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Company registration number: 07391158
PREMIER FARM MARKETING LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 April 2024
PREMIER FARM MARKETING LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
PREMIER FARM MARKETING LTD
DIRECTORS AND OTHER INFORMATION
Directors Mr J O Morris
Mr D O Morris
Company number 07391158
Registered office Black Lion Farm
Church Pulverbatch
Shrewsbury
Shropshire
SY5 8EA
Business address Black Lion Farm
Church Pulverbatch
Shrewsbury
Shropshire
SY5 8DE
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
PREMIER FARM MARKETING LTD
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PREMIER FARM MARKETING LTD
YEAR ENDED 30TH APRIL 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 Premier Farm Marketing Ltd for the year ended 30 April 2024 as set out on pages 5 to 11 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Premier Farm Marketing Ltd, as a body, in accordance with the terms of our engagement letter dated 24 May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Premier Farm Marketing Ltd and state those matters that we have agreed to state to the board of directors of Premier Farm Marketing Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Farm Marketing Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Premier Farm Marketing Ltd 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 Premier Farm Marketing Ltd. You consider that Premier Farm Marketing Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Premier Farm Marketing Ltd. 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.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
31 October 2024
PREMIER FARM MARKETING LTD
STATEMENT OF FINANCIAL POSITION
30TH APRIL 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 32,350 42,554
_______ _______
32,350 42,554
Current assets
Debtors 6 296,064 384,756
Cash at bank and in hand 81,565 23,188
_______ _______
377,629 407,944
Creditors: amounts falling due
within one year 7 ( 323,110) ( 314,314)
_______ _______
Net current assets 54,519 93,630
_______ _______
Total assets less current liabilities 86,869 136,184
Creditors: amounts falling due
after more than one year 8 ( 70,931) ( 120,045)
Provisions for liabilities ( 485) ( 8,085)
_______ _______
Net assets 15,453 8,054
_______ _______
Capital and reserves
Called up share capital 60 60
Profit and loss account 15,393 7,994
_______ _______
Shareholders funds 15,453 8,054
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr J O Morris Mr D O Morris
Director Director
Company registration number: 07391158
PREMIER FARM MARKETING LTD
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30TH APRIL 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 60 10,816 10,876
Profit/(loss) for the year ( 2,822) ( 2,822)
_______ _______ _______
Total comprehensive income for the year - ( 2,822) ( 2,822)
_______ _______ _______
At 30 April 2023 and 1 May 2023 60 7,994 8,054
Profit/(loss) for the year 7,399 7,399
_______ _______ _______
Total comprehensive income for the year - 7,399 7,399
_______ _______ _______
At 30 April 2024 60 15,393 15,453
_______ _______ _______
PREMIER FARM MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30TH APRIL 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 Black Lion Farm, Church Pulverbatch, Shrewsbury, Shropshire, SY5 8EA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the value of the consideration received or receivable for goods and services rendered, net of discounts and VAT. Where commissions are invoiced in arrears, an adjustment for accrued income has been made in line with the invoiced amounts.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 May 2023 1,795 47,230 49,025
Additions 320 - 320
_______ _______ _______
At 30 April 2024 2,115 47,230 49,345
_______ _______ _______
Depreciation
At 1 May 2023 567 5,904 6,471
Charge for the year 192 10,332 10,524
_______ _______ _______
At 30 April 2024 759 16,236 16,995
_______ _______ _______
Carrying amount
At 30 April 2024 1,356 30,994 32,350
_______ _______ _______
At 30 April 2023 1,228 41,326 42,554
_______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 280,009 355,782
Other debtors 16,055 28,974
_______ _______
296,064 384,756
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 51,165 47,684
Trade creditors 256,535 240,918
Social security and other taxes 199 376
Other creditors 15,211 25,336
_______ _______
323,110 314,314
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 42,755 88,706
Other creditors 28,176 31,339
_______ _______
70,931 120,045
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr D O Morris - ( 49) ( 49)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr D O Morris - - -
_______ _______ _______