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Company registration number: 08374360
Trevartha Farm Limited
Unaudited filleted financial statements
31 March 2022
Trevartha Farm Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Trevartha Farm Limited
Directors and other information
Directors Mr Trevor Sobey
Mrs Kathryn Sobey
Company number 08374360
Registered office Trevartha Farm
Menheniot
Liskeard
Cornwall
PL14 3NJ
Business address Trevartha Farm
Menheniot
Liskeard
Cornwall
PL14 3NJ
Bankers Barclays Bank plc
The Parade
Liskeard
Cornwall
Trevartha Farm Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 4 290,729 290,729
_______ _______
290,729 290,729
Current assets
Debtors 5 173 139
Cash at bank and in hand 181,823 139,358
_______ _______
181,996 139,497
Creditors: amounts falling due
within one year 6 ( 189,319) ( 187,915)
_______ _______
Net current liabilities ( 7,323) ( 48,418)
_______ _______
Total assets less current liabilities 283,406 242,311
Accruals and deferred income ( 285) ( 280)
_______ _______
Net assets 283,121 242,031
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 283,111 242,021
_______ _______
Shareholders funds 283,121 242,031
_______ _______
For the 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 August 2022 , and are signed on behalf of the board by:
Mr Trevor Sobey Mrs Kathryn Sobey
Director Director
Company registration number: 08374360
Trevartha Farm Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Trevartha Farm, Menheniot, Liskeard, Cornwall, PL14 3NJ.
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Tangible assets
Freehold property Total
£ £
Cost
At 1 April 2021 and 31 March 2022 290,729 290,729
_______ _______
Depreciation
At 1 April 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 290,729 290,729
_______ _______
At 31 March 2021 290,729 290,729
_______ _______
5. Debtors
2022 2021
£ £
Prepayments and accrued income 173 139
_______ _______
6. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors - 28
Corporation tax 9,889 9,527
Director loan accounts 179,430 178,360
_______ _______
189,319 187,915
_______ _______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Trevor Sobey ( 89,180) ( 535) ( 89,715)
Mrs Kathryn Sobey ( 89,180) ( 535) ( 89,715)
_______ _______ _______
( 178,360) ( 1,070) ( 179,430)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Trevor Sobey ( 89,605) 425 ( 89,180)
Mrs Kathryn Sobey ( 89,605) 425 ( 89,180)
_______ _______ _______
( 179,210) 850 ( 178,360)
_______ _______ _______
8. Controlling party
Throughout the period the company remained under the control of Mr T and Mrs KA Sobey who are the only directors and own 100% of the issued shares.