Company Registration No. 09078907 (England and Wales)
POTASH FARM SERVICES LIMITED
Unaudited accounts
for the year ended 30 June 2023
POTASH FARM SERVICES LIMITED
Unaudited accounts
Contents
POTASH FARM SERVICES LIMITED
Company Information
for the year ended 30 June 2023
Directors
Mr A Clements
Mr C Clements
Company Number
09078907 (England and Wales)
Registered Office
6 ROKEWOOD PLACE
STANNINGFIELD
BURY ST. EDMUNDS
IP29 4RF
ENGLAND
Accountants
ABBEYGATE ACCOUNTANCY LTD
UNIT 27 STATION HILL
THURSTON
BURY ST. EDMUNDS
ENGLAND
IP31 3QU
POTASH FARM SERVICES LIMITED
Statement of financial position
as at 30 June 2023
Tangible assets
539,754
552,913
Cash at bank and in hand
148,980
94,204
Creditors: amounts falling due within one year
(286,904)
(375,950)
Net current assets
773,095
785,070
Total assets less current liabilities
1,312,849
1,337,983
Creditors: amounts falling due after more than one year
(128,517)
(215,130)
Provisions for liabilities
Deferred tax
(90,915)
(89,181)
Net assets
1,093,417
1,033,672
Called up share capital
100
100
Profit and loss account
1,093,317
1,033,572
Shareholders' funds
1,093,417
1,033,672
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2024 and were signed on its behalf by
Mr A Clements
Director
Company Registration No. 09078907
POTASH FARM SERVICES LIMITED
Notes to the Accounts
for the year ended 30 June 2023
POTASH FARM SERVICES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09078907. The registered office is 6 ROKEWOOD PLACE, STANNINGFIELD, BURY ST. EDMUNDS, IP29 4RF, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
20% Reducing Balance
Other tangible fixed assets
15% Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
POTASH FARM SERVICES LIMITED
Notes to the Accounts
for the year ended 30 June 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 July 2022
734,543
283,034
1,017,577
At 30 June 2023
819,475
283,034
1,102,509
At 1 July 2022
346,745
117,919
464,664
Charge for the year
64,747
33,344
98,091
At 30 June 2023
411,492
151,263
562,755
At 30 June 2023
407,983
131,771
539,754
At 30 June 2022
387,798
165,115
552,913
Amounts falling due within one year
Trade debtors
102,601
292,639
Accrued income and prepayments
21,067
20,828
Other debtors
732,972
698,969
POTASH FARM SERVICES LIMITED
Notes to the Accounts
for the year ended 30 June 2023
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
115,217
67,871
Trade creditors
99,220
73,479
Taxes and social security
21,408
62,112
Loans from directors
5,998
121,584
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
128,517
215,130
8
Average number of employees
During the year the average number of employees was 0 (2022: 0).