Company registration number 04216869 (England and Wales)
Coursers Farm Limited
UNAUDITED Financial Statements
For the year ended 30 June 2024
PAGES FOR FILING WITH REGISTRAR
Coursers Farm Limited
Content
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Coursers Farm Limited
Balance Sheet
As at 30 June 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
70,229
80,219
Current assets
Cash at bank and in hand
25,827
5,418
Creditors: amounts falling due within one year
4
(73,926)
(67,326)
Net current liabilities
(48,099)
(61,908)
Net assets
22,130
18,311
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
21,130
17,311
Total equity
22,130
18,311
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 November 2024 and are signed on its behalf by:
S M Legerton
Director
Company registration number 04216869 (England and Wales)
Coursers Farm Limited
Notes to the Financial Statements
For the year ended 30 June 2024
- 2 -
1
Accounting policies
Company information
Coursers Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Coursers Farmhouse, 40 Coursers Farm, Coursers Road, Colney Heath, St Albans, Hertfordshire, AL4 0PD.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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
Turnover
Turnover represents the amounts received excluding VAT from the company's principle activity of farm management.
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:
Long leasehold property
5, 10 or 30 years straight line
Plant and equipment
4 years straight line
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).
Coursers Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
Coursers Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
- 4 -
3
Tangible fixed assets
Long leasehold property
Plant and equipment
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
395,091
48,675
443,766
Depreciation and impairment
At 1 July 2023
314,872
48,675
363,547
Depreciation charged in the year
9,990
9,990
At 30 June 2024
324,862
48,675
373,537
Carrying amount
At 30 June 2024
70,229
70,229
At 30 June 2023
80,219
80,219
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
24,394
24,029
Other creditors
49,532
43,297
73,926
67,326