Company registration No. 03254091 (England and Wales) | |
UNAUDITED FINANCIAL STATEMENTS | |
FOR THE YEAR ENDED |
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PAGES FOR FILING WITH REGISTRAR | |
COMPANY INFORMATION | ||||
Directors | ||||
Company secretary | ||||
Company number | ||||
Registered Office | ||||
Accountants | ||||
Chartered Accountants | ||||
Vantage House | ||||
2700 Kettering Parkway | ||||
Kettering Venture Park | ||||
Kettering | ||||
Northamptonshire | ||||
NN15 6XR | ||||
A.N. POLHILL FARMS LIMITED | ||||
FOR THE YEAR ENDED 31 DECEMBER 2021 | ||||
CONTENTS | ||||
Index | Page | |||
Accountants' report | 1 | |||
Balance sheet | 2 - 3 | |||
Notes to the financial statements | 4 - 8 | |||
A.N. POLHILL FARMS LIMITED | |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF A.N. POLHILL FARMS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2021 |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A.N. Polhill Farms Limited for the year ended 31 December 2021 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us. | |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://icaew.com/regulation. | |
It is your duty to ensure that A.N. Polhill Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of A.N. Polhill Farms Limited. You consider that A.N. Polhill Farms Limited is exempt from the statutory audit requirement for the year. | |
We have not been instructed to carry out an audit or a review of the financial statements of A.N. Polhill Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. | |
Chartered Accountants | |
Vantage House | |
2700 Kettering Parkway | |
Kettering Venture Park | |
Kettering | |
Northamptonshire | |
NN15 6XR | |
BALANCE SHEET | ||||||
AS AT |
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Note | 2021 | 2020 | ||||
£ | £ | £ | £ | |||
Fixed assets | ||||||
Tangible assets | ||||||
Property | 3 | |||||
Equipment | 4 | |||||
1,298,568 | 1,311,958 | |||||
Current assets | ||||||
Stock | 5 | |||||
Debtors | 6 | |||||
Cash at bank and in hand | ||||||
Creditors: amounts falling due within one year | 7 | |||||
Net current assets | ||||||
Total assets less current liabilities | ||||||
Provisions for liabilities and charges | (6,493) | (9,840) | ||||
Total assets | £ |
£ |
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Capital and reserves | ||||||
Called up share capital | 8 | |||||
Profit and loss account | ||||||
Total equity | £ |
£ |
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BALANCE SHEET (CONTINUED) |
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. | ||||
The financial statements were approved by the board of directors and authorised for issue on |
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................................................................ | ||||
Director | ||||
Company Registered Number: |
A.N. POLHILL FARMS LIMITED | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS | |||
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1 | Accounting policies |
1a | Company information | |
A.N. Polhill Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is given on the company information page. |
1b | Accounting convention | |
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. |
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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 £. | ||
1c | Turnover | ||
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. |
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1d | Tangible fixed assets | |
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows: | ||
% | ||
Equipment | 20 | |
1e | Stock | ||
A.N. POLHILL FARMS LIMITED | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1f | Cash and cash equivalents | ||
1g | Taxation | ||
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 companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. | |||
Deferred tax | |||
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. |
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1h | 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. |
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A.N. POLHILL FARMS LIMITED | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 31 DECEMBER 2021 |
2. | Average employees | ||
The average monthly number of persons (including directors) employed by the company during the year was as follows: |
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2021 | 2020 | ||
Number | Number | ||
Employees | |||
3 | Tangible fixed assets - Property | ||
Freehold land | |||
and buildings | Total | ||
£ | £ | ||
Cost | |||
At 1 January 2021 | |||
and at 31 December 2021 | 1,272,598 | ||
Carrying amount | |||
At 31 December 2021 | 1,272,598 | 1,272,598 | |
Carrying amount | |||
At 31 December 2020 | 1,272,598 | 1,272,598 | |
4. | Tangible fixed assets - Equipment | ||
Equipment | Total | ||
£ | £ | ||
Cost | |||
At 1 January 2021 | 82,350 | ||
At 31 December 2021 | 82,350 | ||
Depreciation and impairment | |||
At 1 January 2021 | 42,990 | ||
Provision for the year | 13,390 | ||
At 31 December 2021 | 56,380 | ||
Carrying amount | |||
At 31 December 2021 | £25,970 | £25,970 | |
Carrying amount | |||
At 31 December 2020 | £39,360 | £39,360 | |
A.N. POLHILL FARMS LIMITED | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 31 DECEMBER 2021 |
5. | Stocks | ||
2021 | 2020 | ||
£ | £ | ||
Farm valuation comprises: | |||
Produce | 38,628 | 63,995 | |
Seeds, fertilisers and sprays | 39,235 | 25,287 | |
Tillages | 12,348 | 12,348 | |
£90,211 | £101,630 | ||
6 | Debtors | ||
2021 | 2020 | ||
£ | £ | ||
Amounts falling due within one year: | |||
Trade debtors | |||
Other debtors | |||
VAT recoverable | |||
Prepayments | 1,701 | 1,234 | |
Loan to A.N. Polhill Will Trust | - | 84,264 | |
£ |
£ |
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7. | Creditors | ||
2021 | 2020 | ||
£ | £ | ||
Amounts falling due within one year: | |||
Trade creditors | |||
Corporation tax | |||
Other creditors | |||
Accruals and deferred income | |||
£ |
£ |
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8. | Share capital | ||
2021 | 2020 | ||
£ | £ | ||
Allotted, called up and fully paid: | |||
1,300,001 |
£1,300,001 | £1,300,001 | |
A.N. POLHILL FARMS LIMITED | |||
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS (CONTINUED) | |||
FOR THE YEAR ENDED 31 DECEMBER 2021 |
9 | Directors transactions | ||
As at 31 December 2021, the company was owed £4,863 (2020 - £8,118) by one of the directors. Interest has been charged at the official rate of interest during the year and the balance was fully repaid within 9 months after the year end. | |||