Registered number
04403143
Owls Hall Farm Limited
Filleted Accounts
31 March 2023
Owls Hall Farm Limited
Registered number: 04403143
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 52,180 52,357
Current assets
Debtors 4 181,304 217,174
Cash at bank and in hand 87,507 49,223
268,811 266,397
Creditors: amounts falling due within one year 5 (95,829) (92,227)
Net current assets 172,982 174,170
Total assets less current liabilities 225,162 226,527
Provisions for liabilities (3,110) (3,348)
Net assets 222,052 223,179
Capital and reserves
Called up share capital 73,926 73,926
Profit and loss account 148,126 149,253
Shareholder's funds 222,052 223,179
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr C I Finbow
Director
Approved by the board on 9 November 2023
Owls Hall Farm Limited
Notes to the Accounts
for the year ended 31 March 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:
Land and buildings None
Plant and machinery 12.5% and 25% reducing balance
Fixtures, fittings, tools and equipment 25% 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 29,684 127,265 24,700 181,649
Additions - 6,400 21,450 27,850
Disposals - (8,935) (21,450) (30,385)
At 31 March 2023 29,684 124,730 24,700 179,114
Depreciation
At 1 April 2022 - 106,984 22,308 129,292
Charge for the year - 2,826 598 3,424
On disposals - (5,782) - (5,782)
At 31 March 2023 - 104,028 22,906 126,934
Net book value
At 31 March 2023 29,684 20,702 1,794 52,180
At 31 March 2022 29,684 20,281 2,392 52,357
4 Debtors 2023 2022
£ £
Trade debtors 49,083 85,923
Amounts owed by participating interest 123,105 127,051
Other debtors 9,116 4,200
181,304 217,174
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,659 59,910
Taxation and social security costs - 3,580
Other creditors 91,170 28,737
95,829 92,227
6 Other information
Owls Hall Farm Limited is a private company limited by shares and incorporated in England. Its registered office is:
Blackmore End
Braintree
Essex
CM7 3DE
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