REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
for |
Swithland Farms Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
for |
Swithland Farms Limited |
Swithland Farms Limited (Registered number: 00833466) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Statement of Financial Position | 3 |
Notes to the Financial Statements | 5 |
Swithland Farms Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants & Business Advisers |
Alexandra House |
43 Alexandra St |
Nottingham |
Nottinghamshire |
NG5 1AY |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Swithland Farms Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Swithland Farms Limited for the year ended 30 September 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Swithland Farms Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Swithland Farms Limited and state those matters that we have agreed to state to the Board of Directors of Swithland Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Swithland Farms Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Swithland Farms 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 loss of Swithland Farms Limited. You consider that Swithland Farms Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Swithland Farms 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. |
Chartered Accountants & Business Advisers |
Alexandra House |
43 Alexandra St |
Nottingham |
Nottinghamshire |
NG5 1AY |
Swithland Farms Limited (Registered number: 00833466) |
Statement of Financial Position |
30 September 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital - allotted and fully paid |
Revaluation reserve |
Retained earnings |
Swithland Farms Limited (Registered number: 00833466) |
Statement of Financial Position - continued |
30 September 2024 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Swithland Farms Limited (Registered number: 00833466) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Swithland Farms Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through the profit and loss. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax, and includes the Basic Payment Scheme. |
Tangible fixed assets |
Land and Buildings | - |
Improvements to property | - |
Implements and Machinery | - |
Tractors | - |
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. |
If there is an indication that there has been significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates. |
Stocks |
The valuation of tenantright is carried out by professional valuers Brown & Co Fox Bennett, RICS regulated. |
Taxation |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Swithland Farms Limited (Registered number: 00833466) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Land and | Freehold | to |
Buildings | Land | property |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2023 |
Additions |
Revaluations |
Reclassification/transfer | ( |
) | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Revaluation adjustments | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Implements |
and |
Machinery | Tractors | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2023 |
Additions |
Revaluations |
Reclassification/transfer | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Revaluation adjustments | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
Cost or valuation at 30 September 2024 is represented by: |
Implements |
Land and | and |
Buildings | Machinery | Tractors | Totals |
£ | £ | £ | £ |
Valuation in 2024 | 1,476,123 | - | - | 1,476,123 |
Cost | 323,877 | 8,473 | 22,000 | 354,350 |
1,800,000 | 8,473 | 22,000 | 1,830,473 |
Swithland Farms Limited (Registered number: 00833466) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
If Freehold Property and land had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 353,141 | 64,936 |
Aggregate depreciation | (75,004 | ) | (20,980 | ) |
Freehold property and land were valued on an open market basis on 30 September 2024 by Bentons Estate Agents . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
A director rented land from Swithland Farms Ltd during the year at a rent of £2,375 (2023 - £2,375). |
At 30 September 2024 the directors had loan accounts due to them totalling £12,472 (2023 - £21,436) that are reported within other creditors. |