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Registration number: 03840707

Somerset Farmers Markets Ltd

(A company limited by guarantee)

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Somerset Farmers Markets Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Somerset Farmers Markets Ltd

Company Information

Directors

J Hoskyns

C D Webster

V White

R Keevil

T Nasir

I W Dickie

Company secretary

R Keevil

Registered office

Burton Sweet
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Somerset Farmers Markets Ltd

(Registration number: 03840707)
Balance Sheet
30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,137

602

Current assets

 

Debtors

6

2,871

2,904

Cash at bank and in hand

 

21,183

23,973

 

24,054

26,877

Creditors: Amounts falling due within one year

7

(6,420)

(6,067)

Net current assets

 

17,634

20,810

Net assets

 

18,771

21,412

Reserves

 

Retained earnings

18,771

21,412

Surplus

 

18,771

21,412

 

Somerset Farmers Markets Ltd

(Registration number: 03840707)
Balance Sheet
30 November 2023

For the financial 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.

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 Profit and Loss Account.

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.

Approved and authorised by the Board on 19 August 2024 and signed on its behalf by:
 

.........................................
C D Webster
Director

 

Somerset Farmers Markets Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The address of its registered office is:
Burton Sweet
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

These financial statements were authorised for issue by the Board on 19 August 2024.

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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

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.

 

Somerset Farmers Markets Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

Tax

The tax expense for the period comprises current 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 corporation 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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery

25% per annum straight line

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business and are recognised initially at the transaction price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Somerset Farmers Markets Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

447

201

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

803

803

Additions

982

982

At 30 November 2023

1,785

1,785

Depreciation

At 1 December 2022

201

201

Charge for the year

447

447

At 30 November 2023

648

648

Carrying amount

At 30 November 2023

1,137

1,137

At 30 November 2022

602

602

6

Debtors

2023
£

2022
£

Trade debtors

9

771

Other debtors

632

-

Prepayments

2,230

2,133

2,871

2,904

 

Somerset Farmers Markets Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,971

3,117

Taxation and social security

-

1,100

Accruals and deferred income

4,449

1,850

6,420

6,067