Company registration number 07806143 (England and Wales)
KELK FARMING CO. LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
KELK FARMING CO. LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
KELK FARMING CO. LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
737
876
Current assets
Stocks
56,300
54,180
Debtors
6
358
394
Cash at bank and in hand
52,449
24,407
109,107
78,981
Creditors: amounts falling due within one year
7
(99,468)
(61,010)
Net current assets
9,639
17,971
Net assets
10,376
18,847
Capital and reserves
Called up share capital
8
100
100
Other reserves
2,232
2,232
Profit and loss reserves
8,044
16,515
Total equity
10,376
18,847

The directors of the company have elected not to include a copy of the income statement 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 financial statements were approved by the board of directors and authorised for issue on 13 October 2023 and are signed on its behalf by:
Mr W Legard
Mrs H Legard
Director
Director
Company Registration No. 07806143
KELK FARMING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Kelk Farming Co. Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Lowthorpe Lodge, Lowthorpe, Driffield, YO25 4AS. The company registration number is 07806143.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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.

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:

BPS Entitlements
5 years 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.

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:

Plant and equipment
15% reducing balance
Fixtures and fittings
20% 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.

KELK FARMING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.

1.7
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 statement of financial position 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.

1.8
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 income statement 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.

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 income statement, 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.

1.9
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

KELK FARMING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Employees

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

2023
2022
Number
Number
Total
2
2
4
Intangible fixed assets
BPS Entitlements
£
Cost
At 1 April 2022 and 31 March 2023
13,220
Amortisation
At 1 April 2022 and 31 March 2023
13,220
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
1,226
Depreciation
At 1 April 2022
350
Depreciation charged in the year
139
At 31 March 2023
489
Carrying amount
At 31 March 2023
737
At 31 March 2022
876
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
358
394
KELK FARMING CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
56,300
54,180
Taxation and social security
1,431
1,689
Other creditors
41,737
5,141
99,468
61,010
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
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:

 

 

2023
2022
£
£
1,735,500
1,780,000

Operating lease commitments at the year end consist of a lease which expires in 2062.

2023-03-312022-04-01false24 October 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr W LegardMrs H LegardMs V H Legard078061432022-04-012023-03-31078061432023-03-31078061432022-03-3107806143core:OtherPropertyPlantEquipment2023-03-3107806143core:OtherPropertyPlantEquipment2022-03-3107806143core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107806143core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3107806143core:CurrentFinancialInstruments2023-03-3107806143core:CurrentFinancialInstruments2022-03-3107806143core:ShareCapital2023-03-3107806143core:ShareCapital2022-03-3107806143core:OtherMiscellaneousReserve2023-03-3107806143core:OtherMiscellaneousReserve2022-03-3107806143core:RetainedEarningsAccumulatedLosses2023-03-3107806143core:RetainedEarningsAccumulatedLosses2022-03-3107806143bus:Director12022-04-012023-03-3107806143bus:Director22022-04-012023-03-3107806143core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3107806143core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-04-012023-03-3107806143core:PlantMachinery2022-04-012023-03-3107806143core:FurnitureFittings2022-04-012023-03-31078061432021-04-012022-03-3107806143core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3107806143core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3107806143core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3107806143core:OtherPropertyPlantEquipment2022-03-3107806143core:OtherPropertyPlantEquipment2022-04-012023-03-3107806143core:WithinOneYear2023-03-3107806143core:WithinOneYear2022-03-3107806143bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107806143bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3107806143bus:FRS1022022-04-012023-03-3107806143bus:AuditExemptWithAccountantsReport2022-04-012023-03-3107806143bus:CompanySecretary12022-04-012023-03-3107806143bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP