REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Trewern Farm Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Investments | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
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 |
Capital redemption reserve |
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 |
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 |
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 |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery etc | - |
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 |
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 |
AMORTISATION |
At 1 May 2023 |
and 30 April 2024 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
Additions |
Disposals | ( |
) |
Transfer to ownership | (84,000 | ) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to ownership | (72,624 | ) |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
8. | STOCKS |
30.4.24 | 30.4.23 |
£ | £ |
Stocks |
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 |
Amounts owed by group undertakings |
Other debtors |
10. | CURRENT ASSET INVESTMENTS |
30.4.24 | 30.4.23 |
£ | £ |
CCF interest |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans |
Hire purchase contracts |
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 |
Hire purchase contracts | 290,912 | 340,278 |
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: | £ | £ |
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. |