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REGISTERED NUMBER: 08711738 (England and Wales)


















CARMARTHEN AND PUMSAINT FARMERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






CARMARTHEN AND PUMSAINT FARMERS LIMITED (REGISTERED NUMBER: 08711738)

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










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


CARMARTHEN AND PUMSAINT FARMERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr R J Evans
Mr D A S Davies
Mr G B Thomas





REGISTERED OFFICE: Myrtle Hill
Pensarn
Carmarthen
Carmarthenshire
SA31 2NG





REGISTERED NUMBER: 08711738 (England and Wales)






CARMARTHEN AND PUMSAINT FARMERS LIMITED (REGISTERED NUMBER: 08711738)

ABRIDGED BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,255,542 3,255,542
Investments 5 72,291 72,220
3,327,833 3,327,762

CURRENT ASSETS
Debtors 103,523 420,013
Cash at bank 209,804 94,707
313,327 514,720
CREDITORS
Amounts falling due within one year 189,209 309,590
NET CURRENT ASSETS 124,118 205,130
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,451,951

3,532,892

PENSION LIABILITY 6 (392,001 ) (487,000 )
NET ASSETS 3,059,950 3,045,892

CAPITAL AND RESERVES
Called up share capital 2,251,626 2,251,626
Retained earnings 808,324 794,266
SHAREHOLDERS' FUNDS 3,059,950 3,045,892

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.

CARMARTHEN AND PUMSAINT FARMERS LIMITED (REGISTERED NUMBER: 08711738)

ABRIDGED 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2025 and were signed on its behalf by:





Mr R J Evans - Director


CARMARTHEN AND PUMSAINT FARMERS LIMITED (REGISTERED NUMBER: 08711738)

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


1. STATUTORY INFORMATION

Carmarthen and Pumsaint Farmers 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
Turnover represents net invoiced income, excluding value added tax.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits
The company operates a pension scheme which is closed to new members for the benefit of its past employees. The scheme is a defined benefit scheme and the contributions are charged to the income and expenditure account annually so as to spread the cost of pensions over the service lives of the employees in the scheme. The pension charge is calculated on the basis of actuarial advice.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 October 2023
and 30 September 2024 3,255,542
NET BOOK VALUE
At 30 September 2024 3,255,542
At 30 September 2023 3,255,542

CARMARTHEN AND PUMSAINT FARMERS LIMITED (REGISTERED NUMBER: 08711738)

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


5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 October 2023 72,220
Additions 71
At 30 September 2024 72,291
NET BOOK VALUE
At 30 September 2024 72,291
At 30 September 2023 72,220

CARMARTHEN AND PUMSAINT FARMERS LIMITED (REGISTERED NUMBER: 08711738)

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


6. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit pension arrangement known as the Carmarthen & Pumsaint Farmers Limited Retirement Benefits Scheme. The scheme provides benefits based on final salary and length of service on retirement, leaving service or death. The assets of the scheme are held separately from those of the company in an independently administered fund. The scheme is a closed scheme.

The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Company must agree with the Trustees of the Scheme the contributions to be paid to address any shortfall against the Statutory Funding Objective. The latest valuation of the scheme was at 5 April 2023.

All pension related amounts and information within this note relate to the year ended 30 September 2024.

The assumptions, which have the most significant effect on the results of the valuation, are those relating to returns on investments and the rates of mortality, ill-health, retirement, withdrawal etc. It was assumed that there would be investment returns of 5.1% (2023 - 5.6%) per annum and that rates of mortality, ill-health, retirement, withdrawal etc are based on a slightly higher life expectancy and reflect more up to date mortality studies. The pension charge/(credit) for the year was £24,000 including past service costs (2023 - £23,000). Employer contributions were £125,000 (2023 - £125,000) and the projected employer contributions for the year ended 30 September 2025 are £125,000.

FRS 102 Retirement Benefits

The most recent actuarial valuations of the defined benefit schemes have been updated to take account of the requirements of FRS 102 in order to assess the liabilities of the scheme. The market value of the Fund's assets at the valuation date was £4.183 million and represents 91% of the Fund's accrued liabilities.

The main assumptions used to calculate scheme liabilities under FRS 102 are:

20242023

Inflation rate - CPI 2.80% 2.80%
Discount rate for scheme liabilities5.10%5.60%
Rate of increase in pensions1.90%1.90%
Expected rate of return on the Scheme's assets5.10%5.60%

Post retirement mortality assumption











100% of the S3PA
tables with CMI
2022 projections
using a long-term
improvement rate
of 1.25% with 0%
weight
parameters for
2020 and 2021,
and a 25% weight
parameter for
2022
100% of the S3PA
tables with CMI
2022 projections
using a long-term
improvement rate
of 1.25% with 0%
weight
parameters for
2020 and 2021,
and a 25% weight
parameter for
2022
Tax free cash




90% of members
are assumed to
take the
maximum tax free
cash possible
90% of members
are assumed to
take the
maximum tax free
cash possible

CARMARTHEN AND PUMSAINT FARMERS LIMITED (REGISTERED NUMBER: 08711738)

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




Reconciliation of present value of scheme liabilities

20242023
£'000£'000

At beginning of period4,1804,137
Interest cost231228
Benefits paid(116)(148)
Past service costs - -
Experience (gain)/loss on defined benefit obligation (3) (30)
Changes to demographic assumptions(3) 40
Changes to financial assumptions 286 (47)
At end of period4,5754,180


The Value of assets in the scheme were:
20242023
£'000£'000

Equities1,6481,379
Gilts1,9891,837
Bonds 380 339
Cash & money market instruments 166 138
Total market value of assets4,1833,693
Present value of scheme liabilities(4,575)(4,180)
Net pension (liability) / asset (392) (487)

Reconciliation of market value of scheme assets:
20242023
£'000£'000

At beginning of period3,6933,673
Return on plan assets less interest 274 (162)
Interest on assets 207 205
Benefits paid (116) (148)
Members contributions--
Employer contributions125 125
At end of period4,1833,693

Actual return on scheme assets during the year48143

Analysis of amounts charged to Accounts:
20242023
£'000£'000

Interest on pension liabilities231228
Interest on assets(207)(205)
Charge for period2423


CARMARTHEN AND PUMSAINT FARMERS LIMITED (REGISTERED NUMBER: 08711738)

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



Actuarial Gains and Losses

The cumulative amount of actuarial gains / (losses) recognised in the statement of comprehensive income is £962,000 (2023 - £956,000).


Summary of current and prior year amounts:
20242023202220212020
£'000£'000£'000£'000£'000

Present value of defined benefit obligation(4,575)(4,180)(4,137)(6,863)(7,335)
Scheme assets4,1833,6933,6734,4033,892
Net pension surplus/(liability)(392)(487(464)(2,460)(3,443)
Total actuarial gains/(losses) recognised in
the

(6)

(125)

1,930

960

(513)
Statement of Comprehensive Income

7. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.