Company No:
Contents
DIRECTORS | Ann Gorwyn |
Jesse Lambert Gorwyn | |
Robert Lambert Gorwyn | |
Hannah Elizabeth Lockyer |
SECRETARY | Ann Gorwyn |
REGISTERED OFFICE | Buttons Farm Meres Lane |
Cross-In-Hand | |
Heathfield | |
TN21 0TY | |
United Kingdom |
COMPANY NUMBER | 07210907 (England and Wales) |
ACCOUNTANT | Synergee |
Pluto House | |
6 Vale Avenue | |
Tunbridge Wells | |
TN1 1DJ |
Note | 30.06.2024 | 30.06.2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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3,344,736 | 3,475,414 | |||
Current assets | ||||
Stocks |
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Debtors |
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Cash at bank and in hand |
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488,956 | 328,158 | |||
Creditors: amounts falling due within one year | (
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Net current assets | 234,250 | 107,786 | ||
Total assets less current liabilities | 3,578,986 | 3,583,200 | ||
Creditors: amounts falling due after more than one year | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 4 |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Buttons Farm Ltd (registered number:
Ann Gorwyn
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Buttons Farm Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Buttons Farm Meres Lane, Cross-In-Hand, Heathfield, TN21 0TY, United Kingdom.
The financial statements have been prepared under the historical cost convention as by the revaluation of certain assets.
These financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover s measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.
Turnover from the sale of goods is recognised when the following conditions are satisfied:
- the significant risks and rewards of ownership are transferred to the customer;
- the company does not retain managerial involvement, nor control over the goods sold;
- the amount of turnover can be reliably measured;
- the right to consideration due for the transaction is probable; and
- the costs incurred, or to be incurred, can be reliably measured.
Turnover is recognised upon dispatch or collection of the goods by the customer.
Monies received in respect of advanced orders are treated as deposits until the criteria for recognition as turnover is met.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
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.
Entitlements are being amortised evenly over their estimated useful life of five years.
Cost includes directly attributable expenditure in bringing the asset into the location and condition necessary for operation.
The assets' residual values; useful lives and depreciation methods are reviewed periodically and prospectively adjusted where appropriate; or where there is an indication of a significant change since the last reporting date.
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are recognised in the statement of income and retained earnings.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings | not depreciated |
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Plant and machinery etc. | 15 -
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The fair value is determined annually by the directors, on an open market value for existing use basis.
Cost is calculated using the cost of purchase of finished goods for resale.
At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to the estimated realisable value, and the impairment is immediately recognised in the statement of income and retained earnings.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.
Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the term of the lease.
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by hire purchase are depreciated over the useful economic life. Assets acquired by finance lease are depreciated over the term of the lease, or useful economic life if shorter.
Finance leases are those where substantially all of the risks and benefits of ownership are assumed by the company. Obligations under such agreements are included in creditors, net of finance charges allocated to future periods. The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant, periodic rate of charge on the net obligation outstanding in each period.
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.
30.06.2024 | 30.06.2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 July 2023 |
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Additions |
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Disposals | (
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At 30 June 2024 |
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Accumulated depreciation | |||||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||||
At 30 June 2024 |
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At 30 June 2023 |
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30.06.2024 | 30.06.2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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