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Company registration number: 08901308
Park Farm Shoot Limited
Unaudited filleted financial statements
for the year ended
30 June 2024
Prepared by:
THOMAS NOCK MARTIN LIMITED
CHARTERED ACCOUNTANTS
BRIERLEY HILL
Park Farm Shoot Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Park Farm Shoot Limited
Directors and other information
Directors Philip David Sanders
Diana Elizabeth Sanders
Luke David Sanders
Lisa Diana Sanders
Company number 08901308
Registered office 5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Business address Park Farm
Worcester Road
Ombersley
Droitwich
WR9 0EX
Accountants Thomas Nock Martin Limited
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
Park Farm Shoot Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Park Farm Shoot Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Park Farm Shoot Limited for the year ended 30 June 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Park Farm Shoot Limited, as a body, in accordance with the terms of our engagement letter dated 15 November 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Park Farm Shoot Limited and state those matters that we have agreed to state to the board of directors of Park Farm Shoot Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Park Farm Shoot Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Park Farm Shoot Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Park Farm Shoot Limited. You consider that Park Farm Shoot Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Park Farm Shoot Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Thomas Nock Martin Limited
Chartered Accountants
5 Hagley Court South
The Waterfront
Brierley Hill
West Midlands
DY5 1XE
24 October 2024
Park Farm Shoot Limited
Statement of financial position
30 June 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 - -
Tangible assets 7 126,941 92,118
_______ _______
126,941 92,118
Current assets
Stocks 38,440 32,760
Debtors 8 6,334 10,840
Cash at bank and in hand 118,933 128,235
_______ _______
163,707 171,835
Creditors: amounts falling due
within one year 9 ( 27,986) ( 41,721)
_______ _______
Net current assets 135,721 130,114
_______ _______
Total assets less current liabilities 262,662 222,232
Provisions for liabilities ( 26,850) ( 12,800)
_______ _______
Net assets 235,812 209,432
_______ _______
Capital and reserves
Called up share capital 10 1 1
Profit and loss account 235,811 209,431
_______ _______
Shareholders funds 235,812 209,432
_______ _______
For the year ending 30 June 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 year 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.
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
Philip David Sanders
Director
Company registration number: 08901308
Park Farm Shoot Limited
Notes to the financial statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5 Hagley Court South, The Waterfront, Brierley Hill, West Midlands, DY5 1XE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 and machinery - 15 % reducing balance
Motor vehicles - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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 ateach reporting date.
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 stocks to their present location and condition.
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.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and trade creditors.Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 40,000 -
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2023 and 30 June 2024 67,500 67,500
_______ _______
Amortisation
At 1 July 2023 and 30 June 2024 67,500 67,500
_______ _______
Carrying amount
At 30 June 2024 - -
_______ _______
At 30 June 2023 - -
_______ _______
7. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2023 170,894 28,561 199,455
Additions 21,117 40,250 61,367
Disposals ( 6,500) ( 28,561) ( 35,061)
_______ _______ _______
At 30 June 2024 185,511 40,250 225,761
_______ _______ _______
Depreciation
At 1 July 2023 86,488 20,849 107,337
Charge for the year 14,126 2,935 17,061
Disposals ( 4,729) ( 20,849) ( 25,578)
_______ _______ _______
At 30 June 2024 95,885 2,935 98,820
_______ _______ _______
Carrying amount
At 30 June 2024 89,626 37,315 126,941
_______ _______ _______
At 30 June 2023 84,406 7,712 92,118
_______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors - 8,303
Other debtors 6,334 2,537
_______ _______
6,334 10,840
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 5,847 4,031
Corporation tax 14,100 7,360
Social security and other taxes 3,728 10,432
Other creditors 4,311 19,898
_______ _______
27,986 41,721
_______ _______
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances to the director Amounts repaid Balance carried forward
£ £ £ £
Philip David Sanders ( 624) 44,000 ( 40,000) 3,376
_______ _______ _______ _______