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Registered number: 11242334










COTSWOLD FARMING LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2024

 
COTSWOLD FARMING LTD
REGISTERED NUMBER: 11242334

BALANCE SHEET
AS AT 30 JUNE 2024

30 June
31 December
2024
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,182,844
999,913

  
1,182,844
999,913

Current assets
  

Stocks
 5 
7,754
5,913

Debtors: amounts falling due within one year
 6 
118,638
37,794

Cash at bank and in hand
  
84,330
22,104

  
210,722
65,811

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(381,409)
(260,600)

Net current liabilities
  
 
 
(170,687)
 
 
(194,789)

Total assets less current liabilities
  
1,012,157
805,124

Creditors: amounts falling due after more than one year
 8 
(319,159)
(362,479)

Provisions for liabilities
  

Deferred tax
  
(295,653)
(249,978)

  
 
 
(295,653)
 
 
(249,978)

Net assets
  
397,345
192,667


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
397,245
192,567

  
397,345
192,667


Page 1

 
COTSWOLD FARMING LTD
REGISTERED NUMBER: 11242334

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




H R W Campbell
Director

Date: 24 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
COTSWOLD FARMING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

The company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is Swell Buildings Farm, Lower Swell, Cheltenham, Gloucestershire, England, GL54 1HG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 3

 
COTSWOLD FARMING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
10% reducing balance
Tractors
-
10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
COTSWOLD FARMING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The company only enters into basic financial instrument 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 ordinary shares.


3.


Employees




The average monthly number of employees, including directors, during the period was 3 (2022 - 3).

Page 5

 
COTSWOLD FARMING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

4.


Tangible fixed assets







Plant and machinery
Tractors
Total

£
£
£



Cost or valuation


At 1 January 2023
870,757
481,090
1,351,847


Additions
463,980
-
463,980


Disposals
(246,470)
-
(246,470)



At 30 June 2024

1,088,267
481,090
1,569,357



Depreciation


At 1 January 2023
325,488
26,446
351,934


Charge for the period
88,065
65,924
153,989


Disposals
(119,410)
-
(119,410)



At 30 June 2024

294,143
92,370
386,513



Net book value



At 30 June 2024
794,124
388,720
1,182,844



At 31 December 2022
545,269
454,644
999,913


5.


Stocks

30 June
31 December
2024
2022
£
£

Stock
-
5,913

Biological assets
7,754
-

7,754
5,913


Page 6

 
COTSWOLD FARMING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Debtors

30 June
31 December
2024
2022
£
£


Trade debtors
118,391
15,581

Other debtors
-
21,917

Prepayments and accrued income
247
296

118,638
37,794



7.


Creditors: Amounts falling due within one year

30 June
31 December
2024
2022
£
£

Bank loans
10,000
10,000

Trade creditors
15,384
10,066

Corporation tax
16,837
7,646

Other taxation and social security
13,260
-

Obligations under finance lease and hire purchase contracts
321,812
171,140

Other creditors
-
50,240

Accruals and deferred income
4,116
11,508

381,409
260,600



8.


Creditors: Amounts falling due after more than one year

30 June
31 December
2024
2022
£
£

Bank loans
15,000
30,000

Net obligations under finance leases and hire purchase contracts
304,159
332,479

319,159
362,479


Page 7

 
COTSWOLD FARMING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

9.


Loans


Analysis of the maturity of loans is given below:


30 June
31 December
2024
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
15,000
30,000



25,000
40,000



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

30 June
31 December
2024
2022
£
£


Within one year
321,812
171,140

Between 1-5 years
304,159
332,479

625,971
503,619

The hire purchase contracts are secured on the assets to which they relate.

Page 8

 
COTSWOLD FARMING LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

11.


Deferred taxation






2024


£






At beginning of year
(249,978)


Charged to profit or loss
(45,675)



At end of year
(295,653)

The provision for deferred taxation is made up as follows:

30 June
31 December
2024
2022
£
£


Accelerated capital allowances
(295,653)
(249,978)

(295,653)
(249,978)


12.


Share capital

30 June
31 December
2024
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



13.


Controlling party

The company's immediate parent company is Hamish Campbell Farming Ltd, a company registered in England and Wales. 100% of the share capital in Hamish Campbell Farming Ltd is owned by Hamish Campbell, a director of Cotswold Farming Ltd.


Page 9