Company Registration No. 00278788 (England and Wales)
NEWTON PARK FARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
NEWTON PARK FARM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NEWTON PARK FARM LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2021
30 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17,295
6,508
Current assets
Debtors
4
117,267
131,336
Cash at bank and in hand
1,541
3,279
118,808
134,615
Creditors: amounts falling due within one year
5
(95,923)
(94,558)
Net current assets
22,885
40,057
Total assets less current liabilities
40,180
46,565
Creditors: amounts falling due after more than one year
6
(23,689)
(34,000)
Provisions for liabilities
(3,257)
(1,202)
Net assets
13,234
11,363
Capital and reserves
Called up share capital
7
7,050
7,050
Profit and loss reserves
6,184
4,313
Total equity
13,234
11,363
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 13 September 2022
Mr G Hemsley
Director
Company Registration No. 00278788
NEWTON PARK FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Newton Park Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Newton Park, Turvey, Bedfordshire, United Kingdom, MK43 8AU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% on cost
Plant and machinery
25% on cost
Fixtures, fittings & equipment
25% on cost
Motor vehicles
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
NEWTON PARK FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was
2021
2020
Number
Number
Total
1
1
NEWTON PARK FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
- 4 -
3
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 31 December 2020
25,602
15,949
1,449
358
43,358
Additions
13,100
1,235
14,335
At 30 December 2021
25,602
29,049
2,684
358
57,693
Depreciation and impairment
At 31 December 2020
25,602
9,763
1,127
358
36,850
Depreciation charged in the year
3,154
394
3,548
At 30 December 2021
25,602
12,917
1,521
358
40,398
Carrying amount
At 30 December 2021
16,132
1,163
17,295
At 30 December 2020
6,186
322
6,508
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
117,267
131,336
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
10,820
2,945
Trade creditors
558
384
Taxation and social security
5,785
21,778
Other creditors
78,760
69,451
95,923
94,558
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
23,689
34,000
NEWTON PARK FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
- 5 -
7
Called up share capital
2021
2020
£
£
Ordinary share capital
Allotted, called up and fully paid
7,050
7,050