Silverfin false false 31/05/2024 01/06/2023 31/05/2024 N J Craig 03/05/2017 J L Craig 03/05/2017 20 February 2025 The principal activity of the Company during the financial year was farming and rental of investment property. 10751746 2024-05-31 10751746 bus:Director1 2024-05-31 10751746 bus:Director2 2024-05-31 10751746 2023-05-31 10751746 core:CurrentFinancialInstruments 2024-05-31 10751746 core:CurrentFinancialInstruments 2023-05-31 10751746 core:Non-currentFinancialInstruments 2024-05-31 10751746 core:Non-currentFinancialInstruments 2023-05-31 10751746 core:ShareCapital 2024-05-31 10751746 core:ShareCapital 2023-05-31 10751746 core:RetainedEarningsAccumulatedLosses 2024-05-31 10751746 core:RetainedEarningsAccumulatedLosses 2023-05-31 10751746 core:PlantMachinery 2023-05-31 10751746 core:Vehicles 2023-05-31 10751746 core:PlantMachinery 2024-05-31 10751746 core:Vehicles 2024-05-31 10751746 core:CostValuation 2023-05-31 10751746 core:CostValuation 2024-05-31 10751746 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-05-31 10751746 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-05-31 10751746 2023-06-01 2024-05-31 10751746 bus:FilletedAccounts 2023-06-01 2024-05-31 10751746 bus:SmallEntities 2023-06-01 2024-05-31 10751746 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10751746 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10751746 bus:Director1 2023-06-01 2024-05-31 10751746 bus:Director2 2023-06-01 2024-05-31 10751746 core:PlantMachinery 2023-06-01 2024-05-31 10751746 core:Vehicles 2023-06-01 2024-05-31 10751746 2022-06-01 2023-05-31 10751746 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Company No: 10751746 (England and Wales)

NORTH FOSSIL FARM LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

NORTH FOSSIL FARM LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

NORTH FOSSIL FARM LIMITED

BALANCE SHEET

As at 31 May 2024
NORTH FOSSIL FARM LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 142,285 251,362
Investment property 4 258,371 258,371
Investments 5 150 150
400,806 509,883
Current assets
Stocks 6 1,018,439 668,982
Debtors 7 2,778,869 2,969,694
Cash at bank and in hand 4,891 2,282
3,802,199 3,640,958
Creditors: amounts falling due within one year 8 ( 4,110,485) ( 4,056,394)
Net current liabilities (308,286) (415,436)
Total assets less current liabilities 92,520 94,447
Creditors: amounts falling due after more than one year 9 ( 5,278) ( 10,405)
Net assets 87,242 84,042
Capital and reserves
Called-up share capital 100 100
Profit and loss account 87,142 83,942
Total shareholders' funds 87,242 84,042

For the financial 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 financial statements of North Fossil Farm Limited (registered number: 10751746) were approved and authorised for issue by the Board of Directors on 20 February 2025. They were signed on its behalf by:

J L Craig
Director
NORTH FOSSIL FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
NORTH FOSSIL FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

North Fossil Farm Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Plant and machinery 5 - 25 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 June 2023 198,297 192,326 390,623
Additions 0 103,219 103,219
Disposals ( 52,902) ( 201,081) ( 253,983)
At 31 May 2024 145,395 94,464 239,859
Accumulated depreciation
At 01 June 2023 28,072 111,189 139,261
Charge for the financial year 7,781 28,026 35,807
Disposals ( 2,854) ( 74,640) ( 77,494)
At 31 May 2024 32,999 64,575 97,574
Net book value
At 31 May 2024 112,396 29,889 142,285
At 31 May 2023 170,225 81,137 251,362

4. Investment property

Investment property
£
Valuation
As at 01 June 2023 258,371
As at 31 May 2024 258,371

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 June 2023 150
At 31 May 2024 150
Carrying value at 31 May 2024 150
Carrying value at 31 May 2023 150

6. Stocks

2024 2023
£ £
Stocks 74,037 74,037
Work in progress 944,402 594,945
1,018,439 668,982

7. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 1,164,664 1,689,664
Amounts owed by related parties 1,421,413 1,211,413
Other debtors 192,792 68,617
2,778,869 2,969,694

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,138 5,012
Trade creditors 6,788 373
Amounts owed to related parties 3,683,315 3,840,315
Taxation and social security 7,758 8,736
Other creditors 407,486 201,958
4,110,485 4,056,394

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 5,278 10,405

There are no amounts included above in respect of which any security has been given by the small entity.

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors' loan 129,198 0

Interest of £484 has been charged at the applicable HMRC rate