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COMPANY REGISTRATION NUMBER: 02777219
Scrivelsby Farms Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Scrivelsby Farms Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,615,807
1,569,575
Investments
6
17
17
-------------
-------------
1,615,824
1,569,592
Current assets
Stocks
569,853
557,441
Debtors
7
149,026
138,683
Cash at bank and in hand
304,853
108,576
-------------
----------
1,023,732
804,700
Creditors: amounts falling due within one year
8
360,010
252,742
-------------
----------
Net current assets
663,722
551,958
-------------
-------------
Total assets less current liabilities
2,279,546
2,121,550
Provisions
Taxation including deferred tax
186,973
155,715
-------------
-------------
Net assets
2,092,573
1,965,835
-------------
-------------
Capital and reserves
Called up share capital
30,000
30,000
Profit and loss account
2,062,573
1,935,835
-------------
-------------
Shareholders funds
2,092,573
1,965,835
-------------
-------------
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.
For the year 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 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 .
Scrivelsby 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 29 October 2024 , and are signed on behalf of the board by:
Mr H F M Dymoke
Director
Company registration number: 02777219
Scrivelsby Farms Limited
Notes to the Financial Statements
Year ended 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 Home Farm Office, Rectory Road, Scrivelsby, Horncastle, LN96JB, Lincolnshire.
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.
Income 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:
Buildings
-
10 or 25 years
Plant and machinery
-
5 or 10 years
Tractors and vehicles
-
5 or 10 years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contributions pension scheme for some of the employees. The assets of the scheme are held seperately from those of the company. The annual contributions payable are charged to the Profit and Loss Account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 7 ).
5. Tangible assets
Freehold property
Plant and machinery
Tractors and vehicles
Total
£
£
£
£
Cost
At 1 April 2023
1,152,458
1,126,081
1,176,211
3,454,750
Additions
1,243
55,250
176,150
232,643
Disposals
( 17,750)
( 107,301)
( 125,051)
-------------
-------------
-------------
-------------
At 31 March 2024
1,153,701
1,163,581
1,245,060
3,562,342
-------------
-------------
-------------
-------------
Depreciation
At 1 April 2023
307,630
910,904
666,641
1,885,175
Charge for the year
23,521
44,381
88,172
156,074
Disposals
( 15,413)
( 79,301)
( 94,714)
-------------
-------------
-------------
-------------
At 31 March 2024
331,151
939,872
675,512
1,946,535
-------------
-------------
-------------
-------------
Carrying amount
At 31 March 2024
822,550
223,709
569,548
1,615,807
-------------
-------------
-------------
-------------
At 31 March 2023
844,828
215,177
509,570
1,569,575
-------------
-------------
-------------
-------------
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:
Tractors and vehicles
£
At 31 March 2024
138,233
----------
At 31 March 2023
264,412
----------
6. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
17
----
Impairment
At 1 April 2023 and 31 March 2024
----
Carrying amount
At 31 March 2024
17
----
At 31 March 2023
17
----
7. Debtors
2024
2023
£
£
Trade debtors
124,358
134,414
Other debtors
24,668
4,269
----------
----------
149,026
138,683
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
159,717
65,148
Corporation tax
6,472
Social security and other taxes
11,806
21,404
Other creditors
182,015
166,190
----------
----------
360,010
252,742
----------
----------
9. 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/ (credits) to the directors
Balance outstanding
£
£
£
Mr F J F M Dymoke
( 6,000)
6,000
Mr H F M Dymoke
1,660
1,660
-------
-------
-------
( 6,000)
7,660
1,660
-------
-------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr F J F M Dymoke
( 6,000)
( 6,000)
Mr H F M Dymoke
-------
----
-------
( 6,000)
( 6,000)
-------
----
-------
10. Controlling party
The company's ultimate parent company is Scrivelsby Holdings Limited, a company registered in England and Wales. Copies of the financial statements of Scrivelsby Holdings Limited are available from Home Farm Office, Rectory Road, Scrivelsby, Horncastle, LN9 6JB.