REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
SETCOPS FARM LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
SETCOPS FARM LIMITED |
SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SETCOPS FARM LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Orion House |
28A Spital Terrace |
GAINSBOROUGH |
Lincolnshire |
DN21 2HQ |
SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635) |
BALANCE SHEET |
29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Revaluation reserve | 13 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
The director acknowledges her 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. |
SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635) |
BALANCE SHEET - continued |
29 FEBRUARY 2024 |
The financial statements were approved by the director and authorised for issue on |
SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
Setcops Farm Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
In accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006, the investment properties will be valued annually and included in the financial statements at fair value. The surplus or deficit will be transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of the freehold investment properties. |
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principles set out in the FRS. The director considers that, because these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt the provisions of the FRS regarding investment properties in order to give them a true and fair view. |
If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified, because depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified. |
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 Income Statement, 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. |
SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2013 | 12,158 |
Valuation in 2014 | (5,000 | ) |
Valuation in 2016 | (10,000 | ) |
Valuation in 2018 | 55,000 |
Valuation in 2019 | 5,000 |
Valuation in 2021 | 30,000 |
Valuation in 2022 | 25,000 |
Valuation in 2023 | 25,000 |
Cost | 187,842 |
325,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
29.2.24 | 28.2.23 |
£ | £ |
Cost | 187,842 | 187,842 |
Investment properties were valued on an open market basis on 29 February 2024 by the director . |
The revaluation of the investment properties does not constitute a timing difference. If the properties were to be sold at their revalued amounts there would be an additional liability to tax of approximately £26,000. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Tax |
Directors' current accounts | 3,170 | 20,766 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Within one year |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Bank overdrafts |
11. | PROVISIONS FOR LIABILITIES |
29.2.24 | 28.2.23 |
£ | £ |
Deferred tax | 759 | 1,070 |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Accelerated capital allowances | (311 | ) |
Balance at 29 February 2024 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
13. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 March 2023 | 275,260 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 29 February 2024 | 292,577 |
SETCOPS FARM LIMITED (REGISTERED NUMBER: 06079635) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The company operates from premises owned personally by Mrs E R Rossington, the sole director and 100% shareholder. During the year the company paid rents of £7,026 (2023 - £8,478) to Mrs Rossington. |
This is considered to represent a normal commercial rent. |
Mrs Rossington also charged the company £312 (2023 - £312) for use of home as office. |
15. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £1,000 (2023 - £2,000) were paid to the director . |
At 28 February 2024 there was a balance owed by the company to Mrs E R Rossington - the sole director and 100% shareholder - of £3,170 (2023 - £20,766). This balance has been shown in Creditors. |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |