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Company registration number: 04196019

Swaddledown Farms Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

image-name
 

Swaddledown Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Swaddledown Farms Limited

Company Information

Directors

G Moyse

P Moyse

Company secretary

G Moyse

Registered office

Swaddledown Farm
Bratton Clovelly
OKEHAMPTON
Devon
EX20 4LA

Accountants

Pat Tomlinson Accountancy Ltd
39-40 High Street
Taunton
Somerset
TA1 3PN

 

Swaddledown Farms Limited

(Registration number: 04196019)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

5

 

210,061

 

151,436

Biological assets

6

 

267,066

 

262,776

   

477,127

 

414,212

Current assets

   

 

Biological assets

7

838,970

 

852,451

 

Stocks

8

54,346

 

62,196

 

Debtors

9

27,476

 

119,607

 

 

920,792

 

1,034,254

 

Creditors: Amounts falling due within one year

10

(973,261)

 

(1,078,204)

 

Net current liabilities

   

(52,469)

 

(43,950)

Total assets less current liabilities

   

424,658

 

370,262

Creditors: Amounts falling due after more than one year

10

 

(77,568)

 

(51,752)

Provisions for liabilities

 

(25,781)

 

(35,182)

Net assets

   

321,309

 

283,328

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

321,209

 

283,228

 

Total equity

   

321,309

 

283,328

 

Swaddledown Farms Limited

(Registration number: 04196019)
Balance Sheet as at 30 April 2024

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.

These financial statements have been prepared and 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 28 January 2025 and signed on its behalf by:
 

G Moyse
Company secretary and director

   
     
 

Swaddledown Farms Limited

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 and Wales.

The address of its registered office is:
Swaddledown Farm
Bratton Clovelly
OKEHAMPTON
Devon
EX20 4LA

These financial statements were authorised for issue by the Board on 28 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 are presented in Sterling (£) and have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements are presented in Sterling (£) and 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 livestock and the receipt of government grants. Turnover is shown net of VAT and is recognised at the point of dispatch for the sale of livestock and in the period to which the government grant relates.

Government grants

Income from government grants is recognised within turnover when the conditions for receipt have been complied with and there is reasonable assurance that the grant will be received.

Tax

The tax expense for the period comprises current and 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.

 

Swaddledown Farms Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.


Basic payment scheme
Basic payment scheme (BPS) entitlements are initially recognised at cost. Cost for originally granted BPS entitlements is the fair value on transition to FRS102 and has been recognised through a debit to intangible assets and a credit to deferred income. Both purchased and granted entitlements are subsequently measured at cost less accumulated amortisation and impairment losses. For granted entitlements deferred income is released to the profit and loss account as other operating income at the same rate at which the intangible asset is being amortised.
 

Asset class

Amortisation method and rate

Basic payment scheme entitlements

8 years straight line

 

Swaddledown Farms Limited

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

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 of tangible assets

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

Plant & machinery

15% reducing balance basis

Motor vehicles

25% reducing balance basis

Tractors

15% reducing balance basis

Office equipment

25% reducing balance basis

Biological non current assets
Biological assets held for continuing use within the business are classified as fixed assets. Such assets are measured at cost less accumulated depreciation and impairment. Assets within the classification comprise a suckler cow herd and a flock of sheep.

Depreciation of biological non current assets
Depreciation is charged so as to write off the cost of assets, less their estimated selling price less costs to sale, over their useful economic life as follows:

Asset class

Depreciation method and rate

Dairy herd

Depreciated to cull value over useful life of 5 years on straight line basis

Sheep flock

Depreciated to cull value over useful life of 4 years on straight line basis

Biological current assets
Biological assets not held for continuing use within the business are classified as current assets. Such assets are measured at cost less accumulated impairment. Assets within this classification comprise beef youngstock and lambs.

Stocks

Stocks comprising agricultural produce (ie crops in store) and deadstock such as feed, seed, fertiliser and sprays are stated at the lower of cost and estimated selling price, less costs to complete and sell. Agricultural produce (ie crops in store) harvested from biological assets are measured at the point of harvest.

 

Swaddledown Farms Limited

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

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.

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 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.

 

Swaddledown Farms Limited

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

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.

Assets held under hire purchase agreements are capitalised as tangible fixed assets with the future obligation being recognised as a liability. Finance costs are recognised in the Profit and Loss Account calculated at a constant periodic rate of interest over the term of the liability.

Leases

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.

Security is provided by way of the assets themselves.

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.

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 declared.

3

Staff numbers

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

 

Swaddledown Farms Limited

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

4

Intangible assets

BPS Entitlements
 £

Total

£

Cost or valuation

At 1 May 2023

50,191

50,191

At 30 April 2024

50,191

50,191

Amortisation

At 1 May 2023

50,191

50,191

At 30 April 2024

50,191

50,191

Carrying amount

At 30 April 2024

-

-

At 30 April 2023

-

-

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

331,817

54,000

385,817

Additions

115,715

-

115,715

Disposals

(38,625)

-

(38,625)

At 30 April 2024

408,907

54,000

462,907

Depreciation

At 1 May 2023

197,276

37,105

234,381

Charge for the year

34,852

3,795

38,647

Eliminated on disposal

(20,182)

-

(20,182)

At 30 April 2024

211,946

40,900

252,846

Carrying amount

At 30 April 2024

196,961

13,100

210,061

At 30 April 2023

134,541

16,895

151,436

 

Swaddledown Farms Limited

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

6

Non current biological assets

Beef herd
£

Sheep flock
£

Total
£

Cost or valuation

At 1 May 2023

127,839

201,710

329,549

Additions

4,760

638

5,398

At 30 April 2024

132,599

202,348

334,947

Depreciation

At 1 May 2023

26,293

40,480

66,773

Charge for the year

976

132

1,108

At 30 April 2024

27,269

40,612

67,881

Carrying amount

At 30 April 2024

105,330

161,736

267,066

At 30 April 2023

101,546

161,230

262,776

7

Current biological assets

Beef youngstock
£

Sheep youngstock
£

Total
£

Cost or valuation

At 1 May 2023

613,576

238,875

852,451

Additions

601,535

237,435

838,970

Disposals

(613,576)

(238,875)

(852,451)

At 30 April 2024

601,535

237,435

838,970

Carrying amount

At 30 April 2024

601,535

237,435

838,970

At 30 April 2023

613,576

238,875

852,451

8

Stocks

2024
£

2023
£

Other inventories

54,346

62,196

 

Swaddledown Farms Limited

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

9

Debtors

Current

2024
£

2023
£

Trade debtors

20,003

110,962

Other debtors

7,473

8,645

 

27,476

119,607

 

Swaddledown Farms Limited

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

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

50,970

133,064

Trade creditors

 

525,738

382,120

Accruals and deferred income

 

6,838

3,914

Corporation tax

 

21,347

18,674

Other creditors

 

368,368

540,432

 

973,261

1,078,204

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

77,568

51,752

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

77,568

51,752

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

15,409

108,087

Hire purchase contracts

35,561

24,977

50,970

133,064

 

Swaddledown Farms Limited

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

Bank borrowings
Bank loans and overdrafts are secured by a debenture held by the company's bankers over the current and future assets of the Company.

Net obligations under finance lease and hire purchase contracts are secured by fixed charges over the assets to which they relate.