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COMPANY REGISTRATION NUMBER: 01247520
Imblefield Farms Limited
Filleted Unaudited Financial Statements
31 March 2023
Imblefield Farms Limited
Director's Report
Year ended 31 March 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2023 .
Director
The director who served the company during the year was as follows:
Mr R J B Venables
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 November 2023 and signed on behalf of the board by:
Mr R J B Venables
Director
Registered office:
Nant y Cynog
Happy Valley
Tywyn
Gwynedd
LL36 9HY
Imblefield Farms Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
112,560
113,115
Current assets
Stocks
250
830
Debtors
6
9,945
5,622
Cash at bank and in hand
5,813
5,512
--------
--------
16,008
11,964
Creditors: amounts falling due within one year
7
14,326
17,468
--------
--------
Net current assets/(liabilities)
1,682
( 5,504)
---------
---------
Total assets less current liabilities
114,242
107,611
---------
---------
Capital and reserves
Called up share capital
57,390
57,390
Profit and loss account
56,852
50,221
---------
---------
Shareholders funds
114,242
107,611
---------
---------
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 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Imblefield Farms Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
Mr R J B Venables
Director
Company registration number: 01247520
Imblefield Farms Limited
Notes to the Financial Statements
Year ended 31 March 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 Nant y Cynog, Happy Valley, Tywyn, Gwynedd, LL36 9HY.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Income tax
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.
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 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:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
104,750
16,993
16,674
14,505
152,922
Additions
2,048
2,048
---------
--------
--------
--------
---------
At 31 March 2023
104,750
19,041
16,674
14,505
154,970
---------
--------
--------
--------
---------
Depreciation
At 1 April 2022
12,070
16,674
11,063
39,807
Charge for the year
1,743
860
2,603
---------
--------
--------
--------
---------
At 31 March 2023
13,813
16,674
11,923
42,410
---------
--------
--------
--------
---------
Carrying amount
At 31 March 2023
104,750
5,228
2,582
112,560
---------
--------
--------
--------
---------
At 31 March 2022
104,750
4,923
3,442
113,115
---------
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
9,945
5,622
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
721
1,397
Social security and other taxes
1,705
1,494
Other creditors
11,900
14,577
--------
--------
14,326
17,468
--------
--------
8. Director's advances, credits and guarantees
Amounts advanced to the Company by the Director are as follows: (a) Balance as at 31st March 2023 was £11,645 (2022: £14,065); (b) Interest charged nil%; (c) Repayable on demand; and (d) Withdrawals / (additions) made during the year amounted to £2,420 (2022: £-2,169).
2023 2022
£ £
Directors Loan Account 11,645 14,065
-------- --------
9. Related party transactions
The company was under the control of the director until 30 January 2023 when the majority of his shares were transferred to his 2 children, Jennifer Helen Glenc and Christopher John Venables who are, since that date, in control of the Company and persons of significant interest. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.