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COMPANY REGISTRATION NUMBER: 07872337
Webb and Jeffery Farming Ltd
Filleted Unaudited Financial Statements
31 December 2021
Webb and Jeffery Farming Ltd
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
4
111,869
88,417
Current assets
Stocks
1,170
Debtors
5
200
Cash at bank and in hand
16,015
33,992
--------
--------
16,215
35,162
Creditors: amounts falling due within one year
6
123,644
123,659
---------
---------
Net current liabilities
107,429
88,497
---------
--------
Total assets less current liabilities
4,440
( 80)
Provisions
Taxation including deferred tax
6,479
3,087
-------
-------
Net liabilities
( 2,039)
( 3,167)
-------
-------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 3,039)
( 4,167)
-------
-------
Shareholders deficit
( 2,039)
( 3,167)
-------
-------
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 31 December 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 .
Webb and Jeffery Farming Ltd
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 26 June 2022 , and are signed on behalf of the board by:
Mr C J Jeffery
Director
Company registration number: 07872337
Webb and Jeffery Farming Ltd
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Oakley House, Tetbury Road, Cirencester, Gloucestershire, GL7 1US.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Income tax
Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
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:
Tenants improvements
-
2% straight line
Plant & machinery
-
10% straight line
Fixtures, fittings & equipment
-
10% straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 January 2021
84,111
10,589
12,951
107,651
Additions
7,322
22,475
29,797
--------
--------
--------
---------
At 31 December 2021
91,433
33,064
12,951
137,448
--------
--------
--------
---------
Depreciation
At 1 January 2021
6,454
5,811
6,969
19,234
Charge for the year
1,829
3,089
1,427
6,345
--------
--------
--------
---------
At 31 December 2021
8,283
8,900
8,396
25,579
--------
--------
--------
---------
Carrying amount
At 31 December 2021
83,150
24,164
4,555
111,869
--------
--------
--------
---------
At 31 December 2020
77,657
4,778
5,982
88,417
--------
--------
--------
---------
5. Debtors
2021
2020
£
£
Trade debtors
200
----
----
6. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
173
Other creditors
123,471
123,659
---------
---------
123,644
123,659
---------
---------
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr C J Jeffery
( 60,606)
( 292)
( 60,898)
Mrs C L Jeffery
( 60,607)
( 293)
( 60,900)
---------
----
---------
( 121,213)
( 585)
( 121,798)
---------
----
---------
2020
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr C J Jeffery
( 59,757)
( 850)
(60,607)
Mrs C L Jeffery
( 59,757)
( 849)
(60,606)
---------
-------
---------
( 119,514)
( 1,699)
( 121,213)
---------
-------
---------