3 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 14,535 14,535 23 23 23 xbrli:pure xbrli:shares iso4217:GBP 00881292 2022-04-01 2023-03-31 00881292 2023-03-31 00881292 2022-03-31 00881292 2021-04-01 2022-03-31 00881292 2022-03-31 00881292 core:NetGoodwill 2022-04-01 2023-03-31 00881292 core:FurnitureFittings 2022-04-01 2023-03-31 00881292 core:MotorVehicles 2022-04-01 2023-03-31 00881292 bus:Director4 2022-04-01 2023-03-31 00881292 core:NetGoodwill 2023-03-31 00881292 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 00881292 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 00881292 core:FurnitureFittings 2022-03-31 00881292 core:MotorVehicles 2022-03-31 00881292 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 00881292 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 00881292 core:FurnitureFittings 2023-03-31 00881292 core:MotorVehicles 2023-03-31 00881292 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00881292 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 00881292 core:WithinOneYear 2023-03-31 00881292 core:WithinOneYear 2022-03-31 00881292 core:AfterOneYear 2023-03-31 00881292 core:AfterOneYear 2022-03-31 00881292 core:ShareCapital 2023-03-31 00881292 core:ShareCapital 2022-03-31 00881292 core:CapitalRedemptionReserve 2023-03-31 00881292 core:CapitalRedemptionReserve 2022-03-31 00881292 core:RetainedEarningsAccumulatedLosses 2023-03-31 00881292 core:RetainedEarningsAccumulatedLosses 2022-03-31 00881292 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 00881292 core:Non-currentFinancialInstruments 2023-03-31 00881292 core:Non-currentFinancialInstruments 2022-03-31 00881292 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 00881292 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 00881292 core:FurnitureFittings 2022-03-31 00881292 core:MotorVehicles 2022-03-31 00881292 bus:SmallEntities 2022-04-01 2023-03-31 00881292 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 00881292 bus:FullAccounts 2022-04-01 2023-03-31 00881292 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 00881292 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 00881292
Flintham & Scoley Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Flintham & Scoley Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
57,576
62,087
Investments
7
23
23
---------
---------
57,599
62,110
Current assets
Stocks
338,592
264,138
Debtors
8
17,666
40,985
Cash at bank and in hand
433
775
----------
----------
356,691
305,898
Creditors: amounts falling due within one year
9
372,911
384,898
----------
----------
Net current liabilities
16,220
79,000
---------
---------
Total assets less current liabilities
41,379
( 16,890)
Creditors: amounts falling due after more than one year
10
27,500
37,500
---------
---------
Net assets/(liabilities)
13,879
( 54,390)
---------
---------
Capital and reserves
Called up share capital
50
50
Capital redemption reserve
50
50
Profit and loss account
13,779
( 54,490)
---------
---------
Shareholders funds/(deficit)
13,879
( 54,390)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Flintham & Scoley Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
A W Scoley
Director
Company registration number: 00881292
Flintham & Scoley Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Manor House, Bracebridge Heath, Lincoln, LN4 2HW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared under the going concern basis, which is only appropriate if the company is able to continue trading. The company had net current liabilities at the year end but the directors believe that with their continuing support the company will be able to continue trading. Should the company be unable to continue trading , adjustments would have to be made to reduce the value of assets to their recoverable amount and to provide for any further liabilities which might arise.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the director to ensure that they reflect both external and internal factors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Sugar Beet Quota
-
33% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Implements and Machinery
-
15%-25% straight line
Improvements to Land & Property
-
15% Straight Line
Tenants Fixtures
-
10% straight line
Office Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Sugar beet quota
£
Cost
At 1 April 2022 and 31 March 2023
14,535
---------
Amortisation
At 1 April 2022 and 31 March 2023
14,535
---------
Carrying amount
At 31 March 2023
---------
At 31 March 2022
---------
6. Tangible assets
Implements and Machinery
Improvements to Land and Property
Tenants Fixtures
Office Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
348,362
52,568
11,806
13,828
426,564
Additions
8,039
8,039
----------
---------
---------
---------
----------
At 31 March 2023
356,401
52,568
11,806
13,828
434,603
----------
---------
---------
---------
----------
Depreciation
At 1 April 2022
328,480
10,980
11,719
13,298
364,477
Charge for the year
9,338
2,967
22
223
12,550
----------
---------
---------
---------
----------
At 31 March 2023
337,818
13,947
11,741
13,521
377,027
----------
---------
---------
---------
----------
Carrying amount
At 31 March 2023
18,583
38,621
65
307
57,576
----------
---------
---------
---------
----------
At 31 March 2022
19,882
41,588
87
530
62,087
----------
---------
---------
---------
----------
7. Investments
Other investments other than loans
£
Cost
At 1 April 2022 and 31 March 2023
23
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 31 March 2023
23
----
At 31 March 2022
23
----
8. Debtors
2023
2022
£
£
Trade debtors
8,311
29,287
Other debtors
9,355
11,698
---------
---------
17,666
40,985
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
23,030
47,496
Trade creditors
58,272
65,487
Corporation tax
8,547
Social security and other taxes
4,759
Other creditors
278,303
271,915
----------
----------
372,911
384,898
----------
----------
The bank overdraft is secured by a fixed and floating charge over the company's assets.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,500
37,500
---------
---------