Company registration number 09218827 (England and Wales)
AL SHIRA'AA FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
AL SHIRA'AA FARMS LIMITED
COMPANY INFORMATION
Director
Miss A N MacDonald
(Appointed 24 May 2022)
Company number
09218827
Registered office
Woodhatch
Hascombe Road
Godalming
Surrey
United Kingdom
GU8 4AA
AL SHIRA'AA FARMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
AL SHIRA'AA FARMS LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,083,982
2,154,059
Current assets
Debtors
4
67,100
84,722
Cash at bank and in hand
238,429
12,735
305,529
97,457
Creditors: amounts falling due within one year
5
(17,965,287)
(14,992,503)
Net current liabilities
(17,659,758)
(14,895,046)
Total assets less current liabilities
(15,575,776)
(12,740,987)
Creditors: amounts falling due after more than one year
6
(392,462)
(466,338)
Net liabilities
(15,968,238)
(13,207,325)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(15,968,239)
(13,207,326)
Total equity
(15,968,238)
(13,207,325)

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 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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 by the board of directors and authorised for issue on 23 October 2023 and are signed on its behalf by:
Miss A N  MacDonald
Director
Company Registration No. 09218827
AL SHIRA'AA FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 2 -
1
Accounting policies
Company information

Al Shira'aa Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Woodhatch, Hascombe Road, Godalming, Surrey, United Kingdom, GU8 4AA.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The director has paid particular attention to the likely effects on the business of the current world economic uncertainty and remains confident that sufficient funding is in place and that the company has adequate resources to enable the company to continue as a going concern for the foreseeable future.

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:

Freehold land and buildings
10% straight line. Land is not depreciated.
Plant and equipment
25% reducing balance
Computers
33% reducing balance
Motor vehicles
25% reducing balance

Assets in the course of construction are not depreciated.

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.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

AL SHIRA'AA FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

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.

AL SHIRA'AA FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.10
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.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
16
21
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2021
2,032,713
186,536
3,688
275,667
2,498,604
Additions
-
0
-
0
524
-
0
524
Disposals
-
0
(24,928)
(1,784)
-
0
(26,712)
At 30 September 2022
2,032,713
161,608
2,428
275,667
2,472,416
Depreciation and impairment
At 1 October 2021
49,949
103,898
2,964
187,734
344,545
Depreciation charged in the year
27,255
19,963
268
21,984
69,470
Eliminated in respect of disposals
-
0
(23,820)
(1,761)
-
0
(25,581)
At 30 September 2022
77,204
100,041
1,471
209,718
388,434
Carrying amount
At 30 September 2022
1,955,509
61,567
957
65,949
2,083,982
At 30 September 2021
1,982,764
82,638
724
87,933
2,154,059
AL SHIRA'AA FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 5 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
-
0
1,710
Other debtors
67,100
83,012
67,100
84,722
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
73,720
70,984
Trade creditors
192,703
163,795
Taxation and social security
38,442
34,682
Other creditors
17,660,422
14,723,042
17,965,287
14,992,503
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
392,462
466,338

The bank loan is secured by fixed legal charges over the company's land and buildings and a personal guarantee from the shareholder.

Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
66,539
152,858
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
1
1
1
1
AL SHIRA'AA FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 6 -
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
297,183
398,883
9
Related party transactions

Included in other creditors is an amount due to the shareholder of £17,611,254 (2021: £14,675,868). This loan is unsecured, interest free and repayable on demand.

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