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Company No: 07443668 (England and Wales)

CORNWALL FARM MACHINERY LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

CORNWALL FARM MACHINERY LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

CORNWALL FARM MACHINERY LIMITED

BALANCE SHEET

As at 31 October 2023
CORNWALL FARM MACHINERY LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 746,776 716,885
746,776 716,885
Current assets
Stocks 2,410,974 1,855,028
Debtors 4 677,401 654,883
Cash at bank and in hand 225,290 287,156
3,313,665 2,797,067
Creditors: amounts falling due within one year 5 ( 4,203,434) ( 3,495,881)
Net current liabilities (889,769) (698,814)
Total assets less current liabilities (142,993) 18,071
Net (liabilities)/assets ( 142,993) 18,071
Capital and reserves
Called-up share capital 6 1,000 1,000
Profit and loss account ( 143,993 ) 17,071
Total shareholders' (deficit)/funds ( 142,993) 18,071

For the financial year ending 31 October 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 financial statements of Cornwall Farm Machinery Limited (registered number: 07443668) were approved and authorised for issue by the Director on 26 July 2024. They were signed on its behalf by:

Mr J Richards
Director
CORNWALL FARM MACHINERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
CORNWALL FARM MACHINERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cornwall Farm Machinery Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Deer Park Trewaters, Trispen, Truro, Cornwall, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £142,993. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on an appropriate basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Other property, plant and equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases


The Company as lessor
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 26 27

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 November 2022 259,598 207,768 194,453 70,579 597,771 1,330,169
Additions 0 0 0 0 396,130 396,130
Disposals 0 0 0 0 ( 256,532) ( 256,532)
At 31 October 2023 259,598 207,768 194,453 70,579 737,369 1,469,767
Accumulated depreciation
At 01 November 2022 51,920 153,709 144,070 47,076 216,509 613,284
Charge for the financial year 25,960 13,565 12,596 5,876 96,344 154,341
Disposals 0 0 0 0 ( 44,634) ( 44,634)
At 31 October 2023 77,880 167,274 156,666 52,952 268,219 722,991
Net book value
At 31 October 2023 181,718 40,494 37,787 17,627 469,150 746,776
At 31 October 2022 207,678 54,059 50,383 23,503 381,262 716,885

4. Debtors

2023 2022
£ £
Trade debtors 223,274 395,779
Prepayments 358,011 218,163
VAT recoverable 38,652 0
Other debtors 57,464 40,941
677,401 654,883

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 739,041 671,195
Trade creditors 2,366,339 1,652,492
Other taxation and social security 14,910 111,259
Other creditors 1,083,144 1,060,935
4,203,434 3,495,881

The company bankers hold a debenture over the company assets.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 27,500 27,500