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Company registration number: 01155019
Shellow Cross Farms Limited
Unaudited filleted financial statements
31 March 2023
Shellow Cross Farms Limited
Contents
Statement of financial position
Notes to the financial statements
Shellow Cross Farms Limited
Statement of financial position
31 March 2023
Year 9 month period
ended ended
31/03/23 31/03/22
Note £ £ £ £
Fixed assets
Tangible assets 4 488,800 488,800
_______ _______
488,800 488,800
Current assets
Cash at bank and in hand 20,607 8,351
_______ _______
20,607 8,351
Creditors: amounts falling due
within one year 5 ( 17,620) ( 14,626)
_______ _______
Net current assets/(liabilities) 2,987 ( 6,275)
_______ _______
Total assets less current liabilities 491,787 482,525
Provisions for liabilities ( 92,872) ( 92,872)
_______ _______
Net assets 398,915 389,653
_______ _______
Capital and reserves
Called up share capital 2 2
Other reserves 341,113 341,113
Profit and loss account 57,800 48,538
_______ _______
Shareholders funds 398,915 389,653
_______ _______
For the 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 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
B.W. Green
Director
Company registration number: 01155019
Shellow Cross Farms Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 169 New London Road, Chelmsford, Essex, CM2 0AE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in the Statement of comprehensive income.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivables and payables. Debt instruments that are payable or receivable within one year are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
4. Tangible assets
Freehold property
£
Valuation
At 1 April 2022 and 31 March 2023 488,800
_______
Depreciation
At 1 April 2022 and 31 March 2023 -
_______
Carrying amount
At 31 March 2023 488,800
_______
At 31 March 2022 488,800
_______
5. Creditors: amounts falling due within one year
Year 9 month
ended period ended
31/03/23 31/03/22
£ £
Corporation tax 2,173 1,837
Other creditors 15,447 12,789
_______ _______
17,620 14,626
_______ _______
6. Operating leases
The company as lessor
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
Year 9 month
ended period ended
£ £
Not later than 1 year 30,000 30,000
Later than 1 year and not later than 5 years 15,000 45,000
_______ _______
45,000 75,000
_______ _______
7. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Year ended 31/03/23
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J.J. Freeman ( 7,639) ( 9,067) 7,639 ( 9,067)
B.W. Green ( 615) ( 615) - ( 1,230)
_______ _______ _______ _______
( 8,254) ( 9,682) 7,639 ( 10,297)
_______ _______ _______ _______
9 month period ended 31/03/22
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
J.J. Freeman ( 9,999) ( 7,639) 9,999 ( 7,639)
B.W. Green ( 1,610) ( 615) 1,610 ( 615)
_______ _______ _______ _______
( 11,609) ( 8,254) 11,609 ( 8,254)
_______ _______ _______ _______
8. Controlling party
B.W. Green and G.S. Green are considered to be the ultimate controlling parties by virtue of their shareholding in the company.