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Company No: 06796003 (England and Wales)

SPARKFORD ESTATES TRADING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SPARKFORD ESTATES TRADING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SPARKFORD ESTATES TRADING LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
SPARKFORD ESTATES TRADING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Lorraine Elizabeth Bryant (Appointed 27 March 2024)
William Hunt Alexander Longman (Appointed 25 October 2024)
William Hunt Charles Longman
REGISTERED OFFICE Bishopsbrook House
Cathedral Avenue
Wells
BA5 1FD
United Kingdom
BUSINESS ADDRESS Lower North Town Farm
North Cadbury
Yeovil
Somerset
BA22 7BZ
COMPANY NUMBER 06796003 (England and Wales)
ACCOUNTANT Old Mill Accountancy Limited
Maltravers House
Petters Way
Yeovil
Somerset
BA20 1SH
SPARKFORD ESTATES TRADING LIMITED

BALANCE SHEET

As at 31 March 2024
SPARKFORD ESTATES TRADING LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 0 545
Tangible assets 4 3,015,117 1,382,796
3,015,117 1,383,341
Current assets
Debtors 5 647,779 650,934
Cash at bank and in hand 138,536 54,189
786,315 705,123
Creditors: amounts falling due within one year 6 ( 30,843) ( 18,625)
Net current assets 755,472 686,498
Total assets less current liabilities 3,770,589 2,069,839
Provision for liabilities 7 ( 408,081) 0
Net assets 3,362,508 2,069,839
Capital and reserves
Called-up share capital 64,636 64,636
Share premium account 1,317,864 1,317,864
Undistributable reserve ( 1,626,100 ) 0
Profit and loss account 3,606,108 687,339
Total shareholder's funds 3,362,508 2,069,839

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Sparkford Estates Trading Limited (registered number: 06796003) were approved and authorised for issue by the Board of Directors on 26 November 2024. They were signed on its behalf by:

William Hunt Charles Longman
Director
SPARKFORD ESTATES TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SPARKFORD ESTATES TRADING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sparkford Estates Trading Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Bishopsbrook House, Cathedral Avenue, Wells, BA5 1FD, United Kingdom. The principal place of business is Lower North Town Farm, North Cadbury, Yeovil, Somerset, BA22 7BZ.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The turnover is accrued when the rights to income are earned.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Entitlements 8 - 9 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs 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 value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Intangible assets

Entitlements Total
£ £
Cost
At 01 April 2023 18,843 18,843
At 31 March 2024 18,843 18,843
Accumulated amortisation
At 01 April 2023 18,298 18,298
Charge for the financial year 545 545
At 31 March 2024 18,843 18,843
Net book value
At 31 March 2024 0 0
At 31 March 2023 545 545

4. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 April 2023 1,382,500 3,199 1,385,699
Additions 0 6,754 6,754
Revaluations 1,626,100 0 1,626,100
At 31 March 2024 3,008,600 9,953 3,018,553
Accumulated depreciation
At 01 April 2023 0 2,903 2,903
Charge for the financial year 0 533 533
At 31 March 2024 0 3,436 3,436
Net book value
At 31 March 2024 3,008,600 6,517 3,015,117
At 31 March 2023 1,382,500 296 1,382,796

Revaluation of tangible assets

The revaluation of land and buildings has been arrived at on the basis of a valuation carried out at 8th March 2024 by an external valuer, N P S Oliver, MRICS of Cooper & Tanner Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The directors believe the value to be appropriate at 31 March 2024.

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historical cost 1,382,500 1,382,500
Carrying value 1,382,500 1,382,500

5. Debtors

2024 2023
£ £
Other debtors 647,779 650,934

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 22,809 15,925
Other creditors 8,034 2,700
30,843 18,625

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Charged to the Profit and Loss Account ( 408,081) 0
At the end of financial year ( 408,081) 0

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed by related parties 646,183 642,866