Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr J C S Hosking 15/12/2003 Mr J F S Hosking 15/12/2003 Ms K M Widdows 17/06/2021 Mr J C S Hosking 04 April 2024 The principal activity of the Company during the financial year was the production and raising of plants for wholesale and retail sale. 04994821 2023-12-31 04994821 bus:Director1 2023-12-31 04994821 bus:Director2 2023-12-31 04994821 bus:Director3 2023-12-31 04994821 2022-12-31 04994821 core:CurrentFinancialInstruments 2023-12-31 04994821 core:CurrentFinancialInstruments 2022-12-31 04994821 core:Non-currentFinancialInstruments 2023-12-31 04994821 core:Non-currentFinancialInstruments 2022-12-31 04994821 core:ShareCapital 2023-12-31 04994821 core:ShareCapital 2022-12-31 04994821 core:RetainedEarningsAccumulatedLosses 2023-12-31 04994821 core:RetainedEarningsAccumulatedLosses 2022-12-31 04994821 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2022-12-31 04994821 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill 2023-12-31 04994821 core:LandBuildings 2022-12-31 04994821 core:PlantMachinery 2022-12-31 04994821 core:Vehicles 2022-12-31 04994821 core:LandBuildings 2023-12-31 04994821 core:PlantMachinery 2023-12-31 04994821 core:Vehicles 2023-12-31 04994821 bus:OrdinaryShareClass1 2023-12-31 04994821 2023-01-01 2023-12-31 04994821 bus:FilletedAccounts 2023-01-01 2023-12-31 04994821 bus:SmallEntities 2023-01-01 2023-12-31 04994821 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04994821 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04994821 bus:Director1 2023-01-01 2023-12-31 04994821 bus:Director2 2023-01-01 2023-12-31 04994821 bus:Director3 2023-01-01 2023-12-31 04994821 bus:CompanySecretary1 2023-01-01 2023-12-31 04994821 core:Non-standardIntangibleAssetClass3ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-01-01 2023-12-31 04994821 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 04994821 core:PlantMachinery 2023-01-01 2023-12-31 04994821 core:PlantMachinery core:BottomRangeValue 2023-01-01 2023-12-31 04994821 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 04994821 core:Vehicles 2023-01-01 2023-12-31 04994821 2022-01-01 2022-12-31 04994821 core:LandBuildings 2023-01-01 2023-12-31 04994821 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 04994821 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04994821 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04994821 (England and Wales)

FENTONGOLLAN FARMS LIMITED

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

FENTONGOLLAN FARMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

FENTONGOLLAN FARMS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
FENTONGOLLAN FARMS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mr J C S Hosking
Mr J F S Hosking
Ms K M Widdows
SECRETARY Mr J C S Hosking
REGISTERED OFFICE Fentongollan Farm
Tresillian
Truro
TR2 4AQ
United Kingdom
COMPANY NUMBER 04994821 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
FENTONGOLLAN FARMS LIMITED

BALANCE SHEET

As at 31 December 2023
FENTONGOLLAN FARMS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 5 2,030,758 2,038,971
2,030,758 2,038,971
Current assets
Stocks 6 627,184 911,354
Debtors 7 149,921 124,286
Cash at bank and in hand 15,822 14,036
792,927 1,049,676
Creditors: amounts falling due within one year 8 ( 503,098) ( 761,921)
Net current assets 289,829 287,755
Total assets less current liabilities 2,320,587 2,326,726
Creditors: amounts falling due after more than one year 9 ( 630,985) ( 762,757)
Provision for liabilities ( 439,044) ( 378,926)
Net assets 1,250,558 1,185,043
Capital and reserves
Called-up share capital 10 600 600
Profit and loss account 1,249,958 1,184,443
Total shareholders' funds 1,250,558 1,185,043

For the financial year ending 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:

The financial statements of Fentongollan Farms Limited (registered number: 04994821) were approved and authorised for issue by the Board of Directors on 04 April 2024. They were signed on its behalf by:

Mr J F S Hosking
Director
FENTONGOLLAN FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
FENTONGOLLAN FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Fentongollan Farms 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
Fentongollan Farms
Tresillian
Truro
Cornwall
TR2 4AQ


The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Prior year adjustment

The financial statements to 31 December 2022 have been restated to reclassify private expenditure reported in the profit and loss in the prior periods.
A balance of £60,811 has been reclassified from retained earnings and more appropriately reported as directors loan account transactions.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

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 value added tax.

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.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 2 years straight line
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 a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings 20 years straight line
depreciated over the life of the lease
Plant and machinery 15 - 25 % reducing balance
5 - 10 years straight line
Vehicles 20 % reducing balance

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 lessee
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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 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 stocks 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.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

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. Prior year adjustment

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Retained Earnings 1,123,632 60,811 1,184,443
Directors loan account 100,721 (60,811) 39,910

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 22 22

4. Intangible assets

Entitlements Total
£ £
Cost
At 01 January 2023 60,434 60,434
At 31 December 2023 60,434 60,434
Accumulated amortisation
At 01 January 2023 60,434 60,434
At 31 December 2023 60,434 60,434
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

5. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 January 2023 240,812 2,301,705 822,658 3,365,175
Additions 11,252 323,489 12,200 346,941
Disposals 0 ( 18,984) ( 8,350) ( 27,334)
At 31 December 2023 252,064 2,606,210 826,508 3,684,782
Accumulated depreciation
At 01 January 2023 35,861 1,110,434 179,909 1,326,204
Charge for the financial year 12,603 204,130 128,887 345,620
Disposals 0 ( 16,913) ( 887) ( 17,800)
At 31 December 2023 48,464 1,297,651 307,909 1,654,024
Net book value
At 31 December 2023 203,600 1,308,559 518,599 2,030,758
At 31 December 2022 204,951 1,191,271 642,749 2,038,971

Included within the net book value of tangible fixed assets is £716,750 (2022 - £894,311) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £177,561 (2022 - £185,568).

Included within the net book value of land and buildings above is £203,600 (2022 - £204,951) in respect of short leasehold land and buildings.

6. Stocks

2023 2022
£ £
Stocks 627,184 911,354

7. Debtors

2023 2022
£ £
Trade debtors 29,791 56,904
Amounts owed by directors 37,981 0
Prepayments 8,468 0
VAT recoverable 73,681 67,382
149,921 124,286

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 144,892 241,078
Trade creditors 162,666 209,441
Amounts owed to directors 0 39,910
Accruals 21,418 25,772
Obligations under finance leases and hire purchase contracts 90,372 240,961
Other creditors 83,750 4,759
503,098 761,921

The company bankers hold a fixed and floating charge over the company assets

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 389,198 363,981
Obligations under finance leases and hire purchase contracts 138,723 398,776
Other creditors 103,064 0
630,985 762,757

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
600 Ordinary shares of £ 1.00 each 600 600