Fullerton Farms Limited 00962835 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is farming within the United Kingdom. The company farms in partnership with J.E.C. Liddell (director), his wife Mrs. R.A. Liddell and their sons T.E.C. Liddell (director) and H.G. Liddell (director), trading under the name of Fullerton Farms Partnership. On 21 June 2022 J E C Liddell died with his share in the partnership being represented by the executors of his estate. The company's share of partnership profits and losses for the year have been consolidated into these accounts using the single line equity method. Digita Accounts Production Advanced 6.30.9574.0 true false true 00962835 2022-04-01 2023-03-31 00962835 2023-03-31 00962835 core:RetainedEarningsAccumulatedLosses 2023-03-31 00962835 core:ShareCapital 2023-03-31 00962835 core:SharePremium 2023-03-31 00962835 core:CurrentFinancialInstruments 2023-03-31 00962835 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00962835 bus:SmallEntities 2022-04-01 2023-03-31 00962835 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00962835 bus:FullAccounts 2022-04-01 2023-03-31 00962835 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 00962835 bus:RegisteredOffice 2022-04-01 2023-03-31 00962835 bus:CompanySecretary1 2022-04-01 2023-03-31 00962835 bus:Director1 2022-04-01 2023-03-31 00962835 bus:Director3 2022-04-01 2023-03-31 00962835 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00962835 core:Subsidiary1 2022-04-01 2023-03-31 00962835 core:Subsidiary1 1 2022-04-01 2023-03-31 00962835 core:Subsidiary1 countries:France 2022-04-01 2023-03-31 00962835 core:UKTax 2022-04-01 2023-03-31 00962835 countries:EnglandWales 2022-04-01 2023-03-31 00962835 core:CostValuation 2022-03-31 00962835 2021-04-01 2022-03-31 00962835 2022-03-31 00962835 core:RetainedEarningsAccumulatedLosses core:RestatedAmount 2022-03-31 00962835 core:ShareCapital 2022-03-31 00962835 core:SharePremium 2022-03-31 00962835 core:CurrentFinancialInstruments 2022-03-31 00962835 core:CurrentFinancialInstruments core:WithinOneYear core:RestatedAmount 2022-03-31 00962835 core:CostValuation 2022-03-31 00962835 core:RestatedAmount 2022-03-31 00962835 core:RestatedAmount 2021-04-01 2022-03-31 00962835 core:Subsidiary1 1 2021-04-01 2022-03-31 00962835 core:UKTax 2021-04-01 2022-03-31 00962835 core:UKTax core:RestatedAmount 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Fullerton Farms Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2023

Registration number: 00962835

 

Fullerton Farms Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Fullerton Farms Limited

Company Information

Directors

Mr T E Liddell

Mr H G Liddell

Company secretary

Mrs R A Liddell

Registered office

Cottonworth House
Andover
Hampshire
SP11 7JX

Accountants

Francis Clark LLP
Hitchcock House
Hilltop Park
Devizes Road
Salisbury
Wiltshire
SP3 4UF

 

Fullerton Farms Limited

Balance Sheet

31 March 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Investments

5

1,150,944

1,233,194

Current assets

 

Debtors

6

1,830,747

1,600,167

Creditors: Amounts falling due within one year

7

(86,278)

(156,245)

Net current assets

 

1,744,469

1,443,922

Total assets less current liabilities

 

2,895,413

2,677,116

Provisions for liabilities

(3,651)

(3,651)

Net assets

 

2,891,762

2,673,465

Capital and reserves

 

Called up share capital

107,000

107,000

Share premium reserve

63,000

63,000

Profit and loss account

2,721,762

2,503,465

Shareholders' funds

 

2,891,762

2,673,465

 

Fullerton Farms Limited

Balance Sheet

31 March 2023

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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 October 2023 and signed on its behalf by:
 

.........................................
Mr T E Liddell
Director

Company Registration Number: 00962835

 

Fullerton Farms Limited

Notes to the Unaudited Financial Statements

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:
Cottonworth House
Andover
Hampshire
SP11 7JX

These financial statements were authorised for issue by the Board on 9 October 2023.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A, 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.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Fullerton Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

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 corporation 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 on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination.

 

Fullerton Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

Investments

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
 £

(As restated)
2022
 £

Current taxation

UK corporation tax

33,676

120,082

UK corporation tax adjustment to prior periods

(107)

13

33,569

120,095

Deferred taxation

Arising from origination and reversal of timing differences

-

876

Tax expense in the income statement

33,569

120,971

 

Fullerton Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

624,475

624,475

Investments in participating interests

526,469

608,719

1,150,944

1,233,194

Subsidiaries

£

Cost or valuation

At 1 April 2022

624,475

Provision

Carrying amount

At 31 March 2023

624,475

At 31 March 2022

624,475

Participating interests

£

Cost

At 1 April 2022

526,469

Provision

Carrying amount

At 31 March 2023

526,469

At 31 March 2022

608,719

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

SCEA Turoulon

10 Rue Du Puits Bouret

France

Ordinary share capital

98%

98%

 

Fullerton Farms Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2023

Subsidiary undertakings

SCEA Turoulon

The principal activity of SCEA Turoulon is a vineyard.

6

Debtors

2023
 £

2022
 £

Amounts due from group undertakings

1,830,747

1,600,167

1,830,747

1,600,167

7

Creditors

Creditors: amounts falling due within one year

2023
£

(As restated)

2022
£

Due within one year

Amounts owed to group undertakings

10,562

-

Corporation tax

33,676

120,082

Other creditors

42,040

36,163

86,278

156,245