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COMPANY REGISTRATION NUMBER: 04128490
CARR FARMERS MANAGEMENT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
CARR FARMERS MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
2,706,379
2,710,020
CURRENT ASSETS
Stocks
680,331
633,871
Debtors
6
263,676
299,786
Cash at bank and in hand
700
84,033
---------
------------
944,707
1,017,690
CREDITORS: amounts falling due within one year
7
568,524
527,215
---------
------------
NET CURRENT ASSETS
376,183
490,475
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,082,562
3,200,495
CREDITORS: amounts falling due after more than one year
8
670,844
815,634
PROVISIONS
123,436
103,281
------------
------------
NET ASSETS
2,288,282
2,281,580
------------
------------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
2,288,280
2,281,578
------------
------------
SHAREHOLDERS FUNDS
2,288,282
2,281,580
------------
------------
These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 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 financial statements .
CARR FARMERS MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
Mr L D Carr
Mr S W Carr
Director
Director
Company registration number: 04128490
CARR FARMERS MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Poplar Farm, Chelveston, Wellingborough, Northamptonshire, NN9 6AR.
2. STATEMENT OF COMPLIANCE
These 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 and are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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 and machinery
-
25% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 8 (2022: 7 ).
5. TANGIBLE ASSETS
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
2,129,559
976,361
119,065
3,224,985
Additions
86,160
585
10,500
97,245
Disposals
( 3,801)
( 62,250)
( 66,051)
------------
---------
---------
------------
At 31 December 2023
2,215,719
973,145
67,315
3,256,179
------------
---------
---------
------------
Depreciation
At 1 January 2023
415,942
99,023
514,965
Charge for the year
84,150
4,834
88,984
Disposals
( 3,164)
( 50,985)
( 54,149)
------------
---------
---------
------------
At 31 December 2023
496,928
52,872
549,800
------------
---------
---------
------------
Carrying amount
At 31 December 2023
2,215,719
476,217
14,443
2,706,379
------------
---------
---------
------------
At 31 December 2022
2,129,559
560,419
20,042
2,710,020
------------
---------
---------
------------
6. DEBTORS
2023
2022
£
£
Trade debtors
198,678
235,099
Other debtors
64,998
64,687
---------
---------
263,676
299,786
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
125,906
89,173
Trade creditors
25,788
13,266
Amounts owed to group undertakings and undertakings in which the company has a participating interest
278,476
232,078
Social security and other taxes
33,320
29,566
Other creditors
105,034
163,132
---------
---------
568,524
527,215
---------
---------
The bank loans and overdrafts liability as disclosed above are secured by the company.
Included within other creditors are amounts totalling £71,650 (2022 - £90,328) relating to hire purchase agreements which are secured by the company.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
644,201
717,340
Other creditors
26,643
98,294
---------
---------
670,844
815,634
---------
---------
The bank loans and overdrafts liability, as disclosed above, are secured by a legal charge over the company's assets. Of the amounts shown above £450,175 (2022 - £501,977) is payable by instalments which are due for payment after more than five years from the reporting date.
Included within other creditors are amounts totalling £26,643 (2022 - £98,294) relating to hire purchase agreements which are secured by the company.