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Registration number: 01429182

Kelly Turkey Breeders Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Kelly Turkey Breeders Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Kelly Turkey Breeders Limited

Company Information

Directors

P A Kelly

D A Kelly

Registered office

Springate Farm
Bicknacre Road
Danbury
Essex
CM3 4EP

Bankers

Lloyds TSB plc
77-81 High Street
Chelmsford
Essex
CM1 1BQ

Accountants

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

 

Kelly Turkey Breeders Limited

(Registration number: 01429182)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

127,540

138,148

Investments

5

32,515

32,515

Other financial assets

6

2,000

2,000

 

162,055

172,663

Current assets

 

Stocks

7

620,579

115,379

Debtors

8

5,879,914

2,929,974

Cash at bank and in hand

 

534,938

1,060,789

 

7,035,431

4,106,142

Creditors: Amounts falling due within one year

9

(3,650,153)

(769,346)

Net current assets

 

3,385,278

3,336,796

Total assets less current liabilities

 

3,547,333

3,509,459

Creditors: Amounts falling due after more than one year

9

(79,549)

(129,358)

Provisions for liabilities

(29,697)

(34,537)

Net assets

 

3,438,087

3,345,564

Capital and reserves

 

Called up share capital

10

5,000

5,000

Retained earnings

3,433,087

3,340,564

Shareholders' funds

 

3,438,087

3,345,564

 

Kelly Turkey Breeders Limited

(Registration number: 01429182)
Balance Sheet as at 31 January 2024 (continued)

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 Breeders Limited

Notes to the 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 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 turkey breeding stock and eggs 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.

 

Kelly Turkey Breeders Limited

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

Tangible assets

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

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 basis

Motor vehicles

25% reducing balance basis

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for goods and services sold 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.

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.

 

Kelly Turkey Breeders Limited

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

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 3 (2023 - 3).

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

1,775

371,540

373,315

Additions

2,000

16,413

18,413

At 31 January 2024

3,775

387,953

391,728

Depreciation

At 1 February 2023

922

234,245

235,167

Charge for the year

588

28,433

29,021

At 31 January 2024

1,510

262,678

264,188

Carrying amount

At 31 January 2024

2,265

125,275

127,540

At 31 January 2023

853

137,295

138,148

 

Kelly Turkey Breeders Limited

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

5

Investments

2024
£

2023
£

Investments in subsidiaries

32,515

32,515

Subsidiaries

£

Cost or valuation

At 1 February 2023

32,515

At 31 January 2024

32,515

Carrying amount

At 31 January 2024

32,515

At 31 January 2023

32,515

 

Kelly Turkey Breeders Limited

Notes to the 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

At 1 February 2023

2,000

2,000

At 31 January 2024

2,000

2,000

Carrying amount

At 31 January 2024

2,000

2,000

At 31 January 2023

2,000

2,000

7

Stocks

2024
£

2023
£

Work in progress

486,273

-

Stocks

134,306

115,379

620,579

115,379

8

Debtors

2024
£

2023
£

Trade debtors

233,915

13,177

Amounts owed by group undertakings

186,866

181,096

Other debtors

5,459,133

2,735,701

5,879,914

2,929,974

 

Kelly Turkey Breeders Limited

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

56,644

51,967

Trade creditors

 

187,394

152,398

Taxation and social security

 

33,715

35,438

Other creditors

 

3,367,028

524,490

Accruals and deferred income

 

5,372

5,053

 

3,650,153

769,346


Creditors include bank loans which are secured of £51,967 (2023 - £51,967).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

79,549

129,358


Creditors include bank loans and overdrafts which are secured of £79,548 (2023 - £129,328).

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

5,000

5,000

5,000

5,000

       

11

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

51,997

51,967

Bank overdrafts

4,647

-

56,644

51,967

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

79,549

129,358