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Company registration number: 06832673

Stowey House Farm Limited

Annual Report and Filleted Unaudited Financial Statements

for the Year Ended 31 December 2023

image-name
 

Stowey House Farm Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Stowey House Farm Limited

Company Information

Directors

K J Wyatt

Mrs A E Wyatt

Mrs P J Wyatt

Company secretary

Mrs P J Wyatt

Registered office

Stowey House Farm
Stowey
Clutton
Bristol
BS39 5TQ

Accountants

Pat Tomlinson Accountancy Ltd
Chartered Accountant
39-40 High Street
Taunton
Somerset
TA1 3PN

 

Stowey House Farm Limited

(Registration number: 06832673)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

21,741

26,780

Current assets

 

Inventories

6

352,031

359,366

Debtors

7

178,830

99,408

Cash at bank and in hand

 

64,309

95,519

 

595,170

554,293

Creditors: Amounts falling due within one year

8

(241,801)

(175,733)

Net current assets

 

353,369

378,560

Total assets less current liabilities

 

375,110

405,340

Provisions for liabilities

(3,657)

(4,614)

Net assets

 

371,453

400,726

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

371,353

400,626

Total equity

 

371,453

400,726

 

Stowey House Farm Limited

(Registration number: 06832673)
Balance Sheet as at 31 December 2023

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

K J Wyatt
Director

Mrs A E Wyatt
Director

 

Stowey House Farm Limited

Notes to the Unaudited 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.

The address of its registered office is:
Stowey House Farm
Stowey
Clutton
Bristol
BS39 5TQ

These financial statements were authorised for issue by the Board on 23 September 2024.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 presentation currency is £ Sterling.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Stowey House Farm Limited

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

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 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

 

Stowey House Farm Limited

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

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

20% straight line

Tangible assets

Tangible assets are stated in the balance sheet 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 of tangible assets

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

Freehold property

nil

Fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Inventories

Inventories 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, inventories are assessed for impairment. If inventories 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 debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision 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.

 

Stowey House Farm Limited

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

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 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Security is provided by way of the assets themselves.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Stowey House Farm Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 13).

 

Stowey House Farm Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

25,000

25,000

At 31 December 2023

25,000

25,000

Amortisation

At 1 January 2023

25,000

25,000

At 31 December 2023

25,000

25,000

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,500

35,053

-

66,690

104,243

Additions

-

491

1,600

-

2,091

Disposals

-

-

-

(46,300)

(46,300)

At 31 December 2023

2,500

35,544

1,600

20,390

60,034

Depreciation

At 1 January 2023

-

24,202

-

53,261

77,463

Charge for the year

-

2,514

320

3,044

5,878

Eliminated on disposal

-

-

-

(45,048)

(45,048)

At 31 December 2023

-

26,716

320

11,257

38,293

Carrying amount

At 31 December 2023

2,500

8,828

1,280

9,133

21,741

At 31 December 2022

2,500

10,851

-

13,429

26,780

Included within the net book value of land and buildings above is £2,500 (2022 - £2,500) in respect of freehold land and buildings.
 

 

Stowey House Farm Limited

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

6

Inventories

2023
£

2022
£

Other inventories

352,031

359,366

7

Debtors

Current

2023
£

2022
£

Trade debtors

76,660

60,980

Prepayments

17,544

16,391

Other debtors

84,626

22,037

 

178,830

99,408

 

Stowey House Farm Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

219,672

142,211

Accruals and deferred income

3,250

3,250

Corporation tax

1,152

16,731

Taxation and social security

4,285

13,371

Other creditors

13,442

170

241,801

175,733

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

£1 Ordinary share of £1 each

100

100

100

100

         

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £726.50) per each £1 Ordinary share

 

30,100

 

72,650

         
 

Stowey House Farm Limited

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

11

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mrs P J Wyatt

Loan - unsecured, repayable on demand - interest @ 2.25%

7,353

36,393

(14,400)

29,346

         
       

K J Wyatt

Loan - unsecured, repayable on demand - interest @ 2.25%

1,000

558

(15,000)

(13,442)

         
       

A J Wyatt (dec'd)

Loan - unsecured, repayable on demand - interest @ 2.25%

7,663

31,305

(14,700)

24,268

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mrs P J Wyatt

Loan - unsecured, repayable on demand - interest @ 2.25%

35,300

27,800

(55,747)

7,353

         
       

K J Wyatt

Loan - unsecured, repayable on demand - interest @ 2.25%

-

1,000

-

1,000

         
       

A J Wyatt (dec'd)

Loan - unsecured, repayable on demand - interest @ 2.25%

37,350

28,110

(57,797)

7,663