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COMPANY REGISTRATION NUMBER: 09503051
UK Farming, Forestry and Aquaculture Ltd
Filleted Unaudited Financial Statements
Year ended
31 March 2023
UK Farming, Forestry and Aquaculture Ltd
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
UK Farming, Forestry and Aquaculture Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
24,032
29,125
Current assets
Cash at bank and in hand
22,728
35,694
Creditors: amounts falling due within one year
6
14,367
14,023
--------
--------
Net current assets
8,361
21,671
--------
--------
Total assets less current liabilities
32,393
50,796
Provisions
Taxation including deferred tax
4,806
5,825
--------
--------
Net assets
27,587
44,971
--------
--------
Capital and reserves
Called up share capital
10
10
Profit and loss account
27,577
44,961
--------
--------
Shareholders funds
27,587
44,971
--------
--------
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 .
UK Farming, Forestry and Aquaculture Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 20 December 2023 , and are signed on behalf of the board by:
Mr T R Chatham
Director
Company registration number: 09503051
UK Farming, Forestry and Aquaculture Ltd
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 The Old Granary, Becksyke Farm Hull Road, Osgodby, Selby, North Yorkshire, YO8 5HX, England.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and 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. Going concern Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the director has considered the effect of these matters on the company with the information available to it, and does not believe that it it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the director has prepared these financial statements on a going concern basis. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered. Turnover comprises revenue recognised by the company in respect of rental income receivable. Current & deferred 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 be paid or recovered 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. 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:
Land and buildings - 10% reducing balance
Plant and machinery - 20% reducing balance
Motor Vehicles - 20% reducing balance
Equipment - 20% 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.
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
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.
4. Employee numbers
The average number of persons employed by the company during the year including the director, amounted to 1 (2021:1).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
11,148
43,808
6,900
987
62,843
--------
--------
-------
----
--------
Depreciation
At 1 April 2022
3,834
25,165
4,074
645
33,718
Charge for the year
731
3,729
565
68
5,093
--------
--------
-------
----
--------
At 31 March 2023
4,565
28,894
4,639
713
38,811
--------
--------
-------
----
--------
Carrying amount
At 31 March 2023
6,583
14,914
2,261
274
24,032
--------
--------
-------
----
--------
At 31 March 2022
7,314
18,643
2,826
342
29,125
--------
--------
-------
----
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,641
10,600
Corporation tax
3,446
3,163
Directors loan account
280
260
--------
--------
14,367
14,023
--------
--------
7. Related party transactions
The director had a loan account with the company during the year. The balance due to him at 31 March 2023 was £ 280 ,(2022 £260).