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Company No: 12505308 (England and Wales)

CARTERS FIELD LIMITED

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

CARTERS FIELD LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

CARTERS FIELD LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
CARTERS FIELD LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Current assets
Stocks 3 2,082,279 457,331
Debtors 4 37,693 19,862
Cash at bank and in hand 14,603 98,786
2,134,575 575,979
Creditors: amounts falling due within one year 5 ( 982,673) ( 94,050)
Net current assets 1,151,902 481,929
Total assets less current liabilities 1,151,902 481,929
Creditors: amounts falling due after more than one year 6 ( 1,188,000) ( 487,068)
Net liabilities ( 36,098) ( 5,139)
Capital and reserves
Called-up share capital 7 150 150
Profit and loss account ( 36,248 ) ( 5,289 )
Total shareholders' deficit ( 36,098) ( 5,139)

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 Carters Field Limited (registered number: 12505308) were approved and authorised for issue by the Board of Directors on 24 August 2024. They were signed on its behalf by:

G Carter
Director
CARTERS FIELD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
CARTERS FIELD 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

Carters Field 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 Manor Garden, 15a Brewery Street, Highworth, Swindon, SN6 7AJ, United Kingdom and the registered number is 12505308.

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 Statement of Financial Position 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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Stocks

2024 2023
£ £
Work in progress 2,082,279 457,331

4. Debtors

2024 2023
£ £
Trade debtors 22,424 0
Prepayments 15,067 16,741
VAT recoverable 202 3,121
37,693 19,862

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 74,751 4,884
Amounts owed to directors 72,000 0
Accruals and deferred income 835,922 1,800
Other creditors 0 87,366
982,673 94,050

There are no amounts included above in respect of which any security has been given by the small entity.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 526,474 0
Amounts owed to related parties 471,620 297,162
Amounts owed to directors 139,906 139,906
Other loans 50,000 50,000
1,188,000 487,068

The mortgage is secured over land held within the company and a floating charge over the stock.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 A ordinary shares of £ 1.00 each 50 50
50 B ordinary shares of £ 1.00 each 50 50
50 C ordinary shares of £ 1.00 each 50 50
150 150

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Shareholder loan account 64,450 64,450
Related party loan account 407,170 232,712

No interest has been charged and there are no fixed dates for repayment.

Transactions with the entity's directors

At the balance sheet date an amount of £139,906 (2023: £139,906) was owed by the company to a director. No interest has been charged and there are no fixed dates for repayment.
At the balance sheet date an amount of £72,000 (2023: £nil) was owed by the company to a director. No interest has been charged and there are no fixed dates for repayment.