Company registration number 02083144 (England and Wales)
SCOCLES FARMS LTD
Unaudited Financial Statements
For The Year Ended 28 February 2024
Pages For Filing With Registrar
Scocles Farms Ltd
SCOCLES FARMS LTD
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
Scocles Farms Ltd
SCOCLES FARMS LTD
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Scocles Farms Ltd For The Year Ended 28 February 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Scocles Farms Ltd for the year ended 28 February 2024 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Scocles Farms Ltd, as a body, in accordance with the terms of our engagement letter dated 15 March 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Scocles Farms Ltd and state those matters that we have agreed to state to the board of directors of Scocles Farms Ltd, 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 Scocles Farms Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Scocles Farms Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Scocles Farms Ltd. You consider that Scocles Farms Ltd 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 financial statements of Scocles Farms Ltd. 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 financial statements.

Chavereys Limited
28 November 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Scocles Farms Ltd
SCOCLES FARMS LTD
Balance Sheet
As At 28 February 2024
28 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
955,015
898,241
Current assets
Stocks
11,550
122,250
Debtors
5
326,333
485,949
Cash at bank and in hand
44,873
26,084
382,756
634,283
Creditors: amounts falling due within one year
6
(278,608)
(432,388)
Net current assets
104,148
201,895
Total assets less current liabilities
1,059,163
1,100,136
Creditors: amounts falling due after more than one year
7
(624,870)
(613,760)
Provisions for liabilities
(64,105)
(52,205)
Net assets
370,188
434,171
Capital and reserves
Called up share capital
1,102
1,102
Share premium account
199,000
199,000
Profit and loss reserves
170,086
234,069
Total equity
370,188
434,171
Scocles Farms Ltd
SCOCLES FARMS LTD
Balance Sheet (Continued)
As At 28 February 2024
28 February 2024
- 3 -

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
Mr R Goodwin
Director
Company registration number 02083144 (England and Wales)
Scocles Farms Ltd
SCOCLES FARMS LTD
Notes To The Financial Statements
For The Year Ended 28 February 2024
- 4 -
1
Accounting policies
Company information

Scocles Farms Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Old House Farm, Peasmarsh, East Sussex, TN31 6YD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue recognition

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
2% - 20% straight line
Plant and equipment
10% - 25% reducing balance
Motor vehicles
25% reducing balance

Assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Scocles Farms Ltd
SCOCLES FARMS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2024
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Scocles Farms Ltd
SCOCLES FARMS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Scocles Farms Ltd
SCOCLES FARMS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023
773,864
856,664
9,615
1,640,143
Additions
-
0
185,868
4,800
190,668
Disposals
-
0
(124,850)
-
0
(124,850)
At 28 February 2024
773,864
917,682
14,415
1,705,961
Depreciation and impairment
At 1 March 2023
110,360
629,337
2,205
741,902
Depreciation charged in the year
21,738
18,889
3,053
43,680
Depreciation charged on financed assets in the year
-
0
34,817
-
0
34,817
Eliminated in respect of disposals
-
0
(69,453)
-
0
(69,453)
At 28 February 2024
132,098
613,590
5,258
750,946
Carrying amount
At 28 February 2024
641,766
304,092
9,157
955,015
At 28 February 2023
663,504
227,327
7,410
898,241
Scocles Farms Ltd
SCOCLES FARMS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
130,096
1,000
Corporation tax recoverable
16,521
11,550
Prepayments and accrued income
179,716
473,399
326,333
485,949
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
21,889
20,816
Obligations under finance leases
33,000
3,400
Trade creditors
3,214
4,665
Corporation tax
-
0
16,785
Other taxation and social security
41,147
6,846
Other creditors
170,833
372,126
Accruals and deferred income
8,525
7,750
278,608
432,388
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
591,870
613,760
Obligations under finance leases
33,000
-
0
624,870
613,760

The bank loan is secured by way of a guarantee provided by the directors.

 

Hire purchase liabilities are secured against the asset to which they relate.

Amounts included above which fall due after five years are as follows:
Payable by instalments
29,528
33,921
Payable other than by instalments
540,000
540,000
569,528
573,921
Scocles Farms Ltd
SCOCLES FARMS LTD
Notes To The Financial Statements (Continued)
For The Year Ended 28 February 2024
- 9 -
8
Directors' transactions

During the year, the directors withdrew £6,457 from the company. At the year end £47,046 (2023 - £53,503) was due to the directors. The amount is unsecured, interest free and repayable when profitability and cashflow permit.

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