Company Registration No. 8304066 (England and Wales)
SHARPLEY FARMING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
SHARPLEY FARMING LIMITED
COMPANY INFORMATION
Directors
Mr A J Sharpley
Mr P J Sharpley
Company number
8304066
Registered office
Thornhaugh Manor
Thornhaugh
Peterborough
Cambridgeshire
PE8 6HL
Accountants
Churchgates Land Family Business Limited
Home Farm
Abbots Ripton
Huntingdon
PE28 2LD
SHARPLEY FARMING LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SHARPLEY FARMING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
The directors present their annual report and financial statements for the year ended 30 April 2023.
Principal activities
The principal activity of the company continued to be that of contracting
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A J Sharpley
Mrs M E Sharpley
(Deceased 5 January 2023)
Mr P J Sharpley
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr A J Sharpley
Director
19 January 2024
SHARPLEY FARMING LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
480,889
277,083
Current assets
Debtors
5
456,091
350,348
Cash at bank and in hand
3,778
36,292
459,869
386,640
Creditors: amounts falling due within one year
7
(369,207)
(168,348)
Net current assets
90,662
218,292
Total assets less current liabilities
571,551
495,375
Creditors: amounts falling due after more than one year
6
(42,053)
Provisions for liabilities
(91,369)
(52,646)
Net assets
438,129
442,729
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
438,029
442,629
Total equity
438,129
442,729
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 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.
SHARPLEY FARMING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 January 2024 and are signed on its behalf by:
Mr A J Sharpley
Director
Company registration number 8304066 (England and Wales)
SHARPLEY FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
1
Accounting policies
Company information
Sharpley Farming Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thornhaugh Manor, Thornhaugh, Peterborough, Cambridgeshire, PE8 6HL.
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 the total amount receivable by the company for goods supplied and services provided during the year, excluding VAT and trade discounts. Revenue from services provided is recognised when the company has performed its obligations and in exchange obtained the right to consideration.
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 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% Reducing Balance
Refrigerated Trailers
20% Reducing balance
Tractors
20% Reducing Balance
Combines
20% Reducing Balance
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
SHARPLEY FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
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 profit and loss account 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SHARPLEY FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
3
3
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
32,594
Deferred tax
Origination and reversal of timing differences
38,723
7,873
Total tax charge
38,723
40,467
4
Tangible fixed assets
Plant and machinery etc
Refrigerated Trailers
Total
£
£
£
Cost
At 1 May 2022
830,722
24,125
854,847
Additions
293,938
293,938
Disposals
(70,000)
(70,000)
At 30 April 2023
1,054,660
24,125
1,078,785
Depreciation and impairment
At 1 May 2022
563,521
14,243
577,764
Depreciation charged in the year
73,476
1,976
75,452
Eliminated in respect of disposals
(55,320)
(55,320)
At 30 April 2023
581,677
16,219
597,896
Net book value
At 30 April 2023
472,983
7,906
480,889
At 30 April 2022
267,201
9,882
277,083
SHARPLEY FARMING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
98,231
Amounts owed by group undertakings and undertakings in which the company has a participating interest
449,220
Other debtors
6,871
252,117
456,091
350,348
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
42,053
The above cost represents amounts due on hire purchase contracts. All amounts due are secured on the assets to which they relate.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,185
2,213
Amounts owed to connected business
168,709
38,665
Corporation tax
32,595
Other taxation and social security
16,818
Other creditors
181,495
94,875
369,207
168,348