Registered number
00274302
Kent Mushrooms Limited
Unaudited Filleted Accounts
31 March 2024
Kent Mushrooms Limited
Registered number: 00274302
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 614,825 616,175
Current assets
Stocks 7,605 11,656
Debtors 4 6,141 79,102
Cash at bank and in hand 433,371 382,563
447,117 473,321
Creditors: amounts falling due within one year 5 (39,140) (43,566)
Net current assets 407,977 429,755
Total assets less current liabilities 1,022,802 1,045,930
Provisions for liabilities (14,995) (14,995)
Net assets 1,007,807 1,030,935
Capital and reserves
Called up share capital 1,000 1,000
Revaluation reserve 6 367,349 367,349
Profit and loss account 639,458 662,586
Shareholders' funds 1,007,807 1,030,935
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J A Gardner
Director
Approved by the board on 23 September 2024
Kent Mushrooms Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are initially measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increases accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect oof that asset, the excess shall be recognised in profit and loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 14 18
3 Tangible fixed assets
Land and buildings Fittings, fixtures & equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 596,300 85,678 26,875 708,853
Additions - 3,618 - 3,618
At 31 March 2024 596,300 89,296 26,875 712,471
Depreciation
At 1 April 2023 - 72,180 20,498 92,678
Charge for the year - 3,374 1,594 4,968
At 31 March 2024 - 75,554 22,092 97,646
Net book value
At 31 March 2024 596,300 13,742 4,783 614,825
At 31 March 2023 596,300 13,498 6,377 616,175
4 Debtors 2024 2023
£ £
Other debtors 6,141 79,102
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 9,280 4,039
Taxation and social security costs 20,408 28,793
Other creditors 9,452 10,734
39,140 43,566
6 Revaluation reserve 2024 2023
£ £
At 1 April 2023 367,349 367,349
At 31 March 2024 367,349 367,349
7 Controlling party
Mr J A Gardner is the controlling party of Kent Mushrooms Limited by virtue of a contolling interest in the issued share capital.
8 Other information
Kent Mushrooms Limited is a private company limited by shares and incorporated in England. Its registered office is:
Chislehurst Caves
Old Hill
Chislehurst
Kent
BR7 5NB
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