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COMPANY REGISTRATION NUMBER: 09308041
New Farm Fuels Limited
Filleted Unaudited Financial Statements
30 November 2023
New Farm Fuels Limited
Financial Statements
Year ended 30 November 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
New Farm Fuels Limited
Officers and Professional Advisers
The board of directors Mr S Joyce
- Director
Mrs D Joyce
- Director
Registered office
155 Main Road
Ravenshead
Nottinghan
Nottinghamshire
NG15 9GS
Accountants
Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton in Ashfield
Nottinghamshire
NG17 4EA
New Farm Fuels Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
2,000
4,000
Tangible assets
6
180,888
147,141
---------
---------
182,888
151,141
Current assets
Stocks
70,772
82,181
Debtors
7
43,863
34,169
Cash at bank and in hand
67,430
10,266
---------
---------
182,065
126,616
Creditors: amounts falling due within one year
8
197,087
137,779
---------
---------
Net current liabilities
15,022
11,163
---------
---------
Total assets less current liabilities
167,866
139,978
Creditors: amounts falling due after more than one year
9
62,531
47,193
Provisions
20,306
13,545
---------
---------
Net assets
85,029
79,240
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
84,929
79,140
--------
--------
Shareholders funds
85,029
79,240
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 November 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 .
New Farm Fuels Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 5 April 2024 , and are signed on behalf of the board by:
Mr S Joyce
Director
Company registration number: 09308041
New Farm Fuels Limited
Notes to the Financial Statements
Year ended 30 November 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 155 Main Road, Ravenshead, Nottinghan, Nottinghamshire, NG15 9GS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 tax losses 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property
-
5% straight line
Plant and machinery
-
25% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
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, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Debtors and creditors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
20,000
--------
Amortisation
At 1 December 2022
16,000
Charge for the year
2,000
--------
At 30 November 2023
18,000
--------
Carrying amount
At 30 November 2023
2,000
--------
At 30 November 2022
4,000
--------
6. Tangible assets
Long leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2022
78,205
87,695
60,398
226,298
Additions
28,428
6,545
39,799
74,772
Disposals
( 24,719)
( 24,719)
---------
--------
-------
--------
---------
At 30 November 2023
106,633
87,695
6,545
75,478
276,351
---------
--------
-------
--------
---------
Depreciation
At 1 December 2022
2,349
54,947
21,861
79,157
Charge for the year
4,621
8,187
1,071
13,821
27,700
Disposals
( 11,394)
( 11,394)
---------
--------
-------
--------
---------
At 30 November 2023
6,970
63,134
1,071
24,288
95,463
---------
--------
-------
--------
---------
Carrying amount
At 30 November 2023
99,663
24,561
5,474
51,190
180,888
---------
--------
-------
--------
---------
At 30 November 2022
75,856
32,748
38,537
147,141
---------
--------
-------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
5,915
6,982
Other debtors
37,948
27,187
--------
--------
43,863
34,169
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,134
14,993
Trade creditors
130,434
71,911
Corporation tax
11,059
12,308
Social security and other taxes
1,283
1,168
Other creditors
38,177
37,399
---------
---------
197,087
137,779
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
49,476
39,024
Other creditors
13,055
8,169
--------
--------
62,531
47,193
--------
--------
10. Directors' advances, credits and guarantees
At the balance sheet date, the directors were owed £17,883(2022: £11,443) by the company.