Registered number
10496862
Upshire Farm Limited
Unaudited Filleted Accounts
28 February 2023
Upshire Farm Limited
Registered number: 10496862
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,245,172 1,500,001
Current assets
Cash at bank and in hand 25,122 17,428
Creditors: amounts falling due within one year 4 (793,439) (495,155)
Net current liabilities (768,317) (477,727)
Total assets less current liabilities 1,476,855 1,022,274
Creditors: amounts falling due after more than one year 5 (1,180,733) (696,000)
Provisions for liabilities- deferred taxation (52,000) (52,000)
Net assets 244,122 274,274
Capital and reserves
Called up share capital 10 10
Fair value reserve 7 156,190 156,190
Profit and loss account 87,922 118,074
Shareholders' funds 244,122 274,274
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
A Clements
Director
Approved by the board on 27 October 2023
Upshire Farm Limited
Notes to the Accounts
for the year ended 28 February 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 consists of rent received and receivable from investment properties held.
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:
Freehold buildings (held for investment) nil
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Investment property Plant and machinery etc Total
£ £ £
Cost
At 1 March 2022 1,291,810 7,878 1,299,688
Additions 745,171 - 745,171
Surplus on revaluation 208,190 - 208,190
At 28 February 2023 2,245,171 7,878 2,253,049
Depreciation
At 1 March 2022 - 7,877 7,877
At 28 February 2023 - 7,877 7,877
Net book value
At 28 February 2023 2,245,171 1 2,245,172
At 28 February 2022 1,500,000 1 1,500,001
The investment property land and buildings were valued by the directors at their best estimate based on comparable information available.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 56,000 50,000
Taxation and social security costs - 8,216
Other creditors 737,439 436,939
793,439 495,155
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,180,733 696,000
6 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 925,000 496,000
Secured bank loans 1,236,733 746,000
National Westminster Bank plc have a first legal charge over the freehold property. Additionally, a related company has provided the bank with a guarantee.
7 Fair value reserve - revaluation 2023 2022
£ £
Gain on revaluation of land and buildings 208,190 208,190
Deferred taxation arising on the revaluation of land and buildings (52,000) (52,000)
At 28 February 2023 156,190 156,190
8 Related party transactions
The Directors and Shareholders provided interest free loans to the company totalling £735,839 (2022: £435,839) in equal proportion to their shareholdings.
9 Controlling party
The directors are able to control the company with their combined shareholding.
10 Other information
Upshire Farm Limited is a private company limited by shares and incorporated in England. Its registered office is:
C/o Cowen Suite, Kinetic Centre
Theobald Street
Borehamwood
Herts.
WD6 4PJ
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