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 2020

FOR

PLAS FARM LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Chartered certified accountants' report

9

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

764,478

763,150

CURRENT ASSETS

Stocks

276,427

294,799

Debtors

5

190,162

236,580

Cash at bank and in hand

33,027

11,609

499,616

542,988

CREDITORS

Amounts falling due within one year

6

(336,115

)

(257,441

)

NET CURRENT ASSETS

163,501

285,547

TOTAL ASSETS LESS CURRENT LIABILITIES

927,979

1,048,697

CREDITORS

Amounts falling due after more than one year

7

(638,429

)

(628,921

)

ACCRUALS AND DEFERRED INCOME

(60,035

)

(95,142

)

NET ASSETS

229,515

324,634

CAPITAL AND RESERVES

Called up share capital

225,000

225,000

Retained earnings

4,515

99,634

SHAREHOLDERS' FUNDS

229,515

324,634

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 25 August 2021 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 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 24 (2019 - 24 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2020

125,314

1,868,745

1,994,059

Additions

-

79,371

79,371

At 31 December 2020

125,314

1,948,116

2,073,430

DEPRECIATION

At 1 January 2020

13,726

1,217,183

1,230,909

Charge for year

2,506

75,537

78,043

At 31 December 2020

16,232

1,292,720

1,308,952

NET BOOK VALUE

At 31 December 2020

109,082

655,396

764,478

At 31 December 2019

111,588

651,562

763,150

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

Plant and

machinery

etc

£

COST

At 1 January 2020

288,111

Transfer to ownership

(15,500

)

At 31 December 2020

272,611

DEPRECIATION

At 1 January 2020

73,471

Charge for year

20,811

Transfer to ownership

(8,961

)

At 31 December 2020

85,321

NET BOOK VALUE

At 31 December 2020

187,290

At 31 December 2019

214,640

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

130,213

200,924

Other debtors

59,949

35,656

190,162

236,580

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

140,000

98,603

Hire purchase contracts

54,053

56,873

Trade creditors

131,468

82,356

Taxation and social security

6,609

15,624

Other creditors

3,985

3,985

336,115

257,441

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans

405,869

353,422

Hire purchase contracts

39,951

76,470

Other creditors

192,609

199,029

638,429

628,921

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

198,440

148,344

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank loans

545,869

428,422

Hire purchase contracts

94,004

133,343

639,873

561,765

9.	TRANSACTIONS WITH DIRECTORS

The director's loan £192,609 (31.12.19 - £199,029 ) 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 2020 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

25 August 2021