Registered number
13419217
Applebys Farm Ltd
Filleted Accounts
31 March 2024
Applebys Farm Ltd
Registered number: 13419217
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 363,807 348,579
Current assets
Debtors 4 23,342 11,939
Cash at bank and in hand 223,471 134,044
246,813 145,983
Creditors: amounts falling due within one year 5 (354,587) (296,457)
Net current liabilities (107,774) (150,474)
Net assets 256,033 198,105
Capital and reserves
Called up share capital 2 2
Profit and loss account 256,031 198,103
Shareholders' funds 256,033 198,105
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jonathan Appleby
Director
Approved by the board on 30 September 2024
Applebys Farm Ltd
Notes to the Accounts
for the period from 1 September 2023 to 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. The milk herd is measured at fair value. Depreciation is provided on all tangible fixed assets, other than freehold land and the herd, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 296,325 9,915 78,968 385,208
Additions - 18,450 8,300 26,750
At 31 March 2024 296,325 28,365 87,268 411,958
Depreciation
At 1 September 2023 - 3,393 33,236 36,629
Charge for the period - 3,642 7,880 11,522
At 31 March 2024 - 7,035 41,116 48,151
Net book value
At 31 March 2024 296,325 21,330 46,152 363,807
At 31 August 2023 296,325 6,522 45,732 348,579
4 Debtors 2024 2023
£ £
Trade debtors 18,131 6,903
Other debtors 5,211 5,036
23,342 11,939
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 1,893
Taxation and social security costs 35,418 22,603
Other creditors 319,169 271,961
354,587 296,457
6 Other information
Applebys Farm Ltd is a private company limited by shares and incorporated in England. Its registered office is:
255 Poulton Road
Wallasey
Wirral
United Kingdom
CH44 4BT
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