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Registration number: 13064330

Penrhiw Farms Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Penrhiw Farms Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Penrhiw Farms Ltd

Company Information

Director

Mr F Sauro

Company secretary

Mr F Sauro

Registered office

Penrhiw Farm
Cwmisfael
Llanddarog
Carmarthenshire
SA32 8BY

 

Penrhiw Farms Ltd

(Registration number: 13064330)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

5,962

5,962

Tangible assets

6

4,282,145

4,043,105

 

4,288,107

4,049,067

Current assets

 

Stocks

8

345,044

218,029

Debtors

9

104,648

114,053

Cash at bank and in hand

 

25,513

-

 

475,205

332,082

Creditors: Amounts falling due within one year

10

(242,010)

(206,151)

Net current assets

 

233,195

125,931

Total assets less current liabilities

 

4,521,302

4,174,998

Creditors: Amounts falling due after more than one year

10

(1,839,909)

(5,072,433)

Net assets/(liabilities)

 

2,681,393

(897,435)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,681,293

(897,535)

Total equity

 

2,681,393

(897,435)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

 

Penrhiw Farms Ltd

(Registration number: 13064330)
Balance Sheet as at 31 December 2024

Approved and authorised by the director on 11 February 2025
 

.........................................
Mr F Sauro
Company secretary and director

   
     
 

Penrhiw Farms Ltd

Notes to the Financial Statements for the Year Ended 31 December 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:
Penrhiw Farm
Cwmisfael
Llanddarog
Carmarthenshire
SA32 8BY

These financial statements were authorised for issue by the director on 11 February 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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Penrhiw Farms Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Depreciation

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

Motor vehicles

20% reducing balance basis

Plant and machinery

10% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Entitlements

No amortisation

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.

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.

 

Penrhiw Farms Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Penrhiw Farms Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

92,336

84,708

5

Intangible assets

Entitlements
 £

Total
£

Cost or valuation

At 1 January 2024

5,962

5,962

At 31 December 2024

5,962

5,962

Amortisation

Carrying amount

At 31 December 2024

5,962

5,962

At 31 December 2023

5,962

5,962

 

Penrhiw Farms Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

3,109,293

138,286

572,706

61,150

367,210

4,248,645

Additions

295,063

9,124

3,500

101,978

-

409,665

Disposals

-

-

(31,400)

-

(55,400)

(86,800)

At 31 December 2024

3,404,356

147,410

544,806

163,128

311,810

4,571,510

Depreciation

At 1 January 2024

-

65,865

119,269

20,406

-

205,540

Charge for the year

-

20,386

43,405

28,544

-

92,335

Eliminated on disposal

-

-

(8,510)

-

-

(8,510)

At 31 December 2024

-

86,251

154,164

48,950

-

289,365

Carrying amount

At 31 December 2024

3,404,356

61,159

390,642

114,178

311,810

4,282,145

At 31 December 2023

3,109,293

72,421

453,437

40,744

367,210

4,043,105

Included within the net book value of land and buildings above is £3,404,356 (2023 - £3,109,293) in respect of freehold land and buildings.
 

 

Penrhiw Farms Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Investment properties

2024
£

There has been no valuation of investment property by an independent valuer.

8

Stocks

2024
£

2023
£

Deadstock

131,144

80,629

Livestock

213,900

137,400

345,044

218,029

9

Debtors

2024
£

2023
£

Trade debtors

80,143

74,941

Prepayments

7,500

-

Other debtors

17,005

39,112

104,648

114,053

 

Penrhiw Farms Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

12

-

2,234

Trade creditors

 

226,812

198,830

Taxation and social security

 

9,963

180

Other related parties

 

72

72

Outstanding defined contribution pension costs

 

974

-

Other creditors

 

4,189

4,835

 

242,010

206,151

Due after one year

 

Loans and borrowings

12

1,839,909

5,072,433

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

12

1,839,909

5,072,433

 

Penrhiw Farms Ltd

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

12

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

1,136,893

1,136,893

HP and finance lease liabilities

199,048

213,920

Other borrowings

503,968

3,721,620

1,839,909

5,072,433

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

-

2,234

13

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

At 31 December 2024
£

Mr F Sauro

Interest free loan repayable on demand

(72)

(72)

     
   

 

2023

At 1 January 2023
£

At 31 December 2023
£

Mr F Sauro

Interest free loan repayable on demand

(72)

(72)