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REGISTERED NUMBER: 05572154 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 27 MARCH 2023

FOR

SPERNAL FARMS LIMITED

SPERNAL FARMS LIMITED (REGISTERED NUMBER: 05572154)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SPERNAL FARMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 27 MARCH 2023







DIRECTOR: J R G Stevens





REGISTERED OFFICE: Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA





REGISTERED NUMBER: 05572154 (England and Wales)





ACCOUNTANTS: TGFP
Chartered Accountants
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

SPERNAL FARMS LIMITED (REGISTERED NUMBER: 05572154)

BALANCE SHEET
27 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 163,511 151,023

CURRENT ASSETS
Stocks 135,000 135,000
Debtors 5 213,028 120,261
348,028 255,261
CREDITORS
Amounts falling due within one year 6 390,760 377,785
NET CURRENT LIABILITIES (42,732 ) (122,524 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,779

28,499

CREDITORS
Amounts falling due after more than one
year

7

125,881

121,204
NET LIABILITIES (5,102 ) (92,705 )

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings (25,102 ) (112,705 )
SHAREHOLDERS' FUNDS (5,102 ) (92,705 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 27 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 27 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SPERNAL FARMS LIMITED (REGISTERED NUMBER: 05572154)

BALANCE SHEET - continued
27 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 February 2024 and were signed by:





J R G Stevens - Director


SPERNAL FARMS LIMITED (REGISTERED NUMBER: 05572154)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 27 MARCH 2023


1. STATUTORY INFORMATION

Spernal Farms Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 25% on reducing balance, 15% on reducing balance and 2% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SPERNAL FARMS LIMITED (REGISTERED NUMBER: 05572154)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 MARCH 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The financial statements have been prepared on the going concern concept. This assumes that the company will achieve a profitable level of trading and will continue to enjoy the support of its bankers and creditors. The financial statements do not account for any adjustments that would be required if the company was unable to achieve these objectives.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 28 March 2022 550,069
Additions 38,849
Disposals (8,093 )
At 27 March 2023 580,825
DEPRECIATION
At 28 March 2022 399,046
Charge for year 24,156
Eliminated on disposal (5,888 )
At 27 March 2023 417,314
NET BOOK VALUE
At 27 March 2023 163,511
At 27 March 2022 151,023

SPERNAL FARMS LIMITED (REGISTERED NUMBER: 05572154)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 MARCH 2023


5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 40,617 10,549
Other debtors 54,221 55,206
94,838 65,755

Amounts falling due after more than one year:
Other debtors 118,190 54,506

Aggregate amounts 213,028 120,261

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 157,454 160,804
Hire purchase contracts 23,048 13,667
Trade creditors 50,089 51,572
Taxation and social security 1,034 656
Other creditors 159,135 151,086
390,760 377,785

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 96,471 111,059
Hire purchase contracts 29,410 10,145
125,881 121,204

SPERNAL FARMS LIMITED (REGISTERED NUMBER: 05572154)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 27 MARCH 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 142,231 145,581
Other loans 15,180 15,180
157,411 160,761

The bank overdraft is secured by a fixed and floating charge over the company's assets and also secured by a personal guarantee given by the director.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director operated a loan with the company with no fixed terms of repayment or interest. Amounts advanced during the year were £118,190 (2022 - £54,506) and repayments during the year were £54,506 (2022 - £8,719). At the year end the amount owing to the company was £118,190 (2022 - £54,506).