IRIS Accounts Production v24.1.0.578 07678893 Board of Directors 1.7.22 30.6.23 30.6.23 false true false false true false Ordinary A shares 1.00000 Ordinary B shares 1.00000 Ordinary C shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh076788932022-06-30076788932023-06-30076788932022-07-012023-06-30076788932021-06-30076788932021-07-012022-06-30076788932022-06-3007678893ns15:EnglandWales2022-07-012023-06-3007678893ns14:PoundSterling2022-07-012023-06-3007678893ns10:Director12022-07-012023-06-3007678893ns10:PrivateLimitedCompanyLtd2022-07-012023-06-3007678893ns10:SmallEntities2022-07-012023-06-3007678893ns10:AuditExemptWithAccountantsReport2022-07-012023-06-3007678893ns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3007678893ns10:SmallCompaniesRegimeForAccounts2022-07-012023-06-3007678893ns10:FullAccounts2022-07-012023-06-3007678893ns10:OrdinaryShareClass12022-07-012023-06-3007678893ns10:OrdinaryShareClass22022-07-012023-06-3007678893ns10:OrdinaryShareClass32022-07-012023-06-3007678893ns10:Director22022-07-012023-06-3007678893ns10:CompanySecretary12022-07-012023-06-3007678893ns10:RegisteredOffice2022-07-012023-06-3007678893ns5:CurrentFinancialInstruments2023-06-3007678893ns5:CurrentFinancialInstruments2022-06-3007678893ns5:Non-currentFinancialInstruments2023-06-3007678893ns5:Non-currentFinancialInstruments2022-06-3007678893ns5:ShareCapital2023-06-3007678893ns5:ShareCapital2022-06-3007678893ns5:RetainedEarningsAccumulatedLosses2023-06-3007678893ns5:RetainedEarningsAccumulatedLosses2022-06-3007678893ns5:PlantMachinery2022-06-3007678893ns5:MotorVehicles2022-06-3007678893ns5:PlantMachinery2022-07-012023-06-3007678893ns5:MotorVehicles2022-07-012023-06-3007678893ns5:PlantMachinery2023-06-3007678893ns5:MotorVehicles2023-06-3007678893ns5:PlantMachinery2022-06-3007678893ns5:MotorVehicles2022-06-3007678893ns5:CostValuation2022-06-3007678893ns5:AdditionsToInvestments2023-06-3007678893ns5:CostValuation2023-06-3007678893ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3007678893ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-3007678893ns5:CurrentFinancialInstruments2022-07-012023-06-3007678893ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-06-3007678893ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-06-3007678893ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-06-3007678893ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-06-3007678893ns10:OrdinaryShareClass12023-06-3007678893ns10:OrdinaryShareClass22023-06-3007678893ns10:OrdinaryShareClass32023-06-30
REGISTERED NUMBER: 07678893 (England and Wales)














Abbey Farm Contractors Ltd

Unaudited Financial Statements

for the Year Ended 30 June 2023






Abbey Farm Contractors Ltd (Registered number: 07678893)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 9


Abbey Farm Contractors Ltd

Company Information
for the Year Ended 30 June 2023







Directors: N E Wade
Mrs S J Wade





Secretary: N E Wade





Registered office: Abbey Farm
Sedgebrook
Grantham
Lincolnshire
NG32 2ER





Registered number: 07678893 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Abbey Farm Contractors Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Abbey Farm Contractors Ltd for the year ended 30 June 2023 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Abbey Farm Contractors Ltd, as a body, in accordance with the terms of our engagement letter dated 21 September 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Abbey Farm Contractors Ltd and state those matters that we have agreed to state to the Board of Directors of Abbey Farm Contractors Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Abbey Farm Contractors Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Abbey Farm Contractors Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Abbey Farm Contractors Ltd. You consider that Abbey Farm Contractors Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Abbey Farm Contractors Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


10 April 2024

Abbey Farm Contractors Ltd (Registered number: 07678893)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 771,755 807,196
Investments 6 373,789 356,347
1,145,544 1,163,543

Current assets
Stocks 5,430 5,310
Debtors 7 243,004 86,926
Cash at bank and in hand 89,644 10,107
338,078 102,343
Creditors
Amounts falling due within one year 8 253,716 452,702
Net current assets/(liabilities) 84,362 (350,359 )
Total assets less current liabilities 1,229,906 813,184

Creditors
Amounts falling due after more than one
year

9

(110,330

)

(155,409

)

Provisions for liabilities (129,452 ) (102,836 )
Net assets 990,124 554,939

Capital and reserves
Called up share capital 12 50,001 50,001
Retained earnings 940,123 504,938
Shareholders' funds 990,124 554,939

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Abbey Farm Contractors Ltd (Registered number: 07678893)

Statement of Financial Position - continued
30 June 2023


The 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by:





N E Wade - Director


Abbey Farm Contractors Ltd (Registered number: 07678893)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. Statutory information

Abbey Farm Contractors Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery-12% reducing balance / 10 year straight line
Fixtures and office equipment-20% reducing balance
Motor vehicles-20% reducing balance

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.

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.


Abbey Farm Contractors Ltd (Registered number: 07678893)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


3. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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.

Finance lease 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.

4. Employees and directors

The average number of employees during the year was 7 (2022 - 7 ) .

Abbey Farm Contractors Ltd (Registered number: 07678893)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


5. Tangible fixed assets
Plant and Motor
machinery vehicles Totals
£    £    £   
Cost
At 1 July 2022 1,288,119 21,930 1,310,049
Additions 74,483 - 74,483
Disposals (25,095 ) (13,050 ) (38,145 )
At 30 June 2023 1,337,507 8,880 1,346,387
Depreciation
At 1 July 2022 486,722 16,131 502,853
Charge for year 101,028 305 101,333
Eliminated on disposal (20,780 ) (8,774 ) (29,554 )
At 30 June 2023 566,970 7,662 574,632
Net book value
At 30 June 2023 770,537 1,218 771,755
At 30 June 2022 801,397 5,799 807,196

6. Fixed asset investments
Other
investments
other
than
loans
£   
At 1 July 2022 356,347
New in year 17,442
At 30 June 2023 373,789

7. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 51,363 73,914
Amounts owed by participating interests 178,100 -
Prepayments and accrued income 13,541 13,012
243,004 86,926

Abbey Farm Contractors Ltd (Registered number: 07678893)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


8. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 10,000 10,000
Hire purchase contracts 48,183 51,326
Trade creditors 34,214 17,271
Amounts owed to participating interests - 288,096
Tax 61,198 -
Social security and other taxes 1,919 1,680
VAT 27,628 13,770
Other creditors 66,519 66,519
Accruals and deferred income 3,760 3,450
Deferred government grants 295 590
253,716 452,702

Included above and below are hire purchase agreements, which are secured against the assets to which they relate.

9. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans (see note 10) 20,000 30,000
Hire purchase contracts 90,330 125,409
110,330 155,409

10. Loans

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 10,000 20,000

11. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 138,513 176,735

Abbey Farm Contractors Ltd (Registered number: 07678893)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
15,001 Ordinary A shares £1 15,001 15,001
25,000 Ordinary B shares £1 25,000 25,000
10,000 Ordinary C shares £1 10,000 10,000
50,001 50,001