Company registration number 00799392 (England and Wales)
SELBY FARMS LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2023
Pages For Filing With Registrar
Selby Farms Limited
SELBY FARMS LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
Selby Farms Limited
SELBY FARMS LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Selby Farms Limited For The Year Ended 31 March 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Selby Farms Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Selby Farms Limited, as a body, in accordance with the terms of our engagement letter dated 25 April 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Selby Farms Limited and state those matters that we have agreed to state to the board of directors of Selby Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Selby Farms Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Selby Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Selby Farms Limited. You consider that Selby Farms Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Selby Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chavereys
24 November 2023
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Selby Farms Limited
SELBY FARMS LIMITED
Balance Sheet
As At 31 March 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
255,365
255,720
Investments
4
147,319
147,319
402,684
403,039
Current assets
Stocks
5
19,040
16,250
Debtors
6
38,935
10,000
Cash at bank and in hand
66
66
58,041
26,316
Creditors: amounts falling due within one year
7
(120,111)
(84,470)
Net current liabilities
(62,070)
(58,154)
Net assets
340,614
344,885
Capital and reserves
Called up share capital
45,125
45,125
Capital redemption reserve
44,875
44,875
Profit and loss reserves
250,614
254,885
Total equity
340,614
344,885
The notes on pages 4 to 7 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Selby Farms Limited
SELBY FARMS LIMITED
Balance Sheet (Continued)
As At 31 March 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 November 2023 and are signed on its behalf by:
Mr JP A Dickinson
Director
Company Registration No. 00799392
Selby Farms Limited
SELBY FARMS LIMITED
Notes To The Financial Statements
For The Year Ended 31 March 2023
- 4 -
1
Accounting policies
Company information
Selby Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Archer House, Archer Street, Bishop Norton, Market Rasen, Lincolnshire, England, LN8 2BG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Property improvements
25% reducing balance
Plant and equipment
25 - 40% reducing balance
Office equipment
25 - 40% reducing balance
Motor vehicles
40% reducing balance
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.
Selby Farms Limited
SELBY FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2023
1
Accounting policies
(Continued)
- 5 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
1.6
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 current liabilities.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
Selby Farms Limited
SELBY FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2023
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Property improvements
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
262,949
108,882
183,572
26,626
1,617
583,646
Disposals
(7,584)
(7,584)
At 31 March 2023
255,365
108,882
183,572
26,626
1,617
576,062
Depreciation and impairment
At 1 April 2022
7,584
108,696
183,412
26,617
1,617
327,926
Depreciation charged in the year
186
160
9
355
Eliminated in respect of disposals
(7,584)
(7,584)
At 31 March 2023
108,882
183,572
26,626
1,617
320,697
Carrying amount
At 31 March 2023
255,365
255,365
At 31 March 2022
255,365
186
160
9
255,720
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
146,646
146,646
Other investments other than loans
673
673
147,319
147,319
5
Stocks
Growing crop
19,040
16,250
Biological assets included within stock are as follows:
Biological assets - growing crop
2023
2022
£
£
As at 1 April
16,250
-
Net movement on cultivations
2,790
16,250
As at 31 March
19,040
16,250
Selby Farms Limited
SELBY FARMS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
66
Prepayments and accrued income
38,869
10,000
38,935
10,000
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,792
5,117
Trade creditors
600
Amounts owed to group undertakings
88,593
58,073
Taxation and social security
886
1,182
Accruals and deferred income
24,840
19,498
120,111
84,470