Company registration number 10823516 (England and Wales)
TALFAN FARMS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
TALFAN FARMS LTD
COMPANY INFORMATION
Director
Mr S B Starkey
Secretary
Mr S B Starkey
Company number
10823516
Registered office
Victorian House
Parc Hendre Industrial Estate
Capel Hendre
Ammanford
Carmarthenshire
SA18 3SJ
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
TALFAN FARMS LTD
CONTENTS
Page
Statement of comprehensive income
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 6
TALFAN FARMS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 NOVEMBER 2022
- 1 -
2022
2021
£
£
Turnover
114,023
280,062
Cost of sales
(265,971)
(572,551)
Gross loss
(151,948)
(292,489)
Administrative expenses
(69,646)
(94,482)
Operating loss
(221,594)
(386,971)
Interest payable and similar expenses
(76,707)
(33,510)
Loss before taxation
(298,301)
(420,481)
Tax on loss
Loss for the financial year
(298,301)
(420,481)
TALFAN FARMS LTD
STATEMENT OF FINANCIAL POSITION
AS AT 29 NOVEMBER 2022
29 November 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
501,701
585,210
Current assets
Stocks
53,100
131,450
Debtors
4
178,010
156,207
Cash at bank and in hand
169
19,133
231,279
306,790
Creditors: amounts falling due within one year
5
(1,421,656)
(1,314,294)
Net current liabilities
(1,190,377)
(1,007,504)
Total assets less current liabilities
(688,676)
(422,294)
Creditors: amounts falling due after more than one year
6
(245,132)
(213,213)
Net liabilities
(933,808)
(635,507)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(933,809)
(635,508)
Total equity
(933,808)
(635,507)
TALFAN FARMS LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 NOVEMBER 2022
29 November 2022
- 3 -
For the financial year ended 29 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
S B Starkey
Director
Company Registration No. 10823516
TALFAN FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 NOVEMBER 2022
- 4 -
1
Accounting policies
Company information
Talfan Farms Ltd 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.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the management.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
Improvements to property
20% straight line
Plant and equipment
10% straight line
The assets' residual values, useful lives and deprecation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
The gain or loss arising on the disposal of an asset is determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.
1.4
Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
TALFAN FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.5
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Tangible fixed assets
Improvements to property
Plant and equipment
Total
£
£
£
Cost
At 30 November 2021
362,622
414,777
777,399
Additions
28,557
28,557
Disposals
(32,350)
(32,350)
At 29 November 2022
362,622
410,984
773,606
Depreciation and impairment
At 30 November 2021
35,169
157,020
192,189
Depreciation charged in the year
27,645
74,716
102,361
Eliminated in respect of disposals
(22,645)
(22,645)
At 29 November 2022
62,814
209,091
271,905
Carrying amount
At 29 November 2022
299,808
201,893
501,701
At 29 November 2021
327,453
257,757
585,210
TALFAN FARMS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 NOVEMBER 2022
- 6 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
136,715
122,841
Prepayments and accrued income
41,295
33,366
178,010
156,207
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
10,000
Obligations under finance leases
55,825
97,299
Trade creditors
39,458
71,447
Amounts owed to undertakings in which the company has a participating interest
37,100
36,500
Corporation tax
600
600
Other taxation and social security
4,386
1,788
Other creditors
1,273,287
1,094,660
Accruals and deferred income
1,000
2,000
1,421,656
1,314,294
6
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans and overdrafts
25,911
35,000
Obligations under finance leases
219,221
178,213
245,132
213,213
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1