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COMPANY REGISTRATION NUMBER: 03021743
Turfdry Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2023
Turfdry Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
31,675
45,841
Current assets
Stocks
60,333
73,036
Debtors
6
57,937
128,492
Cash at bank and in hand
1,004,008
948,808
------------
------------
1,122,278
1,150,336
Creditors: amounts falling due within one year
7
135,652
225,271
------------
------------
Net current assets
986,626
925,065
------------
---------
Total assets less current liabilities
1,018,301
970,906
Provisions
Deferred tax
7,318
9,747
------------
---------
Net assets
1,010,983
961,159
------------
---------
Capital and reserves
Called up share capital
9
12,000
12,000
Profit and loss account
998,983
949,159
------------
---------
Shareholders funds
1,010,983
961,159
------------
---------
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 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Turfdry Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
Mr M G Taylor
Director
Company registration number: 03021743
Turfdry Limited
Notes to the Financial Statements
Year ended 28 February 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 Redwood House, Woodville Road, Hartshorne, Swadlincote, Derbyshire, DE11 7ET.
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. 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 and represents amounts receivable for goods supplied and services rendered, stated net of Value Added Tax. In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Deferred tax is recognised in respect of all timing differences that have originated but not reversed 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Expenditure on Leasehold Property
-
20% straight line
Tractors
-
20% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
20% 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.
Stocks
Stocks are measured at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 5 ).
5. Tangible assets
Expenditure on Leasehold Property
Tractors
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2022
3,386
160,998
46,380
143,563
354,327
Disposals
( 7,000)
( 7,000)
-------
---------
--------
---------
---------
At 28 February 2023
3,386
160,998
39,380
143,563
347,327
-------
---------
--------
---------
---------
Depreciation
At 1 March 2022
3,386
160,998
39,366
104,736
308,486
Charge for the year
1,520
11,712
13,232
Disposals
( 6,066)
( 6,066)
-------
---------
--------
---------
---------
At 28 February 2023
3,386
160,998
34,820
116,448
315,652
-------
---------
--------
---------
---------
Carrying amount
At 28 February 2023
4,560
27,115
31,675
-------
---------
--------
---------
---------
At 28 February 2022
7,014
38,827
45,841
-------
---------
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
52,540
124,590
Other debtors
5,397
3,902
--------
---------
57,937
128,492
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,437
78,688
Corporation tax
24,752
39,268
Social security and other taxes
24,931
22,015
Other creditors
78,532
85,300
---------
---------
135,652
225,271
---------
---------
8. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
7,318
9,747
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
7,318
9,747
-------
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
12,000
12,000
12,000
12,000
--------
--------
--------
--------