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Company Registration No. 03509543 (England and Wales)
Farmtec Assets Limited Unaudited accounts for the year ended 30 November 2023
Farmtec Assets Limited Statement of financial position as at 30 November 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
2,101,311 
1,915,428 
Investment property
500,000 
500,000 
Investments
10,500 
10,500 
2,611,811 
2,425,928 
Current assets
Inventories
442,574 
88,769 
Debtors
1,357,242 
1,803,421 
Cash at bank and in hand
695,379 
468,199 
2,495,195 
2,360,389 
Creditors: amounts falling due within one year
(1,109,996)
(941,170)
Net current assets
1,385,199 
1,419,219 
Total assets less current liabilities
3,997,010 
3,845,147 
Creditors: amounts falling due after more than one year
(1,081,770)
(1,274,950)
Provisions for liabilities
Deferred tax
(3,725)
(16,785)
Net assets
2,911,515 
2,553,412 
Capital and reserves
Called up share capital
640,932 
640,932 
Revaluation reserve
1,327,758 
1,327,758 
Profit and loss account
942,825 
584,722 
Shareholders' funds
2,911,515 
2,553,412 
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by
Jonathan Mason & Adrian Phillips Director Company Registration No. 03509543
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Farmtec Assets Limited Notes to the Accounts for the year ended 30 November 2023
1
Statutory information
Farmtec Assets Limited is a private company, limited by shares, registered in England and Wales, registration number 03509543. The registered office is Gilfach Farm, Cwmbach, Whitland, Carmarthen, SA34 0DN, Wales.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
25% reducing Balance
Deferred taxation
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 accounts. 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Farmtec Assets Limited Notes to the Accounts for the year ended 30 November 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 December 2022
4,255 
At 30 November 2023
4,255 
Amortisation
At 1 December 2022
4,255 
At 30 November 2023
4,255 
Net book value
At 30 November 2023
- 
- 4 -
Farmtec Assets Limited Notes to the Accounts for the year ended 30 November 2023
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At 1 December 2022
1,570,894 
478,042 
212,751 
37,785 
2,299,472 
Additions
62,366 
278,633 
- 
880 
341,879 
Disposals
- 
- 
(10,220)
- 
(10,220)
At 30 November 2023
1,633,260 
756,675 
202,531 
38,665 
2,631,131 
Depreciation
At 1 December 2022
- 
297,693 
76,904 
9,447 
384,044 
Charge for the year
- 
115,331 
34,365 
5,533 
155,229 
On disposals
- 
- 
(9,453)
- 
(9,453)
At 30 November 2023
- 
413,024 
101,816 
14,980 
529,820 
Net book value
At 30 November 2023
1,633,260 
343,651 
100,715 
23,685 
2,101,311 
At 30 November 2022
1,570,894 
180,349 
135,847 
28,338 
1,915,428 
6
Investment property
2023 
£ 
Fair value at 1 December 2022
500,000 
At 30 November 2023
500,000 
7
Investments
Other investments 
£ 
Valuation at 1 December 2022
10,500 
Valuation at 30 November 2023
10,500 
8
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,172,258 
1,265,395 
Accrued income and prepayments
654 
- 
Other debtors
184,330 
538,026 
1,357,242 
1,803,421 
9
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
139,321 
177,202 
Obligations under finance leases and hire purchase contracts
79,718 
- 
Trade creditors
672,849 
403,318 
Taxes and social security
150,584 
145,192 
Other creditors
67,524 
215,458 
1,109,996 
941,170 
- 5 -
Farmtec Assets Limited Notes to the Accounts for the year ended 30 November 2023
10
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
939,941 
1,079,220 
Obligations under finance leases and hire purchase contracts
114,499 
195,730 
Other creditors
27,330 
- 
1,081,770 
1,274,950 
11
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
932 Ordinary shares of £1 each
932 
932 
640,000 Redeemable Preference Shares of £1 each
640,000 
640,000 
640,932 
640,932 
12
Average number of employees
During the year the average number of employees was 16 (2022: 16).
- 6 -