IRIS Accounts Production v24.3.0.553 12454407 Board of Directors 1.3.23 29.2.24 29.2.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh124544072023-02-28124544072024-02-29124544072023-03-012024-02-29124544072022-02-28124544072022-03-012023-02-28124544072023-02-2812454407ns15:EnglandWales2023-03-012024-02-2912454407ns14:PoundSterling2023-03-012024-02-2912454407ns10:Director12023-03-012024-02-2912454407ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2912454407ns10:SmallEntities2023-03-012024-02-2912454407ns10:AuditExempt-NoAccountantsReport2023-03-012024-02-2912454407ns10:SmallCompaniesRegimeForDirectorsReport2023-03-012024-02-2912454407ns10:SmallCompaniesRegimeForAccounts2023-03-012024-02-2912454407ns10:FullAccounts2023-03-012024-02-2912454407ns10:Director22023-03-012024-02-2912454407ns10:Director32023-03-012024-02-2912454407ns10:Director42023-03-012024-02-2912454407ns10:RegisteredOffice2023-03-012024-02-2912454407ns5:CurrentFinancialInstruments2024-02-2912454407ns5:CurrentFinancialInstruments2023-02-2812454407ns5:Non-currentFinancialInstruments2024-02-2912454407ns5:Non-currentFinancialInstruments2023-02-2812454407ns5:ShareCapital2024-02-2912454407ns5:ShareCapital2023-02-2812454407ns5:RetainedEarningsAccumulatedLosses2024-02-2912454407ns5:RetainedEarningsAccumulatedLosses2023-02-2812454407ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-03-012024-02-2912454407ns5:PlantMachinery2023-03-012024-02-2912454407ns5:FurnitureFittings2023-03-012024-02-2912454407ns5:MotorVehicles2023-03-012024-02-2912454407ns5:ComputerEquipment2023-03-012024-02-2912454407ns5:LandBuildings2023-02-2812454407ns5:PlantMachinery2023-02-2812454407ns5:FurnitureFittings2023-02-2812454407ns5:LandBuildings2023-03-012024-02-2912454407ns5:LandBuildings2024-02-2912454407ns5:PlantMachinery2024-02-2912454407ns5:FurnitureFittings2024-02-2912454407ns5:MotorVehicles2023-02-2812454407ns5:ComputerEquipment2023-02-2812454407ns5:MotorVehicles2024-02-2912454407ns5:ComputerEquipment2024-02-2912454407ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2912454407ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2812454407ns5:DeferredTaxation2023-02-2812454407ns5:DeferredTaxation2024-02-29
REGISTERED NUMBER: 12454407 (England and Wales)












Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Folly Fields Farm Ltd

Folly Fields Farm Ltd (Registered number: 12454407)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Folly Fields Farm Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: K B Davis
Mrs E H Davis
J D Newbold
Mrs H B Newbold





REGISTERED OFFICE: Folly Fields Farm
Wicken
Milton Keynes
Buckinghamshire
MK19 6BH





REGISTERED NUMBER: 12454407 (England and Wales)





ACCOUNTANTS: Butler & Co Alresford Limited
Chartered Accountants
The Old Stables
Sutton Manor Farm
Bishops Sutton
Alresford
Hampshire
SO24 0AA

Folly Fields Farm Ltd (Registered number: 12454407)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 187,906 205,986

CURRENT ASSETS
Stocks 5 8,438 8,438
Debtors 6 9,506 28,001
Cash at bank 16,301 -
34,245 36,439
CREDITORS
Amounts falling due within one year 7 66,179 102,985
NET CURRENT LIABILITIES (31,934 ) (66,546 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

155,972

139,440

CREDITORS
Amounts falling due after more than one
year

8

(27,575

)

(34,296

)

PROVISIONS FOR LIABILITIES 9 (1,201 ) (3,205 )
NET ASSETS 127,196 101,939

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 127,096 101,839
127,196 101,939

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Folly Fields Farm Ltd (Registered number: 12454407)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





Mrs H B Newbold - Director


Folly Fields Farm Ltd (Registered number: 12454407)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Folly Fields Farm Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Barn and fencing - not provided
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

Folly Fields Farm Ltd (Registered number: 12454407)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Barn and Plant and and
fencing machinery fittings
£    £    £   
COST
At 1 March 2023 155,042 55,365 17,319
Additions - 7,000 -
At 29 February 2024 155,042 62,365 17,319
DEPRECIATION
At 1 March 2023 - 28,456 8,950
Charge for year - 12,473 3,463
At 29 February 2024 - 40,929 12,413
NET BOOK VALUE
At 29 February 2024 155,042 21,436 4,906
At 28 February 2023 155,042 26,909 8,369

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 March 2023 27,000 11,228 265,954
Additions - - 7,000
At 29 February 2024 27,000 11,228 272,954
DEPRECIATION
At 1 March 2023 16,200 6,363 59,969
Charge for year 5,400 3,743 25,079
At 29 February 2024 21,600 10,106 85,048
NET BOOK VALUE
At 29 February 2024 5,400 1,122 187,906
At 28 February 2023 10,800 4,865 205,985

5. STOCKS
2024 2023
£    £   
Sheep valuation 8,438 8,438

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,273 23,155
Other debtors 100 100
VAT 2,133 4,746
9,506 28,001

Folly Fields Farm Ltd (Registered number: 12454407)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 97
Tax 9,923 7,612
Social security and other taxes 332 564
Pensions - 148
DDWF Ltd loan 9,000 15,000
Bounce Back loan 6,000 6,000
Directors' current accounts 39,274 71,939
Accrued expenses 1,650 1,625
66,179 102,985

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bounce Back loan 27,575 34,296

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,201 3,205

Deferred
tax
£   
Balance at 1 March 2023 3,205
Accelerated capital allowances (2,004 )
Balance at 29 February 2024 1,201

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £6,000 (2023 - £5,000) were paid to the directors .

Mrs Helen Newbold
A director and shareholder of the company.

Mrs Newbold has made available a directors loan facility to the company. The balance owed at the year end was £29,367 (2023:£62,032). This balance is given interest free and is unsecured.

Mr Keith Davis
A director and shareholder of the company.

Mr Keith Davis, a director of the company, made available freehold land on which the company traded, during the period under review. No charge was made for provision of the freehold land. Mr Davis has confirmed that he will continue to support the company for at least twelve months beyond the approval date of these financial statements, and will not withdraw the land provision during this time.

Mr Davis has made available a directors loan facility to the company. The balance owed at the year end was £9,907 (2023: £9,907). This balance is given interest free and is unsecured.