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COMPANY REGISTRATION NUMBER: 05817551
Perry's Bridge Farm Limited
Filleted Unaudited Financial Statements
31 May 2024
Perry's Bridge Farm Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
171,462
155,963
Current assets
Stocks
22,907
76,097
Debtors
6
36,338
30,205
Cash at bank and in hand
220,727
104,897
---------
---------
279,972
211,199
Creditors: amounts falling due within one year
7
161,586
155,297
---------
---------
Net current assets
118,386
55,902
---------
---------
Total assets less current liabilities
289,848
211,865
Creditors: amounts falling due after more than one year
8
31,801
Provisions
Taxation including deferred tax
17,589
11,075
---------
---------
Net assets
272,259
168,989
---------
---------
Capital and reserves
Called up share capital
9
4
4
Profit and loss account
272,255
168,985
---------
---------
Shareholders funds
272,259
168,989
---------
---------
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 .
Perry's Bridge 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 26 February 2025 , and are signed on behalf of the board by:
Mrs R M Sharp
Director
Company registration number: 05817551
Perry's Bridge 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 6 The Linen Yard, South Street, Crewkerne, Somerset, TA18 8AB. The principal place of business is Perry Hill, Lydford on Fosse, Somerton, Somerset, TA11 7BF.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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.
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.
Taxation
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. Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences to the extent that it is foreseen that a net liability will arise or a net asset will be recovered.
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:
Equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Poultry House
-
Poultry House 5% straight line Improvements 4% 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 and other costs incurred in bringing the stock to its present location and condition.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2023
172,757
76,962
285,902
535,621
Additions
4,748
20,800
16,250
41,798
---------
--------
---------
---------
At 31 May 2024
177,505
97,762
302,152
577,419
---------
--------
---------
---------
Depreciation
At 1 June 2023
141,736
47,598
190,324
379,658
Charge for the year
5,703
7,343
13,253
26,299
---------
--------
---------
---------
At 31 May 2024
147,439
54,941
203,577
405,957
---------
--------
---------
---------
Carrying amount
At 31 May 2024
30,066
42,821
98,575
171,462
---------
--------
---------
---------
At 31 May 2023
31,021
29,364
95,578
155,963
---------
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
21,580
15,123
Other debtors
14,758
15,082
--------
--------
36,338
30,205
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
30,221
35,040
Trade creditors
66,477
90,131
Corporation tax
42,781
2,967
Social security and other taxes
208
125
Other creditors
21,899
27,034
---------
---------
161,586
155,297
---------
---------
Bank borrowing is secured on freehold land owned by the directors. Interest is charged based on the Bank of England base rate each month.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,801
----
--------
Bank borrowing is secured on freehold land owned by the directors. Interest is charged based on the Bank of England base rate each month.
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
Ordinary B shares of £ 1 each
1
1
1
1
Ordinary C shares of £ 1 each
1
1
1
1
----
----
----
----
4
4
4
4
----
----
----
----