Registration number:
Overdale Farms Limited
for the Year Ended 30 November 2024
Overdale Farms Limited
(Registration number: 05627919)
Balance Sheet as at 30 November 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
|
|
||
Current assets |
|||
Stocks |
- |
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Revaluation reserve |
|
|
|
Retained earnings |
( |
( |
|
Shareholders' deficit |
( |
( |
For the financial year ending 30 November 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 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 delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and the Profit and Loss Account has been taken.
Overdale Farms Limited
(Registration number: 05627919)
Balance Sheet as at 30 November 2024 (continued)
.........................................
A J B Smith
Director
Overdale Farms Limited
Statement of Changes in Equity for the Year Ended 30 November 2024
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 December 2023 |
|
|
( |
( |
Profit for the year |
- |
- |
|
|
At 30 November 2024 |
|
|
( |
( |
Share capital |
Revaluation reserve |
Retained earnings |
Total |
|
At 1 December 2022 |
|
- |
( |
( |
Profit for the year |
- |
- |
|
|
Transfers |
- |
83,201 |
(83,201) |
- |
At 30 November 2023 |
1 |
83,201 |
(393,429) |
(310,227) |
Overdale Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
Accounting policies |
Statutory information
Overdale Farms Limited is a private company, limited by shares, domiciled in England and Wales, company number 05627919. The registered office is at Pegasus House, 463a Glossop Road Sheffield, S10 2QD.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Going concern
The financial statements have been prepared on a going concern basis based on the directors continued support of the company.
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.
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 |
Leasehold improvements |
2% straight line |
Plant and machinery |
20-25% straight line |
Overdale Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
1 |
Accounting policies (continued) |
Investment property
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
|
Cost or valuation |
|||
At 1 December 2023 |
|
|
|
At 30 November 2024 |
|
|
|
Depreciation |
|||
At 1 December 2023 |
|
|
|
Charge for the year |
|
|
|
At 30 November 2024 |
|
|
|
Carrying amount |
|||
At 30 November 2024 |
|
|
|
At 30 November 2023 |
|
|
|
Included within the net book value of land and buildings above is £798,843 (2023 - £821,887) in respect of leasehold land and buildings.
Overdale Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)
Investment properties |
2024 |
|
At 1 December 2023 |
|
At 30 November 2024 |
|
Investment properties have been valued at current market value by the director, Mr A J B Smith at the balance sheet date. The historical cost of the investment properties was £316,799 (2023: £316,799). Depreciation on this historical cost is nil (2023: nil).
Debtors |
Current |
2024 |
2023 |
Other debtors |
|
|
|
|
Creditors |
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
- |
|
Other creditors |
|
|
|
|
2024 |
2023 |
|
Due after one year |
||
Directors loan account |
|
|
Related party transactions |
At the year end the director, A J B Smith had an interest free loan with the company. The balance owing to the director at the balance sheet date was £1,694,116 (2023: £1,848,280).
The freehold of the leasehold land and buildings is owned by AJB Smith and they are leased to the company at a peppercorn rent.