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REGISTERED NUMBER: 01244553 (England and Wales)


















Financial Statements

for the Year Ended 30th April 2024

for

N D Connors Farms Limited

N D Connors Farms Limited (Registered number: 01244553)






Contents of the Financial Statements
for the Year Ended 30th April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


N D Connors Farms Limited

Company Information
for the Year Ended 30th April 2024







DIRECTORS: Mr N D Connors
Mrs H E Connors





SECRETARY: Mrs H E Connors





REGISTERED OFFICE: The Old Rectory
Upper Broughton
Melton Mowbray
Leicestershire
LE14 3BF





REGISTERED NUMBER: 01244553 (England and Wales)





ACCOUNTANTS: Rice & Co Limited
Chartered Accountants
14a Market Place
Uttoxeter
Staffordshire
ST14 8HP

N D Connors Farms Limited (Registered number: 01244553)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,343,767 2,188,903
Investments 5 6,860 6,860
2,350,627 2,195,763

CURRENT ASSETS
Stocks 803,437 785,785
Debtors 6 196,018 184,869
Cash at bank 201,633 570,201
1,201,088 1,540,855
CREDITORS
Amounts falling due within one year 7 1,025,627 1,210,004
NET CURRENT ASSETS 175,461 330,851
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,526,088

2,526,614

CREDITORS
Amounts falling due after more than one
year

8

(677,643

)

(724,023

)

PROVISIONS FOR LIABILITIES (146,251 ) (145,160 )
NET ASSETS 1,702,194 1,657,431

N D Connors Farms Limited (Registered number: 01244553)

Balance Sheet - continued
30th April 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 462,784 462,784
Retained earnings 1,239,410 1,194,647
SHAREHOLDERS' FUNDS 1,702,194 1,657,431

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th January 2025 and were signed on its behalf by:





Mr N D Connors - Director


N D Connors Farms Limited (Registered number: 01244553)

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

1. STATUTORY INFORMATION

N D Connors Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and value added tax. Turnover in respect of the sale of goods is recognised upon delivery or despatch of the related goods. Turnover in respect of subsidies is recognised when entitlement is reasonable certain.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Buildings - 10% on cost
Plant and machinery - 20% on reducing balance and 12.5% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Biological assets are valued at fair value less costs to sell. All other stocks are valued at the lower of cost and estimated selling price less costs to sell.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


N D Connors Farms Limited (Registered number: 01244553)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Government grants
Grants received as a contribution towards capital expenditure are credited to profit over the useful economic life of the related asset.

Grants received in respect of immediate financial support are recognised in profit in the financial year in which they become receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

N D Connors Farms Limited (Registered number: 01244553)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

4. TANGIBLE FIXED ASSETS
Freehold Plant and
property Buildings machinery
£    £    £   
COST
At 1st May 2023 1,469,432 648,530 945,178
Additions - 213,821 130,728
Disposals - - (90,250 )
At 30th April 2024 1,469,432 862,351 985,656
DEPRECIATION
At 1st May 2023 - 509,698 499,465
Charge for year - 37,913 60,260
Eliminated on disposal - - (24,327 )
At 30th April 2024 - 547,611 535,398
NET BOOK VALUE
At 30th April 2024 1,469,432 314,740 450,258
At 30th April 2023 1,469,432 138,832 445,713

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st May 2023 362,993 46,546 814 3,473,493
Additions 3,080 - - 347,629
Disposals - - - (90,250 )
At 30th April 2024 366,073 46,546 814 3,730,872
DEPRECIATION
At 1st May 2023 252,442 22,251 734 1,284,590
Charge for year 22,571 6,072 26 126,842
Eliminated on disposal - - - (24,327 )
At 30th April 2024 275,013 28,323 760 1,387,105
NET BOOK VALUE
At 30th April 2024 91,060 18,223 54 2,343,767
At 30th April 2023 110,551 24,295 80 2,188,903


N D Connors Farms Limited (Registered number: 01244553)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st May 2023
and 30th April 2024 6,860
NET BOOK VALUE
At 30th April 2024 6,860
At 30th April 2023 6,860

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 143,845 137,098
Other debtors 52,173 47,771
196,018 184,869

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 61,918 60,051
Hire purchase contracts 16,667 46,384
Trade creditors 53,819 53,409
Taxation and social security 25,652 108,443
Other creditors 867,571 941,717
1,025,627 1,210,004

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 652,643 716,428
Hire purchase contracts 25,000 7,595
677,643 724,023

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 404,971 476,223

N D Connors Farms Limited (Registered number: 01244553)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 714,561 776,479
Hire purchase contracts 41,667 53,979
756,228 830,458

Bank loans are secured by a charge over the company's freehold property.

Hire purchase contracts are secured by the asset to which they relate.

10. RELATED PARTY DISCLOSURES

Included within creditors due within one year at 30th April 2024 is £800,139 (2023 - £865,862) owing to the directors of the company.

11. BIOLOGICAL ASSETS

The company owns cows used for the purpose of producing milk. This type of livestock is classified as biological assets, valued at open market value less costs to sell and included within stocks in these financial statements.

Reconciliation of changes in the carrying amount of biological assets:

Dairy
Cows
£
At 1st May 2023 463,733
Effect of changes in fair value less costs to sell (2,393 )
Effect of purchases -
Effect of disposals (71,940 )
Effect of home bred replacements 135,300
At 30th April 2024 524,700