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REGISTERED NUMBER: 06619855 (England and Wales)















INGS FARM EGGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023






INGS FARM EGGS LIMITED (REGISTERED NUMBER: 06619855)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


INGS FARM EGGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTOR: R J P Odling



REGISTERED OFFICE: 27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



REGISTERED NUMBER: 06619855 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
27-29 Lumley Avenue
Skegness
Lincolnshire
PE25 2AT



BANKERS: Barclays Bank PLC
65 Lumley Road
Skegness
Lincolnshire
PE25 3LU

INGS FARM EGGS LIMITED (REGISTERED NUMBER: 06619855)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 285,555 329,046
285,555 329,046

CURRENT ASSETS
Stocks 20,000 28,000
Debtors 6 221,014 88,668
Cash at bank and in hand 142,082 59,037
383,096 175,705
CREDITORS
Amounts falling due within one year 7 150,667 64,012
NET CURRENT ASSETS 232,429 111,693
TOTAL ASSETS LESS CURRENT LIABILITIES 517,984 440,739

CREDITORS
Amounts falling due after more than one year 8 (18,255 ) (28,251 )

PROVISIONS FOR LIABILITIES (49,053 ) (57,351 )
NET ASSETS 450,676 355,137

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 450,675 355,136
SHAREHOLDERS' FUNDS 450,676 355,137

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INGS FARM EGGS LIMITED (REGISTERED NUMBER: 06619855)

STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 19 July 2024 and were signed by:





R J P Odling - Director


INGS FARM EGGS LIMITED (REGISTERED NUMBER: 06619855)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Ings Farm Eggs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been fully depreciated over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on reducing balance, 15% on reducing balance and 10% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


INGS FARM EGGS LIMITED (REGISTERED NUMBER: 06619855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 295,000
AMORTISATION
At 1 November 2022
and 31 October 2023 295,000
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

INGS FARM EGGS LIMITED (REGISTERED NUMBER: 06619855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 851,996
Additions 770
At 31 October 2023 852,766
DEPRECIATION
At 1 November 2022 522,950
Charge for year 44,261
At 31 October 2023 567,211
NET BOOK VALUE
At 31 October 2023 285,555
At 31 October 2022 329,046

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 29,443 80,656
Other debtors 191,571 8,012
221,014 88,668

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 10,036 10,040
Trade creditors 52,163 7,073
Taxation and social security 83,295 3,001
Other creditors 5,173 43,898
150,667 64,012

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 18,255 28,251

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 28,291 38,291

The Bounce back loan is secured by the UK government.

INGS FARM EGGS LIMITED (REGISTERED NUMBER: 06619855)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
1 ordinary shares 1 1 1

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
R J P Odling
Balance outstanding at start of year (38,358 ) (156,178 )
Amounts advanced 285,274 120,756
Amounts repaid (107,052 ) (2,936 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 139,864 (38,358 )

The company has provided the director with an interest free loan totalling £139,864 (2022 (£38,358) ).

12. ULTIMATE CONTROLLING PARTY

Mr R J P Odling is the ultimate controlling party by virtue of his 100% shareholding.