Kingsmoor Farm Limited 08383405 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of the production of crops Digita Accounts Production Advanced 6.30.9574.0 true 08383405 2023-02-01 2024-01-31 08383405 2024-01-31 08383405 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 08383405 core:CurrentFinancialInstruments 2024-01-31 08383405 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 08383405 core:CurrentFinancialInstruments core:Secured 2024-01-31 08383405 core:Non-currentFinancialInstruments 2024-01-31 08383405 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 08383405 core:ConstructionInProgressAssetsUnderConstruction 2024-01-31 08383405 core:FurnitureFittingsToolsEquipment 2024-01-31 08383405 core:LandBuildings 2024-01-31 08383405 core:MotorVehicles 2024-01-31 08383405 core:OtherPropertyPlantEquipment 2024-01-31 08383405 bus:SmallEntities 2023-02-01 2024-01-31 08383405 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08383405 bus:FullAccounts 2023-02-01 2024-01-31 08383405 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08383405 bus:RegisteredOffice 2023-02-01 2024-01-31 08383405 bus:Director1 2023-02-01 2024-01-31 08383405 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08383405 core:ConstructionInProgressAssetsUnderConstruction 2023-02-01 2024-01-31 08383405 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 08383405 core:LandBuildings 2023-02-01 2024-01-31 08383405 core:LeaseholdImprovements 2023-02-01 2024-01-31 08383405 core:MotorVehicles 2023-02-01 2024-01-31 08383405 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 08383405 core:VehiclesPlantMachinery 2023-02-01 2024-01-31 08383405 countries:EnglandWales 2023-02-01 2024-01-31 08383405 2023-01-31 08383405 core:ConstructionInProgressAssetsUnderConstruction 2023-01-31 08383405 core:FurnitureFittingsToolsEquipment 2023-01-31 08383405 core:LandBuildings 2023-01-31 08383405 core:MotorVehicles 2023-01-31 08383405 core:OtherPropertyPlantEquipment 2023-01-31 08383405 2022-02-01 2023-01-31 08383405 2023-01-31 08383405 core:AcceleratedTaxDepreciationDeferredTax 2023-01-31 08383405 core:CurrentFinancialInstruments 2023-01-31 08383405 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 08383405 core:CurrentFinancialInstruments core:Secured 2023-01-31 08383405 core:Non-currentFinancialInstruments 2023-01-31 08383405 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 08383405 core:ConstructionInProgressAssetsUnderConstruction 2023-01-31 08383405 core:FurnitureFittingsToolsEquipment 2023-01-31 08383405 core:LandBuildings 2023-01-31 08383405 core:MotorVehicles 2023-01-31 08383405 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 08383405

Prepared for the registrar

Kingsmoor Farm Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Kingsmoor Farm Limited

(Registration number: 08383405)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

134,055

156,900

Current assets

 

Stocks

61,232

74,692

Debtors

6

10,813

29,389

Cash at bank and in hand

 

173,752

126,958

 

245,797

231,039

Creditors: Amounts falling due within one year

7

(212,799)

(160,688)

Net current assets

 

32,998

70,351

Total assets less current liabilities

 

167,053

227,251

Creditors: Amounts falling due after more than one year

7

(12,071)

(73,429)

Deferred tax liabilities

 

(32,316)

(37,405)

Net assets

 

122,666

116,417

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

122,665

116,416

Shareholders' funds

 

122,666

116,417

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 October 2024
 

M A Rawlings
Director

   
     
 

Kingsmoor Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

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. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Kingsmoor Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings / Office equipment

20% reducing balance

Motor vehicles / Plant & machinery

25% reducing balance

Leasehold improvements

Over five years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Hire Purchase

Assets held under hire purchase are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Kingsmoor Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

4

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and capital allowances

32,316

32,316

2023

Liability
£

Difference between accumulated depreciation and capital allowances

37,405

37,405

 

Kingsmoor Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

5

Tangible assets

Leasehold improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Office equipment
 £

Plant and machinery
 £

Total
£

Cost

At 1 February 2023

8,376

19,262

89,295

802

285,081

402,816

Additions

-

-

-

-

21,977

21,977

Disposals

-

-

-

-

(17,500)

(17,500)

At 31 January 2024

8,376

19,262

89,295

802

289,558

407,293

Depreciation

At 1 February 2023

5,165

6,747

67,508

802

165,694

245,916

Charge for the year

1,675

2,761

5,447

-

31,457

41,340

Eliminated on disposal

-

-

-

-

(14,018)

(14,018)

At 31 January 2024

6,840

9,508

72,955

802

183,133

273,238

Carrying amount

At 31 January 2024

1,536

9,754

16,340

-

106,425

134,055

At 31 January 2023

3,211

12,515

21,787

-

119,387

156,900

 

Kingsmoor Farm Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

 

6

Debtors

2024
 £

2023
 £

Trade debtors

10,656

26,351

Other debtors

-

2,999

Prepayments

157

39

 

10,813

29,389

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

171,531

108,156

Trade creditors

 

8,712

39,872

Social security and other taxes

 

5,319

-

Accrued expenses

 

17,380

2,065

Corporation tax liability

8,235

9,321

Deferred income

 

1,622

1,274

 

212,799

160,688

Due after one year

 

Loans and borrowings

8

12,071

73,429

 

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Hire purchase liability

13,976

13,971

Other borrowings

75,500

19,900

Director's loan account

82,055

74,285

171,531

108,156

2024
£

2023
£

Non-current loans and borrowings

Hire purchase liability

12,071

17,829

Other borrowings

-

55,600

12,071

73,429

 

9

Related party transactions

Transactions with directors

At the year end, the company owed the director M A Rawlings £82,055 (2023: £74,285) in the form of a director's loan account. The loan is unsecured, interest free and repayable on demand.