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Registration number: 05966208

S & A Davies & Daughters Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

S & A Davies & Daughters Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Financial Statements | 4 to 11

S & A Davies & Daughters Limited

Company Information

Directors | Mr S R Davies Mrs A A Davies

Registered office | Llys Deri Parc Pensarn Carmarthen SA31 2NF

S & A Davies & Daughters Limited

(Registration number: 05966208)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Intangible assets | 5 | - | 7,904
Tangible assets | 6 | 461,842 | 3,683,467
|  | 461,842 | 3,691,371
Current assets |  |  |
Stocks | 7 | - | 2,457,143
Debtors | 8 | 3,210,183 | 260,408
Cash at bank and in hand |  | 3,785 | 1,003
|  | 3,213,968 | 2,718,554
Creditors: Amounts falling due within one year | 9 | (649,182) | (1,392,870)
Net current assets |  | 2,564,786 | 1,325,684
Total assets less current liabilities |  | 3,026,628 | 5,017,055
Creditors: Amounts falling due after more than one year | 9 | (92,706) | (2,152,211)
Net assets |  | 2,933,922 | 2,864,844
Capital and reserves |  |  |
Called up share capital |  | 2 | 2
Profit and loss account |  | 2,933,920 | 2,864,842
Total equity |  | 2,933,922 | 2,864,844

For the financial 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 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

S & A Davies & Daughters Limited

(Registration number: 05966208)
Balance Sheet as at 31 March 2025

Approved and authorised by the Board on 20 January 2026 and signed on its behalf by:

......................................... Mr S R Davies Director |  |

S & A Davies & Daughters Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1 | General information

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

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

The principal place of business is:
Coomb Farm
Llangynog
Carmarthen
SA33 5HP

These financial statements were authorised for issue by the Board on 20 January 2026.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

S & A Davies & Daughters Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 machinery | 10% reducing balance basis
Fixtures and fittings | 20% reducing balance basis
Motor vehicles | 20% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Milk quota | 100% balance written off
SFP entitlements | 100% balance written off

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.

S & A Davies & Daughters Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Debtors

Trade debtors are amounts due from customers for merchandise sold 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

S & A Davies & Daughters Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2024 - 17).

4 | Loss/profit before tax

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 37,593 | 206,231

S & A Davies & Daughters Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

5 | Intangible assets

| Single farm payment entitlements £ | Total £
Cost or valuation
At 1 April 2024 | 62,083 | 62,083
Disposals | (62,083) | (62,083)
At 31 March 2025 | - | -
Amortisation
At 1 April 2024 | 54,179 | 54,179
Amortisation eliminated on disposals | (54,179) | (54,179)
At 31 March 2025 | - | -
Carrying amount
At 31 March 2025 | - | -
At 31 March 2024 | 7,904 | 7,904

S & A Davies & Daughters Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6 | Tangible assets

| Land £ | Property improvements £ | Fixtures and fittings £ | Plant and machinery £ | Motor vehicles £ | Total £
Cost or valuation
At 1 April 2024 | 417,025 | 1,329,894 | 84,868 | 3,937,824 | - | 5,769,611
Additions | - | 192 | - | 98,000 | 33,990 | 132,182
Disposals | (372,025) | (1,330,086) | (84,868) | (3,557,657) | - | (5,344,636)
At 31 March 2025 | 45,000 | - | - | 478,167 | 33,990 | 557,157
Depreciation
At 1 April 2024 | - | - | 81,898 | 2,004,246 | - | 2,086,144
Charge for the year | - | - | - | 33,061 | 4,532 | 37,593
Eliminated on disposal | - | - | (81,898) | (1,946,524) | - | (2,028,422)
At 31 March 2025 | - | - | - | 90,783 | 4,532 | 95,315
Carrying amount
At 31 March 2025 | 45,000 | - | - | 387,384 | 29,458 | 461,842
At 31 March 2024 | 417,025 | 1,329,894 | 2,970 | 1,933,578 | - | 3,683,467

Included within the net book value of land and buildings above is £45,000 (2024 - £417,025) in respect of long leasehold land and buildings.

S & A Davies & Daughters Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

7 | Stocks

| 2025 £ | 2024 £
Non-productive livestock | - | 583,050
Closing deadstock | - | 356,193
Productive herd | - | 1,517,900
| - | 2,457,143

8 | Debtors

| 2025 £ | 2024 £
Trade debtors | 3,005,406 | 237,099
Other debtors | 204,777 | 23,309
| 3,210,183 | 260,408

9 | Creditors

Creditors: amounts falling due within one year

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Bank loans and overdrafts | 11 | 452,719 | 654,709
Trade creditors |  | 148,770 | 680,045
Taxation and social security |  | - | 3,336
Outstanding defined contribution pension costs |  | - | 635
Other creditors |  | 47,693 | 54,145
|  | 649,182 | 1,392,870

Creditors include bank loans. The loan is secured against the Anaerobic Digestor owned by the company and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £146,419 (2024 - £135,399).

S & A Davies & Daughters Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Creditors: amounts falling due after more than one year

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 11 | 92,706 | 2,152,211

10 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary of £1 each | 2 | 2 | 2 | 2

11 | Loans and borrowings

| 2025 £ | 2024 £
Non-current loans and borrowings
Other borrowings | 92,706 | 2,152,211

| 2025 £ | 2024 £
Current loans and borrowings
Bank overdrafts | 306,300 | 519,310
HP and finance lease liabilities | 146,419 | 135,399
| 452,719 | 654,709

12 | Related party transactions

Other transactions with directors

At the balance sheet date, the directors were owed £10,191 (2024: £1,715,994) from the company. This is an interest free loan with no fixed repayment terms.