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COMPANY REGISTRATION NUMBER: 07657100
The Feed Warehouse Limited
Filleted Unaudited Financial Statements
30 June 2023
The Feed Warehouse Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
The Feed Warehouse Limited
Officers and Professional Advisers
Director
Mr S Kell
Company secretary
Mr S Kell
Registered office
27B Harmire Enterprise Park
Barnard Castle
Co Durham
England
DL12 8BN
Accountants
Aspire Accounting and Tax
Chartered Certified Accountants
27B Harmire Enterprise Park
Barnard Castle
County Durham
DL12 8BN
Bankers
Lloyds Bank Plc
19 Market Place
Durham
DH1 3NL
The Feed Warehouse Limited
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of The Feed Warehouse Limited
Year ended 30 June 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the Year ended 30 June 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Aspire Accounting and Tax Chartered Certified Accountants
27B Harmire Enterprise Park Barnard Castle County Durham DL12 8BN
23 February 2024
The Feed Warehouse Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
2,000
Tangible assets
6
518,749
444,131
---------
---------
518,749
446,131
Current assets
Stocks
346,850
296,542
Debtors
7
49,799
45,786
Cash at bank and in hand
642,162
589,821
------------
---------
1,038,811
932,149
Creditors: amounts falling due within one year
8
357,166
311,349
------------
---------
Net current assets
681,645
620,800
------------
------------
Total assets less current liabilities
1,200,394
1,066,931
Creditors: amounts falling due after more than one year
9
105,960
128,561
------------
------------
Net assets
1,094,434
938,370
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,094,334
938,270
------------
---------
Shareholders funds
1,094,434
938,370
------------
---------
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 30 June 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 .
The Feed Warehouse Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
Mr S Kell
Director
Company registration number: 07657100
The Feed Warehouse Limited
Notes to the Financial Statements
Year ended 30 June 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 27B Harmire Enterprise Park, Barnard Castle, Co Durham, DL12 8BN, England.
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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 and machinery
-
20% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the Year amounted to 13 (2022: 12 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
20,000
--------
Amortisation
At 1 July 2022
18,000
Charge for the Year
2,000
--------
At 30 June 2023
20,000
--------
Carrying amount
At 30 June 2023
--------
At 30 June 2022
2,000
--------
6. Tangible assets
Long leasehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jul 2022
231,206
84,735
96,438
240,305
18,116
670,800
Additions
30,789
58,004
97,497
1,110
187,400
Disposals
( 28,990)
( 28,990)
---------
---------
---------
---------
--------
---------
At 30 Jun 2023
231,206
115,524
154,442
308,812
19,226
829,210
---------
---------
---------
---------
--------
---------
Depreciation
At 1 Jul 2022
40,781
49,461
123,801
12,626
226,669
Charge for the year
23,788
26,245
39,356
1,650
91,039
Disposals
( 7,247)
( 7,247)
---------
---------
---------
---------
--------
---------
At 30 Jun 2023
64,569
75,706
155,910
14,276
310,461
---------
---------
---------
---------
--------
---------
Carrying amount
At 30 Jun 2023
231,206
50,955
78,736
152,902
4,950
518,749
---------
---------
---------
---------
--------
---------
At 30 Jun 2022
231,206
43,954
46,977
116,504
5,490
444,131
---------
---------
---------
---------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
26,348
40,126
Other debtors
23,451
5,660
--------
--------
49,799
45,786
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
197,720
177,715
Corporation tax
46,254
33,423
Social security and other taxes
9,033
3,434
Other creditors
104,159
96,777
---------
---------
357,166
311,349
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
91,886
99,722
Other creditors
14,074
28,839
---------
---------
105,960
128,561
---------
---------
10. Related party transactions
The company was under the control of Mr Kell throughout the current and previous year. Mr Kell is the managing director and majority shareholder. No transactions with any related party ocurred in this accounting period.