Carmarthen and Pumsaint Farmers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08711738 (England and Wales)

CARMARTHEN AND PUMSAINT FARMERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R J Evans

Mr D A S Davies

Mr G B Thomas

REGISTERED OFFICE:

Myrtle Hill

Pensarn

Carmarthen

Carmarthenshire

SA31 2NG

REGISTERED NUMBER:

08711738 (England and Wales)

ACCOUNTANTS:

Llewelyn Davies

Chartered Accountants

Yelverton House

St John Street

Whitland

Carmarthenshire

SA34 0AW

FIXED ASSETS

Tangible assets

4

3,255,542

3,255,542

Investments

5

70,781

69,585

3,326,323

3,325,127

CURRENT ASSETS

Debtors

6

163,264

112,754

Cash at bank

231,202

305,632

394,466

418,386

CREDITORS

Amounts falling due within one year

7

149,262

172,650

NET CURRENT ASSETS

245,204

245,736

TOTAL ASSETS LESS CURRENT LIABILITIES

3,571,527

3,570,863

PENSION LIABILITY

8

(3,443,000

)

(2,999,000

)

NET ASSETS

128,527

571,863

CAPITAL AND RESERVES

Called up share capital

2,251,626

2,251,626

Retained earnings

(2,123,099

)

(1,679,763

)

SHAREHOLDERS' FUNDS

128,527

571,863

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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 28 June 2021 and were signed on its behalf by:

Mr R J Evans - Director

1.	STATUTORY INFORMATION

Carmarthen and Pumsaint Farmers 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 net invoiced income, excluding value added tax.

Taxation

Taxation for the year comprises current and deferred 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 or deferred 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.

Pension costs and other post-retirement benefits

The company operates a pension scheme which is closed to new members for the benefit of its past employees. The scheme is a defined benefit scheme and the contributions are charged to the income and expenditure account annually so as to spread the cost of pensions over the service lives of the employees in the scheme. The pension charge is calculated on the basis of actuarial advice.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 October 2019

and 30 September 2020

3,255,542

NET BOOK VALUE

At 30 September 2020

3,255,542

At 30 September 2019

3,255,542

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2019

69,585

Additions

1,196

At 30 September 2020

70,781

NET BOOK VALUE

At 30 September 2020

70,781

At 30 September 2019

69,585

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

51,000

-

Other debtors

112,264

112,754

163,264

112,754

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

11,612

25,590

Taxation and social security

21,398

33,702

Other creditors

116,252

113,358

149,262

172,650

8.	EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit pension arrangement known as the Carmarthen & Pumsaint Farmers Limited Retirement Benefits Scheme. The scheme provides benefits based on final salary and length of service on retirement, leaving service or death. The assets of the scheme are held separately from those of the company in an independently administered fund. The scheme is a closed scheme.

The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least once every three years to determine whether the Statutory Funding Objective is met. As part of the process the Company must agree with the Trustees of the Scheme the contributions to be paid to address any shortfall against the Statutory Funding Objective. The latest valuation of the scheme was at 5 April 2020.

All pension related amounts and information within this note relate to the year ended 30 September 2020.

The assumptions, which have the most significant effect on the results of the valuation, are those relating to returns on investments and the rates of mortality, ill-health, retirement, withdrawal etc. It was assumed that there would be investment returns of 1.5% (2019 - 1.9%) per annum and that rates of mortality, ill-health, retirement, withdrawal etc are based on a slightly higher life expectancy and reflect more up to date mortality studies. The pension charge/(credit) for the year was £56,000 (2019 - £151,000). Employer contributions were £125,000 (2019 - £126,000) and the projected employer contributions for the year ended 30 September 2021 are £125,000.

FRS 102 Retirement Benefits

The most recent actuarial valuations of the defined benefit schemes have been updated to take account of the requirements of FRS 102 in order to assess the liabilities of the scheme. The market value of the Fund's assets at the valuation date was £3.6 million and represents 45 per cent of the Fund's accrued liabilities.

The main assumptions used to calculate scheme liabilities under FRS 102 are:

2020

2019

Inflation rate - CPI

2.40%

2.50%

Discount rate for scheme liabilities

1.50%

1.90%

Rate of increase in pensions

1.70%

1.90%

Expected rate of return on the Scheme's assets

1.50%

1.90%

Post retirement mortality assumption

110% of S2PxA using the CMI 2016 projections with a long-term rate of improvement of 1.25% pa

110% of S2PxA using the CMI 2016 projections with a long-term rate of improvement of 1.25% pa

Tax free cash

90% of members are assumed to take the maximum tax free cash possible

90% of members are assumed to take the maximum tax free cash possible

Reconciliation of present value of scheme liabilities

2020

2019

£'000

£'000

1 October

7,114

5,630

Interest cost

132

163

Benefits paid

(352)

(42)

Past service costs

-

98

Experience (gain)/loss on defined benefit obligation

3

-

Changes to demographic assumptions

(86)

-

Changes to financial assumptions

524

1,265

30 September

7,335

7,114

The Value of assets in the scheme were:

2020

2019

£'000

£'000

Equities

2,335

2,428

Gilts

1,090

1,111

Bonds

389

411

Cash & money market instruments

78

165

Total market value of assets

3,892

4,115

Present value of scheme liabilities

(7,335)

(7,114)

Net pension (liability) / asset

(3,443)

(2,999)

Reconciliation of market value of scheme assets:

2020

2019

£'000

£'000

1 October

4,115

3,740

Return on plan assets less interest

(72)

181

Interest on assets

76

110

Benefits paid

(352)

(42)

Members contributions

-

-

Employer contributions

125

126

30 September

3,892

4,115

Actual return on scheme assets during the year

291

218

Analysis of amounts charged to Accounts:

2020

2019

£'000

£'000

Past service costs

-

98

Interest on pension liabilities

132

163

Interest on assets

(76)

(110)

Charge for period

56

151

Actuarial Gains and Losses

The cumulative amount of actuarial gains / (losses) recognised in the statement of comprehensive income is (£1,809,000) (2019 - (£1,296,000)).

Summary of current and prior year amounts:

2020

2019

2018

2017

2016

£'000

£'000

£'000

£'000

£'000

Present value of defined benefit obligation

(7,335)

(7,114)

(5,630)

(5,665)

(7,293)

Scheme assets

3,892

4,115

3,740

3,476

3,129

Net pension surplus/(liability)

(3,443)

(2,999)

(1,890)

(2,189)

(4,164

Total actuarial gains/(losses) recognised in the

(513)

(1,084)

234

1,953

(1,969

Statement of Comprehensive Income

9.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.