4 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,767,401 76,565 1,843,966 1,441,156 75,431 1,516,587 327,379 326,245 xbrli:pure xbrli:shares iso4217:GBP 01752361 2023-06-01 2024-05-31 01752361 2024-05-31 01752361 2023-05-31 01752361 2022-06-01 2023-05-31 01752361 2023-05-31 01752361 2022-05-31 01752361 bus:Director1 2023-06-01 2024-05-31 01752361 bus:Director2 2023-06-01 2024-05-31 01752361 core:FurnitureFittings 2023-05-31 01752361 core:FurnitureFittings 2024-05-31 01752361 core:FurnitureFittings 2023-06-01 2024-05-31 01752361 core:WithinOneYear 2024-05-31 01752361 core:WithinOneYear 2023-05-31 01752361 core:AfterOneYear 2024-05-31 01752361 core:AfterOneYear 2023-05-31 01752361 core:ShareCapital 2024-05-31 01752361 core:ShareCapital 2023-05-31 01752361 core:RetainedEarningsAccumulatedLosses 2024-05-31 01752361 core:RetainedEarningsAccumulatedLosses 2023-05-31 01752361 core:BetweenOneFiveYears 2024-05-31 01752361 core:BetweenOneFiveYears 2023-05-31 01752361 core:FurnitureFittings 2023-05-31 01752361 bus:SmallEntities 2023-06-01 2024-05-31 01752361 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 01752361 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 01752361 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 01752361 bus:FullAccounts 2023-06-01 2024-05-31 01752361 core:EntitiesControlledByKeyManagementPersonnel 2023-06-01 2024-05-31
COMPANY REGISTRATION NUMBER: 01752361
Furrowland Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2024
Furrowland Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
327,379
326,245
Current assets
Debtors
6
360,852
107,642
Cash at bank and in hand
64,419
196,025
----------
----------
425,271
303,667
Creditors: amounts falling due within one year
7
298,522
258,049
----------
----------
Net current assets
126,749
45,618
----------
----------
Total assets less current liabilities
454,128
371,863
Creditors: amounts falling due after more than one year
8
26,458
55,244
Provisions
Taxation including deferred tax
41,974
41,974
----------
----------
Net assets
385,696
274,645
----------
----------
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss account
375,696
264,645
----------
----------
Shareholders funds
385,696
274,645
----------
----------
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 .
Furrowland Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 13 January 2025 , and are signed on behalf of the board by:
A Arden
B M Arden
Director
Director
Company registration number: 01752361
Furrowland 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 Manor Farm, Newton on Trent, Lincoln, LN1 2JP.
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 the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.
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:
Plant,equipment and vehicles
-
15%-25% reducing balance
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.
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.
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 persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Plant, equipment and vehicles
£
Cost
At 1 June 2023
1,767,401
Additions
76,565
-------------
At 31 May 2024
1,843,966
-------------
Depreciation
At 1 June 2023
1,441,156
Charge for the year
75,431
-------------
At 31 May 2024
1,516,587
-------------
Carrying amount
At 31 May 2024
327,379
-------------
At 31 May 2023
326,245
-------------
6. Debtors
2024
2023
£
£
Trade debtors
106,538
68,328
Amounts owed by group undertakings and undertakings in which the company has a participating interest
245,000
30,000
Other debtors
9,314
9,314
----------
----------
360,852
107,642
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
9,991
9,746
Trade creditors
150,989
132,250
Corporation tax
46,938
46,291
Social security and other taxes
44,925
22,095
Other creditors
45,679
47,667
----------
----------
298,522
258,049
----------
----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
10,765
21,001
Other creditors
15,693
34,243
---------
---------
26,458
55,244
---------
---------
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2024
2023
£
£
Not later than 1 year
18,550
18,550
Later than 1 year and not later than 5 years
15,693
34,243
---------
---------
34,243
52,793
---------
---------
10. Related party transactions
As at 31 May 2024 Furrowland Holdings Limited owed the compnay£160,000.
11. Controlling party
The company's ultimate parent company is Furrowland Holdings Limited, a company registered in England and Wales. Copies of the financial statements of Furrowland Holdings Limited are available from Furrowland Holdings Limited, Manor Farm, Newton on Trent, Lincoln LN1 2JP.