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Registration number: 01000671

Shenley Farms (Engineering) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2022

 

Shenley Farms (Engineering) Limited

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 9

 

Shenley Farms (Engineering) Limited

Company Information

Directors

Mr J P A Freeman

Mrs VJ Freeman

Company secretary

Mrs S Line

Registered office

The Aerodrome
Shenley Road
Headcorn
Ashford
Kent
TN27 9HX

Auditors

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Shenley Farms (Engineering) Limited

Directors' Report for the Year Ended 31 December 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Directors of the company

The directors who held office during the year were as follows:

Mr J P A Freeman

Mrs VJ Freeman

Principal activity

The principal activity of the company is aeronautical engineers

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

.........................................
Mr J P A Freeman
Director

 

Shenley Farms (Engineering) Limited

(Registration number: 01000671)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

8,928

10,504

Current assets

 

Stocks

5

165,179

165,502

Debtors

6

625,653

546,858

Cash at bank and in hand

 

3

3

 

790,835

712,363

Creditors: Amounts falling due within one year

7

(551,037)

(571,367)

Net current assets

 

239,798

140,996

Total assets less current liabilities

 

248,726

151,500

Provisions for liabilities

(1,696)

(2,348)

Net assets

 

247,030

149,152

Capital and reserves

 

Called up share capital

8

20

20

Retained earnings

247,010

149,132

Shareholders' funds

 

247,030

149,152

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

.........................................
Mr J P A Freeman
Director

 

Shenley Farms (Engineering) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Aerodrome
Shenley Road
Headcorn
Ashford
Kent
TN27 9HX
England

These financial statements were authorised for issue by the Board on 7 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

 

Shenley Farms (Engineering) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Audit report

The Independent Auditor's Report was qualified. we were unable to attend the stocktake, resulting in stock existence not being verified
sales order information was not retained, meaning no sales completeness test could be undertaken
no suppler statements we retained
. The name of the Senior Statutory Auditor who signed the audit report on 7 March 2024 was Mrs Gillian McIntosh, who signed for and on behalf of MMO Limited.

.........................................

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants relating to revenue expenditure are recognised in income over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Shenley Farms (Engineering) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Shenley Farms (Engineering) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2021 - 8).

 

Shenley Farms (Engineering) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

73,449

73,449

At 31 December 2022

73,449

73,449

Depreciation

At 1 January 2022

62,945

62,945

Charge for the year

1,576

1,576

At 31 December 2022

64,521

64,521

Carrying amount

At 31 December 2022

8,928

8,928

At 31 December 2021

10,504

10,504

5

Stocks

2022
£

2021
£

Other inventories

165,179

165,502

6

Debtors

Current

2022
£

2021
£

Trade debtors

25,373

6,345

Other debtors

600,280

540,513

 

625,653

546,858

 

Shenley Farms (Engineering) Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

105,966

93,620

Trade creditors

 

4,434

11,756

Taxation and social security

 

27,041

17,471

Accruals and deferred income

 

6,509

6,509

Other creditors

 

407,087

442,011

 

551,037

571,367

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

20

20

20

20

         

9

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

105,966

93,620