4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-12-31 Sage Accounts Production Advanced 2023 - FRS102_2023 153,908 9,442 163,350 163,350 153,908 139,536 24,992 164,528 xbrli:pure xbrli:shares iso4217:GBP 5742660 2023-12-31 2024-12-30 5742660 2024-12-30 5742660 2023-12-30 5742660 2022-12-31 2023-12-30 5742660 2023-12-30 5742660 2022-12-30 5742660 core:PlantMachinery 2023-12-31 2024-12-30 5742660 core:MotorVehicles 2023-12-31 2024-12-30 5742660 bus:OrdinaryShareClass1 2023-12-31 2024-12-30 5742660 bus:Director1 2023-12-31 2024-12-30 5742660 bus:Director2 2023-12-31 2024-12-30 5742660 core:WithinOneYear 2024-12-30 5742660 core:WithinOneYear 2023-12-30 5742660 core:AfterOneYear 2024-12-30 5742660 core:AfterOneYear 2023-12-30 5742660 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-30 5742660 core:PlantMachinery 2023-12-30 5742660 core:MotorVehicles 2023-12-30 5742660 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-30 5742660 core:PlantMachinery 2024-12-30 5742660 core:MotorVehicles 2024-12-30 5742660 core:DeferredTaxation 2023-12-31 2024-12-30 5742660 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 2024-12-30 5742660 core:UKTax 2023-12-31 2024-12-30 5742660 core:UKTax 2022-12-31 2023-12-30 5742660 core:ShareCapital 2024-12-30 5742660 core:ShareCapital 2023-12-30 5742660 core:RetainedEarningsAccumulatedLosses 2024-12-30 5742660 core:RetainedEarningsAccumulatedLosses 2023-12-30 5742660 core:CostValuation core:Non-currentFinancialInstruments 2023-12-30 5742660 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-12-30 5742660 core:CostValuation core:Non-currentFinancialInstruments 2024-12-30 5742660 core:Non-currentFinancialInstruments 2024-12-30 5742660 core:Non-currentFinancialInstruments 2023-12-30 5742660 core:AcceleratedTaxDepreciationDeferredTax 2024-12-30 5742660 core:AcceleratedTaxDepreciationDeferredTax 2023-12-30 5742660 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-30 5742660 core:PlantMachinery 2023-12-30 5742660 core:MotorVehicles 2023-12-30 5742660 core:DeferredTaxation 2023-12-30 5742660 core:DeferredTaxation 2024-12-30 5742660 bus:SmallEntities 2023-12-31 2024-12-30 5742660 bus:AuditExemptWithAccountantsReport 2023-12-31 2024-12-30 5742660 bus:SmallCompaniesRegimeForAccounts 2023-12-31 2024-12-30 5742660 bus:PrivateLimitedCompanyLtd 2023-12-31 2024-12-30 5742660 bus:FullAccounts 2023-12-31 2024-12-30 5742660 bus:OrdinaryShareClass1 2024-12-30 5742660 bus:OrdinaryShareClass1 2023-12-30 5742660 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 2024-12-30
COMPANY REGISTRATION NUMBER: 5742660
Drefach Farms Limited
Filleted Unaudited Financial Statements
30 December 2024
Drefach Farms Limited
Financial Statements
Year ended 30 December 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 9
Drefach Farms Limited
Statement of Financial Position
30 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
7
971,186
880,909
Herd basis
8
163,350
153,908
------------
------------
1,134,536
1,034,817
Current assets
Stocks
83,925
83,392
Debtors
9
1,000,221
818,353
Cash at bank and in hand
355,394
257,441
------------
------------
1,439,540
1,159,186
Creditors: amounts falling due within one year
10
( 315,162)
( 317,770)
------------
------------
Net current assets
1,124,378
841,416
------------
------------
Total assets less current liabilities
2,258,914
1,876,233
Creditors: amounts falling due after more than one year
11
( 810,863)
( 633,333)
Provisions
12
( 164,528)
( 139,536)
------------
------------
Net assets
1,283,523
1,103,364
------------
------------
Capital and reserves
Called up share capital
14
2
2
Profit and loss account
1,283,521
1,103,362
------------
------------
Shareholders funds
1,283,523
1,103,364
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Drefach Farms Limited
Statement of Financial Position (continued)
30 December 2024
These financial statements were approved by the board of directors and authorised for issue on 14 July 2025 , and are signed on behalf of the board by:
Mr G. L. Gibbin
Mrs E. M. M. Gibbin
Director
Director
Company registration number: 5742660
Drefach Farms Limited
Notes to the Financial Statements
Year ended 30 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Drefach, Henllan Amgoed, Whitland, Carmarthenshire, SA34 0SP.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Development costs are being amortised evenly over their estimated useful life of nil years.
Milk quota
-
are being amortised evenly over their estimated useful life.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold land and property
-
2% - 10% straight line
Plant and machinery
-
15% straight line
Motor vehicles
-
15% straight line
Equipment
-
15% straight line
No depreciation is provided on Freehold land.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
37,916
58,698
Adjustments in respect of prior periods
( 28)
--------
--------
Total current tax
37,916
58,670
--------
--------
Deferred tax:
Origination and reversal of timing differences
24,992
12,128
--------
--------
Tax on profit
62,908
70,798
--------
--------
6. Intangible assets
Intangible assets
£
Cost
At 31 December 2023 and 30 December 2024
164,257
---------
Amortisation
At 31 December 2023 and 30 December 2024
164,257
---------
Carrying amount
At 30 December 2024
---------
At 30 December 2023
---------
7. Tangible assets
Freehold land and property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 31 December 2023
348,324
1,989,872
37,429
5,054
2,380,679
Additions
352,796
2,390
355,186
---------
------------
--------
-------
------------
At 30 December 2024
348,324
2,342,668
37,429
7,444
2,735,865
---------
------------
--------
-------
------------
Depreciation
At 31 December 2023
28,286
1,463,485
5,614
2,385
1,499,770
Charge for the year
5,270
252,907
5,615
1,117
264,909
---------
------------
--------
-------
------------
At 30 December 2024
33,556
1,716,392
11,229
3,502
1,764,679
---------
------------
--------
-------
------------
Carrying amount
At 30 December 2024
314,768
626,276
26,200
3,942
971,186
---------
------------
--------
-------
------------
At 30 December 2023
320,038
526,387
31,815
2,669
880,909
---------
------------
--------
-------
------------
8. Herd basis
Herd basis
£
Cost
At 31 December 2023
153,908
Additions
9,442
---------
At 30 December 2024
163,350
---------
Impairment
At 31 December 2023 and 30 December 2024
---------
Carrying amount
At 30 December 2024
163,350
---------
At 30 December 2023
153,908
---------
9. Debtors
2024
2023
£
£
Trade debtors
195,434
122,515
Other debtors
804,787
695,838
------------
---------
1,000,221
818,353
------------
---------
Other debtors include and amount of £nil (2023 - £nil) falling due after more than one year.
10. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
82,350
47,937
Trade creditors
112,252
91,526
Deferred government grant
31,317
56,729
Corporation tax
37,916
58,575
Social security and other taxes
319
416
Obligations under finance leases and hire purchase contracts
22,801
Other creditors
51,008
39,786
---------
---------
315,162
317,770
---------
---------
The Lloyds Bank PLC banking facilities are secured by a fixed and floating charge over the assets of the company.
11. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
808,796
599,949
Deferred government grant
2,067
33,384
---------
---------
810,863
633,333
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £511,063 (2023: £429,869) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
12. Provisions
Deferred tax (note 13)
£
At 31 December 2023
139,536
Additions
24,992
---------
At 30 December 2024
164,528
---------
13. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 12)
164,528
139,536
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
164,528
139,536
---------
---------
14. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
15. Related party transactions
The company was under the control of Mr G.L. Gibbin and Mrs E.M.M. Gibbin, the directors, throughout the current and previous year by virtue of their majority shareholdings. During the year the company paid dividends totalling £nil (2023 - £2,000) to Mr G.L. Gibbin and Mrs E.M.M. Gibbin, the directors.