REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 30th April 2024 |
for |
N D Connors Farms Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
N D Connors Farms Limited (Registered number: 01244553) |
Balance Sheet - continued |
30th April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Buildings | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Additions |
Disposals | ( |
) |
At 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st May 2023 |
Additions |
Disposals | ( |
) |
At 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
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 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
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 |
Hire purchase contracts | 41,667 | 53,979 |
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 |