Company registration number 11461337 (England and Wales)
PRIESTLEY FOLD FARM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
PRIESTLEY FOLD FARM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PRIESTLEY FOLD FARM LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
41,293
65,860
Current assets
Debtors
4
5,187
15,745
Cash at bank and in hand
876
8,660
6,063
24,405
Creditors: amounts falling due within one year
5
(188,221)
(170,630)
Net current liabilities
(182,158)
(146,225)
Net liabilities
(140,865)
(80,365)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(140,965)
(80,465)
Total equity
(140,865)
(80,365)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
K J Ritson
Director
Company Registration No. 11461337
PRIESTLEY FOLD FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Priestley Fold Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Priestly Fold Farm, Dean Lane, Lumb, Rossendale, Lancashire, United Kingdom, BB4 9RX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have confirmed that they will continue to support the company for a period of at least 12 months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% reducing balance basis
Motor vehicles
20% reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

PRIESTLEY FOLD FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
PRIESTLEY FOLD FARM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022
83,315
16,917
100,232
Disposals
(22,500)
-
0
(22,500)
At 31 July 2023
60,815
16,917
77,732
Depreciation and impairment
At 1 August 2022
29,184
5,188
34,372
Depreciation charged in the year
7,978
2,346
10,324
Eliminated in respect of disposals
(8,257)
-
0
(8,257)
At 31 July 2023
28,905
7,534
36,439
Carrying amount
At 31 July 2023
31,910
9,383
41,293
At 31 July 2022
54,131
11,729
65,860
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,087
12,786
Other debtors
100
2,959
5,187
15,745
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
271
-
0
Taxation and social security
3,161
1,810
Other creditors
184,789
168,820
188,221
170,630
Included within other creditors is an amount of £181,939 (2022 - £165,962) which is owed to the directors.
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