Company registration number 09415090 (England and Wales)
THE PIE HOUSE AT CINDERHILL FARM LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE PIE HOUSE AT CINDERHILL FARM LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
THE PIE HOUSE AT CINDERHILL FARM LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE PIE HOUSE AT CINDERHILL FARM LTD FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Pie House at Cinderhill Farm Ltd for the year ended 31 March 2023 which comprise, 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of The Pie House at Cinderhill Farm Ltd, as a body, in accordance with the terms of our engagement letter dated 14 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of The Pie House at Cinderhill Farm Ltd and state those matters that we have agreed to state to the board of directors of The Pie House at Cinderhill Farm Ltd, 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 The Pie House at Cinderhill Farm Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that The Pie House at Cinderhill Farm Ltd 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 of The Pie House at Cinderhill Farm Ltd. You consider that The Pie House at Cinderhill Farm Ltd 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 The Pie House at Cinderhill Farm Ltd. 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.
Paish Tooth Limited
20 October 2023
Chartered Accountants
35 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
THE PIE HOUSE AT CINDERHILL FARM LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,539
2,805
Tangible assets
4
98,404
99,227
99,943
102,032
Current assets
Stocks
33,488
43,251
Debtors
5
83,692
48,709
Cash at bank and in hand
1,051
706
118,231
92,666
Creditors: amounts falling due within one year
6
(146,160)
(105,269)
Net current liabilities
(27,929)
(12,603)
Total assets less current liabilities
72,014
89,429
Creditors: amounts falling due after more than one year
7
(22,388)
(32,318)
Provisions for liabilities
(20,714)
(9,186)
Net assets
28,912
47,925
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
27,912
46,925
Total equity
28,912
47,925
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE PIE HOUSE AT CINDERHILL FARM LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 20 October 2023 and are signed on its behalf by:
D J M Flint
N G Flint
Director
Director
Company Registration No. 09415090
THE PIE HOUSE AT CINDERHILL FARM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
The Pie House at Cinderhill Farm Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 35 Rodney Road, Cheltenham, Gloucestershire, GL50 1HX.
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.
These financial statements for the year ended 31 March 2023 are the first financial statements of The Pie House at Cinderhill Farm Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2021. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Patents & licences
10% Straight line
Website
33.33% Straight line
1.4
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.
THE PIE HOUSE AT CINDERHILL FARM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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:
Leasehold land and buildings
6.67% Straight line
Plant and equipment
15% Reducing balance
Fixtures and fittings
15% Reducing balance
Computers
25% Reducing balance
Motor vehicles
25% Reducing balance
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.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
THE PIE HOUSE AT CINDERHILL FARM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.8
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
THE PIE HOUSE AT CINDERHILL FARM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
15
THE PIE HOUSE AT CINDERHILL FARM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
3
Intangible fixed assets
Patents & licences
Website
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
680
3,595
4,275
Amortisation and impairment
At 1 April 2022
272
1,198
1,470
Amortisation charged for the year
68
1,198
1,266
At 31 March 2023
340
2,396
2,736
Carrying amount
At 31 March 2023
340
1,199
1,539
At 31 March 2022
408
2,397
2,805
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
12,171
228,770
545
2,475
10,750
254,711
Additions
1,150
9,423
4,750
15,323
At 31 March 2023
13,321
238,193
545
2,475
15,500
270,034
Depreciation and impairment
At 1 April 2022
80
145,177
123
1,110
8,994
155,484
Depreciation charged in the year
856
13,357
63
342
1,528
16,146
At 31 March 2023
936
158,534
186
1,452
10,522
171,630
Carrying amount
At 31 March 2023
12,385
79,659
359
1,023
4,978
98,404
At 31 March 2022
12,091
83,593
422
1,365
1,756
99,227
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
71,838
40,907
Other debtors
11,854
7,802
83,692
48,709
THE PIE HOUSE AT CINDERHILL FARM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
36,526
10,852
Trade creditors
70,320
42,574
Taxation and social security
5,359
8,411
Other creditors
33,955
43,432
146,160
105,269
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,388
32,318
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
880
880
880
880
Ordinary A shares of £1 each
50
50
50
50
Ordinary B shares of £1 each
50
50
50
50
Ordinary C shares of £1 each
20
20
20
20
1,000
1,000
1,000
1,000
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 April
31 March
2021
2022
Notes
£
£
Equity as reported under previous UK GAAP
-
57,111
Adjustments arising from transition to FRS 102:
Deferred tax
-
(9,186)
Equity reported under FRS 102
-
47,925
Notes to reconciliations on adoption of FRS 102
2023-03-312022-04-01false20 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityD J M FlintN G FlintH McGloin094150902022-04-012023-03-31094150902023-03-31094150902022-03-3109415090core:PatentsTrademarksLicencesConcessionsSimilar2023-03-3109415090core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3109415090core:PatentsTrademarksLicencesConcessionsSimilar2022-03-3109415090core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3109415090core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3109415090core:PlantMachinery2023-03-3109415090core:FurnitureFittings2023-03-3109415090core:ComputerEquipment2023-03-3109415090core:MotorVehicles2023-03-3109415090core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3109415090core:PlantMachinery2022-03-3109415090core:FurnitureFittings2022-03-3109415090core:ComputerEquipment2022-03-3109415090core:MotorVehicles2022-03-3109415090core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3109415090core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3109415090core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3109415090core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3109415090core:CurrentFinancialInstruments2023-03-3109415090core:CurrentFinancialInstruments2022-03-3109415090core:ShareCapital2023-03-3109415090core:ShareCapital2022-03-3109415090core:RetainedEarningsAccumulatedLosses2023-03-3109415090core:RetainedEarningsAccumulatedLosses2022-03-3109415090core:ShareCapitalOrdinaryShares2023-03-3109415090core:ShareCapitalOrdinaryShares2022-03-3109415090bus:Director12022-04-012023-03-3109415090bus:Director22022-04-012023-03-3109415090core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3109415090core:PatentsTrademarksLicencesConcessionsSimilar2022-04-012023-03-3109415090core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-04-012023-03-3109415090core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3109415090core:PlantMachinery2022-04-012023-03-3109415090core:FurnitureFittings2022-04-012023-03-3109415090core:ComputerEquipment2022-04-012023-03-3109415090core:MotorVehicles2022-04-012023-03-31094150902021-04-012022-03-3109415090core:PatentsTrademarksLicencesConcessionsSimilar2022-03-3109415090core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-31094150902022-03-3109415090core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3109415090core:PlantMachinery2022-03-3109415090core:FurnitureFittings2022-03-3109415090core:ComputerEquipment2022-03-3109415090core:MotorVehicles2022-03-3109415090core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3109415090core:WithinOneYear2023-03-3109415090core:WithinOneYear2022-03-3109415090core:Non-currentFinancialInstruments2023-03-3109415090core:Non-currentFinancialInstruments2022-03-3109415090bus:PrivateLimitedCompanyLtd2022-04-012023-03-3109415090bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3109415090bus:FRS1022022-04-012023-03-3109415090bus:AuditExemptWithAccountantsReport2022-04-012023-03-3109415090bus:Director32022-04-012023-03-3109415090bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP