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REGISTERED NUMBER: 04490816 (England and Wales)

















Unaudited Financial Statements

for the Year Ended 30 April 2024

for

Trewern Farm Limited

Trewern Farm Limited (Registered number: 04490816)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Trewern Farm Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: M Watkins
G M Watkins





SECRETARY: M Watkins





REGISTERED OFFICE: 21 Gold Tops
Newport
South Wales
NP20 4PG





REGISTERED NUMBER: 04490816 (England and Wales)





ACCOUNTANTS: Guilfoyle Sage LLP
21 Gold Tops
Newport
South Wales
NP20 4PG

Trewern Farm Limited (Registered number: 04490816)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 3,804,745 3,654,167
Investments 7 1 1
3,804,746 3,654,168

CURRENT ASSETS
Stocks 8 121,363 110,963
Debtors 9 675,244 452,669
Investments 10 2,882 2,882
Cash at bank and in hand 36,105 429,139
835,594 995,653
CREDITORS
Amounts falling due within one year 11 731,814 1,027,903
NET CURRENT ASSETS/(LIABILITIES) 103,780 (32,250 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,908,526

3,621,918

CREDITORS
Amounts falling due after more than one
year

12

(976,941

)

(1,010,220

)

PROVISIONS FOR LIABILITIES (214,448 ) (214,448 )
NET ASSETS 2,717,137 2,397,250

Trewern Farm Limited (Registered number: 04490816)

Balance Sheet - continued
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 14 50 50
Capital redemption reserve 50 50
Retained earnings 2,717,037 2,397,150
SHAREHOLDERS' FUNDS 2,717,137 2,397,250

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





M Watkins - Director


Trewern Farm Limited (Registered number: 04490816)

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

1. STATUTORY INFORMATION

Trewern Farm 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 (£).


Its principal place of business is New Farmhouse, Trewern Farm, Felindre, SA41 3XE

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated.

Preparation of consolidated financial statements
The financial statements contain information about Trewern Farm Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Milk quota
Intangible assets are initially measured at cost. After initial recognition. intangible assets are measured at cost less any accumulated amortisation and any accumulated impairement losses.

The milk quota is being amortised over 53 months on a straight line basis.

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.
Plant and machinery etc - 25% on cost and 10% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Trewern Farm Limited (Registered number: 04490816)

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

3. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Non-derivative financial instruments
Cash and cash equivalents comprise cash at bank and in hand.

Loans and borrowings and concessionary loans are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method less impairment. If an arrangement constitutes a finance transaction it is measured at present value. Loans and borrowings receivable within one year are not discounted.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Trewern Farm Limited (Registered number: 04490816)

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

5. INTANGIBLE FIXED ASSETS
Milk
quota
£   
COST
At 1 May 2023
and 30 April 2024 536,155
AMORTISATION
At 1 May 2023
and 30 April 2024 536,155
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 2,605,779 2,969,362 5,575,141
Additions 261,164 233,242 494,406
Disposals - (131,515 ) (131,515 )
At 30 April 2024 2,866,943 3,071,089 5,938,032
DEPRECIATION
At 1 May 2023 457,925 1,463,049 1,920,974
Charge for year 56,917 172,896 229,813
Eliminated on disposal - (17,500 ) (17,500 )
At 30 April 2024 514,842 1,618,445 2,133,287
NET BOOK VALUE
At 30 April 2024 2,352,101 1,452,644 3,804,745
At 30 April 2023 2,147,854 1,506,313 3,654,167

Trewern Farm Limited (Registered number: 04490816)

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

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2023 561,030
Additions 187,578
Disposals (70,000 )
Transfer to ownership (84,000 )
At 30 April 2024 594,608
DEPRECIATION
At 1 May 2023 271,101
Charge for year 113,130
Eliminated on disposal (17,500 )
Transfer to ownership (72,624 )
At 30 April 2024 294,107
NET BOOK VALUE
At 30 April 2024 300,501
At 30 April 2023 289,929

7. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 1
NET BOOK VALUE
At 30 April 2024 1
At 30 April 2023 1

8. STOCKS
30.4.24 30.4.23
£    £   
Stocks 121,363 110,963

Trewern Farm Limited (Registered number: 04490816)

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

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 401,614 370,837
Amounts owed by group undertakings 99,976 1,691
Other debtors 173,654 80,141
675,244 452,669

10. CURRENT ASSET INVESTMENTS
30.4.24 30.4.23
£    £   
CCF interest 2,882 2,882

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 171,468 237,595
Hire purchase contracts 151,275 148,947
Trade creditors 341,687 433,041
Amounts owed to group undertakings 2,054 37
Taxation and social security 62,346 190,600
Other creditors 2,984 17,683
731,814 1,027,903

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans 837,304 818,889
Hire purchase contracts 139,637 191,331
976,941 1,010,220

Amounts falling due in more than five years:

Repayable by instalments
Loan > 5yrs 331,929 417,839

Trewern Farm Limited (Registered number: 04490816)

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

13. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
£    £   
Bank loans 1,008,772 1,056,484
Hire purchase contracts 290,912 340,278
1,299,684 1,396,762

The bank loan is secured by a legal mortgage charge over the property and other assets.

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
50 Ordinary £1 50 50

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company has advanced a total of £127,319 (2023 - £214,242) to its directors through their director loan accounts; this has been fully repaid at the year end. The aggregate closing balance on the director loan accounts was £204 due to the directors (2023 - £1,522)

Advances to the directors are not deemed to accrue interest and are considered to be repayable on demand.

16. RELATED PARTY DISCLOSURES

At the year end a balance of £2,054 (2023 - £1,691) was due from Trewern Farm Contracting Ltd, a fully owned subsidiary of the company and a balance of £24 was due to parent company Trewern Farm Holdings Ltd (2023 - £37)

During the year the company made a loan of £121,000 to Mentrus Developments Ltd, a company associated by common directorship (2023 - £10,000). At the year end Mentrus Developments Ltd owned a total of £131,000 to Trewern Farm Ltd (2023 - £10,000).

These loans are considered to be repayable on demand and no interest is deemed to accrue.