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File

Registration number: 01511006

Kelly Turkey Farms Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Kelly Turkey Farms Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Kelly Turkey Farms Limited

Company Information

Directors

P A Kelly

D A Kelly

Registered office

Springate Farm
Bicknacre Road
Danbury
Essex
CM3 4EP

Bankers

HSBC Bank plc
72 High Street
Maldon
Essex
CM9 7ET

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Kelly Turkey Farms Limited

(Registration number: 01511006)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,172,237

2,344,661

Investments

5

39

39

Other financial assets

6

85,000

-

 

2,257,276

2,344,700

Current assets

 

Stocks

7

317,202

248,327

Debtors

8

4,507,719

3,267,727

Cash at bank and in hand

 

2,056,860

1,473,461

 

6,881,781

4,989,515

Creditors: Amounts falling due within one year

9

(3,777,919)

(2,267,958)

Net current assets

 

3,103,862

2,721,557

Total assets less current liabilities

 

5,361,138

5,066,257

Provisions for liabilities

(354,090)

(393,604)

Net assets

 

5,007,048

4,672,653

Capital and reserves

 

Called up share capital

10

2,000

2,000

Retained earnings

5,005,048

4,670,653

Shareholders' funds

 

5,007,048

4,672,653

For the financial year ended 31 January 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 27 January 2025 and signed on its behalf by:
 

P A Kelly
Director

 

Kelly Turkey Farms Limited

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

1

General information

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

The address of its registered office and principal place of business is: Springate Farm, Bicknacre Road, Danbury, Essex, CM3 4EP.

These financial statements were authorised for issue by the Board on 27 January 2025.

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.

Group accounts not prepared

The company is part of a small group. The Company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of the rearing, fattening and marketing of turkeys to customers. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

Current Tax is recognised in the profit and loss account, 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 income tax is recognised on temporary material 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

 

Kelly Turkey Farms Limited

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

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance method

Motor vehicles

25% reducing balance method

Land and buildings

20% straight line method

Investments

Other fixed asset investments where fair value cannot be measured reliably are measured at cost less impairment, and are reviewed for impairment annually.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for the rearing, fattening and marketing of turkeys 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.

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.

Share capital

Ordinary shares are classified as equity.

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 paid.

3

Staff numbers

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

 

Kelly Turkey Farms Limited

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

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

280,365

84,871

3,625,519

3,990,755

Additions

-

13,641

304,679

318,320

Disposals

-

(4,021)

-

(4,021)

At 31 January 2024

280,365

94,491

3,930,198

4,305,054

Depreciation

At 1 February 2023

98,876

60,390

1,486,828

1,646,094

Charge for the year

48,881

7,349

431,022

487,252

Eliminated on disposal

-

(529)

-

(529)

At 31 January 2024

147,757

67,210

1,917,850

2,132,817

Carrying amount

At 31 January 2024

132,608

27,281

2,012,348

2,172,237

At 31 January 2023

181,489

24,481

2,138,691

2,344,661

5

Investments

2024
£

2023
£

Investments in subsidiaries

39

39

Subsidiaries

£

Cost or valuation

At 1 February 2023

39

At 31 January 2024

39

Provision

Carrying amount

At 31 January 2024

39

At 31 January 2023

39

 

Kelly Turkey Farms Limited

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

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

Additions

85,000

85,000

At 31 January 2024

85,000

85,000

Carrying amount

At 31 January 2024

85,000

85,000

7

Stocks

2024
£

2023
£

Stocks

317,202

248,327

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

620,365

284,478

Amounts owed by group undertakings

11

-

2,410,867

Other debtors

 

3,887,354

572,382

 

4,507,719

3,267,727

9

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

791,191

110,028

Taxation and social security

242,553

-

Other creditors

2,740,500

2,154,980

Accruals and deferred income

3,675

2,950

3,777,919

2,267,958

 

Kelly Turkey Farms Limited

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

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2,000

2,000

2,000

2,000

       

11

Related party transactions

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

2,345,846

2,345,846

Transfers

263,054

263,054

Repaid

(2,608,900)

(2,608,900)

At end of period

-

-

2023

Subsidiary
£

Total
£

At start of period

2,080,298

2,080,298

Transfers

218,424

218,424

Price adjustment

47,124

47,124

At end of period

2,345,846

2,345,846