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COMPANY REGISTRATION NUMBER: 08448175
Panteg Farms Ltd
Filleted Unaudited Financial Statements
27 February 2024
Panteg Farms Ltd
Financial Statements
Year ended 27 February 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Panteg Farms Ltd
Officers and Professional Advisers
The board of directors
Mr A L Williams
Mrs A M Williams
Registered office
Panteg
Llangyndeyrn
Kidwelly
Carmarthenshire
Wales
SA17 5BR
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Panteg Farms Ltd
Statement of Financial Position
27 February 2024
2024
2023
Note
£
£
FIXED ASSETS
Intangible assets
5
80,042
88,542
Tangible assets
6
488,039
488,247
---------
---------
568,081
576,789
CURRENT ASSETS
Stocks
7
115,260
103,482
Debtors
8
102,147
132,799
Cash at bank and in hand
1,219
186
---------
---------
218,626
236,467
CREDITORS: amounts falling due within one year
9
671,696
686,892
---------
---------
NET CURRENT LIABILITIES
453,070
450,425
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
115,011
126,364
CREDITORS: amounts falling due after more than one year
10
20,097
46,634
PROVISIONS
Taxation including deferred tax
94,449
---------
---------
NET ASSETS
465
79,730
---------
---------
CAPITAL AND RESERVES
Called up share capital
11
60
60
Profit and loss account
405
79,670
----
--------
SHAREHOLDERS FUNDS
465
79,730
----
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 27 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Panteg Farms Ltd
Statement of Financial Position (continued)
27 February 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
A Williams
Director
Company registration number: 08448175
Panteg Farms Ltd
Notes to the Financial Statements
Year ended 27 February 2024
1. GENERAL INFORMATION
Panteg Farms Ltd is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are raising of dairy cattle.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 27 February 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements. The directors have pledged their support for the company.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Stock provision The company sells milk. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Goodwill and intangible fixed assets Accounting standards require the recognition of intangible assets as part of a business combination. The methods used to value such intangible assets require the use of estimates. Future results are impacted by the amortization periods adopted and changes to the estimated useful lives would result in different effects on the profit and loss account and balance sheet. Goodwill is amortized and tested at least annually for impairment along with finite lives of intangible assets and other assets. Tests for impairment are based on subjective assumptions Provisions Estimates are used in determining the value of provisions when recognised. This will be based on historical information, known expectations and reasonable outcomes Going Concern The assessment of going concern may include the use of critical judgements in respect of impact of various external factors such as political, economic and social issues. Material uncertainties are considered in this regard
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of milk is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually when invoices are raised.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Amortised over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
15% straight line
Motor vehicles
-
20% straight line
Herd - Valued at deemed cost as a percentage of market value
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease. Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 28 February 2023 and 27 February 2024
170,000
---------
Amortisation
At 28 February 2023
81,458
Charge for the year
8,500
---------
At 27 February 2024
89,958
---------
Carrying amount
At 27 February 2024
80,042
---------
At 27 February 2023
88,542
---------
6. TANGIBLE ASSETS
Herd
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 28 February 2023
111,718
385,868
537,579
27,589
1,062,754
Additions
82,411
9,633
5,416
97,460
Disposals
( 25,175)
( 25,175)
---------
---------
---------
--------
------------
At 27 February 2024
86,543
468,279
547,212
33,005
1,135,039
---------
---------
---------
--------
------------
Depreciation
At 28 February 2023
276,339
270,705
27,463
574,507
Charge for the year
34,801
37,478
214
72,493
---------
---------
---------
--------
------------
At 27 February 2024
311,140
308,183
27,677
647,000
---------
---------
---------
--------
------------
Carrying amount
At 27 February 2024
86,543
157,139
239,029
5,328
488,039
---------
---------
---------
--------
------------
At 27 February 2023
111,718
109,529
266,874
126
488,247
---------
---------
---------
--------
------------
7. STOCKS
2024
2023
£
£
Raw materials and consumables
115,260
103,482
---------
---------
8. DEBTORS
2024
2023
£
£
Trade debtors
69,037
109,923
Other debtors
33,110
22,876
---------
---------
102,147
132,799
---------
---------
9. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
109,917
75,648
Trade creditors
186,573
153,194
Other creditors
375,206
458,050
---------
---------
671,696
686,892
---------
---------
The total amount of secured liabilities is £100,044 (2023: £65,775)The bank overdraft is secured by fixed and floating charge over the undertakings of the company.
10. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
20,097
46,634
--------
--------
The total amount of secured liabilities is £6,844 (2023: £23,511)The bank overdraft is secured by fixed and floating charge over the undertakings of the company.
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
20
20
20
20
Ordinary 'B' shares of £ 1 each
20
20
20
20
Ordinary 'C' shares of £ 1 each
20
20
20
20
----
----
----
----
60
60
60
60
----
----
----
----
12. FINANCIAL COMMITMENTS
Total financing commitments, guarantees and contingencies which are not included in the balance sheet amount to £169,500 (2023: £187,500).