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Company registration number: 08787112
LOCKS FARM LIMITED
FILLETED ACCOUNTS
30 November 2021
LOCKS FARM LIMITED
STATEMENT OF FINANCIAL POSITION - 30 NOVEMBER 2021
________________________________________________________________________________
2021 2020
Note £ £ £ £
Fixed assets
Investments 4 232,853 237,420
_______ _______
232,853 237,420
Current assets
Cash at bank and in hand 2 2
_______ _______
2 2
Creditors: amounts falling due
within one year 5 ( 100,975) ( 105,215)
_______ _______
Net current liabilities ( 100,973) ( 105,213)
_______ _______
Total assets less current liabilities 131,880 132,207
_______ _______
Net assets 131,880 132,207
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 131,878 132,205
_______ _______
Shareholders funds 131,880 132,207
_______ _______
For the year ending 30 November 2021 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 August 2022 , and are signed on behalf of the board by:
Mrs Caroline Hodgkins Mr Christopher Hodgkins
Director Director
Company registration number: 08787112
LOCKS FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS - YEAR ENDED 30 NOVEMBER 2021
______________________________________________________________________________
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 1A The Martlets, Burgess Hill, West Sussex, RH15 9NN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Investments
Other investments other than loans Total
£ £
Cost
At 1 December 2020 237,420 237,420
Disposals ( 4,567) ( 4,567)
_______ _______
At 30 November 2021 232,853 232,853
_______ _______
Impairment
At 1 December 2020 and 30 November 2021 - -
_______ _______
Carrying amount
At 30 November 2021 232,853 232,853
_______ _______
At 30 November 2020 237,420 237,420
_______ _______
5. Creditors: amounts falling due within one year
2021 2020
£ £
Corporation tax - 4,090
Other creditors 100,975 101,125
_______ _______
100,975 105,215
_______ _______
6. Controlling party
The company is under the joint control of its two shareholders, Mr Christopher Hodgkins and Mrs Caroline Hodgkins