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COMPANY REGISTRATION NUMBER: 10700772
Farro Bakery Ltd
Filleted Unaudited Financial Statements
31 March 2024
Farro Bakery Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Farro Bakery Ltd
Officers and Professional Advisers
The board of directors
Mr B R E Tapp
Ms A R Wrench
Registered office
East Lodge Bedlars Green
Great Hallingbury
Bishop's Stortford
England
CM22 7TL
Accountant
R Manchee FMAAT
Accountant
Jems Bookkeeping & Accountancy Services Ltd
East Lodge
Bedlars Green
Great Hallingbury
Bishop's Stortford
CM22 7TL
Bankers
National Westminster Bank Plc
South West RCSC
740 Waterside Drive
Aztec West
Almondsbury
BS99 5BD
Farro Bakery Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
510
510
Tangible assets
6
51,178
50,257
--------
--------
51,688
50,767
Current assets
Stocks
12,321
9,683
Debtors
7
13,854
15,505
Cash at bank and in hand
158,097
112,770
---------
---------
184,272
137,958
Creditors: amounts falling due within one year
8
77,898
75,592
---------
---------
Net current assets
106,374
62,366
---------
---------
Total assets less current liabilities
158,062
113,133
Creditors: amounts falling due after more than one year
9
17,747
38,222
Provisions
Pensions and similar obligations
1,402
1,224
---------
---------
Net assets
138,913
73,687
---------
---------
Capital and reserves
Called up share capital
101
101
Profit and loss account
138,812
73,586
---------
--------
Shareholders funds
138,913
73,687
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Farro Bakery Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 11 August 2024 , and are signed on behalf of the board by:
Mr B R E Tapp
Director
Company registration number: 10700772
Farro Bakery Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is East Lodge Bedlars Green, Great Hallingbury, Bishop's Stortford, CM22 7TL, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Finance leases 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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 13 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 April 2023 and 31 March 2024
510
----
Amortisation
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
510
----
At 31 March 2023
510
----
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
83,335
10,336
5,995
3,727
103,393
Additions
8,989
3,508
3,030
15,527
--------
--------
-------
-------
---------
At 31 March 2024
92,324
13,844
5,995
6,757
118,920
--------
--------
-------
-------
---------
Depreciation
At 1 April 2023
42,845
6,435
2,061
1,795
53,136
Charge for the year
11,308
1,643
983
672
14,606
--------
--------
-------
-------
---------
At 31 March 2024
54,153
8,078
3,044
2,467
67,742
--------
--------
-------
-------
---------
Carrying amount
At 31 March 2024
38,171
5,766
2,951
4,290
51,178
--------
--------
-------
-------
---------
At 31 March 2023
40,490
3,901
3,934
1,932
50,257
--------
--------
-------
-------
---------
7. Debtors
2024
2023
£
£
Other debtors
13,854
15,505
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
15,363
17,393
Corporation tax
40,339
22,451
Social security and other taxes
7,464
5,116
Other creditors
14,732
30,632
--------
--------
77,898
75,592
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,957
12,934
Other creditors
8,790
25,288
--------
--------
17,747
38,222
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr B R E Tapp
( 4,732)
2,476
( 2,256)
Ms A R Wrench
( 19,664)
10,874
( 8,790)
--------
--------
--------
( 24,396)
13,350
( 11,046)
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr B R E Tapp
( 7,882)
3,150
( 4,732)
Ms A R Wrench
( 13,923)
( 5,741)
( 19,664)
--------
-------
--------
( 21,805)
( 2,591)
( 24,396)
--------
-------
--------
11. Controlling party
The company is ultimately controlled by Mr B R E Tapp who holds the majority of the shareholding.