Registration number:
St Eigons Spring Farm Limited
Unaudited Financial Statements
for the
Period from 1 March 2023 to 28 February 2024
St Eigons Spring Farm Limited
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
|
Detailed Profit and Loss Account |
St Eigons Spring Farm Limited
Company Information
Directors |
Mrs R U Watkins Mr M A Laurent |
Registered office |
|
Accountants |
|
Bankers |
|
St Eigons Spring Farm Limited
Directors' Report
for the Period from 1 March 2023 to 28 February 2024
The directors present their report and the financial statements for the period from 1 March 2023 to 28 February 2024.
Directors of the company
The directors who held office during the period were as follows:
Principal activity
The principal activity of the company is venue hire.
Small companies provision statement
This report has 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.
Approved and authorised by the
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
St Eigons Spring Farm Limited
for the Period Ended 28 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 St Eigons Spring Farm Limited for the period ended 28 February 2024 as set out on pages 4 to 13 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 St Eigons Spring Farm Limited, as a body, in accordance with the terms of our engagement letter dated 26 February 2021. Our work has been undertaken solely to prepare for your approval the accounts of St Eigons Spring Farm Limited and state those matters that we have agreed to state to the Board of Directors of St Eigons Spring 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 St Eigons Spring Farm Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that St Eigons Spring 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 loss of St Eigons Spring Farm Limited. You consider that St Eigons Spring Farm Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of St Eigons Spring 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
10 Wheat Street
Brecon
Powys
LD3 7DG
St Eigons Spring Farm Limited
Profit and Loss Account
for the Period from 1 March 2023 to 28 February 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating loss |
(1,055) |
(3,568) |
|
Loss before tax |
( |
( |
|
Loss for the financial period |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
St Eigons Spring Farm Limited
Statement of Comprehensive Income
for the Period from 1 March 2023 to 28 February 2024
2024 |
2023 |
|
Loss for the period |
( |
( |
Total comprehensive income for the period |
( |
( |
St Eigons Spring Farm Limited
(Registration number: 13227204)
Balance Sheet
as at 28 February 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
(18,317) |
(17,262) |
|
Shareholders' deficit |
(18,217) |
(17,162) |
For the financial period ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
Approved and authorised by the
St Eigons Spring Farm Limited
(Registration number: 13227204)
Balance Sheet
as at 28 February 2024
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St Eigons Spring Farm Limited
Statement of Changes in Equity
for the Period from 1 March 2023 to 28 February 2024
Share capital |
Retained earnings |
Total |
|
At 1 March 2023 |
|
( |
( |
Loss for the period |
- |
( |
( |
At 28 February 2024 |
|
( |
( |
Share capital |
Retained earnings |
Total |
|
At 1 March 2022 |
- |
( |
( |
Loss for the period |
- |
( |
( |
New share capital subscribed |
|
- |
|
At 28 February 2023 |
|
( |
( |
St Eigons Spring Farm Limited
Notes to the Unaudited Financial Statements
for the Period from 1 March 2023 to 28 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:
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
The financial statements are presented in sterling, which is the functional currency of the company, and rounded up to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.The largest creditors are the directors. The company is reliant on the continued financial support of the directors who will not seek repayment of their loans to the company until the company is in a financial position to make loan repayments.
Revenue recognition
Turnover comprises the fair value of monies received or receivable for letting 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.
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 |
Improvements to leasehold property |
5% cost |
Fixtures and fittings |
20% reducing balance |
St Eigons Spring Farm Limited
Notes to the Unaudited Financial Statements
for the Period from 1 March 2023 to 28 February 2024
Plant and machinery |
20% reducing balance |
Consumables |
Nil |
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.
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
St Eigons Spring Farm Limited
Notes to the Unaudited Financial Statements
for the Period from 1 March 2023 to 28 February 2024
Tangible assets |
Improvements to |
Fixtures and fittings |
Plant and machinery |
Consumables |
||
Cost or valuation |
|||||
At 1 March 2023 |
|
|
|
|
|
At 28 February 2024 |
|
|
|
|
|
Depreciation |
|||||
At 1 March 2023 |
|
|
|
- |
|
Charge for the period |
|
|
|
- |
|
At 28 February 2024 |
|
|
|
- |
|
Carrying amount |
|||||
At 28 February 2024 |
|
|
|
|
|
At 28 February 2023 |
|
|
|
|
Total |
|||||
Cost or valuation |
|||||
At 1 March 2023 |
|
||||
At 28 February 2024 |
|
||||
Depreciation |
|||||
At 1 March 2023 |
|
||||
Charge for the period |
|
||||
At 28 February 2024 |
|
||||
Carrying amount |
|||||
At 28 February 2024 |
|
||||
At 28 February 2023 |
|
St Eigons Spring Farm Limited
Notes to the Unaudited Financial Statements
for the Period from 1 March 2023 to 28 February 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
- |
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
St Eigons Spring Farm Limited
Notes to the Unaudited Financial Statements
for the Period from 1 March 2023 to 28 February 2024
Related party transactions |
Transactions with directors |
2024 |
At 1 March 2023 |
Advances to director |
Other payments made to company by director |
At 28 February 2024 |
Mrs R U Watkins |
||||
Loan from the director to the company |
|
( |
13,421 |
|
Mr M A Laurent |
||||
Loan from the director to the company |
|
( |
3,300 |
|
2023 |
At 1 March 2022 |
Advances to director |
Other payments made to company by director |
At 28 February 2023 |
Mrs R U Watkins |
||||
Loan from the director to the company |
|
( |
5,660 |
|
Mr M A Laurent |
||||
Loan from the director to the company |
|
( |
7,866 |
|
Directors' remuneration
The directors' remuneration for the period was as follows:
2024 |
2023 |
|
Remuneration |
- |
|
St Eigons Spring Farm Limited
Detailed Profit and Loss Account
for the Period from 1 March 2023 to 28 February 2024
1 March 2023 to 28 February 2024 |
Year ended 28 February 2023 |
|
Turnover (analysed below) |
9,088 |
11,689 |
Cost of sales (analysed below) |
(867) |
(949) |
Gross profit |
8,221 |
10,740 |
Administrative expenses |
||
Employment costs (analysed below) |
- |
3,775 |
Establishment costs (analysed below) |
1,660 |
2,256 |
General administrative expenses (analysed below) |
3,876 |
3,946 |
Finance charges (analysed below) |
10 |
10 |
Depreciation costs (analysed below) |
3,730 |
4,321 |
(9,276) |
(14,308) |
|
Operating loss |
(1,055) |
(3,568) |
Loss before tax |
(1,055) |
(3,568) |
St Eigons Spring Farm Limited
Detailed Profit and Loss Account
for the Period from 1 March 2023 to 28 February 2024
1 March 2023 to 28 February 2024 |
Year ended 28 February 2023 |
|
Turnover |
||
Hire of yurts |
- |
1,350 |
Venue hire income |
363 |
1,349 |
Holiday letting income |
8,725 |
8,990 |
9,088 |
11,689 |
|
Cost of sales |
||
Purchase of alpacas |
6,330 |
- |
Lettings commissions |
304 |
315 |
Welcome packs |
563 |
634 |
Stock of alpacas |
(6,330) |
- |
(867) |
(949) |
|
Employment costs |
||
Directors' remuneration |
- |
3,775 |
- |
(3,775) |
|
Establishment costs |
||
Rates |
188 |
186 |
Light, heat and power |
592 |
820 |
Insurance |
- |
221 |
Repairs and renewals |
591 |
582 |
Gardens and grounds maintenance |
289 |
447 |
(1,660) |
(2,256) |
|
General administrative expenses |
||
Telephone |
276 |
276 |
Consumables |
1,079 |
920 |
Subscriptions |
126 |
- |
Cleaning |
747 |
846 |
Motor expenses |
468 |
468 |
Accountancy |
1,180 |
1,436 |
(3,876) |
(3,946) |
|
Finance charges |
||
Bank charges |
10 |
10 |
(10) |
(10) |
St Eigons Spring Farm Limited
Detailed Profit and Loss Account
for the Period from 1 March 2023 to 28 February 2024
1 March 2023 to 28 February 2024 |
Year ended 28 February 2023 |
|
Depreciation costs |
||
Depreciation of improvements to leasehold property |
1,366 |
1,366 |
Depreciation of plant and machinery |
1,463 |
1,829 |
Depreciation of fixtures and fittings |
901 |
1,126 |
(3,730) |
(4,321) |
|
Operating loss |
(1,055) |
(3,568) |
Loss before tax |
(1,055) |
(3,568) |