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COMPANY REGISTRATION NUMBER: 10944192
ARCHERS @ RED BANK FARM LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 February 2022
ARCHERS @ RED BANK FARM LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2022
2022
2021
Note
£
£
FIXED ASSETS
Tangible assets
5
165,607
122,059
CURRENT ASSETS
Stocks
44,382
18,260
Debtors
6
20,373
17,177
Cash at bank and in hand
322,884
177,271
-----------
-----------
387,639
212,708
CREDITORS: amounts falling due within one year
7
172,087
130,839
-----------
-----------
NET CURRENT ASSETS
215,552
81,869
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
381,159
203,928
CREDITORS: amounts falling due after more than one year
8
49,080
57,910
-----------
-----------
NET ASSETS
332,079
146,018
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
123
123
Profit and loss account
331,956
145,895
-----------
-----------
SHAREHOLDERS FUNDS
332,079
146,018
-----------
-----------
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.
For the year ending 28 February 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 .
ARCHERS @ RED BANK FARM LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2022
These financial statements were approved by the board of directors and authorised for issue on 2 September 2022 , and are signed on behalf of the board by:
Mr A J Archer
Mr J M Archer
Director
Director
Mr M A Archer
Director
Company registration number: 10944192
ARCHERS @ RED BANK FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SW.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold property improvements
-
10% straight line
Machinery, equipment and implements
-
15% reducing balance
Caravan site plant and equipment
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 25 (2021: 21 ).
5. TANGIBLE ASSETS
Leasehold property improvements
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2021
91,764
55,730
17,529
5,600
170,623
Additions
14,189
53,777
6,500
74,466
Disposals
( 2,000)
( 1,000)
( 3,000)
---------
---------
---------
---------
-----------
At 28 February 2022
91,764
67,919
71,306
11,100
242,089
---------
---------
---------
---------
-----------
Depreciation
At 1 March 2021
25,205
15,924
4,338
3,097
48,564
Charge for the year
9,176
7,913
10,044
2,135
29,268
Disposals
( 772)
( 578)
( 1,350)
---------
---------
---------
---------
-----------
At 28 February 2022
34,381
23,065
14,382
4,654
76,482
---------
---------
---------
---------
-----------
Carrying amount
At 28 February 2022
57,383
44,854
56,924
6,446
165,607
---------
---------
---------
---------
-----------
At 28 February 2021
66,559
39,806
13,191
2,503
122,059
---------
---------
---------
---------
-----------
6. DEBTORS
2022
2021
£
£
Prepayments and accrued income
6,623
3,369
Other debtors
13,750
13,808
---------
---------
20,373
17,177
---------
---------
7. CREDITORS: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
8,877
8,924
Trade creditors
43,079
9,025
Accruals and deferred income
41,607
36,344
Corporation tax
40,076
23,166
Social security and other taxes
18,708
1,833
Director loan accounts
2,465
1,961
Other creditors
17,275
49,586
-----------
-----------
172,087
130,839
-----------
-----------
8. CREDITORS: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
49,080
57,910
---------
---------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The directors have loan accounts with the company which remained in credit througout the year. At the year end there was a credit balance of £2,465 which is included in creditors.
10. RELATED PARTY TRANSACTIONS
Mr A J Archer and Mr M A Archer are the only directors of a company M Archer and Son Limited. At the start of the year the company owed M Archer and Son Limited £49,586 During the year there were transactions of £32,311 bringing the balance on the inter company account at the year end to £17,275, which is included in creditors.