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REGISTERED NUMBER: 03743291 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Sheardown Farms Limited

Sheardown Farms Limited (Registered number: 03743291)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountant's Report 7

Sheardown Farms Limited

Company Information
for the Year Ended 31 March 2022







DIRECTORS: J C Sheardown
D P Sheardown



SECRETARY: D P Sheardown



REGISTERED OFFICE: 15 Newland
Lincoln
LN1 1XG



REGISTERED NUMBER: 03743291 (England and Wales)



ACCOUNTANT: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG



BANKERS: Nat West
Retford Branch
21 The Square
Retford
Nottinghamshire
DN22 6DL

Sheardown Farms Limited (Registered number: 03743291)

Balance Sheet
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,834,489 4,999,234

CURRENT ASSETS
Debtors 5 331,875 210,064
Cash at bank 278,177 220,673
610,052 430,737
CREDITORS
Amounts falling due within one year 6 538,886 521,958
NET CURRENT ASSETS/(LIABILITIES) 71,166 (91,221 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,905,655

4,908,013

CREDITORS
Amounts falling due after more than one
year

7

(2,046,752

)

(2,267,508

)

PROVISIONS FOR LIABILITIES (335,333 ) (335,944 )
NET ASSETS 2,523,570 2,304,561

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 2,523,568 2,304,559
SHAREHOLDERS' FUNDS 2,523,570 2,304,561

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 19 July 2022 and were signed on its behalf by:





J C Sheardown - Director


Sheardown Farms Limited (Registered number: 03743291)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Sheardown Farms 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 and not provided
Improvements to property - 10% on cost and Straight line over 30 years
Plant and machinery - 5% - 20% on cost
Fixtures and fittings - 33% on cost and 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 4 ) .

Sheardown Farms Limited (Registered number: 03743291)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

4. TANGIBLE FIXED ASSETS
Improvements
Land and to Plant and
buildings property machinery
£    £    £   
COST
At 1 April 2021 481,055 4,860,882 1,220,556
Additions - - 49,070
Disposals - - (9,950 )
At 31 March 2022 481,055 4,860,882 1,259,676
DEPRECIATION
At 1 April 2021 85,004 1,065,414 427,281
Charge for year 6,846 168,331 80,676
Eliminated on disposal - - (5,076 )
At 31 March 2022 91,850 1,233,745 502,881
NET BOOK VALUE
At 31 March 2022 389,205 3,627,137 756,795
At 31 March 2021 396,051 3,795,468 793,275

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2021 4,351 47,335 7,182 6,621,361
Additions 457 67,420 - 116,947
Disposals - (25,629 ) - (35,579 )
At 31 March 2022 4,808 89,126 7,182 6,702,729
DEPRECIATION
At 1 April 2021 4,351 33,657 6,420 1,622,127
Charge for year 37 9,251 527 265,668
Eliminated on disposal - (14,479 ) - (19,555 )
At 31 March 2022 4,388 28,429 6,947 1,868,240
NET BOOK VALUE
At 31 March 2022 420 60,697 235 4,834,489
At 31 March 2021 - 13,678 762 4,999,234

Sheardown Farms Limited (Registered number: 03743291)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2021 25,629
Additions 67,420
Disposals (25,629 )
At 31 March 2022 67,420
DEPRECIATION
At 1 April 2021 11,951
Charge for year 6,723
Eliminated on disposal (14,479 )
At 31 March 2022 4,195
NET BOOK VALUE
At 31 March 2022 63,225
At 31 March 2021 13,678

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 620 4,637
Other debtors - 850
Directors' current accounts 79,763 -
Prepayments and accrued income 251,492 204,577
331,875 210,064

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 252,379 245,692
Hire purchase contracts 12,519 4,166
Trade creditors 31,305 16,641
Tax 113,516 115,009
Social security and other taxes 1,018 2,799
VAT 13,800 20,027
Other creditors 2,565 3,748
Directors' current accounts - 2,292
Accruals and deferred income 111,784 111,584
538,886 521,958

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 2,002,937 2,254,114
Hire purchase contracts 43,815 13,394
2,046,752 2,267,508

Sheardown Farms Limited (Registered number: 03743291)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

8. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loans 2,255,316 2,499,806
Hire purchase contracts 56,334 17,560
2,311,650 2,517,366

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

There is a directors loan account.
At the beginning of the year the company owed the directors £2,293. During the year there were total advances made to the directors of £248,057, and repayments made of £166,000.
At the end of the year the directors owed the company £79,764. This amount was repaid after the balance sheet date.
During the year interest was charged on the overdrawn loan balance at a rate of 2% interest of £249.

Chartered Accountant's Report to the Board of Directors
on the Unaudited Financial Statements of
Sheardown Farms Limited

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 Report of the Directors 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, I have prepared for your approval the financial statements of Sheardown Farms Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Sheardown Farms Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Sheardown Farms Limited and state those matters that I have agreed to state to the Board of Directors of Sheardown Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Sheardown Farms Limited and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Sheardown Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sheardown Farms Limited. You consider that Sheardown Farms Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Sheardown Farms Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG


19 July 2022