S C Farrington Produce Ltd 10701220 false 2023-03-30 2024-03-28 2024-03-28 The principal activity of the company is that of growing of vegetables, horticultural specialities and nursery products. Digita Accounts Production Advanced 6.30.9574.0 true true 10701220 2023-03-30 2024-03-28 10701220 2024-03-28 10701220 bus:OrdinaryShareClass1 2024-03-28 10701220 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-28 10701220 core:CurrentFinancialInstruments 2024-03-28 10701220 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-28 10701220 core:Non-currentFinancialInstruments 2024-03-28 10701220 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-28 10701220 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-28 10701220 core:MotorVehicles 2024-03-28 10701220 core:OtherPropertyPlantEquipment 2024-03-28 10701220 bus:SmallEntities 2023-03-30 2024-03-28 10701220 bus:AuditExemptWithAccountantsReport 2023-03-30 2024-03-28 10701220 bus:FilletedAccounts 2023-03-30 2024-03-28 10701220 bus:SmallCompaniesRegimeForAccounts 2023-03-30 2024-03-28 10701220 bus:RegisteredOffice 2023-03-30 2024-03-28 10701220 bus:Director1 2023-03-30 2024-03-28 10701220 bus:Director2 2023-03-30 2024-03-28 10701220 bus:OrdinaryShareClass1 2023-03-30 2024-03-28 10701220 bus:PrivateLimitedCompanyLtd 2023-03-30 2024-03-28 10701220 core:Buildings 2023-03-30 2024-03-28 10701220 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-30 2024-03-28 10701220 core:MotorVehicles 2023-03-30 2024-03-28 10701220 core:OtherPropertyPlantEquipment 2023-03-30 2024-03-28 10701220 core:PlantMachinery 2023-03-30 2024-03-28 10701220 countries:England 2023-03-30 2024-03-28 10701220 2023-03-29 10701220 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-29 10701220 core:MotorVehicles 2023-03-29 10701220 core:OtherPropertyPlantEquipment 2023-03-29 10701220 2022-03-31 2023-03-29 10701220 2023-03-29 10701220 bus:OrdinaryShareClass1 2023-03-29 10701220 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-29 10701220 core:CurrentFinancialInstruments 2023-03-29 10701220 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-29 10701220 core:Non-currentFinancialInstruments 2023-03-29 10701220 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-29 10701220 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-29 10701220 core:MotorVehicles 2023-03-29 10701220 core:OtherPropertyPlantEquipment 2023-03-29 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10701220

S C Farrington Produce Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Period from 30 March 2023 to 28 March 2024

 

S C Farrington Produce Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

S C Farrington Produce Ltd

Company Information

Directors

Mr Stanley Colin Farrington

Mrs Christine Farrington

Registered office

8-12 London Street
Southport
Merseyside
PR9 0UE

Accountants

GMR Accountants Ltd
1st Floor
8/12 London Street
Southport
Merseyside
PR9 0UE

 

S C Farrington Produce Ltd

(Registration number: 10701220)
Balance Sheet as at 28 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

80,493

146,860

Current assets

 

Stocks

5

8,060

9,280

Debtors

6

-

2,057

Cash at bank and in hand

 

-

3,925

 

8,060

15,262

Creditors: Amounts falling due within one year

7

(339,175)

(407,895)

Net current liabilities

 

(331,115)

(392,633)

Total assets less current liabilities

 

(250,622)

(245,773)

Creditors: Amounts falling due after more than one year

7

(27,612)

(29,235)

Net liabilities

 

(278,234)

(275,008)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(278,334)

(275,108)

Shareholders' deficit

 

(278,234)

(275,008)

For the financial period ending 28 March 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 March 2025 and signed on its behalf by:
 

.........................................
Mr Stanley Colin Farrington
Director

 

S C Farrington Produce Ltd

Notes to the Unaudited Financial Statements for the Period from 30 March 2023 to 28 March 2024

1

General information

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

The address of its registered office is:
8-12 London Street
Southport
Merseyside
PR9 0UE

These financial statements were authorised for issue by the Board on 18 March 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.

 

S C Farrington Produce Ltd

Notes to the Unaudited Financial Statements for the Period from 30 March 2023 to 28 March 2024

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

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

Yard and Buildings

15% reducing balance basis

Plant and Equipment

15% reducing balance basis

Motor Vehicles

25% reducing balance basis

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

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

Trade 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

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

S C Farrington Produce Ltd

Notes to the Unaudited Financial Statements for the Period from 30 March 2023 to 28 March 2024

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.

Leases

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.

 

S C Farrington Produce Ltd

Notes to the Unaudited Financial Statements for the Period from 30 March 2023 to 28 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 30 March 2023

65,810

9,375

266,293

341,478

Disposals

-

-

(100,500)

(100,500)

At 28 March 2024

65,810

9,375

165,793

240,978

Depreciation

At 30 March 2023

43,581

8,386

142,651

194,618

Charge for the period

3,334

247

10,739

14,320

Eliminated on disposal

-

-

(48,453)

(48,453)

At 28 March 2024

46,915

8,633

104,937

160,485

Carrying amount

At 28 March 2024

18,895

742

60,856

80,493

At 29 March 2023

22,229

989

123,642

146,860

Included within the net book value of land and buildings above is £18,895 (2023 - £22,229) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

8,060

9,280

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

1,559

Other debtors

-

498

 

-

2,057

 

S C Farrington Produce Ltd

Notes to the Unaudited Financial Statements for the Period from 30 March 2023 to 28 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

334,804

404,082

Trade creditors

 

747

1,808

Taxation and social security

 

86

-

Accruals and deferred income

 

3,538

1,900

Other creditors

 

-

105

 

339,175

407,895

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

27,612

29,235

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

27,612

29,235

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,017

17,932

Bank overdrafts

119,244

185,858

Hire purchase contracts

-

11,874

Other borrowings

211,543

188,418

334,804

404,082

 

S C Farrington Produce Ltd

Notes to the Unaudited Financial Statements for the Period from 30 March 2023 to 28 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100