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REGISTRAR OF COMPANIES

Registration number: 06942136

Grass Converters Limited

Unaudited Financial Statements

31 December 2024

image-name

 

Grass Converters Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

 

Grass Converters Limited

Company Information

Directors

M Venables

N Venables

Company secretary

N Venables

Registered office

Bryn Celli Ddu
Llanddaniel
ANGLESEY
LL61 6EQ
 

Accountants

Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
 

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Grass Converters Limited
for the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Grass Converters Limited for the year ended 31 December 2024 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Grass Converters Limited, as a body, in accordance with the terms of our engagement letter dated 12 October 2022. Our work has been undertaken solely to prepare for your approval the accounts of Grass Converters Limited and state those matters that we have agreed to state to the Board of Directors of Grass Converters Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grass Converters Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Grass Converters Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Grass Converters Limited. You consider that Grass Converters Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Grass Converters Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

13 May 2025

 

Grass Converters Limited

(Registration number: 06942136)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

42,941

13,624

Investments

6

128,837

56,710

Other financial assets

7

590,085

253,908

 

761,863

324,242

Current assets

 

Stocks

528,905

528,905

Debtors

8

1,332,899

1,452,131

Cash at bank and in hand

 

-

139,637

 

1,861,804

2,120,673

Creditors: Amounts falling due within one year

9

(1,366,449)

(1,040,079)

Net current assets

 

495,355

1,080,594

Total assets less current liabilities

 

1,257,218

1,404,836

Creditors: Amounts falling due after more than one year

9

(453,513)

(591,422)

Provisions for liabilities

-

(2,589)

Net assets

 

803,705

810,825

Capital and reserves

 

Allotted, called up and fully paid share capital

115

115

Profit and loss account

803,590

810,710

Total equity

 

803,705

810,825

 

Grass Converters Limited

(Registration number: 06942136)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 May 2025 and signed on its behalf by:
 

.........................................

M Venables

Director

.........................................

N Venables

Company secretary and director

 

Grass Converters Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
Bryn Celli Ddu
Llanddaniel
ANGLESEY
LL61 6EQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

 

Grass Converters Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

15% reducing balance basis

Other intangible fixed assets

Other intangible assets represent an investment in AMCo Common Consolidation which is a contractual requirement in order to benefit from the AMCo milk purchasing agreement. This investment is non refundable and is therefore being amortised over its useful life to the business. As there is no fixed period for the contract the directors have considered it appropriate to adopt an amortisation period of 5 years for the asset on a straight line basis. In addition an annual impairment review is performed.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs.

 

Grass Converters Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Preference shares are classified as debt when the shares are redeemable in the future at the option of the holder.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 5).

 

Grass Converters Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4

Intangible assets

Basic payment scheme
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 January 2024

31,694

35,266

66,960

At 31 December 2024

31,694

35,266

66,960

Amortisation

At 1 January 2024

31,694

35,266

66,960

At 31 December 2024

31,694

35,266

66,960

Carrying amount

At 31 December 2024

-

-

-

At 31 December 2023

-

-

-

5

Tangible assets

Plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

33,015

33,015

Additions

33,747

33,747

At 31 December 2024

66,762

66,762

Depreciation

At 1 January 2024

19,391

19,391

Charge for the year

4,430

4,430

At 31 December 2024

23,821

23,821

Carrying amount

At 31 December 2024

42,941

42,941

At 31 December 2023

13,624

13,624

 

Grass Converters Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

6

Investments

2024
£

2023
£

Investments in subsidiaries

128,687

56,560

Investments in joint ventures

150

150

128,837

56,710

Subsidiaries

£

Cost or valuation

At 1 January 2024

56,560

Additions

72,227

Disposals

(100)

At 31 December 2024

128,687

Carrying amount

At 31 December 2024

128,687

At 31 December 2023

56,560

Joint ventures

£

Cost

At 1 January 2024

150

At 31 December 2024

150

Carrying amount

At 31 December 2024

150

At 31 December 2023

150

7

Other financial assets (current and non-current)

2024
£

2023
£

Non-current financial assets

Financial assets at fair value through profit and loss

302,400

-

Financial assets at cost less impairment

287,685

253,908

590,085

253,908

 

Grass Converters Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Financial assets at fair value through profit and loss
£

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2024

-

253,908

253,908

Fair value adjustments

6,000

-

6,000

Additions

296,400

33,777

330,177

At 31 December 2024

302,400

287,685

590,085

Carrying amount

At 31 December 2024

302,400

287,685

590,085

At 31 December 2023

-

253,908

253,908

8

Debtors

2024
£

2023
£

Trade debtors

90,628

80,528

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,165,988

1,269,600

Other debtors

76,283

102,003

1,332,899

1,452,131

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

820,323

805,372

Trade creditors

 

39,820

7,035

Amounts owed to group undertakings and undertakings in which the company has a participating interest

 

299,797

-

Taxation and social security

 

6,201

18,034

Other creditors

 

200,308

209,638

 

1,366,449

1,040,079

Due after one year

 

Loans and borrowings

10

453,513

591,422

 

Grass Converters Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2024
£

2023
£

After more than five years by instalments

179,940

198,534

179,940

198,534

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

141,763

138,249

Bank overdrafts

123,688

-

Redeemable preference shares

500,000

500,000

Other borrowings

54,872

167,123

820,323

805,372

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

141,763

138,249

Bank overdrafts

123,688

-

265,451

138,249

Bank borrowings are secured by fixed and floating charges over the company's assets.

Bank overdrafts are secured by fixed and floating charges over the company's assets.


 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

453,513

591,422

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

453,513

591,422

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

 

Grass Converters Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

11

Related party transactions

Transactions with directors

2024

At 1 January 2024
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2024
£

J Venables

Loan

35,424

-

(35,424)

-

-

-

-

               
         

 

2023

At 1 January 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2023
£

J Venables

Loan

143,812

56,370

(143,813)

-

(23,412)

2,467

35,424

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 0% in 2024 on advances to directors, interest was previously charged at a rate of 2.25%.

12

Financial instruments

Financial assets measured at fair value

Oxbury
The method used for determining fair value is based on historic trading prices and the financial performance of Oxbury.

The fair value is £302,400 (2023 - £Nil) and the change in value included in profit or loss is £6,000 (2023 - £Nil).