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Company No: 08122337 (England and Wales)

COSWARTH FARM LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

COSWARTH FARM LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

COSWARTH FARM LIMITED

BALANCE SHEET

As at 30 September 2024
COSWARTH FARM LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,914,625 1,689,264
1,914,625 1,689,264
Current assets
Stocks 4 418,315 450,045
Debtors 5 168,263 262,017
586,578 712,062
Creditors: amounts falling due within one year 6 ( 824,241) ( 755,155)
Net current liabilities (237,663) (43,093)
Total assets less current liabilities 1,676,962 1,646,171
Creditors: amounts falling due after more than one year 7 ( 762,279) ( 716,199)
Provision for liabilities ( 350,073) ( 337,406)
Net assets 564,610 592,566
Capital and reserves
Called-up share capital 8 1,000 1,000
Profit and loss account 563,610 591,566
Total shareholders' funds 564,610 592,566

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Coswarth Farm Limited (registered number: 08122337) were approved and authorised for issue by the Board of Directors on 04 June 2025. They were signed on its behalf by:

Mr G A Thomas
Director
COSWARTH FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
COSWARTH FARM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

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.

General information and basis of accounting

Coswarth Farm Limited (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 Coswarth Farm, Coswarth, Newquay, TR8 4LZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and 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 £.

Going concern

The directors have assessed the Balance Sheet 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

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 50 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 October 2023 558,414 1,912,136 2,710 13,296 2,486,556
Additions 4,720 968,846 0 2,804 976,370
Disposals 0 ( 814,758) 0 0 ( 814,758)
At 30 September 2024 563,134 2,066,224 2,710 16,100 2,648,168
Accumulated depreciation
At 01 October 2023 37,447 749,378 2,602 7,865 797,292
Charge for the financial year 11,176 192,010 27 2,079 205,292
Disposals 0 ( 269,041) 0 0 ( 269,041)
At 30 September 2024 48,623 672,347 2,629 9,944 733,543
Net book value
At 30 September 2024 514,511 1,393,877 81 6,156 1,914,625
At 30 September 2023 520,967 1,162,758 108 5,431 1,689,264
Leased assets included above:
Net book value
At 30 September 2024 0 1,145,846 0 0 1,145,846
At 30 September 2023 0 931,643 0 0 931,643

4. Stocks

2024 2023
£ £
Stocks 418,315 450,045

5. Debtors

2024 2023
£ £
Trade debtors 23,561 85,369
Prepayments and accrued income 75,305 12,002
VAT recoverable 16,397 31,101
Corporation tax 0 70,315
Other debtors 53,000 63,230
168,263 262,017

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 553,292 434,056
Trade creditors 13,592 76,095
Accruals 86,140 52,378
Other taxation and social security 2,559 864
Obligations under finance leases and hire purchase contracts 164,439 188,444
Other creditors 4,219 3,318
824,241 755,155

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 272,810 303,453
Obligations under finance leases and hire purchase contracts 415,697 237,124
Other creditors 73,772 175,622
762,279 716,199

The company bankers and directors have fixed and floating charges over the company assets.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
250 Ordinary "A" shares shares of £ 1.00 each 250 250
250 Ordinary "B" shares shares of £ 1.00 each 250 250
500 Ordinary "C" shares shares of £ 1.00 each 500 500
1,000 1,000