Field Farm Cross Country Limited 10867932 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is the provision of equestrian services. Digita Accounts Production Advanced 6.30.9574.0 true true 10867932 2023-08-01 2024-07-31 10867932 2024-07-31 10867932 core:RetainedEarningsAccumulatedLosses 2024-07-31 10867932 core:ShareCapital 2024-07-31 10867932 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 10867932 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-07-31 10867932 core:CurrentFinancialInstruments 2024-07-31 10867932 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 10867932 core:Non-currentFinancialInstruments 2024-07-31 10867932 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 10867932 core:FurnitureFittingsToolsEquipment 2024-07-31 10867932 core:LandBuildings 2024-07-31 10867932 bus:SmallEntities 2023-08-01 2024-07-31 10867932 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 10867932 bus:FilletedAccounts 2023-08-01 2024-07-31 10867932 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 10867932 bus:RegisteredOffice 2023-08-01 2024-07-31 10867932 bus:Director1 2023-08-01 2024-07-31 10867932 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 10867932 bus:Agent1 2023-08-01 2024-07-31 10867932 core:Buildings 2023-08-01 2024-07-31 10867932 core:FurnitureFittings 2023-08-01 2024-07-31 10867932 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 10867932 core:LandBuildings 2023-08-01 2024-07-31 10867932 core:PlantMachinery 2023-08-01 2024-07-31 10867932 countries:EnglandWales 2023-08-01 2024-07-31 10867932 2023-07-31 10867932 core:FurnitureFittingsToolsEquipment 2023-07-31 10867932 core:LandBuildings 2023-07-31 10867932 2022-08-01 2023-07-31 10867932 2023-07-31 10867932 core:RetainedEarningsAccumulatedLosses 2023-07-31 10867932 core:ShareCapital 2023-07-31 10867932 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 10867932 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 10867932 core:CurrentFinancialInstruments 2023-07-31 10867932 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 10867932 core:Non-currentFinancialInstruments 2023-07-31 10867932 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 10867932 core:FurnitureFittingsToolsEquipment 2023-07-31 10867932 core:LandBuildings 2023-07-31 iso4217:GBP xbrli:pure

Registration number: 10867932

Field Farm Cross Country Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Field Farm Cross Country Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Field Farm Cross Country Limited

Company Information

Director

Mrs J Shields

Registered office

1 Bond Street
Colne
Lancashire
BB8 9DG

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Field Farm Cross Country Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Field Farm Cross Country Limited for the year ended 31 July 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Field Farm Cross Country Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Field Farm Cross Country Limited and state those matters that we have agreed to state to the Board of Directors of Field Farm Cross Country Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Field Farm Cross Country Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Field Farm Cross Country Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Field Farm Cross Country Limited. You consider that Field Farm Cross Country Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Field Farm Cross Country Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

27 February 2025

 

Field Farm Cross Country Limited

(Registration number: 10867932)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

664,251

694,848

Current assets

 

Stocks

5

22,718

18,280

Debtors

3,116

5,833

Cash at bank and in hand

 

626

583

 

26,460

24,696

Creditors: Amounts falling due within one year

6

(55,373)

(99,875)

Net current liabilities

 

(28,913)

(75,179)

Total assets less current liabilities

 

635,338

619,669

Creditors: Amounts falling due after more than one year

6

(811,358)

(811,461)

Provisions for liabilities

(16,773)

(16,827)

Net liabilities

 

(192,793)

(208,619)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(192,893)

(208,719)

Shareholders' deficit

 

(192,793)

(208,619)

 

Field Farm Cross Country Limited

(Registration number: 10867932)
Balance Sheet as at 31 July 2024

For the financial year ending 31 July 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 her 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
 

.........................................
Mrs J Shields
Director

 

Field Farm Cross Country Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
1 Bond Street
Colne
Lancashire
BB8 9DG

The principal place of business is:
Field Farm
East Road
Wymeswold
Loughborough
LE12 6ST

These financial statements were authorised for issue by the director on 27 February 2025.

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.

The financial statments contain information about Field Farm Cross Country Limited as an individual company.

The financial statements of the company are presented in the currency of the primary economic environment in which the company operates (its functioning currency). For the purposes of the financial statements, the results and financial position are presented in Sterling.

 

Field Farm Cross Country Limited

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

Going concern

The financial statements have been prepared on a going concern basis.
The company is reliant upon the support of its director. The director has a reasonable expectation that the company has adequate resources available to continue in operational existence for the foreseeable future, thus she continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property

5% reducing balance

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

 

Field Farm Cross Country Limited

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

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.

Trade debtors

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock is initially recognised at cost which includes purchase cost and any other attributable expenditure.

Livestock is subsequently valued at fair value. The surplus or deficit on revaluation is taken directly to reserves unless the deficit reduces fair value to below original cost, in which case it is recognised in the profit and loss for the year.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Field Farm Cross Country Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 3 (2023 - 3).

 

Field Farm Cross Country Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

766,485

134,324

900,809

Additions

-

19,995

19,995

Disposals

-

(9,000)

(9,000)

At 31 July 2024

766,485

145,319

911,804

Depreciation

At 1 August 2023

160,201

45,760

205,961

Charge for the year

30,314

15,579

45,893

Eliminated on disposal

-

(4,301)

(4,301)

At 31 July 2024

190,515

57,038

247,553

Carrying amount

At 31 July 2024

575,970

88,281

664,251

At 31 July 2023

606,284

88,564

694,848

Included within the net book value of land and buildings above is £575,970 (2023 - £606,284) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Raw materials and consumables

22,718

18,280

 

Field Farm Cross Country Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

51,244

81,451

Trade creditors

 

-

14,170

Taxation and social security

 

242

104

Accruals and deferred income

 

3,878

4,150

Other creditors

 

9

-

 

55,373

99,875

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

811,358

811,461

 

Field Farm Cross Country Limited

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

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

61,358

61,461

Other borrowings

750,000

750,000

811,358

811,461

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

9,111

9,455

Hire purchase contracts

16,811

12,647

Other borrowings

25,322

59,349

51,244

81,451

The hire purchase agreements are secured by a fixed charge over the company's assets concerned.