SONTLEY FARMS LIMITED
Company registration number 04609971 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SONTLEY FARMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SONTLEY FARMS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
158,867
176,624
Biological assets
5
417,456
383,219
576,323
559,843
Current assets
Debtors
6
160,493
409,616
Cash at bank and in hand
1
1
160,494
409,617
Creditors: amounts falling due within one year
7
(237,428)
(413,029)
Net current liabilities
(76,934)
(3,412)
Total assets less current liabilities
499,389
556,431
Creditors: amounts falling due after more than one year
8
(45,500)
(48,547)
Provisions for liabilities
(38,913)
(33,559)
Net assets
414,976
474,325
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
414,973
474,322
Total equity
414,976
474,325

The directors of the company have elected not to include a copy of the profit and loss account 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 member has 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.

SONTLEY FARMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
Mr C N Morris
Director
Company Registration No. 04609971
SONTLEY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Sontley Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is New Sontley Farm, Sontley Road, Wrexham, LL13 0UU.

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. Monetary amounts in these financial statements are rounded to the nearest £.

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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

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:

Entitlements
Fully amortised
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.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
10% (2022 - 12.5%) reducing balance
Motor vehicles
17.5% (2022 - 25%) 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.

During the year to 31 March 2023, the method of depreciation on plant and machinery was changed from 12.5% reducing balance to 10% reducing balance and on motor vehicles from 25% reducing balance to 17.5% reducing balance. The revised method better reflects the useful life of the assets together with their residual value on disposal.

 

The change in depreciation method is a change in accounting estimate and is accounted for in the period of change and in subsequent periods.

SONTLEY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Biological assets

Biological assets are recognised only when three recognition criteria have been fulfilled:

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

 

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either;

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:

Sheep
Not depreciated
Growing crops
Not depreciated

The Directors consider that the cost value of sheep and growing crops are not materially different from their residual values and therefore are not depreciated.

 

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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 profit and loss account 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.

SONTLEY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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.

1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Other
£
Cost
At 1 April 2022 and 31 March 2023
57,825
Amortisation and impairment
At 1 April 2022 and 31 March 2023
57,825
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
SONTLEY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
237,536
Depreciation and impairment
At 1 April 2022
60,912
Depreciation charged in the year
17,757
At 31 March 2023
78,669
Carrying amount
At 31 March 2023
158,867
At 31 March 2022
176,624
5
Biological assets
Sheep
Growing crops
Total
£
£
£
Cost
At 1 April 2022
355,000
28,219
383,219
Additions - home reared/planting
62,500
22,331
84,831
Additions - purchases
124,726
-
0
124,726
Disposals
(98,610)
-
0
(98,610)
Revaluation
(48,491)
-
0
(48,491)
Harvest
-
0
(28,219)
(28,219)
At 31 March 2023
395,125
22,331
417,456
Depreciation and impairment
At 1 April 2022 and 31 March 2023
-
0
-
0
-
0
Carrying amount
At 31 March 2023
395,125
22,331
417,456
At 31 March 2022
355,000
28,219
383,219
SONTLEY FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
125,927
392,678
Corporation tax recoverable
6,363
-
0
Other debtors
28,203
16,938
160,493
409,616
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,379
14,354
Trade creditors
152,521
291,201
Corporation tax
-
0
6,363
Other creditors
59,528
101,111
237,428
413,029
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,433
43,333
Other creditors
23,067
5,214
45,500
48,547

Securities are held over assets under hire purchase contracts.

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