IRIS Accounts Production v25.1.0.734 05169961 Board of Directors 1.10.23 30.9.24 30.9.24 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh051699612023-09-30051699612024-09-30051699612023-10-012024-09-30051699612022-09-30051699612022-10-012023-09-30051699612023-09-3005169961ns15:EnglandWales2023-10-012024-09-3005169961ns14:PoundSterling2023-10-012024-09-3005169961ns10:Director12023-10-012024-09-3005169961ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3005169961ns10:SmallEntities2023-10-012024-09-3005169961ns10:AuditExemptWithAccountantsReport2023-10-012024-09-3005169961ns10:SmallCompaniesRegimeForDirectorsReport2023-10-012024-09-3005169961ns10:SmallCompaniesRegimeForAccounts2023-10-012024-09-3005169961ns10:FullAccounts2023-10-012024-09-300516996112023-10-012024-09-3005169961ns10:Director22023-10-012024-09-3005169961ns10:RegisteredOffice2023-10-012024-09-3005169961ns5:CurrentFinancialInstruments2024-09-3005169961ns5:CurrentFinancialInstruments2023-09-3005169961ns5:Non-currentFinancialInstruments2024-09-3005169961ns5:Non-currentFinancialInstruments2023-09-3005169961ns5:ShareCapital2024-09-3005169961ns5:ShareCapital2023-09-3005169961ns5:RetainedEarningsAccumulatedLosses2024-09-3005169961ns5:RetainedEarningsAccumulatedLosses2023-09-3005169961ns5:NetGoodwill2023-10-012024-09-3005169961ns5:IntangibleAssetsOtherThanGoodwill2023-10-012024-09-3005169961ns5:LandBuildings2023-10-012024-09-3005169961ns5:PlantMachinery2023-10-012024-09-3005169961ns5:NetGoodwill2023-09-3005169961ns5:NetGoodwill2024-09-3005169961ns5:NetGoodwill2023-09-3005169961ns5:LandBuildings2023-09-3005169961ns5:PlantMachinery2023-09-3005169961ns5:LandBuildings2024-09-3005169961ns5:PlantMachinery2024-09-3005169961ns5:LandBuildings2023-09-3005169961ns5:PlantMachinery2023-09-3005169961ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-3005169961ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-09-3005169961ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3005169961ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-3005169961ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3005169961ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3005169961ns5:Secured2024-09-3005169961ns5:Secured2023-09-30
REGISTERED NUMBER: 05169961 (England and Wales)












COWINDALE FEEDS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2024






COWINDALE FEEDS LIMITED (REGISTERED NUMBER: 05169961)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 10

COWINDALE FEEDS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mrs H A Davies
J R Morse





REGISTERED OFFICE: Penbontbren Lane
Llysonnen Road
Carmarthen
Carmarthenshire
SA33 5ED





REGISTERED NUMBER: 05169961 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

COWINDALE FEEDS LIMITED (REGISTERED NUMBER: 05169961)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,360,137 2,401,376
2,360,137 2,401,376

CURRENT ASSETS
Stocks 8,800 6,500
Debtors 6 3,249,038 2,648,565
Cash at bank - 28,441
3,257,838 2,683,506
CREDITORS
Amounts falling due within one year 7 2,515,067 1,748,397
NET CURRENT ASSETS 742,771 935,109
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,102,908

3,336,485

CREDITORS
Amounts falling due after more than one
year

8

(628,142

)

(818,019

)

PROVISIONS FOR LIABILITIES (66,322 ) (91,152 )
NET ASSETS 2,408,444 2,427,314

CAPITAL AND RESERVES
Called up share capital 200,602 200,602
Retained earnings 2,207,842 2,226,712
SHAREHOLDERS' FUNDS 2,408,444 2,427,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

COWINDALE FEEDS LIMITED (REGISTERED NUMBER: 05169961)

BALANCE SHEET - continued
30 SEPTEMBER 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 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 3 April 2025 and were signed on its behalf by:





J R Morse - Director


COWINDALE FEEDS LIMITED (REGISTERED NUMBER: 05169961)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Cowindale Feeds 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.

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.

Turnover
The turnover is derived from the principal activity of the company, which is the sale of farm feed products. Turnover is recognized at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of three years.

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.

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.
Land and buildings - 2% on cost
Plant and machinery etc - 20% reducing balance

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

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.

COWINDALE FEEDS LIMITED (REGISTERED NUMBER: 05169961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

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.

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.

Cash at bank and in hand
Cash at bank and in hand 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 arc shown within borrowings in current liabilities.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

COWINDALE FEEDS LIMITED (REGISTERED NUMBER: 05169961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

Basic 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 statement of financial position 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 trade and other receivables 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.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies 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 the future receipts discounted at a market rate of interest.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

COWINDALE FEEDS LIMITED (REGISTERED NUMBER: 05169961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 62,438
AMORTISATION
At 1 October 2023
and 30 September 2024 62,438
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 October 2023 2,333,450 2,374,648 4,708,098
Additions 18,160 55,520 73,680
Disposals - (20,775 ) (20,775 )
Transfer to ownership - 114,419 114,419
Reclassification/transfer - (114,419 ) (114,419 )
At 30 September 2024 2,351,610 2,409,393 4,761,003
DEPRECIATION
At 1 October 2023 252,712 2,054,010 2,306,722
Charge for year 23,071 71,073 94,144
At 30 September 2024 275,783 2,125,083 2,400,866
NET BOOK VALUE
At 30 September 2024 2,075,827 284,310 2,360,137
At 30 September 2023 2,080,738 320,638 2,401,376

Included in cost of land and buildings is freehold land of £ 1,188,487 (2023 - £ 1,138,487 ) which is not depreciated.

COWINDALE FEEDS LIMITED (REGISTERED NUMBER: 05169961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 October 2023 336,359
Reclassification/transfer (114,419 )
At 30 September 2024 221,940
DEPRECIATION
At 1 October 2023 210,147
Charge for year 32,304
Transfer to ownership (79,114 )
At 30 September 2024 163,337
NET BOOK VALUE
At 30 September 2024 58,603
At 30 September 2023 126,212

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,590,958 2,409,656
Other debtors 658,080 238,909
3,249,038 2,648,565

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 816,084 154,188
Hire purchase contracts 11,382 55,843
Trade creditors 1,559,881 1,131,800
Taxation and social security 33,470 178,989
Other creditors 94,250 227,577
2,515,067 1,748,397

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 628,142 801,534
Hire purchase contracts - 16,485
628,142 818,019

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 141,705 184,782

COWINDALE FEEDS LIMITED (REGISTERED NUMBER: 05169961)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft 652,820 -
Bank loans 791,406 955,722
Hire purchase contracts 11,382 72,328
1,455,608 1,028,050

Bank borrowings
The bank borrowing amount is denominated in £ with a nominal interest rate of 2% to 5.35%, and the final instalment is due in June 2030. The carrying amount at year end is £791,406 (2023 - £955,722).

The bank borrowings are secured against the assets of the company and that held by the directors.

Other borrowings
Finance lease liability amounts is denominated in £ with a nominal interest rate of 14%, and the final instalment is due in January 2025 . The carrying amount at year end is £11,382 (2023 - £72,328).

The finance lease liabilities are secured on the assets to which they relate.

10. RELATED PARTY DISCLOSURES

During the year, the company made sales to Capel Farm Partnership (of which a director is a partner) of £162,119 (2023 - £265,678). At the balance sheet date, the amount due from Capel Farm was £526,166 (2023 - £364,047).

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
COWINDALE FEEDS LIMITED

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 Income Statement 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 Cowindale Feeds Limited for the year ended 30 September 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 Cowindale Feeds Limited, 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 Cowindale Feeds Limited and state those matters that we have agreed to state to the Board of Directors of Cowindale Feeds Limited, 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 Cowindale Feeds Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cowindale Feeds Limited 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 Cowindale Feeds Limited. You consider that Cowindale Feeds Limited 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 Cowindale Feeds Limited. 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.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


3 April 2025