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Company registration number: 00823754
Tanyard Farm Nurseries (Lower Weare) Limited
Unaudited filleted financial statements
31 December 2023
Tanyard Farm Nurseries (Lower Weare) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Tanyard Farm Nurseries (Lower Weare) Limited
Directors and other information
Directors A.S. Le Prevost
Mrs A.M. Le Prevost
Secretary Mrs. A.M. Le Prevost
Company number 00823754
Registered office Tanyard Farm
Lower Weare
Axbridge
Somerset
Accountants Arcadia Chartered Tax Advisers & Accountants
9 Elborough Gardens
Elborough
Weston Super Mare
Somerset
BS24 8PL
Tanyard Farm Nurseries (Lower Weare) Limited
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Tanyard Farm Nurseries (Lower Weare) Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tanyard Farm Nurseries (Lower Weare) Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Institute of Taxation , we are subject to its ethical and other professional requirements which are detailed at http://www.tax.org.uk/professionalstandards.
This report is made solely to the board of directors of Tanyard Farm Nurseries (Lower Weare) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Tanyard Farm Nurseries (Lower Weare) Limited and state those matters that we have agreed to state to the board of directors of Tanyard Farm Nurseries (Lower Weare) Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tanyard Farm Nurseries (Lower Weare) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Tanyard Farm Nurseries (Lower Weare) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tanyard Farm Nurseries (Lower Weare) Limited. You consider that Tanyard Farm Nurseries (Lower Weare) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Tanyard Farm Nurseries (Lower Weare) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Arcadia Chartered Tax Advisers & Accountants
9 Elborough Gardens
Elborough
Weston Super Mare
Somerset
BS24 8PL
21 August 2024
Tanyard Farm Nurseries (Lower Weare) Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,667,627 1,718,507
_______ _______
1,667,627 1,718,507
Current assets
Stocks 88,678 90,021
Debtors 6 50,491 27,887
Cash at bank and in hand 357,884 443,151
_______ _______
497,053 561,059
Creditors: amounts falling due
within one year 7 ( 523,343) ( 454,091)
_______ _______
Net current (liabilities)/assets ( 26,290) 106,968
_______ _______
Total assets less current liabilities 1,641,337 1,825,475
_______ _______
Net assets 1,641,337 1,825,475
_______ _______
Capital and reserves
Called up share capital 9,798 9,798
Revaluation reserve 1,206,771 1,222,024
Profit and loss account 424,768 593,653
_______ _______
Shareholders funds 1,641,337 1,825,475
_______ _______
For the 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 August 2024 , and are signed on behalf of the board by:
A.S. Le Prevost
Director
Company registration number: 00823754
Tanyard Farm Nurseries (Lower Weare) Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 January 2022 5,012 1,237,277 813,713 2,056,002
Profit for the year 116,893 116,893
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account (15,253) 15,253 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 15,253) 132,146 116,893
Issue of bonus shares 4,786 - ( 4,786) -
Dividends paid and payable ( 347,420) ( 347,420)
_______ _______ _______ _______
Total investments by and distributions to owners 4,786 - ( 352,206) ( 347,420)
_______ _______ _______ _______
At 31 December 2022 and 1 January 2023 9,798 1,222,024 593,652 1,825,474
Profit for the year 130,573 130,573
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account (15,253) 15,253 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 15,253) 145,826 130,573
Dividends paid and payable ( 314,710) ( 314,710)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 314,710) ( 314,710)
_______ _______ _______ _______
At 31 December 2023 9,798 1,206,771 424,768 1,641,337
_______ _______ _______ _______
Tanyard Farm Nurseries (Lower Weare) Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Tanyard Farm, Lower Weare, Axbridge, Somerset.
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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 2 % straight line
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 25 % 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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 54 (2022: 56 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 January 2023 1,630,001 844,716 29,227 15,472 2,519,416
Additions - 5,498 - - 5,498
_______ _______ _______ _______ _______
At 31 December 2023 1,630,001 850,214 29,227 15,472 2,524,914
_______ _______ _______ _______ _______
Depreciation
At 1 January 2023 103,600 668,373 18,030 10,906 800,909
Charge for the year 25,900 27,276 1,680 1,522 56,378
_______ _______ _______ _______ _______
At 31 December 2023 129,500 695,649 19,710 12,428 857,287
_______ _______ _______ _______ _______
Carrying amount
At 31 December 2023 1,500,501 154,565 9,517 3,044 1,667,627
_______ _______ _______ _______ _______
At 31 December 2022 1,526,401 176,343 11,197 4,566 1,718,507
_______ _______ _______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 December 2023
Aggregate cost 632,328 632,328
Aggregate depreciation (343,410) (343,410)
_______ _______
Carrying amount 288,918 288,918
_______ _______
At 31 December 2022
Aggregate cost 632,328 632,328
Aggregate depreciation (332,763) (332,763)
_______ _______
Carrying amount 299,565 299,565
_______ _______
Freehold land and buildings include £335,000 of non-depreciable assets. They were revalued in 2019 based on open market value in existing use.
6. Debtors
2023 2022
£ £
Trade debtors 33,342 15,967
Other debtors 17,149 11,920
_______ _______
50,491 27,887
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 8,444 22,795
Corporation tax 53,686 36,831
Social security and other taxes - 1,835
Other creditors 461,213 392,630
_______ _______
523,343 454,091
_______ _______