Company registration number 12513407 (England and Wales)
USK VALLEY FARM LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
USK VALLEY FARM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
USK VALLEY FARM LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,734
2,734
Tangible assets
4
1,241,248
881,709
1,243,982
884,443
Current assets
Stocks
510,964
454,123
Debtors
5
75,051
34,266
Cash at bank and in hand
18,446
5,426
604,461
493,815
Creditors: amounts falling due within one year
6
(2,141,319)
(1,456,701)
Net current liabilities
(1,536,858)
(962,886)
Total assets less current liabilities
(292,876)
(78,443)
Creditors: amounts falling due after more than one year
7
(21,820)
Provisions for liabilities
75,612
Net liabilities
(239,084)
(78,443)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(239,184)
(78,543)
Total equity
(239,084)
(78,443)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
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 25 June 2025 and are signed on its behalf by:
Mr M H F Morgan
Director
Company Registration No. 12513407
USK VALLEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Usk Valley Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/o UHY Hacker Young, 23 Nevill Street, Abergavenny, Monmouthshire, United Kingdom, NP7 5AA.
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
Going concern
At 30 September 2024 the company had net liabilities of £239,084. The company is therefore reliant on the continued support of the directors. Having made the necessary enquiries into the future performance and cash flows in the business, the directors believe the going concern basis of accounting is appropriate.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
Revenue from the sale of livestock is recognised when the significant risks and rewards of ownership of the livestock have passed to the buyer (usually on dispatch of the livestock), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses where applicable.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
USK VALLEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10 year straight line & 20% reducing balance
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Office Equipment
20% reducing balance
Motor vehicles
25% reducing balance
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.
1.6
Stocks
Stocks of livestock and feedstuff are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises livestock values and direct materials.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for any movement in livestock values or quantity. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recoded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
USK VALLEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
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 balance sheet 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:
2024
2023
Number
Number
Total
3
3
3
Intangible fixed assets
Entitlements
£
Cost
At 1 October 2023 and 30 September 2024
2,734
Amortisation and impairment
At 1 October 2023 and 30 September 2024
Carrying amount
At 30 September 2024
2,734
At 30 September 2023
2,734
Included in cost of entitlement is an amount of £2,734 (2023: £2,734) which is not amortised.
USK VALLEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Office Equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 October 2023
759,701
60,497
62,120
66,172
948,490
Additions
178,549
77,839
12,284
4,879
151,955
425,506
At 30 September 2024
938,250
138,336
74,404
4,879
218,127
1,373,996
Depreciation and impairment
At 1 October 2023
18,418
27,562
7,411
13,390
66,781
Depreciation charged in the year
15,326
11,238
11,225
234
27,944
65,967
At 30 September 2024
33,744
38,800
18,636
234
41,334
132,748
Carrying amount
At 30 September 2024
904,506
99,536
55,768
4,645
176,793
1,241,248
At 30 September 2023
741,283
32,935
54,709
52,782
881,709
Included in cost or valuation of land and buildings is freehold land of £767,982 (2023: £645,480) which is not depreciated.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,819
1,650
Other debtors
66,232
32,616
75,051
34,266
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
81,279
Other creditors
2,060,040
1,456,701
2,141,319
1,456,701
Included in creditors above is a hire purchase liability of £20,141 (2023: £nil) secured over the company's assets.
USK VALLEY FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
21,820
Included in creditors above is a hire purchase liability of £21,820 (2023: £nil) secured over the company's assets.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
45
45
45
45
Ordinary B of £1 each
45
45
45
45
Ordinary C of £1 each
10
10
10
10
100
100
100
100
9
Related party transactions
At the year end a balance of £1,788,866 (2023: £1,250,798) remained outstanding to Miles Away Holdings Limited, included in creditors; amounts falling due within one year. The transactions are related as the directors of Usk Valley Farm Limited are also the directors of Miles Away Holdings Limited.
10
Directors' transactions
The directors operate a current loan account with the company, which is debited with payments made by the company on behalf of the directors and credited with funds introduced and undrawn directors' fees. The amount owed by the company at 30 September 2024 was £248,156 (2023: £202,152) this amount is included in creditors; amounts falling due within one year.