Plas Farm Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03003697 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PLAS FARM LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Chartered certified accountants' report

8

DIRECTORS:

H D Williams

R A Williams

G H Williams

C T Le

M S Scott

SECRETARY:

G H Williams

REGISTERED OFFICE:

Celtic House

Gaerwen Industrial Estate

Gaerwen

Anglesey

LL60 6HR

REGISTERED NUMBER:

03003697 (England and Wales)

ACCOUNTANTS:

Fraser Wood Limited

Chartered Certified Accountants

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

FIXED ASSETS

Tangible assets

4

746,875

764,478

CURRENT ASSETS

Stocks

433,432

276,427

Debtors

5

187,496

190,162

Cash at bank and in hand

43,555

33,027

664,483

499,616

CREDITORS

Amounts falling due within one year

6

(458,490

)

(336,115

)

NET CURRENT ASSETS

205,993

163,501

TOTAL ASSETS LESS CURRENT LIABILITIES

952,868

927,979

CREDITORS

Amounts falling due after more than one year

7

(620,269

)

(638,429

)

ACCRUALS AND DEFERRED INCOME

(24,928

)

(60,035

)

NET ASSETS

307,671

229,515

CAPITAL AND RESERVES

Called up share capital

225,000

225,000

Retained earnings

82,671

4,515

SHAREHOLDERS' FUNDS

307,671

229,515

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 March 2022 and were signed on its behalf by:

H D Williams - Director

1.	STATUTORY INFORMATION

Plas Farm Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts receivable for food products, net of VAT and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Government grants

Grantsare accounted for under the accrual modelandare credited to deferred revenue.

Grants towards capital expenditure are released to theprofit & lossaccount over the expected useful life of the assets.

Grants towards revenue expenditure arereleased to the profit and loss account as the related expenditure is incurredfurthermore,grantswhich becomes 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 shall be recognised in income in the period in which it becomes receivable.

Government grants in respect of Covid-19 have been treated as revenue grants.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2020 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2021

125,314

1,948,116

2,073,430

Additions

-

62,079

62,079

At 31 December 2021

125,314

2,010,195

2,135,509

DEPRECIATION

At 1 January 2021

16,232

1,292,720

1,308,952

Charge for year

2,104

77,578

79,682

At 31 December 2021

18,336

1,370,298

1,388,634

NET BOOK VALUE

At 31 December 2021

106,978

639,897

746,875

At 31 December 2020

109,082

655,396

764,478

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2021

and 31 December 2021

272,611

DEPRECIATION

At 1 January 2021

85,321

Charge for year

18,729

At 31 December 2021

104,050

NET BOOK VALUE

At 31 December 2021

168,561

At 31 December 2020

187,290

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

154,345

130,213

Other debtors

33,151

59,949

187,496

190,162

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

60,000

140,000

Hire purchase contracts

37,418

54,053

Trade creditors

148,455

131,468

Taxation and social security

194,258

6,609

Other creditors

18,359

3,985

458,490

336,115

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans

430,035

405,869

Hire purchase contracts

-

39,951

Other creditors

190,234

192,609

620,269

638,429

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

190,035

198,440

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank loans

490,035

545,869

Hire purchase contracts

37,418

94,004

527,453

639,873

9.	TRANSACTIONS WITH DIRECTORS

The director's loan £190,234 (31.12.20 - £192,609 ) is included in creditors falling due after more than one year.

10.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance sheet. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006 we have prepared for your approval the accounts of Plas Farm Limited for the year ended 31 December 2021 from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://rulebook.accaglobal.com.

Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.

Fraser Wood Limited

Chartered Certified Accountants

Victoria House

Plas Llwyd Terrace

Bangor

Gwynedd

LL57 1UB

11 March 2022