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REGISTERED NUMBER: 06079635 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

SETCOPS FARM LIMITED

SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SETCOPS FARM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: Mrs E R Rossington





SECRETARY: Mrs E R Rossington





REGISTERED OFFICE: Setcops Farm
Cross Lane
NORTH KELSEY
Lincolnshire
LN7 6JT





REGISTERED NUMBER: 06079635 (England and Wales)





ACCOUNTANTS: Rigel Wolf Ltd
Orion House
28A Spital Terrace
GAINSBOROUGH
Lincolnshire
DN21 2HQ

SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635)

BALANCE SHEET
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,638 7,272
Investment property 5 325,000 300,000
330,638 307,272

CURRENT ASSETS
Stocks 1,000 1,200
Debtors 6 1,491 1,974
Cash in hand 39 39
2,530 3,213
CREDITORS
Amounts falling due within one year 7 46,899 52,377
NET CURRENT LIABILITIES (44,369 ) (49,164 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

286,269

258,108

CREDITORS
Amounts falling due after more than one
year

8

(9,937

)

(13,667

)

PROVISIONS FOR LIABILITIES 11 (1,070 ) (1,381 )
NET ASSETS 275,262 243,060

CAPITAL AND RESERVES
Called up share capital 12 2 2
Revaluation reserve 13 137,158 112,158
Retained earnings 13 138,102 130,900
SHAREHOLDERS' FUNDS 275,262 243,060

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635)

BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 November 2023 and were signed by:





Mrs E R Rossington - Director


SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Setcops Farm Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
In accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006, the investment properties will be valued annually and included in the financial statements at fair value. The surplus or deficit will be transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of the freehold investment properties.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in the FRS. The director considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt the provisions of the FRS regarding investment properties in order to give them a true and fair view.

If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified, because depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022
and 28 February 2023 6,113 3,468 7,149 2,564 19,294
DEPRECIATION
At 1 March 2022 4,997 2,180 3,127 1,718 12,022
Charge for year 224 194 1,005 211 1,634
At 28 February 2023 5,221 2,374 4,132 1,929 13,656
NET BOOK VALUE
At 28 February 2023 892 1,094 3,017 635 5,638
At 28 February 2022 1,116 1,288 4,022 846 7,272

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 300,000
Revaluations 25,000
At 28 February 2023 325,000
NET BOOK VALUE
At 28 February 2023 325,000
At 28 February 2022 300,000

SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

5. INVESTMENT PROPERTY - continued

Fair value at 28 February 2023 is represented by:
£   
Valuation in 2013 12,158
Valuation in 2014 (5,000 )
Valuation in 2016 (10,000 )
Valuation in 2018 55,000
Valuation in 2019 5,000
Valuation in 2021 30,000
Valuation in 2022 25,000
Valuation in 2023 25,000
Cost 187,842
325,000

If investment properties had not been revalued they would have been included at the following historical cost:

28.2.23 28.2.22
£    £   
Cost 187,842 187,842

Investment properties were valued on an open market basis on 28 February 2023 by the director .

The revaluation of the investment properties does not constitute a timing difference. If the properties were to be sold at their revalued amounts there would be an additional liability to tax of approximately £26,000.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Prepayments and accrued income 1,491 1,974

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 7,756 10,684
Tax 2,469 784
Directors' current accounts 20,766 37,306
Accruals and deferred income 15,908 3,603
46,899 52,377

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans - 1-2 years 4,000 4,000
Bank loans - 2-5 years 5,937 9,667
9,937 13,667

SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
28.2.23 28.2.22
£    £   
Within one year 7,776 7,776

10. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Bank overdrafts 3,756 6,684

11. PROVISIONS FOR LIABILITIES
28.2.23 28.2.22
£    £   
Deferred tax 1,070 1,381

Deferred
tax
£   
Balance at 1 March 2022 1,381
Accelerated capital allowances (311 )
Balance at 28 February 2023 1,070

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
2 Ordinary £1 2 2

13. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 March 2022 130,900 112,158 243,058
Profit for the year 9,202 9,202
Dividends (2,000 ) (2,000 )
Surplus/(deficit) on
valuation - 25,000 25,000
At 28 February 2023 138,102 137,158 275,260

SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

14. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The company operates from premises owned personally by Mrs E R Rossington, the sole director and 100% shareholder. During the year the company paid rents of £8,478 (2022 - £7,776) to Mrs Rossington.

This is considered to represent a normal commercial rent.

Mrs Rossington also charged the company £312 (2022 - £312) for use of home as office.

15. RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 (2022 - £2,000) were paid to the director .

At 28 February 2023 there was a balance owed by the company to Mrs E R Rossington - the sole director and 100% shareholder - of £20,766 (2022 - £37,306). This balance has been shown in Creditors.

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs E R Rossington.