Year Ended
Registration number:
Norrington Manor Farms Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Norrington Manor Farms Limited
Balance Sheet
30 September 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
156 |
156 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Norrington Manor Farms Limited
Balance Sheet
30 September 2023
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 00493589
Norrington Manor Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.
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 value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
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 corporation 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.
Norrington Manor Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Leasehold Property |
4% per annum straight line |
Plant and Machinery |
15% to 25% per annum reducing balance |
Fixtures and Fittings |
10% per annum reducing balance |
Motor Vehicles |
25% per annum reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over two years.
Asset class |
Amortisation method and rate |
Agricultural subsidy entitlements |
Straight line on cost over 2 year period |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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 stocks 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.
Financial instruments
Norrington Manor Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Norrington Manor Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Intangible assets |
Trademarks, patents and licenses |
Total |
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Cost or valuation |
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At 1 October 2022 |
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At 30 September 2023 |
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Amortisation |
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At 1 October 2022 |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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Norrington Manor Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
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- |
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Disposals |
- |
- |
- |
( |
( |
At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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Eliminated on disposal |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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At 30 September 2022 |
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Included within the net book value of land and buildings above is £72,399 (2022 - £25,390) in respect of long leasehold land and buildings.
Norrington Manor Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 October 2022 |
156 |
156 |
At 30 September 2023 |
156 |
156 |
Impairment |
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Carrying amount |
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At 30 September 2023 |
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156 |
Stocks |
2023 |
2022 |
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Sheep on the herd basis |
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Other livestock |
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Crops in store |
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Livestock stores |
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Arable stores |
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Other stores |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Norrington Manor Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Corporation tax |
- |
45,090 |
Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Summary of transactions with other related parties
There are currently no terms for repayment of this loan. At the balance sheet date the amount due to the estate of Mr T.S. Sykes (deceased) was £35,714 (2022 - £35,714).