County Turf Limited 03851796 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is growing of turf Digita Accounts Production Advanced 6.30.9574.0 true 03851796 2023-01-01 2023-12-31 03851796 2023-12-31 03851796 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-12-31 03851796 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-12-31 03851796 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2023-12-31 03851796 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares 2023-12-31 03851796 bus:OrdinaryShareClass5 bus:Non-cumulativeNon-redeemableShares 2023-12-31 03851796 core:FinanceLeases core:CurrentFinancialInstruments 2023-12-31 03851796 core:CurrentFinancialInstruments 2023-12-31 03851796 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03851796 core:Goodwill 2023-12-31 03851796 core:ConstructionInProgressAssetsUnderConstruction 2023-12-31 03851796 core:FurnitureFittingsToolsEquipment 2023-12-31 03851796 core:LandBuildings 2023-12-31 03851796 core:MotorVehicles 2023-12-31 03851796 core:OtherPropertyPlantEquipment 2023-12-31 03851796 bus:SmallEntities 2023-01-01 2023-12-31 03851796 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03851796 bus:FilletedAccounts 2023-01-01 2023-12-31 03851796 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03851796 bus:RegisteredOffice 2023-01-01 2023-12-31 03851796 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 03851796 bus:Director3 2023-01-01 2023-12-31 03851796 bus:Director4 2023-01-01 2023-12-31 03851796 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-01-01 2023-12-31 03851796 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-01-01 2023-12-31 03851796 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2023-01-01 2023-12-31 03851796 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares 2023-01-01 2023-12-31 03851796 bus:OrdinaryShareClass5 bus:Non-cumulativeNon-redeemableShares 2023-01-01 2023-12-31 03851796 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03851796 core:Goodwill 2023-01-01 2023-12-31 03851796 core:ConstructionInProgressAssetsUnderConstruction 2023-01-01 2023-12-31 03851796 core:FurnitureFittings 2023-01-01 2023-12-31 03851796 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03851796 core:LandBuildings 2023-01-01 2023-12-31 03851796 core:MotorVehicles 2023-01-01 2023-12-31 03851796 core:OfficeEquipment 2023-01-01 2023-12-31 03851796 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 03851796 core:PlantMachinery 2023-01-01 2023-12-31 03851796 countries:EnglandWales 2023-01-01 2023-12-31 03851796 2022-12-31 03851796 core:Goodwill 2022-12-31 03851796 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 03851796 core:FurnitureFittingsToolsEquipment 2022-12-31 03851796 core:LandBuildings 2022-12-31 03851796 core:MotorVehicles 2022-12-31 03851796 core:OtherPropertyPlantEquipment 2022-12-31 03851796 2022-01-01 2022-12-31 03851796 2022-12-31 03851796 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-12-31 03851796 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2022-12-31 03851796 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2022-12-31 03851796 bus:OrdinaryShareClass4 bus:Non-cumulativeNon-redeemableShares 2022-12-31 03851796 bus:OrdinaryShareClass5 bus:Non-cumulativeNon-redeemableShares 2022-12-31 03851796 core:FinanceLeases core:CurrentFinancialInstruments 2022-12-31 03851796 core:CurrentFinancialInstruments 2022-12-31 03851796 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03851796 core:Goodwill 2022-12-31 03851796 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 03851796 core:FurnitureFittingsToolsEquipment 2022-12-31 03851796 core:LandBuildings 2022-12-31 03851796 core:MotorVehicles 2022-12-31 03851796 core:OtherPropertyPlantEquipment 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03851796

County Turf Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

County Turf Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

County Turf Limited

Company Information

Directors

A W Fraser

Mrs A Fraser

C D Medley

Company secretary

A W Fraser

Registered office

Low Santon Farm
Appleby
Scunthorpe
North Lincolnshire
DN15 0DF

 

County Turf Limited

(Registration number: 03851796)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,000

18,000

Tangible assets

5

2,424,429

2,019,016

Investments

6

2

2

 

2,433,431

2,037,018

Current assets

 

Stocks

7

1,914,821

1,869,817

Debtors

8

1,022,360

1,518,956

Cash at bank and in hand

 

283,750

464,110

 

3,220,931

3,852,883

Creditors: Amounts falling due within one year

9

(980,735)

(1,726,788)

Net current assets

 

2,240,196

2,126,095

Total assets less current liabilities

 

4,673,627

4,163,113

Provisions for liabilities

(641,932)

(529,439)

Net assets

 

4,031,695

3,633,674

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

4,031,595

3,633,574

Shareholders' funds

 

4,031,695

3,633,674

For the financial 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 22 September 2024 and signed on its behalf by:
 

.........................................
A W Fraser
Company secretary and director

 

County Turf Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company, limited by share capital, incorporated in England and Wales and the company registration number is 03851796.

The address of its registered office is:
Low Santon Farm
Appleby
Scunthorpe
North Lincolnshire
DN15 0DF
England

These financial statements cover the individual entity, County Turf Limited.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss
account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit
and loss account as the related expenditure is incurred.

 

County Turf Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

0 and 33% straight line

Plant and machinery

10% - 33% straight line and 15% to 30% reducing balance

Irrigation system

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

30% straight line and 25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Company in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Company includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

County Turf Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 year straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price less provsion for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

County Turf Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company makes contributions to the directors' personal pension plans. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 35 (2022 - 31).

 

County Turf Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

152,112

152,112

At 31 December 2023

152,112

152,112

Amortisation

At 1 January 2023

134,112

134,112

Amortisation charge

9,000

9,000

At 31 December 2023

143,112

143,112

Carrying amount

At 31 December 2023

9,000

9,000

At 31 December 2022

18,000

18,000

 

County Turf Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Land and buildings
£

Irrigation system
 £

Motor vehicles
 £

Office equipment
£

Plant and machinery
 £

Total
£

Cost or valuation

At 1 January 2023

45,429

566,148

155,742

24,441

3,182,188

3,973,948

Additions

-

43,000

92,451

833

1,430,622

1,566,906

Disposals

-

-

(75,354)

-

(831,210)

(906,564)

At 31 December 2023

45,429

609,148

172,839

25,274

3,781,600

4,634,290

Depreciation

At 1 January 2023

37,072

324,318

50,494

21,300

1,521,746

1,954,930

Charge for the year

1,748

40,895

26,188

909

576,775

646,515

Eliminated on disposal

-

-

(24,964)

-

(366,620)

(391,584)

At 31 December 2023

38,820

365,213

51,718

22,209

1,731,901

2,209,861

Carrying amount

At 31 December 2023

6,609

243,935

121,121

3,065

2,049,699

2,424,429

At 31 December 2022

8,358

241,829

105,247

3,142

1,660,440

2,019,016

 

County Turf Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Investments

2023
£

2022
£

Other investments

2

2

7

Stocks

2023
£

2022
£

Other inventories

1,914,821

1,869,817

8

Debtors

Note

2023
£

2022
£

Trade debtors

 

823,841

1,096,450

Amounts owed by Company undertakings and undertakings in which the Company has a participating interest

178,284

143,451

Prepayments

 

1,292

1,292

Other debtors

 

18,943

277,763

 

1,022,360

1,518,956

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

284,279

369,887

Taxation and social security

 

166,074

164,652

Other creditors

 

398,113

1,056,855

Accruals and deferred income

 

132,269

135,394

 

980,735

1,726,788

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £256,021 (2022 - £162,132).

Finance lease liabilities and hire purchase contracts are secured against the asset they relate.

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Finance lease liabilities

256,021

162,132

 

County Turf Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £0.10 each

705

71

705

71

Ordinary B of £0.10 each

235

24

235

24

Ordinary C of £0.10 each

8

1

8

1

Ordinary D of £0.10 each

50

5

50

5

Ordinary E of £0.10 each

2

-

2

-

1,000

100

1,000

100

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £51,310 (2022 - £97,599).