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COMPANY REGISTRATION NUMBER: 03522527
A F Pemberton (Thorney Farms) Limited
Unaudited Financial Statements
31 March 2024
A F Pemberton (Thorney Farms) Limited
Financial Statements
Period from 1 February 2023 to 31 March 2024
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
A F Pemberton (Thorney Farms) Limited
Directors' Report
Period from 1 February 2023 to 31 March 2024
The directors present their report and the unaudited financial statements of the company for the period ended 31 March 2024 .
Directors
The directors who served the company during the period were as follows:
A F Pemberton
R F A Pemberton
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 14 November 2024 and signed on behalf of the board by:
A F Pemberton
R F A Pemberton
Director
Director
Registered office:
Cantelupe Farm
Haslingfield
Cambridge
CB23 1LY
A F Pemberton (Thorney Farms) Limited
Statement of Income and Retained Earnings
Period from 1 February 2023 to 31 March 2024
Period from
1 Feb 23 to
Year to
31 Mar 24
31 Jan 23
Note
£
£
Turnover
540,502
569,884
Cost of sales
311,031
207,458
---------
---------
Gross profit
229,471
362,426
Administrative expenses
284,524
256,771
---------
---------
Operating (loss)/profit
( 55,053)
105,655
Other interest receivable and similar income
67,220
53,600
Interest payable and similar expenses
3,929
---------
---------
Profit before taxation
5
8,238
159,255
Tax on profit
2,060
39,714
-------
---------
Profit for the financial period and total comprehensive income
6,178
119,541
-------
---------
Retained earnings at the start of the period
2,131,918
2,012,377
------------
------------
Retained earnings at the end of the period
2,138,096
2,131,918
------------
------------
All the activities of the company are from continuing operations.
A F Pemberton (Thorney Farms) Limited
Statement of Financial Position
31 March 2024
31 Mar 24
31 Jan 23
Note
£
£
£
Fixed assets
Tangible assets
6
692,684
387,401
Investments
7
58
58
---------
---------
692,742
387,459
Current assets
Stocks
3,260
9,929
Debtors
8
1,682,113
2,016,221
Cash at bank and in hand
193,162
64,493
------------
------------
1,878,535
2,090,643
Creditors: amounts falling due within one year
9
301,030
284,900
------------
------------
Net current assets
1,577,505
1,805,743
------------
------------
Total assets less current liabilities
2,270,247
2,193,202
Creditors: amounts falling due after more than one year
10
68,807
Provisions
Taxation including deferred tax
62,344
60,284
------------
------------
Net assets
2,139,096
2,132,918
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
2,138,096
2,131,918
------------
------------
Shareholders funds
2,139,096
2,132,918
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A F Pemberton (Thorney Farms) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 14 November 2024 , and are signed on behalf of the board by:
A F Pemberton
R F A Pemberton
Director
Director
Company registration number: 03522527
A F Pemberton (Thorney Farms) Limited
Notes to the Financial Statements
Period from 1 February 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cantelupe Farm, Haslingfield, Cambridge, CB23 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2023: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging:
Period from
1 Feb 23 to
Year to
31 Mar 24
31 Jan 23
£
£
Depreciation of tangible assets
147,166
68,373
---------
--------
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 February 2023
1,349,986
2,326
1,352,312
Additions
629,578
3,283
632,861
Disposals
( 377,813)
( 377,813)
------------
-------
------------
At 31 March 2024
1,601,751
5,609
1,607,360
------------
-------
------------
Depreciation
At 1 February 2023
962,585
2,326
964,911
Charge for the period
146,400
766
147,166
Disposals
( 197,401)
( 197,401)
------------
-------
------------
At 31 March 2024
911,584
3,092
914,676
------------
-------
------------
Carrying amount
At 31 March 2024
690,167
2,517
692,684
------------
-------
------------
At 31 January 2023
387,401
387,401
------------
-------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 March 2024
398,145
---------
At 31 January 2023
304,122
---------
7. Investments
Other investments other than loans
£
Cost
At 1 February 2023 and 31 March 2024
58
----
Impairment
At 1 February 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
58
----
At 31 January 2023
58
----
8. Debtors
31 Mar 24
31 Jan 23
£
£
Trade debtors
44,320
Other debtors
1,637,793
2,016,221
------------
------------
1,682,113
2,016,221
------------
------------
9. Creditors: amounts falling due within one year
31 Mar 24
31 Jan 23
£
£
Trade creditors
23,050
5,403
Social security and other taxes
17,326
Other creditors
260,654
279,497
---------
---------
301,030
284,900
---------
---------
10. Creditors: amounts falling due after more than one year
31 Mar 24
31 Jan 23
£
£
Other creditors
68,807
--------
----
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
31 Mar 24
31 Jan 23
£
£
Included in provisions
62,344
60,284
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
31 Mar 24
31 Jan 23
£
£
Accelerated capital allowances
173,171
96,850
Unused tax losses
( 110,827)
( 36,566)
---------
--------
62,344
60,284
---------
--------
12. Related party transactions
There are no transactions with related parties during the year that require disclosure.