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Registered number: 14075480
Scarth Nick Farms Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Richards Associates Limited
North Lodge
Hawkesyard
Rugeley
Staffordshire
WS15 1PS
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 14075480
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 147,854 70,663
147,854 70,663
CURRENT ASSETS
Cash at bank and in hand 5,184 100
5,184 100
Creditors: Amounts Falling Due Within One Year 5 (154,083 ) (70,783 )
NET CURRENT ASSETS (LIABILITIES) (148,899 ) (70,683 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,045 ) (20 )
NET LIABILITIES (1,045 ) (20 )
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account (1,145 ) (120 )
SHAREHOLDERS' FUNDS (1,045) (20)
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J Bethray
Director
19 August 2024
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Scarth Nick Farms Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 14075480 . The registered office is Scarth Nick House, Redmire, Leyburn, DL8 4NL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the time of approving the financial statements the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to adopt the going concern basis of accounting in preparing financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Financial Instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Investment Property
2024
£
Fair Value
As at 1 May 2023 70,663
Additions 77,191
As at 30 April 2024 147,854
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2024 2023
£ £
Cost 147,853 70,663
There is no material difference between cost and fair value.
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Accruals and deferred income 420 120
Directors' loan accounts 153,663 70,663
154,083 70,783
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
7. Controlling party
The company's controlling parties are Mr and Dr Bethray, by virtue of their 100% ownership of the share capital.
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