Registered number
01082375
Flatford Limited
Filleted Accounts
31 August 2023
Flatford Limited
Registered number: 01082375
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 316,331 323,264
Current assets
Stocks 54,776 74,484
Debtors 4 128,293 127,049
Cash at bank and in hand 81,850 127,500
264,919 329,033
Creditors: amounts falling due within one year 5 (142,521) (127,700)
Net current assets 122,398 201,333
Net assets 438,729 524,597
Capital and reserves
Called up share capital 30,450 30,450
Revaluation reserve 6 214,083 214,083
Profit and loss account 194,196 280,064
Shareholders' funds 438,729 524,597
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs J Barry
Director
Approved by the board on 31 October 2023
Flatford Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 1% straight line
Plant and machinery 15% Reducing Balance
Motor Vehicles 20% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 320,000 301,200 38,945 660,145
Additions - 1,557 - 1,557
At 31 August 2023 320,000 302,757 38,945 661,702
Depreciation
At 1 September 2022 25,900 283,673 27,308 336,881
Charge for the year 3,300 2,863 2,327 8,490
At 31 August 2023 29,200 286,536 29,635 345,371
Net book value
At 31 August 2023 290,800 16,221 9,310 316,331
At 31 August 2022 294,100 17,527 11,637 323,264
4 Debtors 2023 2022
£ £
Trade debtors 126,256 125,012
Other debtors 2,037 2,037
128,293 127,049
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 50,106 31,548
Taxation and social security costs 15,013 18,750
Other creditors 77,402 77,402
142,521 127,700
6 Revaluation reserve 2023 2022
£ £
At 1 September 2022 214,083 214,083
At 31 August 2023 214,083 214,083
7 Other information
Flatford Limited is a private company limited by shares and incorporated in England. Its registered office is:
Flatford Limited
York Road
Elvington
York
YO41 4DY
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