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COMPANY REGISTRATION NUMBER: 13923603
Puffin Farms Limited
Filleted Unaudited Financial Statements
31 March 2024
Puffin Farms Limited
Financial Statements
Year ended 31 March 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
Puffin Farms Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
639,920
719,910
Tangible assets
6
6,816,572
7,135,322
------------
------------
7,456,492
7,855,232
Current assets
Stocks
7
797,772
1,387,250
Debtors
8
3,095,245
2,957,543
Cash at bank and in hand
1,001
344
------------
------------
3,894,018
4,345,137
Creditors: amounts falling due within one year
9
( 4,484,523)
( 2,870,331)
------------
------------
Net current (liabilities)/assets
( 590,505)
1,474,806
------------
------------
Total assets less current liabilities
6,865,987
9,330,038
Creditors: amounts falling due after more than one year
10
( 4,297,223)
( 6,323,636)
------------
------------
Net assets
2,568,764
3,006,402
------------
------------
Capital and reserves
Called up share capital
11
3,300,000
3,300,000
Profit and loss account
( 731,236)
( 293,598)
------------
------------
Shareholders funds
2,568,764
3,006,402
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Puffin Farms Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Mr J M Langmead
Director
Company registration number: 13923603
Puffin Farms Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Withybush, Withybush Road, Haverfordwest, Pembrokeshire, SA62 4BS.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. The company has traded in line with its forecasted expectations. The company and it's ultimate holding company Puffin Farms Holdings Limited have operated under strict cash management procedures with the support of prudent forecasting and strong management controls. As at 31 March 2024 the company had net liabilities of £590,505 (2023 - net assets £1,474,806). Subsequent to the year end Puffin Farms Holdings Limited issued 1,066,000 £1 shares to support the continuted operations of that company and it's subsidiary. The directors have considered the basis of the preparation of the financial statements and based on the assessment of budgets and cashflow forecasts for at least twelve months from the date of signing of these financial statements , are satisfied the company has adequate resources to continue in operation for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Cold stores
-
20 % reducing balance or over lease term
Plant and machinery
-
20% reducing balance
Computer equipment
-
straight line over 3 years
No depreciation is provided for on Freehold land, property and improvements.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a moving average basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immedidately in profit or loss. Biological assets and agricultural produce The company applies the cost model in relation to biological assets and agricultural produce. Biological assets including bulb stocks in the ground are measured at cost less impairment. At the point of harvest, agricultural produce is measured at the lower of cost and estimated selling price less cost to sell.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
799,900
---------
Amortisation
At 1 April 2023
79,990
Charge for the year
79,990
---------
At 31 March 2024
159,980
---------
Carrying amount
At 31 March 2024
639,920
---------
At 31 March 2023
719,910
---------
6. Tangible assets
Freehold land
Freehold property and improvements
Cold stores
Plant and machinery
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
161,064
2,075,398
4,419,843
778,435
7,434,740
Additions
11,695
13,819
3,375
28,889
Disposals
( 87,288)
( 87,288)
---------
------------
------------
---------
-------
------------
At 31 Mar 2024
161,064
2,087,093
4,419,843
704,966
3,375
7,376,341
---------
------------
------------
---------
-------
------------
Depreciation
At 1 Apr 2023
150,620
148,798
299,418
Charge for the year
155,356
134,283
514
290,153
Disposals
( 29,802)
( 29,802)
---------
------------
------------
---------
-------
------------
At 31 Mar 2024
305,976
253,279
514
559,769
---------
------------
------------
---------
-------
------------
Carrying amount
At 31 Mar 2024
161,064
2,087,093
4,113,867
451,687
2,861
6,816,572
---------
------------
------------
---------
-------
------------
At 31 Mar 2023
161,064
2,075,398
4,269,223
629,637
7,135,322
---------
------------
------------
---------
-------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Cold stores
£
At 31 March 2024
91,641
--------
At 31 March 2023
116,798
---------
7. Stocks
2024
2023
£
£
Total stock
797,772
1,387,250
---------
------------
The breakdown of total stock is as follows:
2024
£
Growing costs599,795
Other stock197,977
---------
797,772
---------
Other stock includes biological assets relating to daffodil bulbs for the amount of £197,977. The following shows the movements in the period for biological assets:
Daffodils
£
Cost:
At 1 April 202384,868
Growing costs invested in the crop245,094
Impairment(131,985)
---------
At 31 March 2024197,977
---------
8. Debtors
2024
2023
£
£
Trade debtors
754,776
744,179
Other debtors
2,340,469
2,213,364
------------
------------
3,095,245
2,957,543
------------
------------
Included within other debtors is an amount of £nil (2023 - £nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans (secured)
125,001
82,718
Trade creditors
392,271
765,172
Amounts owed to group undertakings
1,416,128
1,416,128
Social security and other taxes
203,933
84,855
Obligations under finance leases and hire purchase contracts
43,265
38,792
Deferred government grants
92,049
Other creditors
2,303,925
390,617
------------
------------
4,484,523
2,870,331
------------
------------
Security is given to HSBC Bank Plc by way of a fixed and floating charge over all assets of the company dated 11 March 2022 and a charge over Clarborough Farm, Narberth dated 1 April 2022.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans (secured)
4,247,729
4,358,842
Obligations under finance leases and hire purchase contracts
49,494
96,735
Deferred government grants
1,868,059
------------
------------
4,297,223
6,323,636
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £3,747,723 (2023: £4,027,970) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
3,300,000
3,300,000
3,300,000
3,300,000
------------
------------
------------
------------
12. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024
2023
£
£
Tangible assets
795,000
---------
----
13. Related party transactions
The company is a 100% subsidiary of Puffin Farms Holdings Limited, a company registered in England and Wales.