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COMPANY REGISTRATION NUMBER: SC237102
Avon Turf Limited
Filleted Unaudited Abridged Financial Statements
For the year ended
30 September 2023
Avon Turf Limited
Abridged Financial Statements
Year ended 30 September 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Avon Turf Limited
Abridged Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
29,078
34,193
Current assets
Debtors
60,061
60,000
Cash at bank and in hand
94,601
67,797
---------
---------
154,662
127,797
Creditors: amounts falling due within one year
186,978
183,546
---------
---------
Net current liabilities
32,316
55,749
--------
--------
Total assets less current liabilities
( 3,238)
( 21,556)
Provisions
5,525
6,497
-------
--------
Net liabilities
( 8,763)
( 28,053)
-------
--------
Avon Turf Limited
Abridged Statement of Financial Position (continued)
30 September 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 8,863)
( 28,153)
-------
--------
Shareholders deficit
( 8,763)
( 28,053)
-------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 24 June 2024 , and are signed on behalf of the board by:
Mr A S Moody
Mr S A Moody
Director
Director
Company registration number: SC237102
Avon Turf Limited
Notes to the Abridged Financial Statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Dykehead Farm, Stonehouse, ML9 3PD.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company is reliant on funding from the directors to provide working capital. The directors has indicated that this funding will continue and therefore the accounts are prepared on the going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
£
Cost
At 1 October 2022 and 30 September 2023
95,000
--------
Amortisation
At 1 October 2022 and 30 September 2023
95,000
--------
Carrying amount
At 30 September 2023
--------
At 30 September 2022
--------
Goodwill arose on the acquisition of the trade of Messrs S & A Moody T/A Avon Turf by Avon Turf Limited on 25 August 2003.
6. Tangible assets
£
Cost
At 1 October 2022 and 30 September 2023
233,660
---------
Depreciation
At 1 October 2022
199,467
Charge for the year
5,115
---------
At 30 September 2023
204,582
---------
Carrying amount
At 30 September 2023
29,078
---------
At 30 September 2022
34,193
---------
7. Directors' advances, credits and guarantees
The directors' loan account was not in debit at any time during the year. No interest has been charged on this loan and there are no set repayment terms.