Company registration number 03402713 (England and Wales)
GREENVALE FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GREENVALE FARMS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
GREENVALE FARMS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
734
Current assets
Stocks
1,936
1,593
Debtors
5
4,911
3,027
Cash at bank and in hand
172,174
189,787
179,021
194,407
Creditors: amounts falling due within one year
6
(13,750)
(14,328)
Net current assets
165,271
180,079
Total assets less current liabilities
165,271
180,813
Provisions for liabilities
-
0
(139)
Net assets
165,271
180,674
Capital and reserves
Called up share capital
99,000
99,000
Profit and loss reserves
66,271
81,674
Total equity
165,271
180,674

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 28 March 2024 and are signed on its behalf by:
Mr W Stonebank
Mr D Stonebank
Director
Director
Company Registration No. 03402713
GREENVALE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information

Greenvale Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Henson Close, South Church Enterprise Park, Bishop Auckland, Co Durham, DL14 6WA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of consideration received or receivable and represents amounts receivable for good supplied and services rendered, stated net of discounts and of Value Added Tax

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Plant and machinery
15 years straight line
Office equipment
4 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

GREENVALE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

GREENVALE FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery
Office equipment
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
20,455
4,717
25,172
Depreciation
At 1 October 2022
20,455
3,983
24,438
Depreciation charged in the year
-
0
734
734
At 30 September 2023
20,455
4,717
25,172
Carrying amount
At 30 September 2023
-
0
-
0
-
0
At 30 September 2022
-
0
734
734
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
628
1,882
Other debtors
4,283
1,145
4,911
3,027
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
286
239
Corporation tax
3,000
3,707
Other taxation and social security
45
2,167
Other creditors
9,469
7,265
Accruals and deferred income
950
950
13,750
14,328
2023-09-302022-10-01false03 April 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr W StonebankMrs E StonebankMr D StonebankMr D Stonebank034027132022-10-012023-09-30034027132023-09-30034027132022-09-3003402713core:PlantMachinery2023-09-3003402713core:ComputerEquipment2023-09-3003402713core:PlantMachinery2022-09-3003402713core:ComputerEquipment2022-09-3003402713core:CurrentFinancialInstrumentscore:WithinOneYear2023-09-3003402713core:CurrentFinancialInstrumentscore:WithinOneYear2022-09-3003402713core:CurrentFinancialInstruments2023-09-3003402713core:CurrentFinancialInstruments2022-09-3003402713core:ShareCapital2023-09-3003402713core:ShareCapital2022-09-3003402713core:RetainedEarningsAccumulatedLosses2023-09-3003402713core:RetainedEarningsAccumulatedLosses2022-09-3003402713bus:Director12022-10-012023-09-3003402713bus:CompanySecretaryDirector12022-10-012023-09-3003402713core:PlantMachinery2022-10-012023-09-3003402713core:ComputerEquipment2022-10-012023-09-30034027132021-10-012022-09-3003402713core:PlantMachinery2022-09-3003402713core:ComputerEquipment2022-09-30034027132022-09-3003402713core:WithinOneYear2023-09-3003402713core:WithinOneYear2022-09-3003402713bus:PrivateLimitedCompanyLtd2022-10-012023-09-3003402713bus:SmallCompaniesRegimeForAccounts2022-10-012023-09-3003402713bus:FRS1022022-10-012023-09-3003402713bus:AuditExemptWithAccountantsReport2022-10-012023-09-3003402713bus:Director22022-10-012023-09-3003402713bus:Director32022-10-012023-09-3003402713bus:CompanySecretary12022-10-012023-09-3003402713bus:FullAccounts2022-10-012023-09-30xbrli:purexbrli:sharesiso4217:GBP