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Company No: 11282434 (England and Wales)

GREAT COTTON FARM LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

GREAT COTTON FARM LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GREAT COTTON FARM LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
GREAT COTTON FARM LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Anna Perry
Robert John Perry
REGISTERED OFFICE Sunbeams
Riverside Road
Dittisham
TQ6 0HS
United Kingdom
COMPANY NUMBER 11282434 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
GREAT COTTON FARM LIMITED

BALANCE SHEET

As at 31 March 2024
GREAT COTTON FARM LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 16,646 19,583
16,647 19,584
Current assets
Stocks 13,105 14,213
Debtors 5 1,609 1,473
Cash at bank and in hand 2,499 5,416
17,213 21,102
Creditors: amounts falling due within one year 6 ( 64,032) ( 58,277)
Net current liabilities (46,819) (37,175)
Total assets less current liabilities (30,172) (17,591)
Net liabilities ( 30,172) ( 17,591)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 30,272 ) ( 17,691 )
Total shareholders' deficit ( 30,172) ( 17,591)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Great Cotton Farm Limited (registered number: 11282434) were approved and authorised for issue by the Board of Directors on 24 June 2024. They were signed on its behalf by:

Anna Perry
Director
Robert John Perry
Director
GREAT COTTON FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GREAT COTTON FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Great Cotton Farm Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sunbeams, Riverside Road, Dittisham, TQ6 0HS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 and after eliminating sales within the company.

The company recognises revenue when the amount of revenue can be reliably measured.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

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 stocks 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.

Financial instruments

Classification
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.

Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2. Employees

31.03.2024 31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 1 1
At 31 March 2024 1 1
Accumulated amortisation
At 01 April 2023 0 0
At 31 March 2024 0 0
Net book value
At 31 March 2024 1 1
At 31 March 2023 1 1

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 April 2023 5,786 22,690 28,476
At 31 March 2024 5,786 22,690 28,476
Accumulated depreciation
At 01 April 2023 2,597 6,296 8,893
Charge for the financial year 478 2,459 2,937
At 31 March 2024 3,075 8,755 11,830
Net book value
At 31 March 2024 2,711 13,935 16,646
At 31 March 2023 3,189 16,394 19,583

5. Debtors

31.03.2024 31.03.2023
£ £
Prepayments 1,512 1,424
VAT recoverable 97 49
1,609 1,473

6. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Amounts owed to directors 60,810 55,276
Accruals 3,222 3,001
64,032 58,277

7. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

The company uses land and buildings owned by the directors but no rent is payable.