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Company No: 07914207 (England and Wales)

BOSCASTLE FARM SHOP LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

BOSCASTLE FARM SHOP LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

BOSCASTLE FARM SHOP LIMITED

BALANCE SHEET

As at 31 January 2024
BOSCASTLE FARM SHOP LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 289,455 282,392
289,455 282,392
Current assets
Stocks 39,250 42,650
Debtors 4 19,290 31,446
Cash at bank and in hand 254,828 375,262
313,368 449,358
Creditors: amounts falling due within one year 5 ( 49,811) ( 83,613)
Net current assets 263,557 365,745
Total assets less current liabilities 553,012 648,137
Provision for liabilities ( 18,399) ( 24,233)
Accruals and deferred income ( 84,747) ( 90,026)
Net assets 449,866 533,878
Capital and reserves
Called-up share capital 6 600 600
Profit and loss account 449,266 533,278
Total shareholders' funds 449,866 533,878

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Boscastle Farm Shop Limited (registered number: 07914207) were approved and authorised for issue by the Board of Directors on 22 October 2024. They were signed on its behalf by:

Mr R Haddy
Director
BOSCASTLE FARM SHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
BOSCASTLE FARM SHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Boscastle Farm Shop Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Boscastle Farm Shop, Hillsborough, St Juliot, Boscastle,, Cornwall, PL35 0HH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT. 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. The company recognises revenue when:
The amount of revenue can 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 23 years straight line
Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 29 29

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 February 2023 275,595 259,925 7,500 543,020
Additions 938 30,016 6,995 37,949
At 31 January 2024 276,533 289,941 14,495 580,969
Accumulated depreciation
At 01 February 2023 96,500 158,503 5,625 260,628
Charge for the financial year 12,787 17,643 456 30,886
At 31 January 2024 109,287 176,146 6,081 291,514
Net book value
At 31 January 2024 167,246 113,795 8,414 289,455
At 31 January 2023 179,095 101,422 1,875 282,392

4. Debtors

2024 2023
£ £
Other debtors 19,290 31,446

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 9,699 14,096
Taxation and social security 25,988 64,169
Other creditors 14,124 5,348
49,811 83,613

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary A Shares of £1 each shares of £ 1.00 each 100 100
100 Ordinary B Shares of £1 each shares of £ 1.00 each 100 100
100 Ordinary C Shares of £1 each shares of £ 1.00 each 100 100
100 Ordinary D Shares of £1 each shares of £ 1.00 each 100 100
100 Ordinary E Shares of £1 each shares of £ 1.00 each 100 100
100 Ordinary shares of £1 each shares of £ 1.00 each 100 100
600 600

7. Financial commitments

Commitments

The total amount of financial commitments not included in the balance sheet is £93,951 (2022 - £98,222).

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Balance brought forward (21,345) (47,400)
Advances to director (62,880) (71,095)
Repayments by director 93,000 98,000
Interest charged on loan account 0 (850)
Balance carried forward 8,775 (21,345)

Other related party transactions

2024 2023
£ £
Balance brought forward (8,124) (53,000)
Advances to shareholder (17,000) 0
Repayments by shareholder 8,100 45,000
Interest charged on loan (52) (124)
Balance carried forward (17,076) (8,124)