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Registration number: 00526051

Shenley Farms Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2022

 

Shenley Farms Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 12

 

Shenley Farms Limited

Company Information

Directors

Mr J P A Freeman

Mrs VJ Freeman

Registered office

The Aerodrome
Shenley Road
Headcorn
Ashford
Kent
TN27 9HX

Auditors

MMO Limited
Senior Statutory Auditor
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Shenley Farms Limited

Directors' Report for the Year Ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors of the company

The directors who held office during the year were as follows:

Mr J P A Freeman

Mrs VJ Freeman

Principal activity

The principal activity of the company is farming

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

.........................................
Mr J P A Freeman
Director

.........................................
Mrs VJ Freeman
Director

 

Shenley Farms Limited

(Registration number: 00526051)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,132,419

1,127,252

Current assets

 

Stocks

5

79,163

31,343

Debtors

6

820,750

762,802

Cash at bank and in hand

 

35,075

40,103

 

934,988

834,248

Creditors: Amounts falling due within one year

7

(1,243,933)

(1,126,026)

Net current liabilities

 

(308,945)

(291,778)

Total assets less current liabilities

 

823,474

835,474

Creditors: Amounts falling due after more than one year

7

(156,200)

(191,936)

Provisions for liabilities

(151,080)

(125,361)

Net assets

 

516,194

518,177

Capital and reserves

 

Called up share capital

8

10,000

10,000

Retained earnings

506,194

508,177

Shareholders' funds

 

516,194

518,177

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

 

Shenley Farms Limited

(Registration number: 00526051)
Balance Sheet as at 31 December 2022

.........................................
Mr J P A Freeman
Director

.........................................
Mrs VJ Freeman
Director

 

Shenley Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

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

The address of its registered office is:
The Aerodrome
Shenley Road
Headcorn
Ashford
Kent
TN27 9HX
England

These financial statements were authorised for issue by the Board on 7 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.

These accounts have been prpeared for Shenley Farms Limited as a single entity.

 

Shenley Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Audit report

The Independent Auditor's Report was qualified. we were unable to attend the stocktake resulting in stock existence not being verified
sales order information was not retained meaning no sales completeness test could be undertaken
no supplier statements were retained so year end trade creditors could not be verified
. The name of the Senior Statutory Auditor who signed the audit report on 7 March 2024 was Mrs Gillian McIntosh, who signed for and on behalf of MMO Limited.

.........................................

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.

Government grants

Government grants relating to revenue expenditure are recognised in income over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Shenley Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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

Property improvements

Not depreciated

Plant and machinery

10% reducing balance

Motor vehicles

20% reducing balance

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.

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 valued in line with HMRC helpsheet HS232 (previously BEN19)

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

 

Shenley Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2021 - 7).

 

Shenley Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2022

1,446,746

164,914

58,954

1,670,614

Additions

1,239

11,878

-

13,117

At 31 December 2022

1,447,985

176,792

58,954

1,683,731

Depreciation

At 1 January 2022

379,583

112,350

51,429

543,362

Charge for the year

-

6,445

1,505

7,950

At 31 December 2022

379,583

118,795

52,934

551,312

Carrying amount

At 31 December 2022

1,068,402

57,997

6,020

1,132,419

At 31 December 2021

1,067,163

52,564

7,525

1,127,252

Included within the net book value of land and buildings above is £1,068,402 (2021 - £1,067,163) in respect of freehold land and buildings.
 

5

Stocks

2022
£

2021
£

Other inventories

79,163

31,343

 

Shenley Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

6

Debtors

Current

2022
£

2021
£

Trade debtors

43,020

14,179

Prepayments

40,943

-

Other debtors

736,787

748,623

 

820,750

762,802

 

Shenley Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

146,562

143,526

Trade creditors

 

65,736

17,537

Taxation and social security

 

7,518

3,683

Accruals and deferred income

 

14,208

14,208

Other creditors

 

1,009,909

947,072

 

1,243,933

1,126,026

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

156,200

191,936

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

         

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

156,200

191,936

 

Shenley Farms Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

47,662

47,663

Bank overdrafts

98,900

95,863

146,562

143,526