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REGISTRAR OF COMPANIES

Registration number: 06523688

Colby Farms Limited

Unaudited Financial Statements

31 March 2023

image-name

 

Colby Farms Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Colby Farms Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Colby Farms Limited for the year ended 31 March 2023 as set out on pages 2 to 12 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://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Colby Farms Limited, as a body, in accordance with the terms of our engagement letter dated 28 June 2022. Our work has been undertaken solely to prepare for your approval the accounts of Colby Farms Limited and state those matters that we have agreed to state to the Board of Directors of Colby Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Colby Farms Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Colby Farms Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Colby Farms Limited. You consider that Colby 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 accounts of Colby 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 accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

7 September 2023

 

Colby Farms Limited

(Registration number: 06523688)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

438,825

495,748

Other financial assets

6

38,356

38,356

 

477,181

534,104

Current assets

 

Stocks

183,455

189,700

Debtors

7

86,354

72,757

 

269,809

262,457

Creditors: Amounts falling due within one year

8

(265,595)

(246,666)

Net current assets

 

4,214

15,791

Total assets less current liabilities

 

481,395

549,895

Creditors: Amounts falling due after more than one year

8

(313,824)

(393,946)

Provisions for liabilities

(49,160)

(56,140)

Net assets

 

118,411

99,809

Capital and reserves

 

Allotted, called up and fully paid share capital

200

200

Profit and loss account

118,211

99,609

Total equity

 

118,411

99,809

 

Colby Farms Limited

(Registration number: 06523688)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 September 2023 and signed on its behalf by:
 

.........................................

R A Warburton

Director

.........................................

C R Warburton

Company secretary and director

.........................................

E M Warburton

Director

 

Colby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Colby Laithes
Colby
APPLEBY-IN-WESTMORLAND
CA16 6BA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Government grants

Government grants such as the basic payment scheme are included in the profit and loss account when all the necessary conditions for receipt have been met.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

 

Colby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Basic payment scheme

The amount paid in connection with the purchase of the basic payment scheme entitlement was amortised over the useful economic life of that entitlement, and has now been fully amortised.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold property

10% on cost basis

Implements and machinery

15% reducing balance basis and 25 years straight line basis

Motor vehicles

25% reducing balance basis

Office equipment

33% on cost basis and 15% reducing balance basis

Short leasehold property relates to tenants improvements on land leased by the company from the directors and their family. As the long term intention is for the farming operation to continue, it is deemed a true and fair view to depreciate the assets at 10% straight line over their useful economic life, and not the duration of the lease.

 

Colby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Trading stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. The cost of livestock represents the purchase cost plus any additional costs of rearing the animal. Net realisable value is based on selling price less anticipated selling costs. Crop stock is valued at fair value less any anticipated costs to sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Preference shares are classified as equity when the shares are redeemable in the future at the option of the company.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Colby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

 

Colby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Intangible assets

Basic payment entitlement
 £

Total
£

Cost or valuation

At 1 April 2022

88,146

88,146

At 31 March 2023

88,146

88,146

Amortisation

At 1 April 2022

88,146

88,146

At 31 March 2023

88,146

88,146

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

-

-

5

Tangible assets

Short leasehold property
£

Implements and machinery
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

233,963

951,711

35,897

4,623

1,226,194

Additions

-

13,220

-

-

13,220

At 31 March 2023

233,963

964,931

35,897

4,623

1,239,414

Depreciation

At 1 April 2022

108,395

586,969

30,532

4,550

730,446

Charge for the year

18,703

50,088

1,341

11

70,143

At 31 March 2023

127,098

637,057

31,873

4,561

800,589

Carrying amount

At 31 March 2023

106,865

327,874

4,024

62

438,825

At 31 March 2022

125,568

364,742

5,365

73

495,748

 

Colby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6

Other financial assets (current and non-current)

2023
£

2022
£

Non-current financial assets

Financial assets at fair value through profit and loss

38,356

38,356

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

38,356

38,356

At 31 March 2023

38,356

38,356

Carrying amount

At 31 March 2023

38,356

38,356

At 31 March 2022

38,356

38,356

7

Debtors

2023
£

2022
£

Trade debtors

71,614

39,387

Other debtors

14,740

33,370

86,354

72,757

 

Colby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

136,566

143,233

Trade creditors

 

99,295

85,967

Corporation tax liability

 

11,873

-

Other creditors

 

17,861

17,466

 

265,595

246,666

Due after one year

 

Loans and borrowings

9

238,999

307,455

Other creditors

 

74,825

86,491

 

313,824

393,946

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalments

101,566

110,550

101,566

110,550

 

Colby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

71,330

71,599

Bank overdrafts

38,266

44,051

Other borrowings

26,970

27,583

136,566

143,233

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

71,330

71,599

Bank overdrafts

38,266

44,051

109,596

115,650

Bank borrowings and overdrafts are secured by fixed and floating charges over the company's assets.
 

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

238,999

307,455

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

238,999

307,455

Bank borrowings are secured by fixed and floating charges over the company's assets.

 

Colby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £24,600 (2022 - £24,600).

11

Financial instruments

Financial assets measured at fair value

First Milk
The method used for determining fair value is based on historic trading prices and the financial performance of First Milk.

The fair value is £38,356 (2022 - £38,356) and the change in value included in profit or loss is £Nil (2022 - £8,083).