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Registration number: 01222211

Chelford Farm Supplies Limited

Annual Report and Unaudited Financial Statements

For The Year Ended 30 November 2023

 

Chelford Farm Supplies Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Chelford Farm Supplies Limited

(Registration number: 01222211)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

909,825

 

895,613

Other financial assets

5

 

2,000

 

2,000

   

911,825

 

897,613

Current assets

   

 

Stocks

6

1,340,602

 

1,256,329

 

Debtors

7

874,175

 

987,507

 

Cash at bank and in hand

 

2,274,741

 

1,431,369

 

 

4,489,518

 

3,675,205

 

Creditors: Amounts falling due within one year

8

(3,146,923)

 

(2,531,541)

 

Net current assets

   

1,342,595

 

1,143,664

Total assets less current liabilities

   

2,254,420

 

2,041,277

Creditors: Amounts falling due after more than one year

8

 

(7,905)

 

(20,563)

Provisions for liabilities

 

(60,532)

 

(39,459)

Net assets

   

2,185,983

 

1,981,255

Capital and reserves

   

 

Called up share capital

6,800

 

6,800

 

Profit and loss account

2,179,183

 

1,974,455

 

Total equity

   

2,185,983

 

1,981,255

 

Chelford Farm Supplies Limited

(Registration number: 01222211)
Balance Sheet as at 30 November 2023 (continued)

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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 July 2024 and signed on its behalf by:
 

.........................................
Mr S.R. Leech
Director

 

Chelford Farm Supplies Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Knutsford Road
Chelford
Macclesfield
Cheshire
SK11 9AS
United Kingdom

These financial statements were authorised for issue by the Board on 11 July 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, including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared using the historical cost convention.

The financial statements are presented in Sterling (£).

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 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 and it is probable that future economic benefits will flow to the company.

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 tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Chelford Farm Supplies Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2023 (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on cost

Plant & machinery

15% on reducing balance

Fixtures & fittings

15% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

at varying rates on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Chelford Farm Supplies Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2023 (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution pension plan for its directors and employees. 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 an employee benefit expense when they are due. Amounts not paid are shown in accruals as a liability on the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 49 (2022 - 49).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

912,001

284,382

280,942

273,189

1,750,514

Additions

-

15,789

84,818

11,000

111,607

Disposals

-

(6,518)

(30,600)

-

(37,118)

At 30 November 2023

912,001

293,653

335,160

284,189

1,825,003

Depreciation

At 1 December 2022

291,531

211,963

183,862

167,545

854,901

Charge for the year

18,240

11,727

43,988

17,497

91,452

Eliminated on disposal

-

(6,518)

(24,657)

-

(31,175)

At 30 November 2023

309,771

217,172

203,193

185,042

915,178

Carrying amount

At 30 November 2023

602,230

76,481

131,967

99,147

909,825

At 30 November 2022

620,470

72,419

97,080

105,644

895,613

 

Chelford Farm Supplies Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2023 (continued)

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 December 2022

2,000

2,000

At 30 November 2023

2,000

2,000

Carrying amount

At 30 November 2023

2,000

2,000

6

Stocks

2023
£

2022
£

Stocks

1,340,602

1,256,329

7

Debtors

Debtors: amounts falling due within one year

2023
£

2022
£

Trade debtors

837,635

949,037

Other debtors

4,880

6,550

Prepayments

31,660

31,920

 

874,175

987,507

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Loans and borrowings

12,659

27,086

Trade creditors

1,953,553

1,435,933

Taxation and social security

416,892

340,100

Other creditors

763,819

728,422

3,146,923

2,531,541

 

Chelford Farm Supplies Limited

Notes to the Unaudited Financial Statements For The Year Ended 30 November 2023 (continued)

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

7,905

20,563


Creditors include net obligations under finance lease and hire purchase contracts which are secured of £20,564. (2022 - £47,649). The liabilities are secured on the assets to which they relate.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Later than one year and not later than five years

124,067

28,675