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Company registration number: 09868392
Smithills Open Farm Ltd
Trading as Smithills Open Farm Ltd
Unaudited filleted financial statements
31 January 2024
Smithills Open Farm Ltd
Contents
Statement of financial position
Notes to the financial statements
Smithills Open Farm Ltd
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 34,850 32,976
Tangible assets 3,086,384 2,601,405
_______ _______
3,121,234 2,634,381
Current assets
Stocks 625,468 461,222
Debtors 7 288,912 259,226
Cash at bank and in hand 112,043 47,192
_______ _______
1,026,423 767,640
Creditors: amounts falling due
within one year 8 ( 1,038,925) ( 1,003,561)
_______ _______
Net current liabilities ( 12,502) ( 235,921)
_______ _______
Total assets less current liabilities 3,108,732 2,398,460
Creditors: amounts falling due
after more than one year 9 ( 1,135,371) ( 568,288)
Provisions for liabilities ( 402,183) ( 307,278)
_______ _______
Net assets 1,571,178 1,522,894
_______ _______
Capital and reserves
Called up share capital 101 101
Profit and loss account 1,571,077 1,522,793
_______ _______
Shareholders funds 1,571,178 1,522,894
_______ _______
For the year ending 31 January 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.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 July 2024 , and are signed on behalf of the board by:
Mr Anthony Grimshaw
Director
Company registration number: 09868392
Smithills Open Farm Ltd
Notes to the financial statements
Year ended 31 January 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 Smithills Dean Road, Bolton, Lancashire, BL1 7NS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
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 a revalued amount, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Milk Quota - 10 % straight line
Entitlements - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated 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.
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:
Freehold property - 4 % reducing balance
Long leasehold property - 15 % reducing balance
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Open Farm Equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 stocks to their present location and condition.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
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 in finance costs 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 103 (2023: 100 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 February 2023 37,355 37,355
Additions 2,500 2,500
_______ _______
At 31 January 2024 39,855 39,855
_______ _______
Amortisation
At 1 February 2023 4,379 4,379
Charge for the year 626 626
_______ _______
At 31 January 2024 5,005 5,005
_______ _______
Carrying amount
At 31 January 2024 34,850 34,850
_______ _______
At 31 January 2023 32,976 32,976
_______ _______
6. Tangible assets
Freehold property Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Open Farm equipment Total
£ £ £ £ £ £ £
Cost
At 1 February 2023 1,366,914 289,912 1,287,188 20,873 255,955 442,640 3,663,482
Additions 643,856 - 71,408 14,866 11,912 35,131 777,173
Disposals - - - - - ( 71,000) ( 71,000)
_______ _______ _______ _______ _______ _______ _______
At 31 January 2024 2,010,770 289,912 1,358,596 35,739 267,867 406,771 4,369,655
_______ _______ _______ _______ _______ _______ _______
Depreciation
At 1 February 2023 148,453 110,861 537,070 11,116 72,442 182,134 1,062,076
Charge for the year 48,822 26,859 120,415 2,027 28,418 38,483 265,024
Disposals - - - - - ( 43,829) ( 43,829)
_______ _______ _______ _______ _______ _______ _______
At 31 January 2024 197,275 137,720 657,485 13,143 100,860 176,788 1,283,271
_______ _______ _______ _______ _______ _______ _______
Carrying amount
At 31 January 2024 1,813,495 152,192 701,111 22,596 167,007 229,983 3,086,384
_______ _______ _______ _______ _______ _______ _______
At 31 January 2023 1,218,461 179,051 750,118 9,757 183,513 260,506 2,601,406
_______ _______ _______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 243,533 234,250
Other debtors 45,379 24,976
_______ _______
288,912 259,226
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 51,795 22,727
Trade creditors 629,072 686,107
Social security and other taxes 39,451 37,019
Other creditors 318,607 257,708
_______ _______
1,038,925 1,003,561
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 1,135,371 568,288
_______ _______