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COMPANY REGISTRATION NUMBER: 07877557
The Sharpham Trust Trading Company Limited
Filleted Unaudited Financial Statements
31 March 2023
The Sharpham Trust Trading Company Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
188,634
201,186
Current assets
Debtors
5
68,274
19,524
Cash at bank and in hand
57,958
110,059
---------
---------
126,232
129,583
Creditors: amounts falling due within one year
6
5,128
8,479
---------
---------
Net current assets
121,104
121,104
---------
---------
Total assets less current liabilities
309,738
322,290
---------
---------
Net assets
309,738
322,290
---------
---------
Capital and reserves
Called up share capital
7
280,000
280,000
Profit and loss account
29,738
42,290
---------
---------
Shareholder funds
309,738
322,290
---------
---------
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 member has 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 .
The Sharpham Trust Trading Company 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:
Mr W J Lana
Director
Company registration number: 07877557
The Sharpham Trust Trading Company 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 Sharpham House, Ashprington, Totnes, Devon, TQ9 7UT.
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.
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.
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:
Freehold property
-
over 50 years straight line
Plant & machinery
-
over 20 years straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
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. Debtors and creditors with no stated interest rate and receivable or payable within one year are basic financial instruments and are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
108,546
207,597
316,143
---------
---------
---------
Depreciation
At 1 April 2022
21,710
93,247
114,957
Charge for the year
2,171
10,381
12,552
---------
---------
---------
At 31 March 2023
23,881
103,628
127,509
---------
---------
---------
Carrying amount
At 31 March 2023
84,665
103,969
188,634
---------
---------
---------
At 31 March 2022
86,836
114,350
201,186
---------
---------
---------
5. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
50,474
8,617
Other debtors
17,800
10,907
--------
--------
68,274
19,524
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
41
Other creditors
5,087
8,479
-------
-------
5,128
8,479
-------
-------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
280,000
280,000
280,000
280,000
---------
---------
---------
---------
8. Related party transactions
The company, is a 100% subsidiary of The Sharpham Trust (a charitable company). The Sharpham Trust has a loan account with the company. This loan is interest free and there are no fixed terms of repayment. During the year the company has made Gift Aid payments to The Sharpham Trust totalling £34,853 (2022: £19,109). As at 31 March 2023 the company was due from The Sharpham Trust the sum of £50,474 (2022: £8,617) which amount is included in debtors in these financial statements.
9. Controlling party
The immediate and controlling party is The Sharpham Trust, a charitable company registered in England and Wales.