Penrhos Poultry Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 08853436 (England and Wales)

Penrhos Poultry Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2024

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

RJ Williams

SA Williams

REGISTERED OFFICE:

Penrhos Farm

Lyonshall

Kington

Herefordshire

HR5 3LH

REGISTERED NUMBER:

08853436 (England and Wales)

ACCOUNTANTS:

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Income and Retained Earnings and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Penrhos Poultry Ltd for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Penrhos Poultry Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Penrhos Poultry Ltd and state those matters that we have agreed to state to the Board of Directors of Penrhos Poultry Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Penrhos Poultry Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Penrhos Poultry Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Penrhos Poultry Ltd. You consider that Penrhos Poultry Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Penrhos Poultry Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Hutchinson Partnership Limited

trading as The Hutchinson Partnership

Chartered Accountants

The Bull Pen

Grove Farm

Portway, Burghill

Hereford

HR4 8NF

1 April 2025

FIXED ASSETS

Tangible assets

4

3,276,655

2,240,839

Investment property

5

470,000

-

3,746,655

2,240,839

CURRENT ASSETS

Stocks

379,031

101,429

Debtors

6

94,909

200,379

Cash at bank

643,369

1,312,077

1,117,309

1,613,885

CREDITORS

Amounts falling due within one year

7

744,644

460,284

NET CURRENT ASSETS

372,665

1,153,601

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,119,320

3,394,440

CREDITORS

Amounts falling due after more than one
year

8

(1,098,060

)

(803,516

)

PROVISIONS FOR LIABILITIES

10

(172,496

)

(164,375

)

NET ASSETS

2,848,764

2,426,549

CAPITAL AND RESERVES

Allotted, issued and fully paid share capital

1,000

Retained earnings

2,847,764

2,425,549

SHAREHOLDERS' FUNDS

2,848,764

2,426,549

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2025 and were signed on its behalf by:

RJ Williams - Director

1.	STATUTORY INFORMATION

Penrhos Poultry Ltd is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

The directors are confident that the company will continue to trade profitably in future and will be able to trade within its agreed finance facilities for the next 12 months. They have also confirmed that they will not withdraw their loan accounts to the detriment of other creditors within this period. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

not provided

Improvements to property

-

4% on cost

Plant and machinery

-

10% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

The company has biological assets included within stock. The biological assets of the company are poultry and these are valued at cost. These have not been depreciated as they have a useful life of less than one year.

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.

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

The average number of employees during the year was 7 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

machinery

Totals

£

COST

At 1 January 2024

158,056

1,659,883

2,146,904

3,964,843

Additions

1,138,098

-

96,909

1,235,007

Disposals

-

(33,000

)

(33,000

)

At 31 December 2024

1,296,154

1,659,883

2,210,813

5,166,850

DEPRECIATION

At 1 January 2024

-

540,847

1,183,157

1,724,004

Charge for year

-

66,395

103,096

169,491

Eliminated on disposal

-

(3,300

)

(3,300

)

At 31 December 2024

-

607,242

1,282,953

1,890,195

NET BOOK VALUE

At 31 December 2024

1,296,154

1,052,641

927,860

3,276,655

At 31 December 2023

158,056

1,119,036

963,747

2,240,839

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

470,458

Revaluations

(458

)

At 31 December 2024

470,000

NET BOOK VALUE

At 31 December 2024

470,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2024

(458

)

Cost

470,458

470,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

26,023

109,897

Intercompany loans

35,000

VAT

22,620

30,592

Prepayments and accrued income

11,266

24,890

94,909

200,379

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

101,000

99,000

Trade creditors

460,233

250,267

Tax

165,093

96,498

Intercompany loans

-

2,000

Accruals and deferred income

18,318

12,519

744,644

460,284

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans - 1-2 years

102,000

100,000

Bank loans - 2-5 years

312,000

306,000

Bank loans more than 5 years by instalments

75,446

186,254

Intercompany loans

450,000

-

Directors' loan accounts

132,662

211,262

Accruals and deferred income

25,952

-

1,098,060

803,516

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalments

75,446

186,254

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

590,446

691,254

The loans are secured against 178 acres of land and buildings at Penrhos Farm and Heath Farm which are owned by the directors. The bank also has a fixed and floating charge over the assets of the company.

10.	PROVISIONS FOR LIABILITIES

2024

2023

£

Deferred tax

Accelerated capital allowances

172,496

164,375

Deferred

tax

£

Balance at 1 January 2024

164,375

Provided during year

8,121

Balance at 31 December 2024

172,496

11.	RELATED PARTY DISCLOSURES

Penrhos Poultry Ltd made an interest free loan of £110,000 in 2017 to a company which is controlled by the directors. No repayments have been made in during the year (2023: £Nil). The balance at the year end is £35,000 (2023: £35,000). This is repayable on demand.

At the previous year end Penrhos Poultry Ltd had a trade creditor balance of £102,745 owed to another company which is controlled by the directors, there is no trade creditor balance at the end of this year.. During the year Penrhos Poultry Ltd borrowed £450,000 from this company. This loan is due after one year.

Penrhos Poultry Ltd has a trade creditor balance of £23,112 (2023: £23,239) owed to a partnership of which the directors are partners. There is also a debtor balance of £1,893 (2023: £Nil) owed to Penrhos Poultry Ltd.

Penrhos Poultry Ltd made an interest free loan of £1,286 during the year to a company which is 50% controlled by the directors. This has been fully written off during the year.

The directors loan accounts are interest free and unsecured.