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Registration number: 01139096

Lower Skippet Farm Limited

Annual Report and Unaudited Financial Statements Year Ended 28 February 2023

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Chartered Accountants

 

Lower Skippet Farm Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Lower Skippet Farm Limited

Company Information

Director

P B Shaw

Company secretary

G Shaw

Registered office

Lower Skippet Farm
BRADFORD PEVERELL
Dorset
DT2 9SE

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Lower Skippet Farm Limitedfor the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lower Skippet Farm Limited for the year ended 28 February 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Lower Skippet Farm Limited, as a body, in accordance with the terms of our engagement letter dated 12 February 2010. Our work has been undertaken solely to prepare for your approval the accounts of Lower Skippet Farm Limited and state those matters that we have agreed to state to the Board of Directors of Lower Skippet Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lower Skippet Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Lower Skippet Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lower Skippet Farm Limited. You consider that Lower Skippet Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Lower Skippet Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.





Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

13 November 2023

 

Lower Skippet Farm Limited

(Registration number: 01139096)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Intangible assets

4

 

17,980

 

18,230

Tangible assets

5

 

527,421

 

503,310

Other financial assets

6

 

150

 

150

   

545,551

 

521,690

Current assets

   

 

Stocks

150,421

 

170,278

 

Debtors

7

1,851

 

1,910

 

Cash at bank and in hand

 

274,504

 

196,600

 

 

426,776

 

368,788

 

Creditors: Amounts falling due within one year

8

(85,032)

 

(77,415)

 

Net current assets

   

341,744

 

291,373

Net assets

   

887,295

 

813,063

Capital and reserves

   

 

Called up share capital

9

168,507

 

168,507

 

Share premium reserve

259,997

 

259,997

 

Profit and loss account

458,791

 

384,559

 

Shareholders' funds

   

887,295

 

813,063

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 November 2023
 



P B Shaw
Director

 

Lower Skippet Farm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Lower Skippet Farm
BRADFORD PEVERELL
Dorset
DT2 9SE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Lower Skippet Farm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles and tractors

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Hire purchase and leasing

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Lower Skippet Farm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

4

Other assets

Beef herd
£

Total
£

Cost

At 1 March 2022

18,230

18,230

Disposals

(250)

(250)

At 28 February 2023

17,980

17,980

Carrying amount

At 28 February 2023

17,980

17,980

At 28 February 2022

18,230

18,230


 

 

Lower Skippet Farm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2023

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

350,061

308,269

205,470

863,800

Additions

-

38,777

78,500

117,277

Disposals

-

(10,547)

(58,000)

(68,547)

At 28 February 2023

350,061

336,499

225,970

912,530

Depreciation

At 1 March 2022

-

227,483

133,007

360,490

Charge for the year

-

29,549

29,584

59,133

Eliminated on disposal

-

(9,139)

(25,375)

(34,514)

At 28 February 2023

-

247,893

137,216

385,109

Carrying amount

At 28 February 2023

350,061

88,606

88,754

527,421

At 28 February 2022

350,061

80,786

72,463

503,310

6

Other financial assets (current and non-current)

Unlisted investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 March 2022

150

150

At 28 February 2023

150

150

Carrying amount

At 28 February 2023

150

150

At 28 February 2022

150

150

7

Debtors

Current

2023
£

2022
£

Trade debtors

582

-

Prepayments

1,269

1,253

Other debtors

-

657

 

1,851

1,910

 

Lower Skippet Farm Limited

Notes to the Unaudited Financial Statements
for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Obligations under finance lease and hire purchase contracts

-

8,500

Trade creditors

6,244

5,897

Other creditors

67,118

63,018

Taxation and social security

2,029

-

Corporation tax

9,641

-

85,032

77,415

Other creditors includes an amount of £42,118 owing to Mrs M H A Tutte, a director of the company.

 

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

168,507

168,507

168,507

168,507

Preference Shares of £1 each

100

100

100

100

 

168,607

168,607

168,607

168,607

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

52,152

45,603

Contributions paid to money purchase schemes

4,532

3,441

56,684

49,044