3 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04028568 2023-10-01 2024-09-30 04028568 2024-09-30 04028568 2023-09-30 04028568 2022-10-01 2023-09-30 04028568 2023-09-30 04028568 2022-09-30 04028568 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04028568 core:PlantMachinery 2023-10-01 2024-09-30 04028568 bus:Director1 2023-10-01 2024-09-30 04028568 core:WithinOneYear 2024-09-30 04028568 core:WithinOneYear 2023-09-30 04028568 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 04028568 core:PlantMachinery 2023-09-30 04028568 core:LandBuildings core:OwnedOrFreeholdAssets 2024-09-30 04028568 core:PlantMachinery 2024-09-30 04028568 core:AfterOneYear 2024-09-30 04028568 core:AfterOneYear 2023-09-30 04028568 core:ShareCapital 2024-09-30 04028568 core:ShareCapital 2023-09-30 04028568 core:RevaluationReserve 2024-09-30 04028568 core:RevaluationReserve 2023-09-30 04028568 core:RetainedEarningsAccumulatedLosses 2024-09-30 04028568 core:RetainedEarningsAccumulatedLosses 2023-09-30 04028568 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 04028568 core:PlantMachinery 2023-09-30 04028568 bus:SmallEntities 2023-10-01 2024-09-30 04028568 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 04028568 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 04028568 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04028568 bus:FullAccounts 2023-10-01 2024-09-30 04028568 core:Buildings 2023-09-30 04028568 core:Buildings 2024-09-30 04028568 core:AfterOneYear 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 04028568
Valley Farm Pigs Limited
Unaudited financial statements
30 September 2024
Valley Farm Pigs Limited
Statement of financial position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,310,409
1,219,127
Current assets
Stocks
58,900
48,750
Debtors
6
10,900
4,131
Cash at bank and in hand
38,306
53,150
---------
---------
108,106
106,031
Creditors: Amounts falling due within one year
7
( 281,683)
( 274,397)
---------
---------
Net current liabilities
( 173,577)
( 168,366)
-----------
-----------
Total assets less current liabilities
1,136,832
1,050,761
Creditors: Amounts falling due after more than one year
8
( 441,661)
( 453,277)
Provisions
Taxation including deferred tax
( 81,922)
( 43,454)
-----------
-----------
Net assets
613,249
554,030
-----------
-----------
Capital and reserves
Called up share capital
99
99
Revaluation reserve
68,178
77,232
Profit and loss account
544,972
476,699
---------
---------
Shareholders funds
613,249
554,030
---------
---------
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 income statement has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Valley Farm Pigs Limited
Statement of financial position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 28 April 2025 , and are signed on behalf of the board by:
Mr Darren R Duffield
Director
Company registration number: 04028568
Valley Farm Pigs Limited
Notes to the financial statements
Year ended 30 September 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 Valley Farm, Booton Road, Cawston, Norwich, Norfolk, NR10 4AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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:
Freehold property
-
5% reducing balance
Plant and machinery
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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 employees during the year was 3 (2023: 3 ).
5. Tangible assets
Freehold property
Plant and machinery
Investment property
Total
£
£
£
£
Cost
At 1 October 2023
978,061
486,989
165,000
1,630,050
Additions
168,442
168,442
Disposals
( 58,897)
( 58,897)
---------
---------
---------
-----------
At 30 September 2024
978,061
596,534
165,000
1,739,595
---------
---------
---------
-----------
Depreciation
At 1 October 2023
65,815
345,108
410,923
Charge for the year
6,494
41,150
47,644
Disposals
( 29,381)
( 29,381)
---------
---------
---------
-----------
At 30 September 2024
72,309
356,877
429,186
---------
---------
---------
-----------
Carrying amount
At 30 September 2024
905,752
239,657
165,000
1,310,409
---------
---------
---------
-----------
At 30 September 2023
912,246
141,881
165,000
1,219,127
---------
---------
---------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
2,590
2,240
Other debtors
8,310
1,891
-------
------
10,900
4,131
-------
------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,740
4,300
Trade creditors
58,269
56,704
Accruals and deferred income
13,900
9,825
Corporation tax
983
7,355
Social security and other taxes
588
1,811
Obligations under finance leases and hire purchase contracts
25,308
20,619
Director loan accounts
175,895
173,783
---------
---------
281,683
274,397
---------
---------
The bank loan and hire purchase has been secured by the company .
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
221,450
230,630
Obligations under finance leases and hire purchase contracts
12,207
14,643
Other creditors
208,004
208,004
---------
---------
441,661
453,277
---------
---------
The bank loan and hire purchase has been secured by the company