Field Irrigation Limited 03434454 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the supply of irrigation equipment to the horticultural, landscape and amenity sectors. Digita Accounts Production Advanced 6.30.9574.0 true true 03434454 2023-01-01 2023-12-31 03434454 2023-12-31 03434454 2 2023-12-31 03434454 core:CurrentFinancialInstruments 2023-12-31 03434454 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03434454 core:Goodwill 2023-12-31 03434454 core:MotorVehicles 2023-12-31 03434454 core:OfficeEquipment 2023-12-31 03434454 core:PlantMachinery 2023-12-31 03434454 1 2023-12-31 03434454 bus:SmallEntities 2023-01-01 2023-12-31 03434454 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03434454 bus:FilletedAccounts 2023-01-01 2023-12-31 03434454 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03434454 bus:RegisteredOffice 2023-01-01 2023-12-31 03434454 bus:Director2 2023-01-01 2023-12-31 03434454 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03434454 core:Goodwill 2023-01-01 2023-12-31 03434454 core:ComputerEquipment 2023-01-01 2023-12-31 03434454 core:MotorVehicles 2023-01-01 2023-12-31 03434454 core:OfficeEquipment 2023-01-01 2023-12-31 03434454 core:PlantMachinery 2023-01-01 2023-12-31 03434454 core:ToolsEquipment 2023-01-01 2023-12-31 03434454 core:Vehicles 2023-01-01 2023-12-31 03434454 countries:EnglandWales 2023-01-01 2023-12-31 03434454 1 2023-01-01 2023-12-31 03434454 2022-12-31 03434454 core:Goodwill 2022-12-31 03434454 core:MotorVehicles 2022-12-31 03434454 core:OfficeEquipment 2022-12-31 03434454 core:PlantMachinery 2022-12-31 03434454 1 2022-12-31 03434454 2022-01-01 2022-12-31 03434454 2022-12-31 03434454 2 2022-12-31 03434454 core:CurrentFinancialInstruments 2022-12-31 03434454 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03434454 core:MotorVehicles 2022-12-31 03434454 core:OfficeEquipment 2022-12-31 03434454 core:PlantMachinery 2022-12-31 03434454 1 2022-12-31 03434454 1 2022-01-01 2022-12-31 03434454 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 03434454

Field Irrigation Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Field Irrigation Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Field Irrigation Limited

(Registration number: 03434454)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

69,591

64,623

Current assets

 

Stocks

6

14,641

17,693

Debtors

7

103,772

224,160

Cash at bank and in hand

 

229,512

116,283

 

347,925

358,136

Creditors: Amounts falling due within one year

8

(283,441)

(214,656)

Net current assets

 

64,484

143,480

Total assets less current liabilities

 

134,075

208,103

Provisions for liabilities

(8,280)

(12,278)

Net assets

 

125,795

195,825

Capital and reserves

 

Called up share capital

60

100

Share premium reserve

99,933

99,933

Capital redemption reserve

107

67

Profit and loss account

25,695

95,725

Shareholders' funds

 

125,795

195,825

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 7 August 2024 and signed on its behalf by:
 

 

Field Irrigation Limited

(Registration number: 03434454)
Statement of Financial Position as at 31 December 2023 (continued)


C I O'Nions
Director

 

Field Irrigation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Millside Park
Crouch Lane
Winkfield
Windsor
Berkshire
SL4 4PX

Principal activity

The principal activity of the company is the supply of irrigation equipment to the horticultural, landscape and amenity sectors.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Field Irrigation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

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, returns, rebates and discounts.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Field Irrigation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Equipment

25% written down value

Motor vehicles

25% written down value

Computer equipment

3 years straight line

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Field Irrigation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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 inventories 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Field Irrigation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

36,500

36,500

At 31 December 2023

36,500

36,500

Amortisation

At 1 January 2023

36,500

36,500

At 31 December 2023

36,500

36,500

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Equipment
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

339

5,663

71,811

77,813

Additions

-

689

27,670

28,359

At 31 December 2023

339

6,352

99,481

106,172

Depreciation

At 1 January 2023

307

5,475

7,408

13,190

Charge for the year

9

363

23,019

23,391

At 31 December 2023

316

5,838

30,427

36,581

Carrying amount

At 31 December 2023

23

514

69,054

69,591

At 31 December 2022

32

188

64,403

64,623

6

Stocks

2023
£

2022
£

Raw materials and consumables

14,641

17,693

 

Field Irrigation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Debtors

2023
£

2022
£

Trade debtors

78,509

211,282

Other debtors

17,190

150

Prepayments

5,883

5,603

Corporation tax

2,190

7,125

103,772

224,160

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

241,298

174,474

Taxation and social security

19,824

9,433

Accruals and deferred income

21,865

27,159

Other creditors

454

3,590

283,441

214,656

9

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends paid and other adjustments.


Share premium account

The share premium account includes the premium on issue of equity shares, net of any issue costs.


Capital redemption reserve

This reserve records the nominal value of the company's own shares purchased by the company out of distributable profits.



 

Field Irrigation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Director's loan

(2,645)

2,745

(100)

-

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Director's loan

-

100

(2,745)

(2,645)