Registered number
00876144
Fine Turf (Devon) Limited
Unaudited Filleted Accounts
31 January 2024
Fine Turf (Devon) Limited
Registered number: 00876144
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 111,751 134,238
Current assets
Stocks 1,100 8,000
Debtors 4 21,371 22,101
Cash at bank and in hand 71,671 87,816
94,142 117,917
Creditors: amounts falling due within one year 5 (142,608) (137,155)
Net current assets (48,466) (19,238)
Net assets 63,285 115,000
Capital and reserves
Called up share capital 400 400
Share premium 4,432 4,432
Profit and loss account 58,453 110,168
Shareholders' funds 63,285 115,000
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.
Mrs J White
Director
Approved by the board on 29 October 2024
Fine Turf (Devon) Limited
Notes to the Accounts
for the year ended 31 January 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. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Improvements to property Straight line over 10 years
Plant, equipment and tools 10 % reducing balance
Motor vehicles and tractors 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Improvements to property Plant equipment and tools Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 35,434 106,812 252,250 394,496
At 31 January 2024 35,434 106,812 252,250 394,496
Depreciation
At 1 February 2023 23,620 72,070 164,568 260,258
Charge for the year 1,477 3,474 17,536 22,487
At 31 January 2024 25,097 75,544 182,104 282,745
Net book value
At 31 January 2024 10,337 31,268 70,146 111,751
At 31 January 2023 11,814 34,742 87,682 134,238
4 Debtors 2024 2023
£ £
Trade debtors 21,371 22,101
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 7,151 7,467
Taxation and social security costs 10,085 8,350
Other creditors 125,372 121,338
142,608 137,155
6 Other information
Fine Turf (Devon) Limited is a private company limited by shares and incorporated in England. It's registered office is:
Lower Waye Farm
Lower Waye
Alston Cross
Ashburton, Devon
TQ13 7ET
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