East Avercombe Farm Limited 04980124 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Dairy Farming Digita Accounts Production Advanced 6.30.9574.0 true 04980124 2023-04-01 2024-03-31 04980124 2024-03-31 04980124 bus:OrdinaryShareClass1 2024-03-31 04980124 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 04980124 core:CurrentFinancialInstruments 2024-03-31 04980124 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04980124 core:FurnitureFittingsToolsEquipment 2024-03-31 04980124 core:LandBuildings 2024-03-31 04980124 core:OtherPropertyPlantEquipment 2024-03-31 04980124 bus:SmallEntities 2023-04-01 2024-03-31 04980124 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04980124 bus:FilletedAccounts 2023-04-01 2024-03-31 04980124 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04980124 bus:RegisteredOffice 2023-04-01 2024-03-31 04980124 bus:Director1 2023-04-01 2024-03-31 04980124 bus:Director2 2023-04-01 2024-03-31 04980124 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04980124 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04980124 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04980124 core:LandBuildings 2023-04-01 2024-03-31 04980124 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 04980124 core:PlantMachinery 2023-04-01 2024-03-31 04980124 countries:AllCountries 2023-04-01 2024-03-31 04980124 2023-03-31 04980124 core:FurnitureFittingsToolsEquipment 2023-03-31 04980124 core:LandBuildings 2023-03-31 04980124 core:OtherPropertyPlantEquipment 2023-03-31 04980124 2022-04-01 2023-03-31 04980124 2023-03-31 04980124 bus:OrdinaryShareClass1 2023-03-31 04980124 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 04980124 core:CurrentFinancialInstruments 2023-03-31 04980124 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04980124 core:FurnitureFittingsToolsEquipment 2023-03-31 04980124 core:LandBuildings 2023-03-31 04980124 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04980124

East Avercombe Farm Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

East Avercombe Farm Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

East Avercombe Farm Limited

Company Information

Directors

Mr Alan Hoskin

Mrs Susannah Hoskin

Registered office

East Avercombe
Bishops Nympton
South Molton
Devon
EX36 4EA

Accountants

Ward and Co Chartered Accountants
West Penhill Farm
Fremington
Barnstaple
Devon
EX31 2NG

 

East Avercombe Farm Limited

(Registration number: 04980124)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

949,109

848,448

Current assets

 

Stocks

5

65,940

66,890

Debtors

6

102,831

120,787

Cash at bank and in hand

 

62,810

133,715

 

231,581

321,392

Creditors: Amounts falling due within one year

7

(198,743)

(162,960)

Net current assets

 

32,838

158,432

Total assets less current liabilities

 

981,947

1,006,880

Provisions for liabilities

(46,581)

(45,699)

Net assets

 

935,366

961,181

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

934,366

960,181

Shareholders' funds

 

935,366

961,181

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 20 November 2024 and signed on its behalf by:
 

 

East Avercombe Farm Limited

(Registration number: 04980124)
Balance Sheet as at 31 March 2024

.........................................
Mr Alan Hoskin
Director

.........................................
Mrs Susannah Hoskin
Director

 

East Avercombe Farm 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 UK.

The address of its registered office is:
East Avercombe
Bishops Nympton
South Molton
Devon
EX36 4EA

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.

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 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.

 

East Avercombe Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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 & machinery

8 years straight line

Production herd

The increase or decrease at the accounting date is shown, valued at historical cost.

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 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.

 

East Avercombe Farm Limited

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

Trade 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 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.

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.

 

East Avercombe Farm Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

 

East Avercombe Farm Limited

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

4

Tangible assets

Land and buildings
£

Plant & Machinery
£

Production herd
£

Total
£

Cost or valuation

At 1 April 2023

495,025

507,641

112,903

1,115,569

Additions

96,020

50,037

-

146,057

Disposals

-

(33,700)

-

(33,700)

At 31 March 2024

591,045

523,978

112,903

1,227,926

Depreciation

At 1 April 2023

-

267,121

-

267,121

Charge for the year

-

45,396

-

45,396

Eliminated on disposal

-

(33,700)

-

(33,700)

At 31 March 2024

-

278,817

-

278,817

Carrying amount

At 31 March 2024

591,045

245,161

112,903

949,109

At 31 March 2023

495,025

240,520

112,903

848,448

5

Stocks

2024
£

2023
£

Other inventories

65,940

66,890

6

Debtors

Current

2024
£

2023
£

Trade debtors

21,348

28,026

Other debtors

81,483

92,761

 

102,831

120,787

7

Creditors

Creditors: amounts falling due within one year

 

East Avercombe Farm Limited

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

8,861

26,225

Trade creditors

 

30,682

43,457

Taxation and social security

 

9,483

15,339

Other creditors

 

149,717

77,939

 

198,743

162,960

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

-

25,767

Hire purchase contracts

8,861

458

8,861

26,225

10

Dividends

2024

2023

£

£

Interim dividend of £70,000.00 (2023 - £60,000.00) per ordinary share

70,000

60,000

 

 

11

Related party transactions

 

East Avercombe Farm Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

19,760

19,760

Contributions paid to money purchase schemes

-

80,000

19,760

99,760