Registration number:
Lower Skippet Farm Limited
Chartered Accountants
Lower Skippet Farm Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Lower Skippet Farm Limited
Company Information
Director |
P B Shaw |
Company secretary |
G Shaw |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Lower Skippet Farm Limitedfor the Year Ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Lower Skippet Farm Limited for the year ended 29 February 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Lower Skippet Farm Limited, as a body, in accordance with the terms of our engagement letter dated 12 February 2010. Our work has been undertaken solely to prepare for your approval the accounts of Lower Skippet Farm Limited and state those matters that we have agreed to state to the Board of Directors of Lower Skippet Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lower Skippet Farm Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Lower Skippet Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Lower Skippet Farm Limited. You consider that Lower Skippet Farm Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Lower Skippet Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
34 High East Street
Dorchester
Dorset
DT1 1HA
Lower Skippet Farm Limited
(Registration number: 01139096)
Balance Sheet as at 29 February 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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|
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Tangible assets |
|
|
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Other financial assets |
- |
150 |
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Current assets |
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Stocks |
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Debtors |
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|
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Cash at bank and in hand |
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|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Net assets |
|
|
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Capital and reserves |
|||||
Called up share capital |
168,507 |
168,507 |
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Share premium reserve |
259,997 |
259,997 |
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Profit and loss account |
468,514 |
458,791 |
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Shareholders' funds |
897,018 |
887,295 |
For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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.
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.
Approved and authorised by the
Director
Lower Skippet Farm Limited
Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 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 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.
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 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.
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.
Lower Skippet Farm Limited
Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024
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 |
25% reducing balance |
Motor vehicles and tractors |
25% reducing balance |
Trade debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at transaction price 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.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
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 at the transaction price.
Hire purchase and leasing
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 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.
Lower Skippet Farm Limited
Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Other assets |
Beef herd |
Total |
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Cost |
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At 1 March 2023 |
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At 29 February 2024 |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Lower Skippet Farm Limited
Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024
Tangible assets |
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 March 2023 |
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Additions |
- |
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At 29 February 2024 |
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Depreciation |
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At 1 March 2023 |
- |
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Charge for the year |
- |
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At 29 February 2024 |
- |
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Carrying amount |
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At 29 February 2024 |
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At 28 February 2023 |
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Other financial assets (current and non-current) |
Unlisted investments |
Total |
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Non-current financial assets |
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Cost or valuation |
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Carrying amount |
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At 29 February 2024 |
- |
- |
At 28 February 2023 |
|
150 |
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Lower Skippet Farm Limited
Notes to the Unaudited Financial Statements
for the Year Ended 29 February 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Other creditors includes an amount of £43,041 due to Mrs M H A Tutte (deceased) to date of death. Subsequest movements reduce this figure to £34,101 at 29.02.2024.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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168,507 |
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168,507 |
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100 |
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100 |
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Related party transactions |
Director's remuneration
The director's remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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55,820 |
56,684 |