Colwith Farm Shop Limited 12766529 false 2021-04-01 2022-03-31 2022-03-31 The principal activity of the company is a farm shop. Digita Accounts Production Advanced 6.30.9574.0 true true 12766529 2021-04-01 2022-03-31 12766529 2022-03-31 12766529 bus:OrdinaryShareClass1 2022-03-31 12766529 core:RetainedEarningsAccumulatedLosses 2022-03-31 12766529 core:ShareCapital 2022-03-31 12766529 core:CurrentFinancialInstruments 2022-03-31 12766529 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 12766529 core:OtherPropertyPlantEquipment 2022-03-31 12766529 bus:SmallEntities 2021-04-01 2022-03-31 12766529 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 12766529 bus:FullAccounts 2021-04-01 2022-03-31 12766529 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 12766529 bus:RegisteredOffice 2021-04-01 2022-03-31 12766529 bus:Director1 2021-04-01 2022-03-31 12766529 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 12766529 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 12766529 core:OtherPropertyPlantEquipment 2021-04-01 2022-03-31 12766529 core:PlantMachinery 2021-04-01 2022-03-31 12766529 countries:AllCountries 2021-04-01 2022-03-31 12766529 2021-03-31 12766529 core:OtherPropertyPlantEquipment 2021-03-31 12766529 2020-07-24 2021-03-31 12766529 2021-03-31 12766529 bus:OrdinaryShareClass1 2021-03-31 12766529 core:RetainedEarningsAccumulatedLosses 2021-03-31 12766529 core:ShareCapital 2021-03-31 12766529 core:CurrentFinancialInstruments 2021-03-31 12766529 core:CurrentFinancialInstruments core:WithinOneYear 2021-03-31 12766529 core:OtherPropertyPlantEquipment 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Colwith Farm Shop Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2022

Registration number: 12766529

 

Colwith Farm Shop Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Colwith Farm Shop Limited

Balance Sheet

31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

16,274

20,342

Current assets

 

Stocks

5

21,901

15,850

Debtors

6

522

4,597

Cash at bank and in hand

 

28,638

24,718

 

51,061

45,165

Creditors: Amounts falling due within one year

7

(57,389)

(52,435)

Net current liabilities

 

(6,328)

(7,270)

Total assets less current liabilities

 

9,946

13,072

Provisions for liabilities

(130)

(306)

Net assets

 

9,816

12,766

Capital and reserves

 

Called up share capital

8

120

120

Profit and loss account

9,696

12,646

Shareholders' funds

 

9,816

12,766

 

Colwith Farm Shop Limited

Balance Sheet

31 March 2022

For the financial year ending 31 March 2022 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 August 2022 and signed on its behalf by:
 

.........................................
Mr C Dustow
Director

   
     

Company Registration Number: 12766529

 

Colwith Farm Shop Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
Bepark House
Colwith Farm
Par
Cornwall
PL24 2TU

These financial statements were authorised for issue by the Board on 11 August 2022.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 directors have considered a period of 12 months from approval of these accounts, including appropriate forecasts and taking into account the limited impact which Covid-19 has had and is expected to have on the business, and are satisfied that the going concern basis contines to be appropriate.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

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.

 

Colwith Farm Shop Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

The current corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

20% reducing balance basis

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 stocks 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.

 

Colwith Farm Shop Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

 

Colwith Farm Shop Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2021

25,427

25,427

At 31 March 2022

25,427

25,427

Depreciation

At 1 April 2021

5,085

5,085

Charge for the year

4,068

4,068

At 31 March 2022

9,153

9,153

Carrying amount

At 31 March 2022

16,274

16,274

At 31 March 2021

20,342

20,342

5

Stocks

2022
£

2021
£

Stock

21,901

15,850

6

Debtors

2022
£

2021
£

Trade debtors

522

3,979

Other debtors

-

618

522

4,597

 

Colwith Farm Shop Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

7,321

9,224

Corporation tax

1,437

2,754

Taxation and social security

1,029

-

Other creditors

45,362

38,382

Accruals and deferred income

2,240

2,075

57,389

52,435

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

120

120

120

120