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COMPANY REGISTRATION NUMBER: 05055195
Frelins Farm Limited
Filleted Unaudited Financial Statements
31 May 2024
Frelins Farm Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
7,214
8,648
Current assets
Stocks
1,500
1,500
Debtors
6
9,599
8,940
Cash at bank and in hand
21,652
29,936
--------
--------
32,751
40,376
Creditors: amounts falling due within one year
7
7,435
12,526
--------
--------
Net current assets
25,316
27,850
--------
--------
Total assets less current liabilities
32,530
36,498
--------
--------
Net assets
32,530
36,498
--------
--------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
32,528
36,496
--------
--------
Shareholders funds
32,530
36,498
--------
--------
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 31 May 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 .
Frelins Farm Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
J M Swift
S Swift
Director
Director
Company registration number: 05055195
Frelins Farm Limited
Notes to the Financial Statements
Year ended 31 May 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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.
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.
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:
Land and buildings
-
2% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
20% straight line
Equipment
-
25 % 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.
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
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jun 2023 and 31 May 2024
7,500
41,250
19,210
1,000
4,336
73,296
-------
--------
--------
-------
-------
--------
Depreciation
At 1 Jun 2023
2,400
41,250
19,210
33
1,755
64,648
Charge for the year
150
200
1,084
1,434
-------
--------
--------
-------
-------
--------
At 31 May 2024
2,550
41,250
19,210
233
2,839
66,082
-------
--------
--------
-------
-------
--------
Carrying amount
At 31 May 2024
4,950
767
1,497
7,214
-------
--------
--------
-------
-------
--------
At 31 May 2023
5,100
967
2,581
8,648
-------
--------
--------
-------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
7,866
7,067
Prepayments and accrued income
287
255
Other debtors
1,446
1,618
-------
-------
9,599
8,940
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,251
Accruals and deferred income
4,929
4,310
Corporation tax
1,751
2,004
Director loan accounts
677
3,883
Other taxes and social security
6
6
Other creditors
72
72
-------
--------
7,435
12,526
-------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
9. Related party transactions
At the year end the directors were owed by the company £677 (2023: £3,883) by way of a joint directors loan account. This loan is interest free and included within creditors. During the year the company paid rent of £12,000 to the directors and shareholders.