S C Farrington Produce Ltd 10701220 false 2022-03-31 2023-03-29 2023-03-29 The principal activity of the company is that of growing of vegetables, horticultural specialities and nursery products. Digita Accounts Production Advanced 6.30.9574.0 true 10701220 2022-03-31 2023-03-29 10701220 2023-03-29 10701220 bus:OrdinaryShareClass1 2023-03-29 10701220 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-29 10701220 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-29 10701220 core:CurrentFinancialInstruments 2023-03-29 10701220 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-29 10701220 core:Non-currentFinancialInstruments 2023-03-29 10701220 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-29 10701220 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-29 10701220 core:MotorVehicles 2023-03-29 10701220 core:OtherPropertyPlantEquipment 2023-03-29 10701220 bus:SmallEntities 2022-03-31 2023-03-29 10701220 bus:AuditExemptWithAccountantsReport 2022-03-31 2023-03-29 10701220 bus:FullAccounts 2022-03-31 2023-03-29 10701220 bus:SmallCompaniesRegimeForAccounts 2022-03-31 2023-03-29 10701220 bus:RegisteredOffice 2022-03-31 2023-03-29 10701220 bus:Director1 2022-03-31 2023-03-29 10701220 bus:Director2 2022-03-31 2023-03-29 10701220 bus:OrdinaryShareClass1 2022-03-31 2023-03-29 10701220 bus:PrivateLimitedCompanyLtd 2022-03-31 2023-03-29 10701220 core:Buildings 2022-03-31 2023-03-29 10701220 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 2023-03-29 10701220 core:MotorVehicles 2022-03-31 2023-03-29 10701220 core:OtherPropertyPlantEquipment 2022-03-31 2023-03-29 10701220 core:PlantMachinery 2022-03-31 2023-03-29 10701220 countries:England 2022-03-31 2023-03-29 10701220 2022-03-30 10701220 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-30 10701220 core:MotorVehicles 2022-03-30 10701220 core:OtherPropertyPlantEquipment 2022-03-30 10701220 2021-03-31 2022-03-30 10701220 2022-03-30 10701220 bus:OrdinaryShareClass1 2022-03-30 10701220 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-30 10701220 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-30 10701220 core:CurrentFinancialInstruments 2022-03-30 10701220 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-30 10701220 core:Non-currentFinancialInstruments 2022-03-30 10701220 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-30 10701220 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-30 10701220 core:MotorVehicles 2022-03-30 10701220 core:OtherPropertyPlantEquipment 2022-03-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10701220

S C Farrington Produce Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Period from 31 March 2022 to 29 March 2023

 

S C Farrington Produce Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

S C Farrington Produce Ltd

Company Information

Directors

Mr Stanley Colin Farrington

Mrs Christine Farrington

Registered office

8-12 London Street
Southport
Merseyside
PR9 0UE

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

S C Farrington Produce Ltd

(Registration number: 10701220)
Balance Sheet as at 29 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

146,860

172,932

Current assets

 

Stocks

5

9,280

10,896

Debtors

6

2,057

17,068

Cash at bank and in hand

 

3,925

3,925

 

15,262

31,889

Creditors: Amounts falling due within one year

7

(407,895)

(404,589)

Net current liabilities

 

(392,633)

(372,700)

Total assets less current liabilities

 

(245,773)

(199,768)

Creditors: Amounts falling due after more than one year

7

(29,235)

(59,113)

Net liabilities

 

(275,008)

(258,881)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(275,108)

(258,981)

Shareholders' deficit

 

(275,008)

(258,881)

For the financial period ending 29 March 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 March 2024 and signed on its behalf by:
 

.........................................
Mr Stanley Colin Farrington
Director

 

S C Farrington Produce Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
8-12 London Street
Southport
Merseyside
PR9 0UE

These financial statements were authorised for issue by the Board on 4 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Yard and Buildings

15% reducing balance basis

Plant and Equipment

15% reducing balance basis

Motor Vehicles

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

S C Farrington Produce Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

S C Farrington Produce Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 31 March 2022

65,810

9,375

266,293

341,478

At 29 March 2023

65,810

9,375

266,293

341,478

Depreciation

At 31 March 2022

39,658

8,057

120,831

168,546

Charge for the period

3,923

329

21,820

26,072

At 29 March 2023

43,581

8,386

142,651

194,618

Carrying amount

At 29 March 2023

22,229

989

123,642

146,860

At 30 March 2022

26,152

1,318

145,462

172,932

Included within the net book value of land and buildings above is £22,229 (2022 - £26,152) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

9,280

10,896

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,559

11,458

Other debtors

498

5,610

 

2,057

17,068

 

S C Farrington Produce Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and overdrafts

8

404,082

389,734

Trade creditors

 

1,808

12,381

Accruals and deferred income

 

1,900

1,900

Other creditors

 

105

574

 

407,895

404,589

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

29,235

59,113

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

29,235

47,398

Hire purchase contracts

-

11,715

29,235

59,113

2023
£

2022
£

Current loans and borrowings

Bank borrowings

17,932

17,372

Bank overdrafts

185,858

173,244

Hire purchase contracts

11,874

10,700

Other borrowings

188,418

188,418

404,082

389,734

 

S C Farrington Produce Ltd

Notes to the Unaudited Financial Statements for the Period from 31 March 2022 to 29 March 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100