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Company No: 07622602 (England and Wales)

SAMUEL FARMER AND CO LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

SAMUEL FARMER AND CO LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

SAMUEL FARMER AND CO LTD

BALANCE SHEET

As at 31 May 2024
SAMUEL FARMER AND CO LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 12,504 12,420
Tangible assets 4 14,516 17,800
27,020 30,220
Current assets
Stocks 26,180 40,400
Debtors 5 11,332 4,465
Cash at bank and in hand 19,897 2,024
57,409 46,889
Creditors: amounts falling due within one year 6 ( 222,898) ( 190,917)
Net current liabilities (165,489) (144,028)
Total assets less current liabilities (138,469) (113,808)
Creditors: amounts falling due after more than one year 7 ( 2,279) ( 3,904)
Net liabilities ( 140,748) ( 117,712)
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 140,848 ) ( 117,812 )
Total shareholder's deficit ( 140,748) ( 117,712)

For the financial year ending 31 May 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 financial statements of Samuel Farmer and Co Ltd (registered number: 07622602) were approved and authorised for issue by the Director on 14 November 2024. They were signed on its behalf by:

Mr S Farmer
Director
SAMUEL FARMER AND CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
SAMUEL FARMER AND CO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Samuel Farmer and Co Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE. The principal place of business is Media Lab, Sweetings Farm, Uplowman, Tiverton, EX16 7PF.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. There have been no material departures from FRS102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods to customers. Turnover is shown net of value added tax.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 years straight line
Trademarks, patents and licences 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on either a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Office equipment 25 % reducing balance
Other property, plant and equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Development costs Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 June 2023 45,298 3,430 48,728
Additions 2,797 142 2,939
At 31 May 2024 48,095 3,572 51,667
Accumulated amortisation
At 01 June 2023 35,879 429 36,308
Charge for the financial year 2,501 354 2,855
At 31 May 2024 38,380 783 39,163
Net book value
At 31 May 2024 9,715 2,789 12,504
At 31 May 2023 9,419 3,001 12,420

4. Tangible assets

Leasehold improve-
ments
Office equipment Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 June 2023 1,635 16,323 36,362 54,320
Additions 0 0 1,330 1,330
At 31 May 2024 1,635 16,323 37,692 55,650
Accumulated depreciation
At 01 June 2023 219 12,073 24,228 36,520
Charge for the financial year 164 1,067 3,383 4,614
At 31 May 2024 383 13,140 27,611 41,134
Net book value
At 31 May 2024 1,252 3,183 10,081 14,516
At 31 May 2023 1,416 4,250 12,134 17,800

5. Debtors

2024 2023
£ £
Trade debtors 2,101 1,744
Other debtors 9,231 2,721
11,332 4,465

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 1,607 1,567
Trade creditors 7,920 2,549
Amounts owed to director 211,042 183,446
Accruals 2,075 1,900
Other taxation and social security 254 1,455
222,898 190,917

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 2,279 3,904

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100