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COMPANY REGISTRATION NUMBER: 09722382
Swiss Farm Limited
Unaudited financial statements
30 September 2024
Swiss Farm Limited
Statement of financial position
30 September 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
281,113
238,874
Investments
6
200
200
---------
---------
281,313
239,074
Current assets
Stocks
187,960
137,477
Debtors
7
122,602
119,777
Cash at bank and in hand
193,563
181,855
---------
---------
504,125
439,109
Creditors: Amounts falling due within one year
8
( 342,548)
( 283,829)
---------
---------
Net current assets
161,577
155,280
---------
---------
Total assets less current liabilities
442,890
394,354
Creditors: Amounts falling due after more than one year
9
( 34,954)
( 18,281)
Provisions
Taxation including deferred tax
( 47,398)
( 30,355)
---------
---------
Net assets
360,538
345,718
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
360,338
345,518
---------
---------
Shareholders funds
360,538
345,718
---------
---------
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 September 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 .
Swiss Farm Limited
Statement of financial position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 12 February 2025 , and are signed on behalf of the board by:
D Ridgway
Director
Company registration number: 09722382
Swiss Farm Limited
Notes to the financial statements
Year ended 30 September 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 First Floor Suite, 2 Hillside Business Park, Bury St Edmunds, Suffolk, IP32 7EA. The primary operating addresses of the company is Hemingstone Road, Ashbocking, Ipswich, Suffolk, IP6 9LF.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Leasehold property
-
2% straight line
Plant, machinery & equipment
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 40 (2023: 39 ).
5. Tangible assets
Leasehold property
Plant, machinery & equipment
Fixtures & fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
152,610
153,620
108,183
414,413
Additions
25,096
29,487
13,644
17,100
85,327
---------
---------
---------
-------
---------
At 30 September 2024
177,706
183,107
121,827
17,100
499,740
---------
---------
---------
-------
---------
Depreciation
At 1 October 2023
11,118
98,024
66,397
175,539
Charge for the year
3,332
21,564
13,917
4,275
43,088
---------
---------
---------
-------
---------
At 30 September 2024
14,450
119,588
80,314
4,275
218,627
---------
---------
---------
-------
---------
Carrying amount
At 30 September 2024
163,256
63,519
41,513
12,825
281,113
---------
---------
---------
-------
---------
At 30 September 2023
141,492
55,596
41,786
238,874
---------
---------
---------
-------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 October 2023 and 30 September 2024
200
----
Impairment
At 1 October 2023 and 30 September 2024
----
Carrying amount
At 30 September 2024
200
----
At 30 September 2023
200
----
7. Debtors
2024
2023
£
£
Trade debtors
546
Other debtors
122,056
119,777
---------
---------
122,602
119,777
---------
---------
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,714
Trade creditors
181,170
149,558
Amounts owed to group undertakings
200
200
Social security and other taxes
62,231
51,736
Other creditors
91,233
82,335
---------
---------
342,548
283,829
---------
---------
Included within other creditors are finance leases totalling £17,660 (2023: £23,845) which are secured against the assets to which they relate.
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,072
Other creditors
18,882
18,281
-------
-------
34,954
18,281
-------
-------
Included within other creditors are finance leases totalling £18,882 (2023: £18,281) which are secured against the assets to which they relate.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
4,681
3,750
------
------
11. Directors' advances, credits and guarantees
Included within other debtors at the year end are directors loan accounts totalling £95,720 (2023: £99,949). The maximum total overdrawn balance during the year was £168,602 (2023: £115,017) and total interest charged during the year was £2,164 (2023: £1,805) at the official rate.