Cleddau Farming Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 8229585

Cleddau Farming Limited

Filleted Unaudited Financial Statements

31 March 2025

Cleddau Farming Limited

Financial Statements

Year ended 31 March 2025

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 9

Cleddau Farming Limited

Statement of Financial Position

31 March 2025

	2025	2024
Note	£	£

Fixed assets

Intangible assets	6	152,840	161,840
Tangible assets	7	1,369,935	1,461,530
		------------	------------
		1,522,775	1,623,370

Current assets

Stocks		352,734	387,040
Debtors	8	33,253	24,995
Investments	9	51,759	47,761
		---------	---------
		437,746	459,796

Creditors: amounts falling due within one year	10	( 281,747)	( 421,137)
		---------	---------
Net current assets		155,999	38,659
		------------	------------
Total assets less current liabilities		1,678,774	1,662,029

Creditors: amounts falling due after more than one year	11	( 1,431,251)	( 1,461,945)

Provisions

Taxation including deferred tax	12	( 46,359)	( 36,667)
		------------	------------
Net assets		201,164	163,417
		------------	------------

Capital and reserves

Called up share capital	14	52	52
Profit and loss account		201,112	163,365
		---------	---------
Shareholders funds		201,164	163,417
		---------	---------

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 31 March 2025 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 .

Cleddau Farming Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 11 September 2025 , and are signed on behalf of the board by:

Mr NJ Hughes

Director

Company registration number: 8229585

Cleddau Farming Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Croft, Houghton, Rhooseferry Road, Milford Haven, SA73 1NL, Wales.

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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.

Dairy herd

An election has been made under the provisions of Chapter 8 Part 3 Corporation Tax Act 2009 for the herd basis to apply to the company's herd of dairy cattle. The dairy herd is valued using the herd basis cost. This consists of the initial cost of the herd and the cost of any improvement or increase in herd size. Disposals from the herd that are not replaced are deducted at cost, with any profit or loss on disposal being included within the profit and loss account.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Property Improvements	-	4% straight line
Plant & Machinery	-	15% straight line
Motor Vehicles	-	25% straight line
Tractors	-	20 % straight line
Land & Buildings	-	2 % straight line

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Hire purchase contracts (secured)

Assets held under hire purchase contracts (secured) 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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2024: 3 ).

5. Tax on profit/(loss)

Major components of tax expense/(income)

	2025	2024
	£	£

Current tax:

UK current tax expense/(income)	11,832	( 5,821)

Deferred tax:

Origination and reversal of timing differences	9,692	( 26,466)
	--------	--------
Tax on profit/(loss)	21,524	( 32,287)
	--------	--------

6. Intangible assets

	Dairy Herd
	£
Cost
At 1 April 2024	161,840
Additions	–
Other movements	( 9,000)
	---------
At 31 March 2025	152,840
	---------
Amortisation
At 1 April 2024 and 31 March 2025	–
	---------
Carrying amount
At 31 March 2025	152,840
	---------
At 31 March 2024	161,840
	---------

7. Tangible assets

	Property Improvements	Plant & Machinery	Motor Vehicles	Tractors	Land & Buildings	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2024	85,043	697,383	16,991	6,350	1,244,819	2,050,586
Additions	–	15,077	–	–	–	15,077
Disposals	–	( 5,500)	–	–	–	( 5,500)
	--------	---------	--------	-------	------------	------------
At 31 Mar 2025	85,043	706,960	16,991	6,350	1,244,819	2,060,163
	--------	---------	--------	-------	------------	------------
Depreciation
At 1 Apr 2024	26,206	431,087	8,748	6,350	116,665	589,056
Charge for the year	3,401	72,602	2,748	–	24,896	103,647
Disposals	–	( 2,475)	–	–	–	( 2,475)
	--------	---------	--------	-------	------------	------------
At 31 Mar 2025	29,607	501,214	11,496	6,350	141,561	690,228
	--------	---------	--------	-------	------------	------------
Carrying amount
At 31 Mar 2025	55,436	205,746	5,495	–	1,103,258	1,369,935
	--------	---------	--------	-------	------------	------------
At 31 Mar 2024	58,837	266,296	8,243	–	1,128,154	1,461,530
	--------	---------	--------	-------	------------	------------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant & Machinery
	£
At 31 March 2025	84,975
	--------
At 31 March 2024	117,787
	---------

8. Debtors

	2025	2024
	£	£
Trade debtors	13,670	11,860
Other debtors	19,583	13,135
	--------	--------
	33,253	24,995
	--------	--------

Other debtors include an amount of £nil (2024 - £nil) falling due after more than one year.

9. Investments

	2025	2024
	£	£
Arla Capital Account	51,749	47,751
CCF Membership Account	10	10
	--------	--------
	51,759	47,761
	--------	--------

10. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts (secured)	138,453	251,963
Trade creditors	60,798	38,909
Hire purchase agreements (secured)	19,168	48,240
Corporation tax	11,832	–
Social security and other taxes	422	860
Other creditors	51,074	81,165
	---------	---------
	281,747	421,137
	---------	---------

National Westminster Bank PLC hold three fixed and floating charges over the property and undertaking of the company.

11. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts (secured)	814,832	864,367
Hire purchase agreements (secured)	29,073	20,232
Loan - Mr & Mrs GJ Hughes	25,000	25,000
Loan - Gareth J Hughes (Motors) Limited	562,346	552,346
	------------	------------
	1,431,251	1,461,945
	------------	------------

Included with creditors falling due after more than one year is an amount of £664,471 (2024 - 712,567) in respect of liabilities which fall due for payment after more than five years from the balance sheet date.

12. Provisions

	Deferred tax (note 13)
	£
At 1 April 2024	36,667
Additions	9,692
	--------
At 31 March 2025	46,359
	--------

13. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2025	2024
	£	£
Included in provisions (note 12)	46,359	36,667
	--------	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2025	2024
	£	£
Accelerated capital allowances	46,359	36,667
	--------	--------

14. Called up share capital

Issued, called up and fully paid

	2025		2024
	No.	£	No.	£
Ordinary A shares of £ 1 each	25	25	25	25
Ordinary B shares of £ 1 each	25	25	25	25
Ordinary C shares of £ 1 each	2	2	2	2
	----	----	----	----
	52	52	52	52
	----	----	----	----

15. Related party transactions

The company was under the control of Mr NJ Hughes and Mrs KM Hughes throughout the current and previous year. Mr NJ Hughes and Mrs KM Hughes are the managing directors and majority shareholders. During the year the company paid dividends totalling £1,000 (2024 - £2,000) to the shareholders.