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COMPANY REGISTRATION NUMBER: 00684620
G E Overton (Farms) Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
G E Overton (Farms) Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
56,008
152,597
Current assets
Stocks
1,318
Debtors
6
147,962
188,460
Investments
7
700
700
Cash at bank and in hand
1,847,157
1,869,849
-------------
-------------
1,995,819
2,060,327
Creditors: amounts falling due within one year
8
16,116
171,643
-------------
-------------
Net current assets
1,979,703
1,888,684
-------------
-------------
Total assets less current liabilities
2,035,711
2,041,281
-------------
-------------
Net assets
2,035,711
2,041,281
-------------
-------------
Capital and reserves
Called up share capital
19,500
19,500
Revaluation reserve
31,201
31,201
Other reserves
10,500
10,500
Profit and loss account
1,974,510
1,980,080
-------------
-------------
Shareholders funds
2,035,711
2,041,281
-------------
-------------
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 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.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
G E Overton (Farms) Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
A M Overton
Director
Company registration number: 00684620
G E Overton (Farms) Limited
Notes to the Financial Statements
Year ended 30 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 Brankley House, Boothby Graffoe, Lincoln.
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.
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.
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:
Freehold property
-
2.5% straight line (land is not depreciated)
Plant and machinery
-
20% straight line
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold Property
Plant and machinery
Total
£
£
£
Cost
At 1 May 2023
149,033
198,622
347,655
Disposals
( 110,442)
( 110,442)
----------
----------
----------
At 30 April 2024
38,591
198,622
237,213
----------
----------
----------
Depreciation
At 1 May 2023
17,948
177,110
195,058
Charge for the year
4,095
4,095
Disposals
( 17,948)
( 17,948)
----------
----------
----------
At 30 April 2024
181,205
181,205
----------
----------
----------
Carrying amount
At 30 April 2024
38,591
17,417
56,008
----------
----------
----------
At 30 April 2023
131,085
21,512
152,597
----------
----------
----------
Freehold land was revalued in the year ended 30th April 1999 to a value as determined by the director of £690,000. This was based using a figure of £2,000 per acre. The historical cost of the land was £10,000 and no depreciation is charged. During the year ended 30 April 2003, 47 acres of freehold land were sold. This land was treated for accounts purposes as having a value of £94,000. This is in line with the valuation in 1999. During the years ended 30 April 2006 (50.68 acres), 30 April 2010 (11 acres), 30 April 2013 (99 acres), 30 April 2017 (34.05 acres), 30 April 2018 (46.77 acres) and 30 April 2023 (40 acres) of freehold land was sold and again treated as having a book value of £2,000 per acre.
6. Debtors
2024
2023
£
£
Other debtors
147,962
188,460
----------
----------
7. Investments
2024
2023
£
£
660 £1 ordinary shares in Lloyds TSB Group plc
660
660
26 £1 ordinary shares in Central Wool Growers Ltd
40
40
----
----
700
700
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
610
7,716
Corporation tax
7,877
148,382
Other creditors
7,629
15,545
---------
----------
16,116
171,643
---------
----------