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Company No: 06627403 (England and Wales)

KNAPLOCK LIMITED

Unaudited Financial Statements
For the financial period from 01 August 2023 to 31 October 2024
Pages for filing with the registrar

KNAPLOCK LIMITED

Unaudited Financial Statements

For the financial period from 01 August 2023 to 31 October 2024

Contents

KNAPLOCK LIMITED

BALANCE SHEET

As at 31 October 2024
KNAPLOCK LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 31.10.2024 31.07.2023
£ £
Fixed assets
Tangible assets 4 0 1,142,004
0 1,142,004
Current assets
Stocks 5 0 108,614
Debtors 6 842,726 258,231
Cash at bank and in hand 317,999 412,177
1,160,725 779,022
Creditors: amounts falling due within one year 7 ( 389,258) ( 468,845)
Net current assets 771,467 310,177
Total assets less current liabilities 771,467 1,452,181
Creditors: amounts falling due after more than one year 8 0 ( 902,198)
Provision for liabilities 0 ( 139,457)
Net assets 771,467 410,526
Capital and reserves
Called-up share capital 100 100
Profit and loss account 771,367 410,426
Total shareholders' funds 771,467 410,526

For the financial period ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Knaplock Limited (registered number: 06627403) were approved and authorised for issue by the Board of Directors on 23 April 2025. They were signed on its behalf by:

S Barton
Director
K Barton
Director
KNAPLOCK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2023 to 31 October 2024
KNAPLOCK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2023 to 31 October 2024
1. Accounting policies

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

General information and basis of accounting

Knaplock Limited (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 principal place of business is The Old Quarry, Knaplock Lane, Stockland Bristol, Bridgwater, TA5 2QB.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Reporting period length

The company has changed it's accounting reference date from 31 July to 31 October, effective from the financial year ending 31 October 2024. This change was made to better align the company's financial reporting cycle with its natural trading cycle. As a result of this change, the financial statements for the year ended 31 October 2024 have been prepared on the basis of the new accounting reference date. The change in accounting date has no material impact on the financial statements

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for poultry provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue for poultry at the point of each catch and quarterly for RHI and biomass income.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
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:

Land and buildings 20 years straight line
Plant and machinery 15 % reducing balance
20 years straight line
Vehicles 5 years straight line
Fixtures and fittings 3 - 4 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 comprise of broiler chickens.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

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

Defined contribution pension obligation

The company operates a defined pension contribution plan for its employees. A defined pension contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2. Employees

Period from
01.08.2023 to
31.10.2024
Year ended
31.07.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 3 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 August 2023 50,000 50,000
At 31 October 2024 50,000 50,000
Accumulated amortisation
At 01 August 2023 50,000 50,000
At 31 October 2024 50,000 50,000
Net book value
At 31 October 2024 0 0
At 31 July 2023 0 0

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 August 2023 1,984,708 1,133,526 24,539 6,256 3,149,029
Additions 4,010 0 0 0 4,010
Disposals ( 1,988,718) ( 1,133,526) ( 24,539) ( 6,256) ( 3,153,039)
At 31 October 2024 0 0 0 0 0
Accumulated depreciation
At 01 August 2023 1,059,479 916,751 24,539 6,256 2,007,025
Charge for the financial period 112,038 39,832 0 0 151,870
Disposals ( 1,171,517) ( 956,583) ( 24,539) ( 6,256) ( 2,158,895)
At 31 October 2024 0 0 0 0 0
Net book value
At 31 October 2024 0 0 0 0 0
At 31 July 2023 925,229 216,775 0 0 1,142,004

5. Stocks

31.10.2024 31.07.2023
£ £
Livestock 0 108,614

6. Debtors

31.10.2024 31.07.2023
£ £
Trade debtors 0 25,249
Other debtors 842,726 232,982
842,726 258,231

7. Creditors: amounts falling due within one year

31.10.2024 31.07.2023
£ £
Bank loans 0 112,000
Trade creditors 20,298 32,410
Taxation and social security 361,895 76,511
Other creditors 7,065 247,924
389,258 468,845

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

31.10.2024 31.07.2023
£ £
Bank loans 0 902,198

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:

31.10.2024 31.07.2023
£ £
Bank loans 0 501,570

9. Financial commitments

Commitments

Capital commitments are as follows:

31.10.2024 31.07.2023
£ £
Contracted for but not provided for:
Other 0 9,000

The total amount of financial commitments not included in the balance relates to non-cancellable quarterly rent commitments for land and buildings, owned within a SSAS, which is rented on a long lease.