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Company No: 14569028 (England and Wales)

DEVON & SOMERSET EGGS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

DEVON & SOMERSET EGGS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

DEVON & SOMERSET EGGS LTD

BALANCE SHEET

As at 31 December 2024
DEVON & SOMERSET EGGS LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 31.12.2024 31.12.2023
£ £
Fixed assets
Tangible assets 3 436,827 359,506
436,827 359,506
Current assets
Stocks 4, 5 214,856 159,673
Debtors 6 78,366 120,901
Cash at bank and in hand 249,780 97,529
543,002 378,103
Creditors: amounts falling due within one year 7 ( 238,242) ( 387,600)
Net current assets/(liabilities) 304,760 (9,497)
Total assets less current liabilities 741,587 350,009
Creditors: amounts falling due after more than one year 8 ( 358,129) ( 360,232)
Provision for liabilities ( 96,228) 0
Net assets/(liabilities) 287,230 ( 10,223)
Capital and reserves
Called-up share capital 100 100
Profit and loss account 287,130 ( 10,323 )
Total shareholders' funds/(deficit) 287,230 ( 10,223)

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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Devon & Somerset Eggs Ltd (registered number: 14569028) were approved and authorised for issue by the Board of Directors on 24 January 2025. They were signed on its behalf by:

C S James
Director
A L Lampitt
Director
DEVON & SOMERSET EGGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
DEVON & SOMERSET EGGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Devon & Somerset Eggs Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of eggs, and contracting. Turnover is shown net of value added tax and is when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Biological 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 are shown within stock and comprise laying hens.

There is a breakdown of the movement within the current biological asset note.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks comprising deadstock such as feed are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

Also included in stock are current biological assets consisting of poultry.

Trade and other 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.

Accrued income represents amounts due from customers for merchandise sold or services performed in the ordinary course of business and is recognised at the transaction price.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Year ended
31.12.2024
Period from
04.01.2023 to
31.12.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 6

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Total
£ £ £
Cost
At 01 January 2024 113,165 259,430 372,595
Additions 28,396 78,177 106,573
Disposals 0 ( 1,332) ( 1,332)
At 31 December 2024 141,561 336,275 477,836
Accumulated depreciation
At 01 January 2024 4,026 9,063 13,089
Charge for the financial year 8,279 19,641 27,920
At 31 December 2024 12,305 28,704 41,009
Net book value
At 31 December 2024 129,256 307,571 436,827
At 31 December 2023 109,139 250,367 359,506

4. Stocks

31.12.2024 31.12.2023
£ £
Stocks 25,364 9,226
Livestock 189,492 150,447
214,856 159,673

5. Current biological assets

Assets held at cost:

Poultry Total
£ £
Cost
At 01 January 2024 150,447 150,447
Increase due to purchases/ transfers in 39,045 39,045
At 31 December 2024 189,492 189,492

6. Debtors

31.12.2024 31.12.2023
£ £
Trade debtors 11,895 10,640
Other taxation and social security 0 20
Other debtors 66,471 110,241
78,366 120,901

Included within other debtors are prepayments, accrued income and VAT.

7. Creditors: amounts falling due within one year

31.12.2024 31.12.2023
£ £
Bank loans 31,632 237,056
Trade creditors 137,279 91,172
Other creditors 69,331 59,372
238,242 387,600

Included within other creditors are amounts owed to directors & accruals

8. Creditors: amounts falling due after more than one year

31.12.2024 31.12.2023
£ £
Bank loans 358,129 360,232

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

31.12.2024 31.12.2023
£ £
Bank loans 97,624 97,624

The company has provided security on bank borrowings by a fixed charge over its assets. No security has been given on any assets held outside of the company.