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REGISTRAR OF COMPANIES

Registration number: 08432985

Grazing Ventures Limited

Unaudited Financial Statements

31 March 2024

image-name

 

Grazing Ventures Limited

Contents

Directors' Report

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

5

 

Grazing Ventures Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

R E Roberts

S R Roberts

R G Roberts (appointed 14 March 2024)

R M Roberts (appointed 14 March 2024)

Principal activity

The principal activity of the company is that of dairy farming.

Small companies provision statement

This report has 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.

Approved by the Board on 9 October 2024 and signed on its behalf by:

.........................................
R E Roberts
Director

.........................................
S R Roberts
Director

.........................................
R G Roberts
Director

.........................................
R M Roberts
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Grazing Ventures Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Grazing Ventures Limited for the year ended 31 March 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Grazing Ventures Limited, as a body, in accordance with the terms of our engagement letter dated 15 June 2022. Our work has been undertaken solely to prepare for your approval the accounts of Grazing Ventures Limited and state those matters that we have agreed to state to the Board of Directors of Grazing Ventures Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grazing Ventures Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Grazing Ventures Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Grazing Ventures Limited. You consider that Grazing Ventures Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Grazing Ventures Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

9 October 2024

 

Grazing Ventures Limited

(Registration number: 08432985)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,666

15,833

Tangible assets

5

515,854

508,166

Other financial assets

6

55,218

47,289

 

583,738

571,288

Current assets

 

Stocks

729,070

707,868

Debtors

7

168,781

105,203

Investments

8

3,134

3,134

Cash at bank and in hand

 

238,353

278,547

 

1,139,338

1,094,752

Creditors: Amounts falling due within one year

9

(441,441)

(819,723)

Net current assets

 

697,897

275,029

Total assets less current liabilities

 

1,281,635

846,317

Creditors: Amounts falling due after more than one year

9

(22,129)

(28,178)

Provisions for liabilities

(49,923)

(48,039)

Net assets

 

1,209,583

770,100

Capital and reserves

 

Allotted, called up and fully paid share capital

200

100

Share premium reserve

384,900

-

Profit and loss account

824,483

770,000

Total equity

 

1,209,583

770,100

 

Grazing Ventures Limited

(Registration number: 08432985)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 

.........................................

R E Roberts

Director

.........................................

S R Roberts

Director

.........................................

R G Roberts

Director

.........................................

R M Roberts

Director

 

Grazing Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The principal place of business is:
Tre Abbot Fawr
Trelawnyd
FLINTSHIRE
LL18 6ED

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Basic payment scheme amortisation

The amount paid in connection with the purchase of the basic payment scheme entitlement is being amortised over the useful economic life of that entitlement. In addition, an annual impairment review is being performed.

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.

 

Grazing Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

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.

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 equipment

15% reducing balance basis

Office equipment

3 years straight line basis

Motor vehicles

25% reducing balance 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.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

 

Grazing Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 where due after more than one year.

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Grazing Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 3).

 

Grazing Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Total
£

Cost or valuation

At 1 April 2023

19,000

19,000

At 31 March 2024

19,000

19,000

Amortisation

At 1 April 2023

3,167

3,167

Amortisation charge

3,167

3,167

At 31 March 2024

6,334

6,334

Carrying amount

At 31 March 2024

12,666

12,666

At 31 March 2023

15,833

15,833

 

Grazing Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Tangible assets

Plant and equipment
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 April 2023

528,987

34,864

6,075

569,926

Additions

103,956

-

350

104,306

Disposals

(18,401)

-

-

(18,401)

At 31 March 2024

614,542

34,864

6,425

655,831

Depreciation

At 1 April 2023

50,658

8,968

2,133

61,759

Charge for the year

71,797

6,474

1,787

80,058

Eliminated on disposal

(1,840)

-

-

(1,840)

At 31 March 2024

120,615

15,442

3,920

139,977

Carrying amount

At 31 March 2024

493,927

19,422

2,505

515,854

At 31 March 2023

478,328

25,896

3,942

508,166

 

Grazing Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at cost less impairment

55,218

47,289

Financial assets at cost
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

47,289

47,289

Additions

7,929

7,929

At 31 March 2024

55,218

55,218

Carrying amount

At 31 March 2024

55,218

55,218

At 31 March 2023

47,289

47,289

7

Debtors

2024
£

2023
£

Trade debtors

75,312

65,627

Other debtors

93,469

39,576

168,781

105,203

8

Current asset investments

2024
£

2023
£

Other investments

3,134

3,134

 

Grazing Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

218,137

648,013

Trade creditors

 

115,762

66,413

Taxation and social security

 

3,339

-

Corporation tax liability

 

25,363

69,295

Other creditors

 

78,840

36,002

 

441,441

819,723

Due after one year

 

Loans and borrowings

10

22,129

28,178

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

18,275

15,803

Other borrowings

199,862

632,210

218,137

648,013

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

18,275

15,803

Finance lease liabilities are secured on the assets to which they relate.

 

Grazing Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

22,129

28,178

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

22,129

28,178

Finance lease liabilities are secured on the assets to which they relate.

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2024
£

R G Roberts

Loan

-

26,804

-

-

-

50

26,854

               
         

R M Roberts

Loan

-

26,803

-

-

-

51

26,854

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% on advances to directors.