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REGISTERED NUMBER: 06941141 (England and Wales)















Farmgem Limited

Unaudited Financial Statements for the Year Ended 30 June 2024






Farmgem Limited (Registered number: 06941141)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Farmgem Limited

Company Information
for the Year Ended 30 June 2024







DIRECTOR: T N Fixter





SECRETARY:





REGISTERED OFFICE: 30 Sleaford Road
Bracebridge Heath
Lincoln
Lincolnshire
LN4 2ND





REGISTERED NUMBER: 06941141 (England and Wales)





ACCOUNTANTS: M.D. Cobb F.M.A.A.T.
Cobb & Co Accountants Limited
30 Sleaford Road
Bracebridge Heath
Lincoln
Lincolnshire
LN4 2ND

Farmgem Limited (Registered number: 06941141)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,006 1,342

CURRENT ASSETS
Stocks 3,110 3,110
Debtors 5 22,453 20,445
Cash at bank and in hand 91,684 97,022
117,247 120,577
CREDITORS
Amounts falling due within one year 6 68,669 62,257
NET CURRENT ASSETS 48,578 58,320
TOTAL ASSETS LESS CURRENT
LIABILITIES

49,584

59,662

CAPITAL AND RESERVES
Called up share capital 329,000 329,000
Retained earnings (279,416 ) (269,338 )
49,584 59,662

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 March 2025 and were signed by:




T N Fixter - Director


Farmgem Limited (Registered number: 06941141)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Farmgem Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Farmgem Limited (Registered number: 06941141)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 July 2023
and 30 June 2024 23,597 4,518 28,115
DEPRECIATION
At 1 July 2023 22,450 4,323 26,773
Charge for year 287 49 336
At 30 June 2024 22,737 4,372 27,109
NET BOOK VALUE
At 30 June 2024 860 146 1,006
At 30 June 2023 1,147 195 1,342

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 14,980 6,511
Other debtors 7,473 13,934
22,453 20,445

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 31,766 16,387
Taxation and social security 1,093 5,061
Other creditors 35,810 40,809
68,669 62,257

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

30.6.24 30.6.23
£    £   
T N Fixter
Balance outstanding at start of year - 94
Amounts repaid - (94 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Farmgem Limited (Registered number: 06941141)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

8. ULTIMATE CONTROLLING PARTY

The director owns 7.6% of the issued share capital, the remainder 92.4% of issued share capital is owned equally by Louth Developments Limited and Knights of Casterton Limited.