Company Registration No. 09375644 (England and Wales)
ELESSAR FARMING LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
ELESSAR FARMING LTD
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 4
ELESSAR FARMING LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
71,083
5,866
Current assets
Stocks
5,300
5,300
Cash at bank and in hand
363
138
5,663
5,438
Creditors: amounts falling due within one year
(233,234)
(139,562)
Net current liabilities
(227,571)
(134,124)
Total assets less current liabilities
(156,488)
(128,258)
Creditors: amounts falling due after more than one year
(4,496)
(6,494)
Net liabilities
(160,984)
(134,752)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(161,084)
(134,852)
Total equity
(160,984)
(134,752)
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ELESSAR FARMING LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 September 2024
Mr A Brooks
Director
Company registration number 09375644 (England and Wales)
ELESSAR FARMING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Elessar Farming Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Office 43, The Cobalt Building, 1600 Eureka Park, Lower Pemberton, Ashford, Kent, TN25 4BF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
20% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
ELESSAR FARMING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
879
2,663
22,999
26,541
Additions
66,833
66,833
At 31 January 2024
879
2,663
89,832
93,374
Depreciation and impairment
At 1 February 2023
671
2,463
17,541
20,675
Depreciation charged in the year
52
200
1,364
1,616
At 31 January 2024
723
2,663
18,905
22,291
Carrying amount
At 31 January 2024
156
70,927
71,083
At 31 January 2023
208
200
5,458
5,866
5
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The director, Mr A Brooks is also a director of Adams Brooks Ltd & Elessar Insight Ltd. The company owed £125,410 to Adam Brooks Ltd at 31 January 2024 (2023: £97,660) and £75,333 to Elessar Insight Ltd (2023: £8,500).
6
Directors' transactions
Description
Opening balance
Closing balance
£
£
Mr A Brooks
(30,423)
(30,423)
(30,423)
(30,423)