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Registration number: 13036693

Updown Farmhouse Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Updown Farmhouse Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Updown Farmhouse Ltd

(Registration number: 13036693)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,126

5,735

Tangible assets

5

349,489

349,765

 

354,615

355,500

Current assets

 

Stocks

-

13,100

Debtors

6

16,997

38,440

Cash at bank and in hand

 

-

35,792

 

16,997

87,332

Creditors: Amounts falling due within one year

7

(303,193)

(343,649)

Net current liabilities

 

(286,196)

(256,317)

Total assets less current liabilities

 

68,419

99,183

Creditors: Amounts falling due after more than one year

7

(14,610)

-

Net assets

 

53,809

99,183

Capital and reserves

 

Called up share capital

2

2

Share premium reserve

499,999

499,999

Retained earnings

(446,192)

(400,818)

Shareholders' funds

 

53,809

99,183

 

Updown Farmhouse Ltd

(Registration number: 13036693)
Balance Sheet as at 31 May 2024

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 February 2025
 

.........................................
O Brown
Director

 

Updown Farmhouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of renting assets for use. Turnover is shown net of value added tax.

Tax

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% Straight Line

Office Equipment

25% Straight Line

Fixtures and Fittings

20% Straight Line

Property Improvements

Nil

 

Updown Farmhouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 18).

 

Updown Farmhouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Website development
£

Total
£

Cost or valuation

At 1 June 2023

6,090

6,090

At 31 May 2024

6,090

6,090

Amortisation

At 1 June 2023

355

355

Amortisation charge

609

609

At 31 May 2024

964

964

Carrying amount

At 31 May 2024

5,126

5,126

At 31 May 2023

5,735

5,735

5

Tangible assets

Property improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 June 2023

150,967

213,722

4,900

4,921

Additions

23,612

15,700

-

6,770

At 31 May 2024

174,579

229,422

4,900

11,691

Depreciation

At 1 June 2023

-

22,635

1,136

974

Charge for the year

-

44,148

980

1,230

At 31 May 2024

-

66,783

2,116

2,204

Carrying amount

At 31 May 2024

174,579

162,639

2,784

9,487

At 31 May 2023

150,967

191,087

3,764

3,947

 

Updown Farmhouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Total
£

Cost or valuation

At 1 June 2023

374,510

Additions

46,082

At 31 May 2024

420,592

Depreciation

At 1 June 2023

24,745

Charge for the year

46,358

At 31 May 2024

71,103

Carrying amount

At 31 May 2024

349,489

At 31 May 2023

349,765

 

Updown Farmhouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

782

Other debtors

16,997

37,658

 

16,997

38,440

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

34,727

-

Trade creditors

 

15,096

29,626

Taxation and social security

 

-

38,963

Other creditors

 

253,370

275,060

 

303,193

343,649

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

14,610

-

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

34,727

-

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

14,610

-

 

Updown Farmhouse Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Related party transactions

Other transactions with the director

O Brown had a loan with the company.

At the balance sheet date, the amount due to/(from) O Brown was £3,140 (2023: (£37,658)).

Summary of transactions with other related parties

O Brown is a majority shareholder and director of UpdownFarmhouseRooms Ltd, a company incorporated in England and Wales.

During the period, the following related party tranactions occurred:

The company recieved an interest-free loan from UpdownFarmhouseRooms Ltd. At the balance sheet date, the amount owed to/(from) UpdownFarmhouseRooms was £80,550 (2023 £107,778).

The company's parent is Updown Farmhouse (Holdings) Limited, incorporated in England and Wales.

The company recieved an interest-free loan from UpdownFarmhouse (Holdings) Limited. At the balance sheet date, the amount owed to/(from) UpdownFarmhouse(Holdings) was £41,851 (2023 £nil).

During the year, the company rented their assets to UpdownFarmhouse (Holdings) Limited. The value of the rent in the year was £10,000.