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REGISTRAR OF COMPANIES |
Registration number:
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Grass Converters Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Grass Converters Limited
Company Information
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Directors |
M Venables N Venables |
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Company secretary |
N Venables |
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Registered office |
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Accountants |
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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.
Chartered Accountants
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW
Grass Converters Limited
(Registration number: 06942136)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Other financial assets |
590,085 |
253,908 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Total equity |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
.........................................
M Venables
Director
.........................................
N Venables
Company secretary and director
Grass Converters Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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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
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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:
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Asset class |
Depreciation method and rate |
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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
Recognition and measurement
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
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Grass Converters Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Intangible assets |
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Basic payment scheme |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 January 2024 |
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At 31 December 2024 |
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Amortisation |
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At 1 January 2024 |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
- |
- |
- |
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At 31 December 2023 |
- |
- |
- |
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Tangible assets |
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Plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Grass Converters Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Investments in joint ventures |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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Disposals |
( |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Joint ventures |
£ |
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Cost |
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At 1 January 2024 |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Other financial assets (current and non-current) |
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2024 |
2023 |
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Non-current financial assets |
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Financial assets at fair value through profit and loss |
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- |
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Financial assets at cost less impairment |
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Grass Converters Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Financial assets at fair value through profit and loss |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 January 2024 |
- |
253,908 |
253,908 |
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Fair value adjustments |
6,000 |
- |
6,000 |
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Additions |
296,400 |
33,777 |
330,177 |
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At 31 December 2024 |
302,400 |
287,685 |
590,085 |
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Carrying amount |
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At 31 December 2024 |
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590,085 |
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At 31 December 2023 |
- |
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253,908 |
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Creditors |
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Grass Converters Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2024 |
2023 |
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After more than five years by instalments |
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179,940 |
198,534 |
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Loans and borrowings |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
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Redeemable preference shares |
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Other borrowings |
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Current loans and borrowings includes the following liabilities, on which security has been given by the company:
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2024 |
2023 |
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Bank borrowings |
141,763 |
138,249 |
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Bank overdrafts |
123,688 |
- |
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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.
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2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:
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2024 |
2023 |
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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)
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Related party transactions |
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Transactions with directors |
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2024 |
At 1 January 2024 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 31 December 2024 |
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J Venables |
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Loan |
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- |
( |
- |
- |
- |
- |
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2023 |
At 1 January 2023 |
Advances |
Repayments |
Other payments |
Dividends credited |
Interest |
At 31 December 2023 |
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J Venables |
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Loan |
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( |
- |
(23,412) |
2,467 |
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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%.
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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).