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Greymare Farm Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2024

Registration number: 10703677

 

Greymare Farm Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Greymare Farm Limited

Balance Sheet

30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

5

611,040

611,040

Current assets

 

Debtors

6

-

4,708

Cash at bank and in hand

 

2,282

4,745

 

2,282

9,453

Creditors: Amounts falling due within one year

7

(311,573)

(309,325)

Net current liabilities

 

(309,291)

(299,872)

Total assets less current liabilities

 

301,749

311,168

Creditors: Amounts falling due after more than one year

7

(185,457)

(209,647)

Net assets

 

116,292

101,521

Capital and reserves

 

Called up share capital

9

100

100

Profit and loss account

116,192

101,421

Shareholders' funds

 

116,292

101,521

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

 

Greymare Farm Limited

Balance Sheet

30 April 2024

Approved and authorised by the Board on 26 January 2025 and signed on its behalf by:
 

.........................................
Mr G W Clarke
Director

.........................................
Mr F H Strelzyn-Clarke
Director

 
     

Company Registration Number: 10703677

 

Greymare Farm Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Greymare Farm
Lostwithiel
Cornwall
PL22 0LW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of property and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Greymare Farm Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors or external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Greymare Farm Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

At 1 May 2023

450

At 30 April 2024

450

Depreciation

At 1 May 2023

450

At 30 April 2024

450

Carrying amount

At 30 April 2024

-

At 30 April 2023

-

5

Investment properties

2024
£

At 1 May

611,040

At 30 April

611,040

There has been no valuation of investment property by an independent valuer during the year. The directors assessment is that there has been no change in fair value during the year.

6

Debtors

2024
£

2023
£

Trade debtors

-

4,708

-

4,708

 

Greymare Farm Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

24,190

24,190

Trade creditors

 

1,324

-

Taxation and social security

 

3,465

10,096

Accruals and deferred income

 

2,084

2,129

Other creditors

 

280,510

272,910

 

311,573

309,325

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

185,457

209,647

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

185,457

209,647

Current loans and borrowings

2024
£

2023
£

Bank borrowings

24,190

24,190

Bank borrowings

The bank loan is denominated in sterling with a nominal interest rate of 6.43%, and the final instalment is due on 6 December 2027. The carrying amount at year end is £209,647 (2023 - £233,837).

The loan is secured by a fixed and floating charge over the investment property held in the company.

 

Greymare Farm Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

100

100

100

100