Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3115false2023-04-01No description of principal activity20truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 06530947 2023-04-01 2024-03-31 06530947 2022-04-01 2023-03-31 06530947 2024-03-31 06530947 2023-03-31 06530947 c:Director1 2023-04-01 2024-03-31 06530947 c:Director2 2023-04-01 2024-03-31 06530947 d:Buildings 2023-04-01 2024-03-31 06530947 d:Buildings 2024-03-31 06530947 d:Buildings 2023-03-31 06530947 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06530947 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 06530947 d:Buildings d:LongLeaseholdAssets 2024-03-31 06530947 d:Buildings d:LongLeaseholdAssets 2023-03-31 06530947 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 06530947 d:PlantMachinery 2023-04-01 2024-03-31 06530947 d:PlantMachinery 2024-03-31 06530947 d:PlantMachinery 2023-03-31 06530947 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06530947 d:MotorVehicles 2023-04-01 2024-03-31 06530947 d:MotorVehicles 2024-03-31 06530947 d:MotorVehicles 2023-03-31 06530947 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06530947 d:FurnitureFittings 2023-04-01 2024-03-31 06530947 d:FurnitureFittings 2024-03-31 06530947 d:FurnitureFittings 2023-03-31 06530947 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06530947 d:OfficeEquipment 2023-04-01 2024-03-31 06530947 d:OfficeEquipment 2024-03-31 06530947 d:OfficeEquipment 2023-03-31 06530947 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06530947 d:ComputerEquipment 2023-04-01 2024-03-31 06530947 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 06530947 d:OtherPropertyPlantEquipment 2024-03-31 06530947 d:OtherPropertyPlantEquipment 2023-03-31 06530947 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06530947 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 06530947 d:Goodwill 2023-04-01 2024-03-31 06530947 d:Goodwill 2024-03-31 06530947 d:Goodwill 2023-03-31 06530947 d:CurrentFinancialInstruments 2024-03-31 06530947 d:CurrentFinancialInstruments 2023-03-31 06530947 d:Non-currentFinancialInstruments 2024-03-31 06530947 d:Non-currentFinancialInstruments 2023-03-31 06530947 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 06530947 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 06530947 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 06530947 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 06530947 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-03-31 06530947 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-03-31 06530947 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 06530947 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 06530947 d:ShareCapital 2024-03-31 06530947 d:ShareCapital 2023-03-31 06530947 d:RetainedEarningsAccumulatedLosses 2024-03-31 06530947 d:RetainedEarningsAccumulatedLosses 2023-03-31 06530947 c:FRS102 2023-04-01 2024-03-31 06530947 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06530947 c:FullAccounts 2023-04-01 2024-03-31 06530947 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06530947 2 2023-04-01 2024-03-31 06530947 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 06530947 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 06530947










FARMERS FARM SHOP LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
FARMERS FARM SHOP LIMITED
REGISTERED NUMBER: 06530947

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
17,095
34,190

Tangible assets
 6 
100,184
122,638

  
117,279
156,828

Current assets
  

Stocks
  
25,400
22,590

Debtors: amounts falling due within one year
 7 
16,249
17,898

Cash at bank and in hand
  
173,371
211,736

  
215,020
252,224

Creditors: amounts falling due within one year
 8 
(49,046)
(40,216)

Net current assets
  
 
 
165,974
 
 
212,008

Total assets less current liabilities
  
283,253
368,836

Creditors: amounts falling due after more than one year
 9 
(11,323)
(21,627)

Provisions for liabilities
  

Deferred tax
  
-
(30,660)

  
 
 
-
 
 
(30,660)

Net assets
  
271,930
316,549


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
271,830
316,449

  
271,930
316,549


Page 1

 
FARMERS FARM SHOP LIMITED
REGISTERED NUMBER: 06530947
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






D K Farmer
C I Farmer
Director
Director


Date: 1 September 2024
Date:1 September 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
FARMERS FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Farmers Farm Shop Limited is a private company limited by shares incorporated in England and Wales in the United Kingdom. The address of the registered office is Victoria Court, 17-21 Ashford Road, Maidstone, Kent, ME14 5DA. 
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
FARMERS FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
FARMERS FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both reducing balance and straight line methods.

Depreciation is provided on the following basis:

Property improvements
-
10% Reducing balance
Orchard costs
-
7 Years straight line
Coffee shop fixtures and fittings
-
3 Years straight line
Plant and machinery
-
10% Reducing balance
Motor vehicles
-
25% Reducing balance
Fixtures and fittings
-
15% Reducing balance
Office equipment
-
5 Years straight line
Coffee shop plant and machinery
-
3 Years straight line
Solar panels
-
20 Years straight line (previously 30 years straight line)

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
FARMERS FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
FARMERS FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
FARMERS FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

No significant judgements have been made by management in preparing these financial statements. 
During the year, the estimated useful life of the solar panels were adjusted from a total of 30 years to 20 years. The remaining term of the solar panels as at 31 March 2024 were 11 years. As a result, the depreciation charge for the year has increased and the net book value of the asset has decreased by £10,487.


4.


Employees

The average monthly number of employees, including directors, during the year was 20 (2023 - 15).


5.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
263,000



At 31 March 2024

263,000



Amortisation


At 1 April 2023
228,810


Charge for the year on owned assets
17,095



At 31 March 2024

245,905



Net book value



At 31 March 2024
17,095



At 31 March 2023
34,190



Page 8

 
FARMERS FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Tangible fixed assets





Property improvements
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£



Cost or valuation


At 1 April 2023
16,074
66,542
34,411
58,915


Additions
-
1,942
-
27,491


Disposals
-
-
-
(2,645)



At 31 March 2024

16,074
68,484
34,411
83,761



Depreciation


At 1 April 2023
9,155
30,032
15,229
23,079


Charge for the year on owned assets
692
9,892
4,795
24,371


Disposals
-
-
-
(2,140)



At 31 March 2024

9,847
39,924
20,024
45,310



Net book value



At 31 March 2024
6,227
28,560
14,387
38,451



At 31 March 2023
6,919
36,510
19,182
35,836
Page 9

 
FARMERS FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           6.Tangible fixed assets (continued)


Orchard costs
Office equipment
Solar panels
Total

£
£
£
£



Cost or valuation


At 1 April 2023
6,982
1,134
31,460
215,518


Additions
-
110
-
29,543


Disposals
-
-
-
(2,645)



At 31 March 2024

6,982
1,244
31,460
242,416



Depreciation


At 1 April 2023
6,767
227
8,391
92,880


Charge for the year on owned assets
107
99
11,536
51,492


Disposals
-
-
-
(2,140)



At 31 March 2024

6,874
326
19,927
142,232



Net book value



At 31 March 2024
108
918
11,533
100,184



At 31 March 2023
215
907
23,069
122,638

Page 10

 
FARMERS FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
£
£


Other debtors
-
598

Prepayments and accrued income
15,507
15,529

Tax recoverable
-
1,771

Deferred taxation
742
-

16,249
17,898



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,305
10,150

Trade creditors
23,530
20,506

Other taxation and social security
5,122
2,330

Other creditors
5,551
3,782

Accruals and deferred income
4,538
3,448

49,046
40,216



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,323
21,627

11,323
21,627



10.


Bank Loan

In May 2020 the company received an unsecured loan under the UK Government Bounce Back Loan Scheme.  Repayments for the loan commenced in June 2021.  Interest charges for the first twelve months to May 2021 were covered by the UK Government. The interest charges payable in this financial year amounted to £499 (2023: £651).

Page 11

 
FARMERS FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,305
10,150


10,305
10,150

Amounts falling due 1-2 years

Bank loans
10,462
10,305


10,462
10,305

Amounts falling due 2-5 years

Bank loans
861
11,322


861
11,322


21,628
31,777



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,254 (2023: £2,145). As at the year end, the amounts owed to the scheme were £172 (2023: £Nil).


13.


Related party transactions

As at the balance sheet date, £1,104 was owed to the directors by the company (2023: £1,104).

 
Page 12