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Registered Number: 07365246
England and Wales

 

 

 

FOX'S FARM SERVICE LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 962,235    875,570 
962,235    875,570 
Current assets      
Stocks 674,472    970,538 
Debtors 155,401    174,763 
Cash at bank and in hand 124,565    27,049 
954,438    1,172,350 
Creditors: amount falling due within one year (747,791)   (993,917)
Net current assets 206,647    178,433 
 
Total assets less current liabilities 1,168,882    1,054,003 
Creditors: amount falling due after more than one year (22,197)   (88,406)
Provisions for liabilities (235,097)   (208,642)
Net assets 911,588    756,955 
 

Capital and reserves
     
Called up share capital 101,000    101,000 
Profit and loss account 810,588    655,955 
Shareholder's funds 911,588    756,955 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 18 March 2024 and were signed on its behalf by:


-------------------------------
S Fox
Director
1
General Information
Fox's Farm Service Limited is a private company, limited by shares, registered in England and Wales, registration number 07365246, registration address The Fox Hole, Chelston, Wellington, Somerset, TA21 9HY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes, when the farming contract work is completed and on the contract date when grain is sold.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant & Machinery       - between 15% and 20% on reducing balance
Tractors & Harvesters - 18% on reducing balance
Motor Vehicles             - 25% on reducing balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives. 
The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads, usually on a first-in-first-out basis.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised.  The amount of of any write-downs of stocks to net realisable value and all losses of stock are recognised as an expense in the period in which the write-downs or loss occurs.

2.

Average number of employees

Average number of employees during the year was 3 (2022 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 January 2023 1,866,265    1,866,265 
Additions 523,049    523,049 
Disposals (663,687)   (663,687)
At 31 December 2023 1,725,627    1,725,627 
Depreciation
At 01 January 2023 990,696    990,696 
Charge for year 155,683    155,683 
On disposals (382,987)   (382,987)
At 31 December 2023 763,392    763,392 
Net book values
Closing balance as at 31 December 2023 962,235    962,235 
Opening balance as at 01 January 2023 875,570    875,570 

The net book value of Plant and Machinery, Fixtures and Fittings includes £ 358,810 (2022 £544,940) in respect of assets leased under finance leases or hire purchase contracts.

2