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REGISTERED NUMBER: 02681076 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Colley (Farm Buildings) Limited

Colley (Farm Buildings) Limited (Registered number: 02681076)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


Colley (Farm Buildings) Limited

Company Information
for the Year Ended 31 March 2024







Directors: Mr. P A Colley
Mrs. K Colley





Registered office: The Airfield
Beverley Road
Cranswick
Driffield
East Yorkshire
YO25 9PF





Registered number: 02681076 (England and Wales)





Accountants: Ullyott Limited
6 George Street
Driffield
East Yorkshire
YO25 6RA

Colley (Farm Buildings) Limited (Registered number: 02681076)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,069,996 3,035,340

CURRENT ASSETS
Stocks 5 319,118 424,948
Debtors 6 1,490,546 1,303,588
Cash at bank 316,500 58,337
2,126,164 1,786,873
CREDITORS
Amounts falling due within one year 7 1,868,984 1,494,355
NET CURRENT ASSETS 257,180 292,518
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,327,176

3,327,858

CREDITORS
Amounts falling due after more than one
year

8

(584,455

)

(697,320

)

PROVISIONS FOR LIABILITIES 10 (365,704 ) (305,087 )
NET ASSETS 2,377,017 2,325,451

CAPITAL AND RESERVES
Called up share capital 11 200 200
Revaluation reserve 12 496,030 496,030
Retained earnings 1,880,787 1,829,221
SHAREHOLDERS' FUNDS 2,377,017 2,325,451

Colley (Farm Buildings) Limited (Registered number: 02681076)

Balance Sheet - continued
31 March 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:





Mr. P A Colley - Director


Colley (Farm Buildings) Limited (Registered number: 02681076)

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

1. STATUTORY INFORMATION

Colley (Farm Buildings) Limited 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 as modified by the revaluation of certain assets.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 33% on reducing balance
Motor vehicles - 25% on reducing balance

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 Statement of Income and Retained Earnings, 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.


Colley (Farm Buildings) Limited (Registered number: 02681076)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 25 (2023 - 30 ) .

Colley (Farm Buildings) Limited (Registered number: 02681076)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2023 2,004,316 2,064,364 48,175 329,079 4,445,934
Additions - 229,764 - 60,951 290,715
Disposals - (195,647 ) (40,569 ) (46,205 ) (282,421 )
At 31 March 2024 2,004,316 2,098,481 7,606 343,825 4,454,228
DEPRECIATION
At 1 April 2023 - 1,157,219 42,714 210,661 1,410,594
Charge for year - 163,611 1,817 39,972 205,400
Eliminated on disposal - (165,707 ) (39,343 ) (26,712 ) (231,762 )
At 31 March 2024 - 1,155,123 5,188 223,921 1,384,232
NET BOOK VALUE
At 31 March 2024 2,004,316 943,358 2,418 119,904 3,069,996
At 31 March 2023 2,004,316 907,145 5,461 118,418 3,035,340

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2020 612,383 - - - 612,383
Cost 1,391,933 2,098,481 7,606 343,825 3,841,845
2,004,316 2,098,481 7,606 343,825 4,454,228

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,381,933 1,381,933

Value of land in freehold land and buildings 1,994,316 1,994,316

Freehold land and buildings were valued on an open market basis basis on 31 July 2019 by PPH Commercial Chartered Surveyors .

Colley (Farm Buildings) Limited (Registered number: 02681076)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 764,941 143,704 908,645
Additions 216,750 60,951 277,701
Disposals - (46,205 ) (46,205 )
Reclassification/transfer - (43,786 ) (43,786 )
At 31 March 2024 981,691 114,664 1,096,355
DEPRECIATION
At 1 April 2023 219,591 65,455 285,046
Charge for year 110,237 29,927 140,164
Eliminated on disposal - (26,712 ) (26,712 )
Reclassification/transfer - (29,933 ) (29,933 )
At 31 March 2024 329,828 38,737 368,565
NET BOOK VALUE
At 31 March 2024 651,863 75,927 727,790
At 31 March 2023 545,350 78,249 623,599

5. STOCKS
2024 2023
£    £   
Stocks 319,118 424,948

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,080,429 1,032,470
Amounts owed by participating interests 392,762 259,224
Other debtors 17,355 11,894
1,490,546 1,303,588

Colley (Farm Buildings) Limited (Registered number: 02681076)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 60,729 77,252
Hire purchase contracts 200,647 192,560
Trade creditors 1,205,935 1,049,253
Corporation tax 136,946 94,799
Social security and other taxes 23,928 28,257
VAT 231,931 44,991
Other creditors 5,523 4,372
Directors' current accounts 345 171
Accruals and deferred income 3,000 2,700
1,868,984 1,494,355

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 368,735 429,463
Hire purchase contracts 215,720 267,857
584,455 697,320

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 16,523
Bank loans 429,464 490,192
429,464 506,715

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 249,351 188,734
Other timing differences 116,353 116,353
365,704 305,087

Colley (Farm Buildings) Limited (Registered number: 02681076)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 305,087
Provided during year 60,617
Deferred tax on revaluation
Balance at 31 March 2024 365,704

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100
50 A Ordinary £1 50 50
50 B Ordinary £1 50 50
200 200

12. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 496,030

13. ULTIMATE CONTROLLING PARTY

The controlling party is Mr. P A Colley.