REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 5 April 2024 |
for |
Severals Farm Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 5 April 2024 |
for |
Severals Farm Limited |
Severals Farm Limited (Registered number: 01393468) |
Contents of the Financial Statements |
for the Year Ended 5 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Severals Farm Limited |
Company Information |
for the Year Ended 5 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 32/33 Normany Gateway, |
Lysaghts Way, |
Scunthorpe |
North Lincolnshire |
DN15 9YG |
Severals Farm Limited (Registered number: 01393468) |
Balance Sheet |
5 April 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 | ( |
) |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Severals Farm Limited (Registered number: 01393468) |
Balance Sheet - continued |
5 April 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Severals Farm Limited (Registered number: 01393468) |
Notes to the Financial Statements |
for the Year Ended 5 April 2024 |
1. | STATUTORY INFORMATION |
Severals Farm Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
INVESTMENT PROPERTY |
Investment property is shown at cost, less depreciation charged at a rate of 10% straight line method. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Severals Farm Limited (Registered number: 01393468) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 6 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 5 April 2024 |
DEPRECIATION |
At 6 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
Freehold property has been included in the balance sheet at cost. Some of the freehold property is made up of two different components: land and buildings. Land is not normally depreciated because it is not expected to wear out and its residual value is likely to be at least equal to its cost. The buildings are maintained in good condition, however, they may depreciate due to their inherent use within the business. Consequently, and on the basis that the directors are unable to fairly separate the land and buildings component in respect of some of the freehold property, depreciation is provided for on these assets on the basis of prudence. |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 6 April 2023 |
and 5 April 2024 |
DEPRECIATION |
At 6 April 2023 |
and 5 April 2024 | 33,364 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
Severals Farm Limited (Registered number: 01393468) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
5. | INVESTMENT PROPERTY - continued |
The freehold investment property is leased to an associated company, namely Severals Ventures Limited, on normal commercial terms. |
Investment property has been included in the balance sheet at cost. Cost is made up of two principal components: land and a building. Land is not normally depreciated because it is not expected to wear out and its residual value is likely to be at least equal to its cost. The building is maintained in good condition, however, it may depreciate. Consequently, and on the basis that the directors are unable to fairly separate the land, building and other components, depreciation is provided for on these assets on the basis of prudence. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Severals (1990) Retirement Benefits Scheme | (76,696 | ) | (32,254 | ) |
VAT | - | 10,547 |
Directors' current accounts | 15,093 | - |
Tax |
Prepayments |
( |
) |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Other loans (see note 9) |
Trade creditors |
Corporation tax |
Social security and other tax |
VAT | 1,718 | - |
Severals Ventures Ltd | 9,211 | 11,682 |
Accruals | 7,734 | 7,162 |
Directors' current accounts | - | 335 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 9) |
Other loans (see note 9) |
Severals Farm Limited (Registered number: 01393468) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Other loans less than 1 yr |
Amounts falling due between one and two years: |
Bank and other loans |
Other loans more than 1 yr | - |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
10. | RESERVES |
Retained |
earnings |
£ |
At 6 April 2023 |
Deficit for the year | ( |
) |
Dividends | ( |
) |
At 5 April 2024 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Dividends totalling £50,758 were paid to the directors throughout the year ended 05th April 2024 (2023 : £10,000). The directors owed the Company £15,093 as at 05th April 2024 (The Company owed the directors £335 as at 05th April 2023). |