Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
|
|
|
Tangible assets | 4 |
|
|
|
Investments | 5 |
|
|
|
213,327 | 163,027 | |||
Current assets | ||||
Stocks | 6 |
|
|
|
Debtors | 7 |
|
|
|
Cash at bank and in hand | 8 |
|
|
|
158,644 | 156,081 | |||
Creditors: amounts falling due within one year | 9 | (
|
(
|
|
Net current assets | 77,778 | 109,407 | ||
Total assets less current liabilities | 291,105 | 272,434 | ||
Creditors: amounts falling due after more than one year | 10 | (
|
(
|
|
Provision for liabilities | 11, 12 | (
|
(
|
|
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital | 13 |
|
|
|
Profit and loss account |
|
|
||
Total shareholders' funds |
|
|
Director's responsibilities:
The financial statements of The Little Herb Farm Ltd (registered number:
Mrs L C Anderson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
The Little Herb Farm Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 8 Cant Crescent, St. Andrews, KY16 8NF, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Goodwill |
|
Land and buildings |
|
Plant and machinery etc. |
|
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.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
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.
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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities, including creditors, other loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 April 2022 |
|
|
|
Additions |
|
|
|
At 31 March 2023 |
|
|
|
Accumulated amortisation | |||
At 01 April 2022 |
|
|
|
Charge for the financial year |
|
|
|
At 31 March 2023 |
|
|
|
Net book value | |||
At 31 March 2023 |
|
|
|
At 31 March 2022 |
|
|
Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 April 2022 |
|
|
|
||
Additions |
|
|
|
||
Disposals |
|
(
|
(
|
||
At 31 March 2023 |
|
|
|
||
Accumulated depreciation | |||||
At 01 April 2022 |
|
|
|
||
Charge for the financial year |
|
|
|
||
Disposals |
|
(
|
(
|
||
At 31 March 2023 |
|
|
|
||
Net book value | |||||
At 31 March 2023 |
|
|
|
||
At 31 March 2022 |
|
|
|
Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 April 2022 |
|
Disposals | (
|
At 31 March 2023 |
|
Carrying value at 31 March 2023 |
|
Carrying value at 31 March 2022 |
|
2023 | 2022 | ||
£ | £ | ||
Raw materials |
|
|
|
Finished goods |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to own subsidiaries |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Other creditors |
|
|
2023 | 2022 | ||
£ | £ | ||
Deferred tax |
|
|
2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
|
(
|
|
Credited/(charged) to the Profit and Loss Account |
|
(
|
|
At the end of financial year | (
|
(
|
2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
|
|
|
|
|
100 | 100 |
Transactions with entities in which the entity itself has a participating interest
2023 | 2022 | ||
£ | £ | ||
Entities with control, joint control or significant influence over the company | 0 | 100 |
The company operated a current account with its subsidiary. This current account was unsecured, interest free and settled in this period.
Transactions with the entity's director
2023 | 2022 | ||
£ | £ | ||
Amounts owed to director | 225,778 | 175,650 |
Included within amounts due to key management personnel is £220,128 (2022 - £170,000) classified as due over 1 year. The loan is unsecured and interest free.
Other related party transactions
2023 | 2022 | ||
£ | £ | ||
Amounts owed to other related parties | 30,694 | 6,194 |
The above loan is unsecured, interest free and repayable on demand.