2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 8,944 3,294 5,650 5,650 3,294 845,010 845,010 845,010 xbrli:pure xbrli:shares iso4217:GBP 05268306 2023-04-01 2024-03-31 05268306 2024-03-31 05268306 2023-03-31 05268306 2022-04-01 2023-03-31 05268306 2023-03-31 05268306 2022-03-31 05268306 core:PlantMachinery 2023-04-01 2024-03-31 05268306 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 05268306 bus:PreferenceShareClass1 2023-04-01 2024-03-31 05268306 bus:PreferenceShareClass2 2023-04-01 2024-03-31 05268306 bus:Director1 2023-04-01 2024-03-31 05268306 bus:Director2 2023-04-01 2024-03-31 05268306 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 05268306 core:LandBuildings 2023-03-31 05268306 core:PlantMachinery 2023-03-31 05268306 core:LandBuildings 2024-03-31 05268306 core:PlantMachinery 2024-03-31 05268306 core:WithinOneYear 2024-03-31 05268306 core:WithinOneYear 2023-03-31 05268306 core:UKTax 2023-04-01 2024-03-31 05268306 core:UKTax 2022-04-01 2023-03-31 05268306 core:ShareCapital 2024-03-31 05268306 core:ShareCapital 2023-03-31 05268306 core:RetainedEarningsAccumulatedLosses 2024-03-31 05268306 core:RetainedEarningsAccumulatedLosses 2023-03-31 05268306 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 05268306 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 05268306 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 05268306 core:Non-currentFinancialInstruments 2024-03-31 05268306 core:Non-currentFinancialInstruments 2023-03-31 05268306 core:LandBuildings 2023-03-31 05268306 core:PlantMachinery 2023-03-31 05268306 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-01 2024-03-31 05268306 bus:SmallEntities 2023-04-01 2024-03-31 05268306 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05268306 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05268306 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05268306 bus:FullAccounts 2023-04-01 2024-03-31 05268306 bus:OrdinaryShareClass1 2024-03-31 05268306 bus:OrdinaryShareClass1 2023-03-31 05268306 bus:PreferenceShareClass1 2024-03-31 05268306 bus:PreferenceShareClass1 2023-03-31 05268306 bus:PreferenceShareClass2 2024-03-31 05268306 bus:PreferenceShareClass2 2023-03-31 05268306 bus:AllPreferenceShares 2024-03-31 05268306 bus:AllPreferenceShares 2023-03-31
COMPANY REGISTRATION NUMBER: 05268306
F J Clabon Potatoes Limited
Unaudited financial statements
31 March 2024
F J Clabon Potatoes Limited
Statement of financial position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
6
3,294
Tangible assets
7
1,539,277
1,444,378
Investments
8
845,010
845,010
-----------
-----------
2,384,287
2,292,682
Current assets
Stocks
133,745
96,643
Debtors
9
121,014
411,276
Cash at bank and in hand
1,214,969
686,919
-----------
-----------
1,469,728
1,194,838
Creditors: Amounts falling due within one year
10
( 305,843)
( 273,557)
-----------
-----------
Net current assets
1,163,885
921,281
-----------
-----------
Total assets less current liabilities
3,548,172
3,213,963
Provisions
Taxation including deferred tax
( 38,375)
( 14,650)
-----------
-----------
Net assets
3,509,797
3,199,313
-----------
-----------
Capital and reserves
Called up share capital
13
100
100
Profit and loss account
3,509,697
3,199,213
-----------
-----------
Shareholders funds
3,509,797
3,199,313
-----------
-----------
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 income statement 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 .
F J Clabon Potatoes Limited
Statement of financial position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 13 November 2024 , and are signed on behalf of the board by:
P J Clabon
R J Clabon
Director
Director
Company registration number: 05268306
F J Clabon Potatoes 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 Rookery Farm, Mundesley Road, North Walsham, Norfolk, NR28 0RF.
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.
Deferred tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
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.
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
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Commodity stocks and cultivations are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Government grants
Included within other income is the Basic Payment Scheme grant of £4,286 receivable from The Rural Payments Agency under European Common Agricultural Policy regulations. Without this income, there would have been a profit for the year before tax of £370,533. Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of employees during the year was 2 (2023: 2 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
80,096
28,210
Deferred tax:
Origination and reversal of timing differences
23,725
1,552
---------
-------
Tax on profit
103,821
29,762
---------
-------
6. Intangible assets
BPS Entitlements
£
Cost
At 1 April 2023
8,944
Additions
Revaluations
( 3,294)
------
At 31 March 2024
5,650
------
Amortisation
At 1 April 2023 and 31 March 2024
5,650
------
Carrying amount
At 31 March 2024
------
At 31 March 2023
3,294
------
Entitlements are measured at fair value. The directors' assess and determine the fair value of the entitlements at each reporting date. The values inevitably have a degree of judgement involved in that the value of the entitlements can only ultimately be reliably tested in the market itself.
7. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 April 2023
1,385,779
98,028
1,483,807
Additions
105,000
105,000
-----------
---------
-----------
At 31 March 2024
1,385,779
203,028
1,588,807
-----------
---------
-----------
Depreciation
At 1 April 2023
39,429
39,429
Charge for the year
10,101
10,101
-----------
---------
-----------
At 31 March 2024
49,530
49,530
-----------
---------
-----------
Carrying amount
At 31 March 2024
1,385,779
153,498
1,539,277
-----------
---------
-----------
At 31 March 2023
1,385,779
58,599
1,444,378
-----------
---------
-----------
8. Investments
Other investments other than loans
£
Cost
At 1 April 2023 and 31 March 2024
845,010
---------
Impairment
At 1 April 2023 and 31 March 2024
---------
Carrying amount
At 31 March 2024
845,010
---------
At 31 March 2023
845,010
---------
9. Debtors
2024
2023
£
£
Trade debtors
278,359
Other debtors
121,014
132,917
---------
---------
121,014
411,276
---------
---------
10. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
20,000
Social security and other taxes
80,096
28,210
Amount owed to shareholders
12,232
12,232
Other creditors
213,515
213,115
---------
---------
305,843
273,557
---------
---------
11. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in other operating income:
Government grants recognised directly in income
4,286
5,521
------
------
12. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Unlisted investments
845,010
845,010
---------
---------
13. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Amounts presented in equity:
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
Amounts presented in liabilities:
Preference A shares shares of £ 1 each
105,000
105,000
105,000
105,000
Preference B shares shares of £ 1 each
105,000
105,000
105,000
105,000
---------
---------
---------
---------
210,000
210,000
210,000
210,000
---------
---------
---------
---------