IRIS Accounts Production v23.3.0.418 05463452 director 1.4.22 31.3.23 31.3.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure054634522022-03-31054634522023-03-31054634522022-04-012023-03-31054634522021-03-31054634522021-04-012022-03-31054634522022-03-3105463452ns16:EnglandWales2022-04-012023-03-3105463452ns15:PoundSterling2022-04-012023-03-3105463452ns11:Director12022-04-012023-03-3105463452ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3105463452ns11:SmallEntities2022-04-012023-03-3105463452ns11:AuditExempt-NoAccountantsReport2022-04-012023-03-3105463452ns11:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-3105463452ns11:SmallCompaniesRegimeForAccounts2022-04-012023-03-3105463452ns11:FullAccounts2022-04-012023-03-310546345212022-04-012023-03-3105463452ns11:RegisteredOffice2022-04-012023-03-3105463452ns6:CurrentFinancialInstruments2023-03-3105463452ns6:CurrentFinancialInstruments2022-03-3105463452ns6:Non-currentFinancialInstruments2023-03-3105463452ns6:Non-currentFinancialInstruments2022-03-3105463452ns6:ShareCapital2023-03-3105463452ns6:ShareCapital2022-03-3105463452ns6:RetainedEarningsAccumulatedLosses2023-03-3105463452ns6:RetainedEarningsAccumulatedLosses2022-03-3105463452ns6:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3105463452ns6:PatentsTrademarksLicencesConcessionsSimilar2022-04-012023-03-3105463452ns6:LongLeaseholdAssetsns6:LandBuildings2022-04-012023-03-3105463452ns6:PlantMachinery2022-04-012023-03-3105463452ns6:MotorVehicles2022-04-012023-03-3105463452ns6:ComputerEquipment2022-04-012023-03-3105463452ns6:IntangibleAssetsOtherThanGoodwill2022-03-3105463452ns6:IntangibleAssetsOtherThanGoodwill2023-03-3105463452ns6:IntangibleAssetsOtherThanGoodwill2022-03-3105463452ns6:LandBuildings2022-03-3105463452ns6:LongLeaseholdAssetsns6:LandBuildings2022-03-3105463452ns6:PlantMachinery2022-03-3105463452ns6:LandBuildings2022-04-012023-03-3105463452ns6:LandBuildings2023-03-3105463452ns6:LongLeaseholdAssetsns6:LandBuildings2023-03-3105463452ns6:PlantMachinery2023-03-3105463452ns6:LandBuildings2022-03-3105463452ns6:LongLeaseholdAssetsns6:LandBuildings2022-03-3105463452ns6:PlantMachinery2022-03-3105463452ns6:MotorVehicles2022-03-3105463452ns6:ComputerEquipment2022-03-3105463452ns6:MotorVehicles2023-03-3105463452ns6:ComputerEquipment2023-03-3105463452ns6:MotorVehicles2022-03-3105463452ns6:ComputerEquipment2022-03-3105463452ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-03-3105463452ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-03-3105463452ns6:LeasedAssetsHeldAsLessee2022-03-3105463452ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2023-03-3105463452ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2023-03-3105463452ns6:LeasedAssetsHeldAsLessee2023-03-3105463452ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-04-012023-03-3105463452ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-04-012023-03-3105463452ns6:LeasedAssetsHeldAsLessee2022-04-012023-03-3105463452ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-03-3105463452ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-03-3105463452ns6:LeasedAssetsHeldAsLessee2022-03-3105463452ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3105463452ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3105463452ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-03-3105463452ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-03-3105463452ns6:RetainedEarningsAccumulatedLosses2022-03-3105463452ns6:RetainedEarningsAccumulatedLosses2022-04-012023-03-31
REGISTERED NUMBER: 05463452 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

S F R FARMING LIMITED

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


S F R FARMING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: S F Roberts





REGISTERED OFFICE: Park Hall Farm
Clotton
Tarporley
Cheshire
CW6 0EG





REGISTERED NUMBER: 05463452 (England and Wales)

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

BALANCE SHEET
31 MARCH 2023

31/3/23 31/3/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 805,901 833,478
805,901 833,478

CURRENT ASSETS
Stocks 858,450 870,300
Debtors 6 368,397 275,421
Cash at bank 62,186 -
1,289,033 1,145,721
CREDITORS
Amounts falling due within one year 7 770,606 781,605
NET CURRENT ASSETS 518,427 364,116
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,324,328

1,197,594

CREDITORS
Amounts falling due after more than
one year

8

(334,634

)

(710,983

)

PROVISIONS FOR LIABILITIES (197,903 ) (155,345 )
NET ASSETS 791,791 331,266

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

BALANCE SHEET - continued
31 MARCH 2023

31/3/23 31/3/22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 9 791,691 331,166
SHAREHOLDERS' FUNDS 791,791 331,266

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 August 2023 and were signed by:





S F Roberts - Director


S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

S F R Farming Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Transactions are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax and is recognised upon despatch of goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Milk quota are being amortised evenly over their estimated useful life of eight years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Tenants improvements - 10% on reducing balance
Implements, machinery & sheds - 15% on reducing balance
Motor vehicles & tractors - 25% on reducing balance
Office equipment and computers - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Biological assets, being a dairy herd, are included within stocks at the lower of cost and estimated selling price less costs to sell.

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
FINANCIAL ASSETS

Trade, group and other debtors
Trade, group and other debtors (including accrued income) which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

A provision for impairment of trade debtors is established where there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

FINANCIAL LIABILITIES

Trade, group and other creditors
Trade, group and other creditors (including accruals) payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being transaction price less any amounts settled.

Derecognition of financial assets and liabilities
A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2022
and 31 March 2023 121,128
AMORTISATION
At 1 April 2022
and 31 March 2023 121,128
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS
Implements,
Tenants machinery
Entitlements improvements & sheds
£    £    £   
COST
At 1 April 2022 12,560 28,744 1,605,242
Additions - - 200,843
Disposals - - (74,743 )
At 31 March 2023 12,560 28,744 1,731,342
DEPRECIATION
At 1 April 2022 12,560 12,867 926,819
Charge for year - 1,588 131,889
Eliminated on disposal - - (14,393 )
At 31 March 2023 12,560 14,455 1,044,315
NET BOOK VALUE
At 31 March 2023 - 14,289 687,027
At 31 March 2022 - 15,877 678,423

Office
Motor equipment
vehicles and
& tractors computers Totals
£    £    £   
COST
At 1 April 2022 420,474 8,465 2,075,485
Additions - - 200,843
Disposals - - (74,743 )
At 31 March 2023 420,474 8,465 2,201,585
DEPRECIATION
At 1 April 2022 283,308 6,453 1,242,007
Charge for year 34,291 302 168,070
Eliminated on disposal - - (14,393 )
At 31 March 2023 317,599 6,755 1,395,684
NET BOOK VALUE
At 31 March 2023 102,875 1,710 805,901
At 31 March 2022 137,166 2,012 833,478

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Implements, Motor
machinery vehicles
& sheds & tractors Totals
£    £    £   
COST
At 1 April 2022 194,743 146,500 341,243
Transfer to ownership (109,043 ) - (109,043 )
At 31 March 2023 85,700 146,500 232,200
DEPRECIATION
At 1 April 2022 54,932 36,625 91,557
Charge for year 8,594 27,468 36,062
Transfer to ownership (26,527 ) - (26,527 )
At 31 March 2023 36,999 64,093 101,092
NET BOOK VALUE
At 31 March 2023 48,701 82,407 131,108
At 31 March 2022 139,811 109,875 249,686

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Trade debtors 333,535 244,653
VAT 34,862 30,768
368,397 275,421

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans and overdrafts 84,527 278,567
Hire purchase contracts 42,334 54,061
Trade creditors 467,861 400,986
Tax 132,928 3,677
Social security and other taxes 2,956 4,314
Directors' loan accounts 40,000 40,000
770,606 781,605

S F R FARMING LIMITED (REGISTERED NUMBER: 05463452)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31/3/23 31/3/22
£    £   
Bank loans - 2-5 years 177,276 64,463
Hire purchase contracts 41,345 83,679
Directors' loan accounts 116,013 562,841
334,634 710,983

9. RESERVES
Retained
earnings
£   

At 1 April 2022 331,166
Profit for the year 487,525
Dividends (27,000 )
At 31 March 2023 791,691