3 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09518108 2022-04-01 2023-03-31 09518108 2023-03-31 09518108 2022-03-31 09518108 2021-04-01 2022-03-31 09518108 2022-03-31 09518108 2021-03-31 09518108 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 09518108 core:PlantMachinery 2022-04-01 2023-03-31 09518108 core:MotorVehicles 2022-04-01 2023-03-31 09518108 bus:Director1 2022-04-01 2023-03-31 09518108 bus:Director2 2022-04-01 2023-03-31 09518108 core:LandBuildings 2022-03-31 09518108 core:PlantMachinery 2022-03-31 09518108 core:MotorVehicles 2022-03-31 09518108 core:LandBuildings 2023-03-31 09518108 core:PlantMachinery 2023-03-31 09518108 core:MotorVehicles 2023-03-31 09518108 core:LandBuildings 2022-04-01 2023-03-31 09518108 core:WithinOneYear 2023-03-31 09518108 core:WithinOneYear 2022-03-31 09518108 core:AfterOneYear 2023-03-31 09518108 core:AfterOneYear 2022-03-31 09518108 core:ShareCapital 2023-03-31 09518108 core:ShareCapital 2022-03-31 09518108 core:RetainedEarningsAccumulatedLosses 2023-03-31 09518108 core:RetainedEarningsAccumulatedLosses 2022-03-31 09518108 core:LandBuildings 2022-03-31 09518108 core:PlantMachinery 2022-03-31 09518108 core:MotorVehicles 2022-03-31 09518108 bus:SmallEntities 2022-04-01 2023-03-31 09518108 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09518108 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09518108 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09518108 bus:FullAccounts 2022-04-01 2023-03-31 09518108 core:ComputerEquipment 2022-04-01 2023-03-31 09518108 core:ComputerEquipment 2022-03-31 09518108 core:ComputerEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 09518108
Old Oak Farm Limited
Filleted Unaudited Financial Statements
31 March 2023
Old Oak Farm Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
624,578
193,512
Current assets
Stocks
31,500
37,500
Debtors
7
26,164
19,600
Cash at bank and in hand
9,682
11,797
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
67,346
68,897
Creditors: amounts falling due within one year
8
141,250
83,764
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Net current liabilities
73,904
14,867
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities
550,674
178,645
Creditors: amounts falling due after more than one year
9
494,215
99,724
Provisions
Taxation including deferred tax
19,160
10,188
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
Net assets
37,299
68,733
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Capital and reserves
Called up share capital
100
100
Profit and loss account
37,199
68,633
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Shareholders funds
37,299
68,733
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
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 income statement 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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Old Oak Farm Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 19 January 2024 , and are signed on behalf of the board by:
Mr A Jones
Mrs R Jones
Director
Director
Company registration number: 09518108
Old Oak Farm 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 Old Oak Farm, Back Lane, Curry Rivel, TA10 0NY.
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. Description of activities
The principal activities of the company during the financial year are providing a bespoke wedding planning service and venue, holiday accommodation, tree surgery and poultry rearing.
4. 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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. The main judgement made by the directors is the closing value of stock at the year end.
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.
Taxation
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:
Freehold property
-
5% straight line
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer Equipment
-
33% 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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. 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.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
135,788
207,235
14,705
1,085
358,813
Additions
445,614
53,242
4,000
502,856
Disposals
( 38,588)
( 38,588)
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
At 31 March 2023
581,402
221,889
18,705
1,085
823,081
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Depreciation
At 1 April 2022
16,816
135,424
12,186
875
165,301
Charge for the year
29,802
28,255
1,630
70
59,757
Disposals
( 26,555)
( 26,555)
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
At 31 March 2023
46,618
137,124
13,816
945
198,503
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 March 2023
534,784
84,765
4,889
140
624,578
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
At 31 March 2022
118,972
71,811
2,519
210
193,512
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
7. Debtors
2023
2022
£
£
Trade debtors
8,425
19,600
Other debtors
17,739
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
26,164
19,600
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,973
25,973
Trade creditors
60,250
849
Corporation tax
16,940
27,604
Social security and other taxes
12,922
Other creditors
38,087
16,416
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
141,250
83,764
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
484,298
74,104
Other creditors
9,917
25,620
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
494,215
99,724
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
10. Related party transactions
There were no transactions with related parties such as are required to be disclosed under FRS102 Section 1AC.35.