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Registration number: 07406437

Sellmor Farming Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Sellmor Farming Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Sellmor Farming Limited

Company Information

Director

Mr R Morley

Registered office

Bridge House
41 Wincolmlee
Hull
East Yorkshire
HU2 8AG

 

Sellmor Farming Limited

(Registration number: 07406437)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,634,425

5,673,710

 

5,634,425

5,673,710

Current assets

 

Stocks

5

13,800

88,064

Debtors

6

369,403

264,777

Cash at bank and in hand

 

50,524

530,265

 

433,727

883,106

Creditors: Amounts falling due within one year

7

(959,213)

(1,207,185)

Net current liabilities

 

(525,486)

(324,079)

Total assets less current liabilities

 

5,108,939

5,349,631

Creditors: Amounts falling due after more than one year

7

(3,941,119)

(4,417,999)

Provisions for liabilities

(238,774)

(255,304)

Net assets

 

929,046

676,328

Capital and reserves

 

Called up share capital

1

1

Retained earnings

929,045

676,327

Shareholders' funds

 

929,046

676,328

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 July 2024
 

 

Sellmor Farming Limited

(Registration number: 07406437)
Balance Sheet as at 31 October 2023

.........................................
Mr R Morley
Director

 

Sellmor Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Bridge House
41 Wincolmlee
Hull
East Yorkshire
HU2 8AG
United Kingdom

The principal place of business is:
North Farm
Thorpe Le Street
York
North Yorkshire
YO42 4LJ

These financial statements were authorised for issue by the director on 31 July 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.

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.

 

Sellmor Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises 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.

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.

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

Freehold land and buildings

Buildings 4% on cost, land is not depreciated

Plant and machinery

25% reducing balance and Straight line over 12 years

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Wind turbine

Straight line over 15 years

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.

 

Sellmor Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

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

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.

Leases

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.

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.

 

Sellmor Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 7).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

5,150,476

648,139

32,600

2,204,081

8,035,296

Additions

-

-

11,088

285,821

296,909

Disposals

-

-

-

(28,560)

(28,560)

At 31 October 2023

5,150,476

648,139

43,688

2,461,342

8,303,645

Depreciation

At 1 November 2022

415,781

428,729

18,470

1,498,606

2,361,586

Charge for the year

102,364

34,833

5,150

179,799

322,146

Eliminated on disposal

-

-

-

(14,512)

(14,512)

At 31 October 2023

518,145

463,562

23,620

1,663,893

2,669,220

Carrying amount

At 31 October 2023

4,632,331

184,577

20,068

797,449

5,634,425

At 31 October 2022

4,734,695

219,410

14,130

705,475

5,673,710

5

Stocks

2023
£

2022
£

Other inventories

13,800

88,064

6

Debtors

Current

2023
£

2022
£

Trade debtors

173,035

102,919

Prepayments

48,140

18,214

Other debtors

148,228

143,644

 

369,403

264,777

 

Sellmor Farming Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

903,190

1,028,847

Trade creditors

 

17,304

11,562

Taxation and social security

 

2,082

1,721

Accruals and deferred income

 

36,171

164,652

Other creditors

 

466

403

 

959,213

1,207,185

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

3,934,554

4,410,276

Deferred income

 

6,565

7,723

 

3,941,119

4,417,999

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

3,934,554

4,410,276

Current loans and borrowings

2023
£

2022
£

Bank borrowings

595,747

526,654

Other borrowings

307,443

502,193

903,190

1,028,847