1 July 2023 false Taxfiler 2024.5 09078907business:PrivateLimitedCompanyLtd2023-07-012024-06-30 090789072023-06-30 090789072023-07-012024-06-30 09078907business:AuditExemptWithAccountantsReport2023-07-012024-06-30 09078907business:FilletedAccounts2023-07-012024-06-30 090789072024-06-30 09078907business:Director12023-07-012024-06-30 09078907business:Director22023-07-012024-06-30 09078907business:RegisteredOffice2023-07-012024-06-30 090789072023-06-30 09078907core:WithinOneYear2024-06-30 09078907core:WithinOneYear2023-06-30 09078907core:AfterOneYear2024-06-30 09078907core:AfterOneYear2023-06-30 09078907core:ShareCapitalcore:PreviouslyStatedAmount2024-06-30 09078907core:ShareCapitalcore:PreviouslyStatedAmount2023-06-30 09078907core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-06-30 09078907core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-06-30 09078907core:PreviouslyStatedAmount2024-06-30 09078907core:PreviouslyStatedAmount2023-06-30 09078907business:SmallEntities2023-07-012024-06-30 09078907countries:EnglandWales2023-07-012024-06-30 09078907core:PlantMachinery2023-07-012024-06-30 09078907core:MotorVehicles2023-07-012024-06-30 09078907core:OtherPropertyPlantEquipment2023-07-012024-06-30 09078907core:PlantMachinery2023-06-30 09078907core:MotorVehicles2023-06-30 09078907core:PlantMachinery2024-06-30 09078907core:MotorVehicles2024-06-30 090789072022-07-012023-06-30 iso4217:GBP xbrli:pure
Company Registration No. 09078907 (England and Wales)
POTASH FARM SERVICES LIMITED Unaudited accounts for the year ended 30 June 2024
POTASH FARM SERVICES LIMITED Unaudited accounts Contents
Page
- 2 -
POTASH FARM SERVICES LIMITED Company Information for the year ended 30 June 2024
Directors
Mr A Clements Mr C Clements
Company Number
09078907 (England and Wales)
Registered Office
6 ROKEWOOD PLACE STANNINGFIELD BURY ST. EDMUNDS IP29 4RF ENGLAND
Accountants
ABBEYGATE ACCOUNTANCY LTD UNIT 27 STATION HILL THURSTON BURY ST. EDMUNDS ENGLAND IP31 3QU
- 3 -
POTASH FARM SERVICES LIMITED Statement of financial position as at 30 June 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
688,736 
539,754 
Current assets
Inventories
- 
54,379 
Debtors
955,758 
856,640 
Cash at bank and in hand
602,842 
148,980 
1,558,600 
1,059,999 
Creditors: amounts falling due within one year
(366,760)
(286,904)
Net current assets
1,191,840 
773,095 
Total assets less current liabilities
1,880,576 
1,312,849 
Creditors: amounts falling due after more than one year
(283,963)
(128,517)
Provisions for liabilities
Deferred tax
(130,860)
(90,915)
Net assets
1,465,753 
1,093,417 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
1,465,653 
1,093,317 
Shareholders' funds
1,465,753 
1,093,417 
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by
Mr A Clements Director Company Registration No. 09078907
- 4 -
POTASH FARM SERVICES LIMITED Notes to the Accounts for the year ended 30 June 2024
1
Statutory information
POTASH FARM SERVICES LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09078907. The registered office is 6 ROKEWOOD PLACE, STANNINGFIELD, BURY ST. EDMUNDS, IP29 4RF, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
20% Reducing Balance
Other tangible fixed assets
15% Reducing Balance
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
- 5 -
POTASH FARM SERVICES LIMITED Notes to the Accounts for the year ended 30 June 2024
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 July 2023
819,475 
283,034 
1,102,509 
Additions
- 
248,050 
248,050 
At 30 June 2024
819,475 
531,084 
1,350,559 
Depreciation
At 1 July 2023
411,492 
151,263 
562,755 
Charge for the year
62,112 
36,956 
99,068 
At 30 June 2024
473,604 
188,219 
661,823 
Net book value
At 30 June 2024
345,871 
342,865 
688,736 
At 30 June 2023
407,983 
131,771 
539,754 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
165,486 
102,601 
Accrued income and prepayments
20,300 
21,067 
Other debtors
769,972 
732,972 
955,758 
856,640 
- 6 -
POTASH FARM SERVICES LIMITED Notes to the Accounts for the year ended 30 June 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
46,181 
45,061 
Obligations under finance leases and hire purchase contracts
107,701 
115,217 
Trade creditors
83,010 
99,220 
Taxes and social security
121,571 
21,408 
Loans from directors
8,297 
5,998 
366,760 
286,904 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Obligations under finance leases and hire purchase contracts
283,963 
128,517 
8
Average number of employees
During the year the average number of employees was 17 (2023: 15).
- 7 -