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REGISTERED NUMBER: 02120004 (England and Wales)















POPLAR FARM (PLUNGAR) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2024






POPLAR FARM (PLUNGAR) LIMITED (REGISTERED NUMBER: 02120004)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 4


POPLAR FARM (PLUNGAR) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DIRECTOR: D B Kirk



SECRETARY: Mrs J E Kirk



REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF



REGISTERED NUMBER: 02120004 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
3 Castlegate
Grantham
Lincolnshire
NG31 6SF



BANKERS: Barclays Bank plc
Wilton Road
Melton Mowbray
Leicestershire
LE13 0UD

POPLAR FARM (PLUNGAR) LIMITED (REGISTERED NUMBER: 02120004)

STATEMENT OF FINANCIAL POSITION
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,000,000 1,000,000

CURRENT ASSETS
Debtors 5 197 590
Cash at bank 46,788 47,052
46,985 47,642
CREDITORS
Amounts falling due within one year 6 1,378 1,394
NET CURRENT ASSETS 45,607 46,248
TOTAL ASSETS LESS CURRENT LIABILITIES 1,045,607 1,046,248

PROVISIONS FOR LIABILITIES 195,066 195,066
NET ASSETS 850,541 851,182

CAPITAL AND RESERVES
Called up share capital 7 16,050 16,050
Share premium 85,575 85,575
Fair value reserve 8 738,309 738,309
Retained earnings 10,607 11,248
SHAREHOLDERS' FUNDS 850,541 851,182

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 August 2024 and were signed by:





D B Kirk - Director


POPLAR FARM (PLUNGAR) LIMITED (REGISTERED NUMBER: 02120004)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1. STATUTORY INFORMATION

Poplar Farm (Plungar) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of all income derived from the company's investment property, which is accounted for on a receivable basis.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 6 April 2023
and 5 April 2024 1,000,000
NET BOOK VALUE
At 5 April 2024 1,000,000
At 5 April 2023 1,000,000

POPLAR FARM (PLUNGAR) LIMITED (REGISTERED NUMBER: 02120004)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

4. INVESTMENT PROPERTY - continued

Fair value at 5 April 2024 is represented by:
£   
Valuation in 2024 918,375
Cost 81,625
1,000,000

The investment property was valued by the directors as at 5 April 2024 based on an open market valuation, along with consideration of the fair values of recent, comparable property sales in the local area.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 197 197
Prepayments and accrued income - 393
197 590

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 10 8
Director's loan account 124 124
Accrued expenses 1,244 1,262
1,378 1,394

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
16,050 Ordinary shares £1 16,050 16,050

8. RESERVES
Fair
value
reserve
£   
At 6 April 2023
and 5 April 2024 738,309

The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is transferred to a separate non-distributable fair value reserve in order to assist with the identification of profits available for distribution.