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COMPANY REGISTRATION NUMBER: 12774968
Tom Pemberton Farm Life Limited
Filleted Unaudited Financial Statements
31 January 2024
Tom Pemberton Farm Life Limited
Financial Statements
Period from 1 August 2022 to 31 January 2024
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Tom Pemberton Farm Life Limited
Officers and Professional Advisers
Director
Mr T Pemberton
Registered office
Birks Farm
Ballam Road
Lytham
Lancashire
FY8 4NL
Accountants
Riverside Accountancy Lancaster Limited
Chartered accountants
Second Floor, Riverside Offices
26 St George's Quay
Lancaster
LA1 1RD
Tom Pemberton Farm Life Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Tom Pemberton Farm Life Limited
Period from 1 August 2022 to 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Tom Pemberton Farm Life Limited for the period ended 31 January 2024, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Tom Pemberton Farm Life Limited in accordance with the terms of our engagement letter dated 29 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Tom Pemberton Farm Life Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tom Pemberton Farm Life Limited and its director for our work or for this report.
It is your duty to ensure that Tom Pemberton Farm Life Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Tom Pemberton Farm Life Limited. You consider that Tom Pemberton Farm Life 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 financial statements of Tom Pemberton Farm Life 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 financial statements.
Riverside Accountancy Lancaster Limited Chartered accountants
Second Floor, Riverside Offices 26 St George's Quay Lancaster LA1 1RD
6 January 2025
Tom Pemberton Farm Life Limited
Statement of Financial Position
31 January 2024
31 Jan 24
31 Jul 22
Note
£
£
Fixed assets
Intangible assets
5
7,800
9,600
Tangible assets
6
107,806
7,197
Investments
7
207,857
170,000
---------
---------
323,463
186,797
Current assets
Debtors
8
121,915
51,468
Cash at bank and in hand
26,435
6,245
---------
--------
148,350
57,713
Creditors: amounts falling due within one year
9
114,616
37,097
---------
--------
Net current assets
33,734
20,616
---------
---------
Total assets less current liabilities
357,197
207,413
---------
---------
Net assets
357,197
207,413
---------
---------
Capital and reserves
Called up share capital
10
1
1
Profit and loss account
357,196
207,412
---------
---------
Shareholder funds
357,197
207,413
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tom Pemberton Farm Life Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 6 January 2025 , and are signed on behalf of the board by:
Mr T Pemberton
Director
Company registration number: 12774968
Tom Pemberton Farm Life Limited
Notes to the Financial Statements
Period from 1 August 2022 to 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Birks Farm, Ballam Road, Lytham, FY8 4NL, Lancashire.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements are rounded to the nearest £1.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 Years Straight Line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. 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 equity, 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 revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-putative ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2022: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 August 2022 and 31 January 2024
12,000
--------
Amortisation
At 1 August 2022
2,400
Charge for the period
1,800
--------
At 31 January 2024
4,200
--------
Carrying amount
At 31 January 2024
7,800
--------
At 31 July 2022
9,600
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 August 2022
8,719
8,719
Additions
101,510
9,500
6,374
117,384
---------
-------
--------
---------
At 31 January 2024
101,510
9,500
15,093
126,103
---------
-------
--------
---------
Depreciation
At 1 August 2022
1,522
1,522
Charge for the period
12,964
198
3,613
16,775
---------
-------
--------
---------
At 31 January 2024
12,964
198
5,135
18,297
---------
-------
--------
---------
Carrying amount
At 31 January 2024
88,546
9,302
9,958
107,806
---------
-------
--------
---------
At 31 July 2022
7,197
7,197
---------
-------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 August 2022
170,000
Additions
37,857
---------
At 31 January 2024
207,857
---------
Impairment
At 1 August 2022 and 31 January 2024
---------
Carrying amount
At 31 January 2024
207,857
---------
At 31 July 2022
170,000
---------
8. Debtors
31 Jan 24
31 Jul 22
£
£
Trade debtors
11,875
8,117
Amounts owed by group undertakings and undertakings in which the company has a participating interest
9,768
1,227
Other debtors
100,272
42,124
---------
--------
121,915
51,468
---------
--------
9. Creditors: amounts falling due within one year
31 Jan 24
31 Jul 22
£
£
Trade creditors
72,291
2,376
Corporation tax
38,588
33,105
Social security and other taxes
1,632
266
Other creditors
2,105
1,350
---------
--------
114,616
37,097
---------
--------
10. Called up share capital
Authorised share capital
31 Jan 24
31 Jul 22
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
Issued, called up and fully paid
31 Jan 24
31 Jul 22
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 Jan 24
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr T Pemberton
34,831
205,092
( 156,259)
83,664
--------
---------
---------
--------
31 Jul 22
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr T Pemberton
( 494)
310,039
( 274,714)
34,831
----
---------
---------
--------
12. Related party transactions
During the year the company loaned a connected party an amount totalling £9767.76 (2022: £1,227.01). THis amount is still outstanding at the year end. During the year the company turned a loan with a connected party into capital, with a return of 4% per annum.
13. Controlling party
The company is controlled by its director.