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Registration number: 12318238

Fenton Farm Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Fenton Farm Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

Fenton Farm Limited

Company Information

Directors

Mr Andrew John Gabriel

Mrs Sarah Lindsay Gabriel

Registered office

Charlton House
32 High Street
Cullompton
Devon
EX15 1AE

Accountants

Batchelor and Company Accountants Limited
Certified
Charlton House
32 High Street
Cullompton
Devon
EX15 1AE

 

Fenton Farm Limited

(Registration number: 12318238)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

7,350

7,509

Tangible assets

5

236,106

152,601

 

243,456

160,110

Current assets

 

Stocks

6

37,800

41,033

Debtors

7

228,457

176,909

Cash at bank and in hand

 

134,903

24,500

 

401,160

242,442

Creditors: Amounts falling due within one year

(389,787)

(315,443)

Net current assets/(liabilities)

 

11,373

(73,001)

Total assets less current liabilities

 

254,829

87,109

Creditors: Amounts falling due after more than one year

(69,930)

(71,382)

Accruals and deferred income

 

(3,500)

(3,500)

Net assets

 

181,399

12,227

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

181,397

12,225

Shareholders' funds

 

181,399

12,227

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Fenton Farm Limited

(Registration number: 12318238)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 22 November 2024 and signed on its behalf by:
 

.........................................
Mr Andrew John Gabriel
Director

 

Fenton Farm Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Charlton House
32 High Street
Cullompton
Devon
EX15 1AE

These financial statements were authorised for issue by the Board on 22 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Fenton Farm Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Office equipment

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Fenton Farm Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Fenton Farm Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 4).

 

Fenton Farm Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

7,988

At 31 March 2024

7,988

Amortisation

At 1 April 2023

479

Amortisation charge

159

At 31 March 2024

638

Carrying amount

At 31 March 2024

7,350

At 31 March 2023

7,509

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

1,235

115,205

132,847

249,287

Additions

1,262

39,345

97,094

137,701

Disposals

-

-

(4,200)

(4,200)

At 31 March 2024

2,497

154,550

225,741

382,788

Depreciation

At 1 April 2023

573

51,383

44,730

96,686

Charge for the year

385

22,459

27,152

49,996

At 31 March 2024

958

73,842

71,882

146,682

Carrying amount

At 31 March 2024

1,539

80,708

153,859

236,106

At 31 March 2023

662

63,822

88,117

152,601

6

Stocks

2024
£

2023
£

Other inventories

37,800

41,033

 

Fenton Farm Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary Share of £1 each

1

1

1

1

B Ordinary Share of £1 each

1

1

1

1

2

2

2

2

9

Dividends

Final dividends paid

2024
£

2023
£

Final dividend of £29,000.00 (2023 - £26,000.00) per each A Ordinary Share

29,000

26,000

Final dividend of £1,000.00 (2023 - £2,000.00) per each B Ordinary Share

1,000

2,000

30,000

28,000

10

Related party transactions

 

Fenton Farm Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

11,908

Contributions paid to money purchase schemes

23,600

3,600

36,170

15,508