl life of that asset as follows:

Asset class

Amortisation method and rate

Basic payment entitlements

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

 

Staplegrove Livestock Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Staplegrove Livestock Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 March 2023

3,121

3,121

At 29 February 2024

3,121

3,121

Amortisation

At 1 March 2023

2,121

2,121

At 29 February 2024

2,121

2,121

Carrying amount

At 29 February 2024

1,000

1,000

At 28 February 2023

1,000

1,000

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

1,296,995

843,407

2,140,402

Additions

-

65,500

65,500

Disposals

-

(72,309)

(72,309)

At 29 February 2024

1,296,995

836,598

2,133,593

Depreciation

At 1 March 2023

93,489

421,498

514,987

Charge for the year

24,395

77,268

101,663

Eliminated on disposal

-

(15,671)

(15,671)

At 29 February 2024

117,884

483,095

600,979

Carrying amount

At 29 February 2024

1,179,111

353,503

1,532,614

At 28 February 2023

1,203,506

421,909

1,625,415

 

Staplegrove Livestock Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Tangible assets (continued)

Included within the net book value of land and buildings above is £1,179,111 (2023 - £1,203,506) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Closing biological assets

388,991

352,096

Closing agricultural produce

8,000

7,500

396,991

359,596

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

107,424

127,261

Amounts owed by related parties

11

1,757,747

1,637,905

Other debtors

 

812,279

821,450

Prepayments

 

1,398

1,398

Accrued income

 

40,693

160,380

 

2,719,541

2,748,394

 

Staplegrove Livestock Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

-

50,000

Trade creditors

 

256,114

352,843

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

552,783

552,783

Taxation and social security

 

109,647

55,547

Accruals and deferred income

 

60,438

34,596

Other creditors

 

89

8,479

 

979,071

1,054,248

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

50,000

11

Directors advances, credits and guarantees

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Directors loan account

168,040

744

168,784

       
     

 

 

Staplegrove Livestock Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

11

Directors advances, credits and guarantees (continued)

2023

At 1 March 2022
£

Repayments by director
£

At 28 February 2023
£

Directors loan account

181,441

(13,401)

168,040

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.