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REGISTERED NUMBER: 03198032 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

FROGWELL FARM LIMITED

FROGWELL FARM LIMITED (REGISTERED NUMBER: 03198032)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FROGWELL FARM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: B S Timlin





SECRETARY: R Templeton





REGISTERED OFFICE: 2 Frogwell Cottages
Skilgate
Dulverton
Taunton
Somerset
TA4 2DP





REGISTERED NUMBER: 03198032 (England and Wales)





ACCOUNTANTS: Mitchells Chartered Accountants
St. John's House,
Castle Street,
Taunton
Somerset
TA1 4AY

FROGWELL FARM LIMITED (REGISTERED NUMBER: 03198032)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,198,059 800,967

CURRENT ASSETS
Stocks 70 4,700
Debtors 5 5,827 1,248
Cash at bank 38,739 26,553
44,636 32,501
CREDITORS
Amounts falling due within one year 6 4,676 9,858
NET CURRENT ASSETS 39,960 22,643
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,238,019

823,610

CAPITAL AND RESERVES
Called up share capital 1,250,000 1,250,000
Revaluation reserve 7 1,050,194 620,194
Retained earnings 7 (1,062,175 ) (1,046,584 )
SHAREHOLDERS' FUNDS 1,238,019 823,610

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 October 2024 and were signed by:





B S Timlin - Director


FROGWELL FARM LIMITED (REGISTERED NUMBER: 03198032)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Frogwell Farm 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.

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 as modified by the revaluation of certain assets.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost, 25% on cost and 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The entity's financial instruments include basic financial instruments and consist of cash at bank, trade and other debtors and trade and other creditors. Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are also recognised initially at transaction price plus attributable transaction costs. Cash and cash equivalents comprise of cash at bank.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Investments
Investments in stocks and shares are included at their market value at the year end. Changes in fair value are recognised in the profit and loss

FROGWELL FARM LIMITED (REGISTERED NUMBER: 03198032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Freehold property
Land and buildings held for use in the business are stated in the balance sheet at their revalued amounts, being the fair value at date of revaluation, less any subsequent accumulated depreciation and subsequent impairment losses. Revaluations are performed with sufficient regularity such that the carrying amounts do not differ materially from those that would be determined using fair values at the balance sheet date.
Any revaluation increase arising on the revaluation of such land and buildings is credited in equity to the property revaluation reserve.
Depreciation on revalued buildings and land is charged to the profit and loss .

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 April 2023 875,000 116,974 122,924
Additions - - -
Revaluations 430,000 - -
At 31 March 2024 1,305,000 116,974 122,924
DEPRECIATION
At 1 April 2023 196,728 20,890 97,221
Charge for year 26,000 2,339 5,111
At 31 March 2024 222,728 23,229 102,332
NET BOOK VALUE
At 31 March 2024 1,082,272 93,745 20,592
At 31 March 2023 678,272 96,084 25,703

FROGWELL FARM LIMITED (REGISTERED NUMBER: 03198032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 11,995 5,228 1,132,121
Additions - 1,109 1,109
Revaluations - - 430,000
At 31 March 2024 11,995 6,337 1,563,230
DEPRECIATION
At 1 April 2023 11,496 4,819 331,154
Charge for year - 567 34,017
At 31 March 2024 11,496 5,386 365,171
NET BOOK VALUE
At 31 March 2024 499 951 1,198,059
At 31 March 2023 499 409 800,967

Cost or valuation at 31 March 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2018 620,194 - -
Valuation in 2024 430,000 - -
Cost 254,806 116,974 122,924
1,305,000 116,974 122,924

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2018 - - 620,194
Valuation in 2024 - - 430,000
Cost 11,995 6,337 513,036
11,995 6,337 1,563,230

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 4,427 -
Other debtors 1,400 1,248
5,827 1,248

FROGWELL FARM LIMITED (REGISTERED NUMBER: 03198032)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 2,084 4,242
Trade creditors 447 4,116
Tax 30 -
Directors' current accounts 615 -
Accruals and deferred income 1,500 1,500
4,676 9,858

7. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 April 2023 (1,046,584 ) 620,194 (426,390 )
Deficit for the year (15,591 ) (15,591 )
Freehold property - 430,000 430,000
At 31 March 2024 (1,062,175 ) 1,050,194 (11,981 )

8. RELATED PARTY DISCLOSURES

Rent of £4,000 is charged to the company but waived in respect of the use of the farm cottage and 9.1 acres.

9. ULTIMATE CONTROLLING PARTY

The controlling party is B S Timlin.