Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302025-05-072024-09-302025-05-0722The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-10-01falsefalsetruefalseThe company's principal activity during the year continued to be the retail of meat, fruit, vegetable, bread, cakes and other locally produced foods.22 05510012 2023-10-01 2024-09-30 05510012 2022-10-01 2023-09-30 05510012 2024-09-30 05510012 2023-09-30 05510012 c:Director1 2023-10-01 2024-09-30 05510012 c:Director2 2023-10-01 2024-09-30 05510012 d:PlantMachinery 2023-10-01 2024-09-30 05510012 d:PlantMachinery 2024-09-30 05510012 d:PlantMachinery 2023-09-30 05510012 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 05510012 d:CurrentFinancialInstruments 2024-09-30 05510012 d:CurrentFinancialInstruments 2023-09-30 05510012 c:FRS102 2023-10-01 2024-09-30 05510012 c:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 05510012 c:FullAccounts 2023-10-01 2024-09-30 05510012 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 05510012 2 2023-10-01 2024-09-30 05510012 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 05510012










SYSTON PARK FARM SHOP LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
SYSTON PARK FARM SHOP LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SYSTON PARK FARM SHOP LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Syston Park Farm Shop Limited for the year ended 30 September 2024 which comprise  the Statement of financial position and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Syston Park Farm Shop Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Syston Park Farm Shop Limited and state those matters that we have agreed to state to the Board of directors of Syston Park Farm Shop Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Syston Park Farm Shop Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Syston Park Farm Shop Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Syston Park Farm Shop Limited. You consider that Syston Park Farm Shop Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Syston Park Farm Shop Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



P M & G Limited
Chartered Accountants
Newark
7 May 2025
Page 1

 
SYSTON PARK FARM SHOP LIMITED
REGISTERED NUMBER: 05510012

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

  

Fixed assets
  
7,030
8,126

Current assets
  
347,140
377,192

Creditors: amounts falling due within one year
 7 
(87,915)
(128,253)

Net current assets
  
 
 
259,225
 
 
248,939

Total assets less current liabilities
  
266,255
257,065

Provisions for liabilities
  

Deferred taxation
  
(1,336)
(1,544)

  
 
 
(1,336)
 
 
(1,544)

Net assets
  
264,919
255,521


  

Capital and reserves
  
264,919
255,521

Page 2

 
SYSTON PARK FARM SHOP LIMITED
REGISTERED NUMBER: 05510012
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 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 year 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 on 7 May 2025.

Mr  P J Clegg
Mrs P J Clegg
Director
Director

Page 3

 
SYSTON PARK FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Syston Park Farm Shop Limited is a private company, limited by shares and incorporated in England and Wales.  The registered office is The Hall, Syston Park, Grantham, Lincolnshire, NG32 2BZ

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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SYSTON PARK FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year 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 reporting 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 reporting 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 reporting date.


 
2.6

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 & machinery
-
20%
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.

 
2.7

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 reporting 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.

Page 5

 
SYSTON PARK FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

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.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 22 (2023 -22).

Page 6

 
SYSTON PARK FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Plant & machinery

£



Cost


At 1 October 2023
51,533


Additions
2,717



At 30 September 2024

54,250



Depreciation


At 1 October 2023
43,407


Charge for the year on owned assets
3,813



At 30 September 2024

47,220



Net book value



At 30 September 2024
7,030



At 30 September 2023
8,126


5.


Debtors

2024
2023
£
£


Trade debtors
11,463
13,343

Prepayments and accrued income
3,494
3,409

14,957
16,752



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
318,604
347,050

318,604
347,050


Page 7

 
SYSTON PARK FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
19,629
79,798

Corporation tax
2,567
4,570

Other taxation and social security
21,943
20,586

Other creditors
16,720
16,720

Accruals and deferred income
27,056
6,579

87,915
128,253



8.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to 5,783 (2023 -£4,323) . Contributions totaling £613 (2023 -£408) were payable to the fund at the reporting date and are included in creditors.

Page 8

 
SYSTON PARK FARM SHOP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


First time adoption of FRS 102

The Company transitioned to FRS 102 from previously extant UK GAAP as at 1 October 2022. The impact of the transition to FRS 102 is as follows:

Reconciliation of equity at 1 October 2022

Note
        £
Equity at 1 October 2022 under previous UK GAAP

  
218,927

Transitional adjustment 1

  
2,009

Equity shareholders funds at 1 October 2022 under FRS 102

  
 
220,936



Reconciliation of equity at 30 September 2023

Note
        £
Equity at 30 September 2023 under previous UK GAAP

  
257,065

Transitional adjustment 1

  
(1,544)

Equity shareholders funds at 30 September 2023 under FRS 102

  
 
255,521


Reconciliation of profit and loss account for the year ended 30 September 2023

        £
Profit for the year under previous UK GAAP

  
38,138

Transitional adjustment 1

  
(3,553)

Profit for the year ended 30 September 2023 under FRS 102

  
 
34,585


The following were changes in accounting policies arising from the transition to FRS 102:

1

The company has recognised a deferred tax provision which was not recognised under the previous accounting standard.

Page 9