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REGISTERED NUMBER: 11642831 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Summerfields Holsteins Limited

Summerfields Holsteins Limited (Registered number: 11642831)

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


Summerfields Holsteins Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: N J Summerfield
Mrs K M Summerfield





REGISTERED OFFICE: New Yew Tree Farm
Three Miles Lane
Whitmore
Newcastle under Lyme
Staffordshire
ST5 5HJ





REGISTERED NUMBER: 11642831 (England and Wales)

Summerfields Holsteins Limited (Registered number: 11642831)

Balance Sheet
30 April 2024

30/4/24 30/4/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 945 945
Tangible assets 5 983,825 978,764
Biological assets 6 295,560 284,116
1,280,330 1,263,825

CURRENT ASSETS
Stocks 244,079 198,749
Debtors 7 146,897 99,087
390,976 297,836
CREDITORS
Amounts falling due within one year 8 411,482 329,484
NET CURRENT LIABILITIES (20,506 ) (31,648 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,259,824

1,232,177

CREDITORS
Amounts falling due after more than one
year

9

(746,179

)

(826,434

)

PROVISIONS FOR LIABILITIES (128,939 ) (103,263 )
NET ASSETS 384,706 302,480

CAPITAL AND RESERVES
Called up share capital 2,500 2,500
Other reserves 175,499 175,499
Retained earnings 206,707 124,481
384,706 302,480

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.

Summerfields Holsteins Limited (Registered number: 11642831)

Balance Sheet - continued
30 April 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 January 2025 and were signed on its behalf by:




N J Summerfield - Director



Mrs K M Summerfield - Director


Summerfields Holsteins Limited (Registered number: 11642831)

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


1. STATUTORY INFORMATION

Summerfields Holsteins 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 (£).


2. ACCOUNTING POLICIES

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

Changes in comparative amounts
The directors have considered the disclosure of certain items during the year and have decided that it is appropriate to amend the comparatives in places. There has been no impact on profit as amendments have affected the disclosures only.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of nil years.

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 - 20% on reducing balance, 15% on reducing balance, 10% on reducing balance and 5% on reducing balance

Dairy herd
Biological assets are recognised only when three recognition criteria have been fulfilled:
1) The entity has control over the asset as a result of past events;
2) It is probable that future economic benefits associated with the asset will flow to the entity; and
3) The fair value or cost of the asset can be measured reliably.

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either the lower of cost and estimated selling price less cost to complete and sell or fair value less costs to sell with any gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell being included in the profit and loss.

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

Summerfields Holsteins Limited (Registered number: 11642831)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument in any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non- current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.


Summerfields Holsteins Limited (Registered number: 11642831)

Notes to the Financial Statements - continued
for the Year Ended 30 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023
and 30 April 2024 945
NET BOOK VALUE
At 30 April 2024 945
At 30 April 2023 945

Summerfields Holsteins Limited (Registered number: 11642831)

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


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 306,028 834,097 1,140,125
Additions - 80,393 80,393
Disposals - (25,948 ) (25,948 )
At 30 April 2024 306,028 888,542 1,194,570
DEPRECIATION
At 1 May 2023 - 161,361 161,361
Charge for year - 64,389 64,389
Eliminated on disposal - (15,005 ) (15,005 )
At 30 April 2024 - 210,745 210,745
NET BOOK VALUE
At 30 April 2024 306,028 677,797 983,825
At 30 April 2023 306,028 672,736 978,764

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 441,142
Additions 39,702
Disposals (22,992 )
At 30 April 2024 457,852
DEPRECIATION
At 1 May 2023 53,465
Charge for year 33,644
Eliminated on disposal (12,879 )
At 30 April 2024 74,230
NET BOOK VALUE
At 30 April 2024 383,622
At 30 April 2023 387,677

Summerfields Holsteins Limited (Registered number: 11642831)

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


6. BIOLOGICAL ASSETS
Total
£   
COST
At 1 May 2023 284,116
Additions 11,444
At 30 April 2024 295,560
NET BOOK VALUE
At 30 April 2024 295,560
At 30 April 2023 284,116

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Trade debtors 95,783 89,555
Other debtors 51,114 9,532
146,897 99,087

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/4/24 30/4/23
£    £   
Bank loans and overdrafts 185,827 118,297
Hire purchase contracts 61,512 61,512
Trade creditors 160,696 125,745
Taxation and social security 1,647 -
Other creditors 1,800 23,930
411,482 329,484

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/4/24 30/4/23
£    £   
Bank loans 609,056 646,886
Hire purchase contracts 137,123 179,548
746,179 826,434

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 421,444 473,316

Summerfields Holsteins Limited (Registered number: 11642831)

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


10. SECURED DEBTS

The following secured debts are included within creditors:

30/4/24 30/4/23
£    £   
Bank loans 646,579 684,100
Hire purchase contracts 198,635 241,060
845,214 925,160

The hire purchase is secured against the assets purchased on hire purchase.

Lloyds Bank have a fixed and floating charge which covers all the property and undertaking of the company.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

30/4/24 30/4/23
£    £   
N J Summerfield
Balance outstanding at start of year - -
Amounts advanced 94,394 -
Amounts repaid (60,584 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 33,810 -