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Company registration number:
01101830
Fordy Farms (Ingleby) Limited
Unaudited filleted financial statements
30 September 2023
THE BARKER PARTNERSHIP
Chartered Accountants
Thirsk
Fordy Farms (Ingleby) Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Fordy Farms (Ingleby) Limited
Directors and other information
|
|
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|
Directors |
C R Fordy |
|
|
D J Greenwell |
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Secretary |
D J Greenwell |
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Company number |
01101830 |
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|
Registered office |
Construction House |
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High Street |
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Northallerton |
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North Yorkshire |
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DL7 8ED |
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Accountants |
The Barker Partnership |
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17 Central Buildings |
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Market Place |
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Thirsk |
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North Yorkshire |
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YO7 1HD |
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Solicitors |
Dickinson Dees LLP |
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St. Ann's Wharf |
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112 Quayside |
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Newcastle upon Tyne |
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NE1 3DX |
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|
Fordy Farms (Ingleby) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Fordy Farms (Ingleby) Limited
Year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fordy Farms (Ingleby) Limited for the year ended 30 September 2023 which comprise the Balance Sheet and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Fordy Farms (Ingleby) Limited, as a body, in accordance with the terms of our engagement letter dated 23 October 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Fordy Farms (Ingleby) Limited and state those matters that we have agreed to state to the board of directors of Fordy Farms (Ingleby) 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 Fordy Farms (Ingleby) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Fordy Farms (Ingleby) 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 profit of Fordy Farms (Ingleby) Limited. You consider that Fordy Farms (Ingleby) 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 Fordy Farms (Ingleby) 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.
The Barker Partnership
Chartered Accountants
17 Central Buildings
Market Place
Thirsk
North Yorkshire
YO7 1HD
17 January 2024
Fordy Farms (Ingleby) Limited
Balance sheet
30 September 2023
|
|
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2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
456,406 |
|
|
|
444,720 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
456,406 |
|
|
|
444,720 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
477 |
|
|
|
712 |
|
|
Cash at bank and in hand |
|
|
45,261 |
|
|
|
49,737 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
45,738 |
|
|
|
50,449 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
205,371) |
|
|
|
(
197,195) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
159,633) |
|
|
|
(
146,746) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
296,773 |
|
|
|
297,974 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
27,450) |
|
|
|
(
27,450) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
269,323 |
|
|
|
270,524 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
8 |
|
|
100 |
|
|
|
100 |
Revaluation reserve |
|
|
|
|
287,726 |
|
|
|
287,726 |
Profit and loss account |
|
|
|
|
(
18,503) |
|
|
|
(
17,302) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
269,323 |
|
|
|
270,524 |
|
|
|
|
|
_______ |
|
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|
_______ |
|
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|
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
17 January 2024
, and are signed on behalf of the board by:
C R Fordy
Director
Company registration number:
01101830
Fordy Farms (Ingleby) Limited
Notes to the financial statements
Year ended 30 September 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 Construction House, High Street, Northallerton, North Yorkshire, DL7 8ED. The principal activity of the company is that of farming and holding property.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses 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.Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) offixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Tangible assets
Tangible assets are initially recorded at cost, and are 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:
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Plant and machinery |
- |
12.5% - 25% straight line
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 Balance Sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2022:
2
).
5.
Tangible assets
|
|
Freehold property |
Plant and machinery |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 October 2022 |
444,720 |
38,047 |
482,767 |
|
|
|
|
|
Additions |
11,686 |
- |
11,686 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 30 September 2023 |
456,406 |
38,047 |
494,453 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 October 2022 and 30 September 2023 |
- |
38,047 |
38,047 |
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|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 30 September 2023 |
456,406 |
- |
456,406 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 30 September 2022 |
444,720 |
- |
444,720 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
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|
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Freehold land is not depreciated.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
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|
|
|
|
|
|
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Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
At 30 September 2023 |
|
|
|
|
|
|
|
|
Aggregate cost |
144,661 |
144,661 |
|
|
|
|
|
|
Aggregate depreciation |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
144,661 |
144,661 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 September 2022 |
|
|
|
|
|
|
|
|
Aggregate cost |
132,975 |
132,975 |
|
|
|
|
|
|
Aggregate depreciation |
- |
- |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
132,975 |
132,975 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other debtors |
|
477 |
712 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Corporation tax |
|
60 |
- |
|
Other creditors |
|
205,311 |
197,195 |
|
|
|
_______ |
_______ |
|
|
|
205,371 |
197,195 |
|
|
|
_______ |
_______ |
|
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|
Included within other creditors is £100,000 in respect of shares classed as financial liabilities (2022 - £100,000)
8.
Called up share capital
Issued and called up
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Amounts presented in equity: |
|
|
|
|
|
|
|
|
|
Ordinary shares of 10/61p each |
|
61,000 |
|
100 |
|
61,000 |
|
100 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
Amounts presented in liabilities: |
|
|
|
|
|
|
|
|
|
Preference shares of £
1.00 each |
|
100,000 |
|
100,000 |
|
100,000 |
|
100,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
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The Ordinary 10/61 pence shares are split into 15,000 Ordinary 'A' Voting shares, and 46,000 Ordinary Non Voting shares.The Preference Shares are redeemable Preference Shares with an interest rate of 8%. The dividend is payable if and when the directors decide.