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COMPANY REGISTRATION NUMBER: 03018400
Fourbs Farming Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Fourbs Farming Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
212,011
196,060
Current assets
Stocks
77,563
92,224
Debtors
6
90,543
91,831
Cash at bank and in hand
165,648
198,135
----------
----------
333,754
382,190
Creditors: amounts falling due within one year
7
358,450
360,620
----------
----------
Net current (liabilities)/assets
( 24,696)
21,570
----------
----------
Total assets less current liabilities
187,315
217,630
Provisions
Taxation including deferred tax
12,708
12,708
----------
----------
Net assets
174,607
204,922
----------
----------
Fourbs Farming Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
174,606
204,921
----------
----------
Shareholders funds
174,607
204,922
----------
----------
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 income and retained earnings 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.
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 were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
Mr C.L. Birdsall
Director
Company registration number: 03018400
Fourbs Farming Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares. The registered office address is Carlisle Chambers, Carlisle Street, Goole, England, DN14 5DX.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) 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.
(d) Current & deferred tax
The taxation expense represents the amount of current 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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) 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 & Machinery
-
25% reducing balance
(g) 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.
(h) 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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(i) 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.
(j) Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
(k) Government grants
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 3 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 May 2023
131,433
229,007
360,440
Additions
25,695
31,761
57,456
Disposals
( 55,000)
( 55,000)
----------
----------
----------
At 30 April 2024
157,128
205,768
362,896
----------
----------
----------
Depreciation
At 1 May 2023
164,380
164,380
Charge for the year
18,302
18,302
Disposals
( 31,797)
( 31,797)
----------
----------
----------
At 30 April 2024
150,885
150,885
----------
----------
----------
Carrying amount
At 30 April 2024
157,128
54,883
212,011
----------
----------
----------
At 30 April 2023
131,433
64,627
196,060
----------
----------
----------
6. Debtors
2024
2023
£
£
Trade debtors
68,497
68,255
Other debtors
22,046
23,576
--------
--------
90,543
91,831
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
88,985
88,315
Amounts owed to group undertakings and undertakings in which the company has a participating interest
251,078
242,627
Corporation tax
3,296
Social security and other taxes
11,087
Other creditors
18,387
15,295
----------
----------
358,450
360,620
----------
----------
8. Related party transactions
The company has taken advantage of the exemptions provided in FRS 102 from reporting transactions between wholly owned members of the group.
9. Controlling party
The company is a wholly owned subsidiary of Dewdown Limited , a company registered in England whose registered office is Carlisle Chambers, Carlisle Street, Goole, DN14 5DX.