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Registration number: 01896854

Cowslip Valley Farms Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Cowslip Valley Farms Limited
(Registration number: 01896854)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cowslip Valley Farms Limited
(Registration number: 01896854)

Company Information

Directors

Mr R Cawley

Ms C Lau

Mr J Xiao

Registered office

Cowslip Farm
Witnesham
Ipswich
Suffolk
IP6 9JA

Accountants

Thompson Jenner LLP
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Cowslip Valley Farms Limited
(Registration number: 01896854)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,255,339

2,059,792

Current assets

 

Stocks

5

30,320

22,101

Debtors

6

654,805

135,094

Cash at bank and in hand

 

199,460

144,441

 

884,585

301,636

Creditors: Amounts falling due within one year

7

(2,513,956)

(1,936,725)

Net current liabilities

 

(1,629,371)

(1,635,089)

Total assets less current liabilities

 

625,968

424,703

Creditors: Amounts falling due after more than one year

7

(65,844)

-

Provisions for liabilities

(56,507)

(39,498)

Net assets

 

503,617

385,205

Capital and reserves

 

Called up share capital

38,000

38,000

Other reserves

292,885

292,885

Profit and loss account

172,732

54,320

Total equity

 

503,617

385,205

For the financial year ending 30 April 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.

 

Cowslip Valley Farms Limited
(Registration number: 01896854)

Balance Sheet as at 30 April 2024

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.

Approved and authorised by the Board on 31 December 2024 and signed on its behalf by:
 

.........................................
Ms C Lau
Director

   
     
 

Cowslip Valley Farms Limited
(Registration number: 01896854)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Cowslip Farm
Witnesham
Ipswich
Suffolk
IP6 9JA

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 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.

 

Cowslip Valley Farms Limited
(Registration number: 01896854)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Freehold land and buildings

No depreciation

Fixtures, fittings and equipment

25% reducing balance

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.

 

Cowslip Valley Farms Limited
(Registration number: 01896854)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 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.

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.

 

Cowslip Valley Farms Limited
(Registration number: 01896854)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 32 (2023 - 34).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

1,852,954

717,478

50,110

2,620,542

Additions

94,435

210,770

-

305,205

Disposals

-

(10,000)

-

(10,000)

At 30 April 2024

1,947,389

918,248

50,110

2,915,747

Depreciation

At 1 May 2023

4,247

544,002

12,501

560,750

Charge for the year

-

94,655

9,378

104,033

Eliminated on disposal

-

(4,375)

-

(4,375)

At 30 April 2024

4,247

634,282

21,879

660,408

Carrying amount

At 30 April 2024

1,943,142

283,966

28,231

2,255,339

At 30 April 2023

1,848,707

173,476

37,609

2,059,792

Included within the net book value of land and buildings above is £1,943,142 (2023 - £1,848,707) in respect of freehold land and buildings.
 

 

Cowslip Valley Farms Limited
(Registration number: 01896854)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Other stocks

30,320

22,101

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

10,404

10,959

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

9

9,724

44,856

Other debtors

 

584,015

-

Prepayments and accrued income

 

50,662

79,279

Total current trade and other debtors

 

654,805

135,094

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

33,122

-

Trade creditors

 

92,109

49,624

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

9

2,098,868

1,525,065

Taxation and social security

 

19,948

45,770

Other creditors

 

79,256

146,453

Accrued expenses

 

21,980

24,127

Deferred income

 

168,673

145,686

 

2,513,956

1,936,725

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

65,844

-

 

Cowslip Valley Farms Limited
(Registration number: 01896854)

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

33,122

-

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

65,844

-

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Director loan account

-

674,987

(100,000)

574,987