Company No:
Contents
DIRECTOR | Mr J M Angell |
SECRETARY | Mrs T Angell |
REGISTERED OFFICE | Thorne Farm |
Devon | |
United Kingdom |
COMPANY NUMBER | 05559089 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Blackbrook Gate 1 | |
Blackbrook Business Park | |
Taunton | |
Somerset TA1 2PX |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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4,458,746 | 4,441,993 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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301,602 | 295,188 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (363,305) | (288,471) | ||
Total assets less current liabilities | 4,095,441 | 4,153,522 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Director's responsibilities:
The financial statements of Foxcombe Farm (Somerset) Limited (registered number:
Mr J M Angell
Director |
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.
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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.
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.
Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Land and buildings |
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Biological assets |
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Plant and machinery |
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Vehicles |
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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.
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.
The company holds the following financial instruments:
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Entitlements | Total | ||
£ | £ | ||
Cost | |||
At 01 December 2022 |
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At 30 November 2023 |
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Accumulated amortisation | |||
At 01 December 2022 |
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At 30 November 2023 |
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Net book value | |||
At 30 November 2023 |
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At 30 November 2022 |
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Land and buildings | Biological assets | Plant and machinery | Vehicles | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 December 2022 |
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Additions |
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Disposals |
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Transfers |
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At 30 November 2023 |
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Accumulated depreciation | |||||||||
At 01 December 2022 |
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Charge for the financial year |
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Disposals |
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At 30 November 2023 |
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Net book value | |||||||||
At 30 November 2023 |
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At 30 November 2022 |
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2023 | 2022 | ||
£ | £ | ||
Stocks |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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VAT recoverable |
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2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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The bank loans and borrowings are secured by way of fixed and floating charge against all assets of the company.
The carrying amount of Hire purchase contracts at year end is £80,939 (2022 - £116,684 ).
The amounts held under hire purchase contracts are secured against the assets to which they relate.