Caseware UK (AP4) 2023.0.135 2023.0.135 true12true2022-10-01falseNo description of principal activity13The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07582315 2022-10-01 2023-09-30 07582315 2021-10-01 2022-09-30 07582315 2023-09-30 07582315 2022-09-30 07582315 2021-10-01 07582315 c:Director1 2022-10-01 2023-09-30 07582315 c:Director2 2022-10-01 2023-09-30 07582315 d:Buildings 2022-10-01 2023-09-30 07582315 d:Buildings 2023-09-30 07582315 d:Buildings 2022-09-30 07582315 d:Buildings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 07582315 d:Buildings d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 07582315 d:PlantMachinery 2022-10-01 2023-09-30 07582315 d:PlantMachinery 2023-09-30 07582315 d:PlantMachinery 2022-09-30 07582315 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 07582315 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 07582315 d:MotorVehicles 2022-10-01 2023-09-30 07582315 d:MotorVehicles 2023-09-30 07582315 d:MotorVehicles 2022-09-30 07582315 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 07582315 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 07582315 d:OtherPropertyPlantEquipment 2022-10-01 2023-09-30 07582315 d:OtherPropertyPlantEquipment 2023-09-30 07582315 d:OtherPropertyPlantEquipment 2022-09-30 07582315 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 07582315 d:OtherPropertyPlantEquipment d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 07582315 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 07582315 d:LeasedAssetsHeldAsLessee 2022-10-01 2023-09-30 07582315 d:CurrentFinancialInstruments 2023-09-30 07582315 d:CurrentFinancialInstruments 2022-09-30 07582315 d:Non-currentFinancialInstruments 2023-09-30 07582315 d:Non-currentFinancialInstruments 2022-09-30 07582315 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 07582315 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 07582315 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 07582315 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 07582315 d:ShareCapital 2023-09-30 07582315 d:ShareCapital 2022-09-30 07582315 d:RetainedEarningsAccumulatedLosses 2023-09-30 07582315 d:RetainedEarningsAccumulatedLosses 2022-09-30 07582315 c:OrdinaryShareClass1 2022-10-01 2023-09-30 07582315 c:OrdinaryShareClass1 2023-09-30 07582315 c:OrdinaryShareClass1 2022-09-30 07582315 c:OrdinaryShareClass2 2022-10-01 2023-09-30 07582315 c:OrdinaryShareClass2 2023-09-30 07582315 c:OrdinaryShareClass2 2022-09-30 07582315 c:FRS102 2022-10-01 2023-09-30 07582315 c:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 07582315 c:FullAccounts 2022-10-01 2023-09-30 07582315 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 07582315 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 07582315 d:HirePurchaseContracts d:WithinOneYear 2022-09-30 07582315 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 07582315 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-09-30 07582315 d:HirePurchaseContracts d:MoreThanFiveYears 2023-09-30 07582315 d:HirePurchaseContracts d:MoreThanFiveYears 2022-09-30 07582315 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 07582315 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 07582315 d:TaxLossesCarry-forwardsDeferredTax 2023-09-30 07582315 d:TaxLossesCarry-forwardsDeferredTax 2022-09-30 07582315 6 2022-10-01 2023-09-30 07582315 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-30 07582315 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-09-30 07582315 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-09-30 07582315 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-09-30 07582315 d:LeasedAssetsHeldAsLessee 2023-09-30 07582315 d:LeasedAssetsHeldAsLessee 2022-09-30 07582315 e:PoundSterling 2022-10-01 2023-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07582315










Elverton Farms Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 30 September 2023





 
Elverton Farms Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Elverton Farms Limited for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Elverton Farms Limited for the year ended 30 September 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Elverton Farms Limited, as a body, in accordance with the terms of our engagement letter dated 28 June 2023Our work has been undertaken solely to prepare for your approval the financial statements of Elverton Farms Limited and state those matters that we have agreed to state to the Board of directors of Elverton Farms Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Elverton Farms Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Elverton Farms Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Elverton Farms Limited. You consider that Elverton Farms Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Elverton Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Canterbury
3 September 2024
Page 1

 
Elverton Farms Limited
Registered number: 07582315

Balance sheet
As at 30 September 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,296,196
1,285,809

Investments
 6 
1,500
1,500

  
1,297,696
1,287,309

Current assets
  

Stocks
  
91,771
172,469

Debtors: amounts falling due within one year
 7 
516,727
490,747

Cash at bank and in hand
 8 
23,171
87,477

  
631,669
750,693

Creditors: amounts falling due within one year
 9 
(638,740)
(557,546)

Net current (liabilities)/assets
  
 
 
(7,071)
 
 
193,147

Total assets less current liabilities
  
1,290,625
1,480,456

Creditors: amounts falling due after more than one year
 10 
(269,050)
(236,548)

  

Net assets
  
1,021,575
1,243,908


Capital and reserves
  

Called up share capital 
 13 
4,500
4,500

Profit and loss account
  
1,017,075
1,239,408

  
1,021,575
1,243,908


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.
 
Page 2

 
Elverton Farms Limited
Registered number: 07582315

Balance sheet (continued)
As at 30 September 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 September 2024.




Mrs G L R Watson
T A R Johnson
Director
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
Elverton Farms Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2023

1.


General information

Elverton Farms Limited is a private company limited by shares which was incorporated in England and Wales.
The company’s registered office is Elverton Farmhouse, Luddenham, Faversham, Kent, ME13 0TN. 
The financial statements are presented in pound Sterling, and rounded to the nearest pound.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The company's working capital requirements are met by a loan from the directors.  The company's
forecasts and projections, taking account of reasonably possible changes in trading performance,
show that the company will be able to operate within the level of its current facility.  No matters have
been drawn to the directors' attention to suggest that the loan facility will be withdrawn.
After making enquiries, the directors have a reasonable expectation that the company has adequate
resources to continue in operational existence for the foreseeable future.  Accordingly, they continue
to adopt the going concern basis in preparing the annual report and accounts.

Page 4

 
Elverton Farms Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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 5

 
Elverton Farms Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2% Straight line
Plant & machinery
-
15-25% Reducing balance
Motor vehicles
-
25% Reducing balance
Other fixed assets
-
15% Reducing balance

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 6

 
Elverton Farms Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

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 7

 
Elverton Farms Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2023

2.Accounting policies (continued)

 
2.13

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.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 13).


4.


Taxation


2023
2022
£
£



Deferred tax


Origination and reversal of timing differences
(53,616)
(5,909)


Taxation on loss on ordinary activities
(53,616)
(5,909)

Factors affecting tax charge for the year

The tax charge for the year has been calculated on the profit on ordinary activities after adjustment for depreciation and capital allowances at the standard rate of corporation tax in the UK of 19% (2022 - 19%).


Factors that may affect future tax charges

The company has approximately £498,000 tax losses to carry forward against future trading profits.

Page 8

 
Elverton Farms Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2023

5.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
1,180,508
341,504
37,120
24,911
1,584,043


Additions
-
38,080
22,995
-
61,075



At 30 September 2023

1,180,508
379,584
60,115
24,911
1,645,118



Depreciation


At 1 October 2022
49,032
225,765
9,579
13,858
298,234


Charge for the year on owned assets
4,520
19,889
224
1,658
26,291


Charge for the year on financed assets
-
11,987
12,410
-
24,397



At 30 September 2023

53,552
257,641
22,213
15,516
348,922



Net book value



At 30 September 2023
1,126,956
121,943
37,902
9,395
1,296,196



At 30 September 2022
1,131,476
115,739
27,541
11,053
1,285,809

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
51,194
73,012

Motor vehicles
37,229
26,644

88,423
99,656

Page 9

 
Elverton Farms Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2023

6.


Fixed asset investments





Other fixed asset investments

£



Cost or valuation


At 1 October 2022
1,500



At 30 September 2023
1,500





7.


Debtors

2023
2022
£
£


Trade debtors
6,801
34,169

Other debtors
373,648
310,198

Prepayments and accrued income
73,605
137,323

Deferred taxation
62,673
9,057

516,727
490,747



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
23,171
87,477

23,171
87,477



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
58,895
26,214

Other taxation and social security
4,582
-

Obligations under finance lease and hire purchase contracts
23,694
35,128

Other creditors
326,197
277,175

Accruals and deferred income
225,372
219,029

638,740
557,546


Page 10

 
Elverton Farms Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
69,050
36,548

Other creditors
200,000
200,000

269,050
236,548



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
23,260
35,930

Between 1-5 years
69,484
15,720

Over 5 years
-
20,025

92,744
71,675


12.


Deferred taxation




2023
2022


£

£






At beginning of year
9,057
3,148


Charged to profit or loss
53,616
5,909



At end of year
62,673
9,057

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(31,904)
(29,056)

Tax losses carried forward
94,577
38,113

62,673
9,057

Page 11

 
Elverton Farms Limited
 

 
Notes to the financial statements
For the Year Ended 30 September 2023

13.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,500 (2022 - 1,500) Ordinary A shares of £1.00 each
1,500
1,500
3,000 (2022 - 3,000) Ordinary B shares of £1.00 each
3,000
3,000

4,500

4,500



Page 12