Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.3false2023-04-01No description of principal activity4truetruefalse 834897 2023-04-01 2024-03-31 834897 2022-04-01 2023-03-31 834897 2024-03-31 834897 2023-03-31 834897 2022-04-01 834897 c:Director1 2023-04-01 2024-03-31 834897 d:Buildings 2023-04-01 2024-03-31 834897 d:Buildings 2024-03-31 834897 d:Buildings 2023-03-31 834897 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 834897 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 834897 d:PlantMachinery 2023-04-01 2024-03-31 834897 d:PlantMachinery 2024-03-31 834897 d:PlantMachinery 2023-03-31 834897 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 834897 d:MotorVehicles 2023-04-01 2024-03-31 834897 d:MotorVehicles 2024-03-31 834897 d:MotorVehicles 2023-03-31 834897 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 834897 d:OfficeEquipment 2023-04-01 2024-03-31 834897 d:OfficeEquipment 2024-03-31 834897 d:OfficeEquipment 2023-03-31 834897 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 834897 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 834897 d:OtherPropertyPlantEquipment 2024-03-31 834897 d:OtherPropertyPlantEquipment 2023-03-31 834897 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 834897 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 834897 d:CurrentFinancialInstruments 2024-03-31 834897 d:CurrentFinancialInstruments 2023-03-31 834897 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 834897 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 834897 d:ShareCapital 2024-03-31 834897 d:ShareCapital 2023-03-31 834897 d:RetainedEarningsAccumulatedLosses 2024-03-31 834897 d:RetainedEarningsAccumulatedLosses 2023-03-31 834897 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 834897 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 834897 d:TaxLossesCarry-forwardsDeferredTax 2024-03-31 834897 d:TaxLossesCarry-forwardsDeferredTax 2023-03-31 834897 c:OrdinaryShareClass1 2023-04-01 2024-03-31 834897 c:OrdinaryShareClass1 2024-03-31 834897 c:OrdinaryShareClass1 2023-03-31 834897 c:OrdinaryShareClass2 2023-04-01 2024-03-31 834897 c:OrdinaryShareClass2 2024-03-31 834897 c:OrdinaryShareClass2 2023-03-31 834897 c:FRS102 2023-04-01 2024-03-31 834897 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 834897 c:FullAccounts 2023-04-01 2024-03-31 834897 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 834897 2 2023-04-01 2024-03-31 834897 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 834897










SWINCHURCH FARMS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
SWINCHURCH FARMS LIMITED
REGISTERED NUMBER: 834897

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
129,988
125,698

  
129,988
125,698

Current assets
  

Stocks
 5 
141,012
199,949

Debtors: amounts falling due within one year
 6 
80,030
77,029

Cash at bank and in hand
 7 
130,362
99,409

  
351,404
376,387

Creditors: amounts falling due within one year
 8 
(18,733)
(34,196)

Net current assets
  
 
 
332,671
 
 
342,191

Total assets less current liabilities
  
462,659
467,889

Provisions for liabilities
  

Deferred tax
 9 
(5,079)
(6,506)

  
 
 
(5,079)
 
 
(6,506)

Net assets
  
457,580
461,383


Capital and reserves
  

Called up share capital 
 10 
5,000
5,000

Profit and loss account
  
452,580
456,383

  
457,580
461,383


Page 1

 
SWINCHURCH FARMS LIMITED
REGISTERED NUMBER: 834897
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Miss E J Jervis
Director

Date: 4 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SWINCHURCH FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Swinchurch Farms Limited (company number 834897) is a private limited company, limited by shares, Iincorporated in England and Wales, with its registered office and principal place of business at Chapel Chorlton, Newcastle, Staffordshire, ST5 5JP. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
SWINCHURCH FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SWINCHURCH FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Not depreciated
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Tractors and trailers
-
25% reducing balance
Herd
-
Not depreciated

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks and Herd Basis

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Farming stocks and herd basis are valued in accordance with HM Revenue & Customs help sheet HS232.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SWINCHURCH FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

2024
2023
£
£

Wages and salaries
76,284
75,762

Social security costs
2,281
2,677

Cost of defined contribution scheme
25,922
25,877

104,487
104,316


The average monthly number of employees, including directors, during the year was 3 (2023 - 4).

Page 6

 
SWINCHURCH FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Leasehold property
Plant and machinery
Motor vehicles
Herd
Tractors and trailers

£
£
£
£
£



Cost or valuation


At 1 April 2023
21,561
125,673
20,878
69,464
21,100


Additions
-
3,250
-
26,614
-


Disposals
-
-
-
(19,338)
-



At 31 March 2024

21,561
128,923
20,878
76,740
21,100



Depreciation


At 1 April 2023
-
96,471
15,924
-
20,582


Charge for the year on owned assets
-
4,869
1,239
-
129



At 31 March 2024

-
101,340
17,163
-
20,711



Net book value



At 31 March 2024
21,561
27,583
3,715
76,740
389



At 31 March 2023
21,561
29,202
4,954
69,464
518
Page 7

 
SWINCHURCH FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 April 2023
258,676


Additions
29,864


Disposals
(19,338)



At 31 March 2024

269,202



Depreciation


At 1 April 2023
132,977


Charge for the year on owned assets
6,237



At 31 March 2024

139,214



Net book value



At 31 March 2024
129,988



At 31 March 2023
125,699


5.


Stocks

2024
2023
£
£

Stock
141,012
199,949

141,012
199,949


Page 8

 
SWINCHURCH FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
80,030
74,575

Other debtors
-
2,454

80,030
77,029



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
130,362
99,409

130,362
99,409



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
10,085
17,993

Corporation tax
-
8,896

Other taxation and social security
3,741
1,589

Other creditors
255
-

Accruals and deferred income
4,652
5,718

18,733
34,196


2024
2023
£
£

Other taxation and social security

PAYE/NI control
2,640
1,589

VAT control
1,100
-

3,740
1,589


Page 9

 
SWINCHURCH FARMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Deferred taxation




2024
2023


£

£






At beginning of year
(6,506)
(7,557)


Charged to profit or loss
1,427
1,051



At end of year
(5,079)
(6,506)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(5,951)
(6,506)

Tax losses carried forward
872
-

(5,079)
(6,506)


10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2,534 (2023 - 2,534) A Ordinary shares shares of £1.00 each
2,534
2,534
2,466 (2023 - 2,466) B Ordinary shares shares of £1.00 each
2,466
2,466

5,000

5,000



11.


Related party transactions

The company traded with a connected unincorporated business during the year. The transactions between the businesses were at market value and the amounts relating to these transactions are included in the company profit and loss account as follows:
Sales of £66,252 (2023:£48,080)
Purchases of £29,102 (2023:£66,537)
As at 31 March 2024 the amount owing by Shiffords Grange Partnership to the company was £55,764 (2023:£36,967) and the amount owing to Shiffords Grange Partnership by the company was £nil (2023:£nil).

 
Page 10