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COMPANY REGISTRATION NUMBER: 05817551
Perry's Bridge Farm Limited
Filleted Unaudited Financial Statements
31 May 2023
Perry's Bridge Farm Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
155,963
161,501
Current assets
Stocks
76,097
39,216
Debtors
6
30,205
41,032
Cash at bank and in hand
104,897
80,794
---------
---------
211,199
161,042
Creditors: amounts falling due within one year
7
155,297
54,443
---------
---------
Net current assets
55,902
106,599
---------
---------
Total assets less current liabilities
211,865
268,100
Creditors: amounts falling due after more than one year
8
31,801
67,972
Provisions
Taxation including deferred tax
11,075
10,459
---------
---------
Net assets
168,989
189,669
---------
---------
Capital and reserves
Called up share capital
9
4
4
Profit and loss account
168,985
189,665
---------
---------
Shareholders funds
168,989
189,669
---------
---------
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the financial year ended 31 May 2023, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Perry's Bridge Farm Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 1 February 2024 , and are signed on behalf of the board by:
Mrs R M Sharp
Director
Company registration number: 05817551
Perry's Bridge Farm Limited
Notes to the Financial Statements
Year ended 31 May 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 6 The Linen Yard, South Street, Crewkerne, Somerset, TA18 8AB. The principal place of business is Perry Hill, Lydford on Fosse, Somerton, Somerset, TA11 7BF.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 taking advantage of the disclosure exemptions of FRS 102 '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. 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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is foreseen that a net liability will arise or a net asset will be recovered.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Poultry House
-
Poultry House 5% straight line Improvements 4% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.
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. 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2022
172,531
56,467
283,575
512,573
Additions
226
20,495
2,327
23,048
---------
--------
---------
---------
At 31 May 2023
172,757
76,962
285,902
535,621
---------
--------
---------
---------
Depreciation
At 1 June 2022
136,193
37,808
177,071
351,072
Charge for the year
5,543
9,790
13,253
28,586
---------
--------
---------
---------
At 31 May 2023
141,736
47,598
190,324
379,658
---------
--------
---------
---------
Carrying amount
At 31 May 2023
31,021
29,364
95,578
155,963
---------
--------
---------
---------
At 31 May 2022
36,338
18,659
106,504
161,501
---------
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
15,123
33,383
Other debtors
15,082
7,649
--------
--------
30,205
41,032
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
35,040
13,091
Trade creditors
90,131
28,376
Corporation tax
2,967
5,848
Social security and other taxes
125
33
Other creditors
27,034
7,095
---------
--------
155,297
54,443
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,801
67,972
--------
--------
Bank borrowing is secured on freehold land owned by the directors. Interest is charged based on the Bank of England base rate each month.
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
Ordinary B shares of £ 1 each
1
1
1
1
Ordinary C shares of £ 1 each
1
1
1
1
----
----
----
----
4
4
4
4
----
----
----
----