Silverfin false 31/03/2023 01/04/2022 31/03/2023 C A Brown 12/02/2015 14 November 2023 The principal activity of the Company during the financial year was that of haulage and fruit and vegetable wholesale. 09437247 2023-03-31 09437247 bus:Director1 2023-03-31 09437247 2022-03-31 09437247 core:CurrentFinancialInstruments 2023-03-31 09437247 core:CurrentFinancialInstruments 2022-03-31 09437247 core:Non-currentFinancialInstruments 2023-03-31 09437247 core:Non-currentFinancialInstruments 2022-03-31 09437247 core:ShareCapital 2023-03-31 09437247 core:ShareCapital 2022-03-31 09437247 core:RetainedEarningsAccumulatedLosses 2023-03-31 09437247 core:RetainedEarningsAccumulatedLosses 2022-03-31 09437247 core:Goodwill 2022-03-31 09437247 core:Goodwill 2023-03-31 09437247 core:LeaseholdImprovements 2022-03-31 09437247 core:PlantMachinery 2022-03-31 09437247 core:Vehicles 2022-03-31 09437247 core:OfficeEquipment 2022-03-31 09437247 core:LeaseholdImprovements 2023-03-31 09437247 core:PlantMachinery 2023-03-31 09437247 core:Vehicles 2023-03-31 09437247 core:OfficeEquipment 2023-03-31 09437247 2022-04-01 2023-03-31 09437247 bus:FullAccounts 2022-04-01 2023-03-31 09437247 bus:SmallEntities 2022-04-01 2023-03-31 09437247 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09437247 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09437247 bus:Director1 2022-04-01 2023-03-31 09437247 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 09437247 core:Goodwill 2022-04-01 2023-03-31 09437247 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-31 09437247 core:PlantMachinery 2022-04-01 2023-03-31 09437247 core:Vehicles 2022-04-01 2023-03-31 09437247 core:OfficeEquipment 2022-04-01 2023-03-31 09437247 2021-04-01 2022-03-31 09437247 core:LeaseholdImprovements 2022-04-01 2023-03-31 09437247 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 09437247 (England and Wales)

CAINS FARM LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

CAINS FARM LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

CAINS FARM LIMITED

BALANCE SHEET

As at 31 March 2023
CAINS FARM LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 297,836 147,832
297,836 147,832
Current assets
Stocks 5 2,500 3,464
Debtors 6 309,994 279,095
Cash at bank and in hand 33,962 38,491
346,456 321,050
Creditors: amounts falling due within one year 7 ( 460,376) ( 323,804)
Net current liabilities (113,920) (2,754)
Total assets less current liabilities 183,916 145,078
Creditors: amounts falling due after more than one year 8 ( 51,242) ( 33,932)
Provision for liabilities ( 56,996) ( 31,140)
Net assets 75,678 80,006
Capital and reserves
Called-up share capital 200 200
Profit and loss account 75,478 79,806
Total shareholders' funds 75,678 80,006

For the financial year ending 31 March 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 financial statements of Cains Farm Limited (registered number: 09437247) were approved and authorised for issue by the Director on 14 November 2023. They were signed on its behalf by:

C A Brown
Director
CAINS FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
CAINS FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cains Farm Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hendford Manor, Hendford, Yeovil, BA20 1UN, England, United Kingdom. The principal place of business is Cains Farm, Chideock, Bridport, Dorset, DT6 6JQ.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

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

For wholesale produce revenue is recognised when orders are placed.
For transport services revenue is recognised when services are rendered.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 12 12

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 10,000 10,000
At 31 March 2023 10,000 10,000
Accumulated amortisation
At 01 April 2022 10,000 10,000
At 31 March 2023 10,000 10,000
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 0 44,460 237,318 614 282,392
Additions 3,345 0 199,150 0 202,495
Disposals 0 0 ( 14,050) 0 ( 14,050)
At 31 March 2023 3,345 44,460 422,418 614 470,837
Accumulated depreciation
At 01 April 2022 0 17,645 116,474 441 134,560
Charge for the financial year 84 6,704 41,042 43 47,873
Disposals 0 0 ( 9,432) 0 ( 9,432)
At 31 March 2023 84 24,349 148,084 484 173,001
Net book value
At 31 March 2023 3,261 20,111 274,334 130 297,836
At 31 March 2022 0 26,815 120,844 173 147,832

5. Stocks

2023 2022
£ £
Stocks 2,500 3,464

6. Debtors

2023 2022
£ £
Trade debtors 299,470 269,307
Other debtors 10,524 9,788
309,994 279,095

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 9,952 15,759
Trade creditors 231,064 154,444
Taxation and social security 46,536 74,089
Obligations under finance leases and hire purchase contracts 22,585 15,772
Other creditors 150,239 63,740
460,376 323,804

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 22,435 32,387
Obligations under finance leases and hire purchase contracts 28,807 1,545
51,242 33,932

Bank overdrafts are secured by a fixed and floating charge over the undertaking and all property and assets of the company.

9. Financial commitments

Commitments

The obligations under finance leases and hire purchase contracts are secured on the underlying assets which are included within motor vehicles. At the balance sheet date the assets have a net book value of £108.047 (2022 - £37,952).

10. Related party transactions

Transactions with the entity's director

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2022, the balance owed by the director was £7,252. During the year, £33,503 was advanced to the director, and £33,657 was repaid by the director. At 31 March 2023, the balance owed by the director was £7,098.

At 1 April 2021, the balance owed by the director was £18,015. During the year, £19,237 was advanced to the director, and £30,000 was repaid by the director. At 31 March 2022, the balance owed by the director was £7,252.

Other related party transactions

During the year the company paid rents of £6,000 (2021 - £5,500) to the director.