Company registration number 00534432 (England and Wales)
Firtrees Farm Limited
Unaudited Financial Statements
For the year ended 30 April 2024
PAGES FOR FILING WITH REGISTRAR
Firtrees Farm Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Firtrees Farm Limited
Balance Sheet
As at 30 April 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2
73,757
Tangible assets
4
126,784
166,833
126,786
240,590
Current assets
Stocks
6,000
6,000
Debtors
5
48,785
54,785
6,000
Creditors: amounts falling due within one year
6
(720,577)
(688,236)
Net current liabilities
(665,792)
(682,236)
Net liabilities
(539,006)
(441,646)
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
(539,206)
(441,846)
Total equity
(539,006)
(441,646)
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
A W McColm
Director
Company registration number 00534432 (England and Wales)
Firtrees Farm Limited
Notes to the Financial Statements
For the year ended 30 April 2024
- 2 -
1
Accounting policies
Company information
Firtrees Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern. The going concern status of the company is contingent on the continued support from the directors. The directors believe, based on analysis of future cashflow projections, that the company can meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements. As such the going concern basis is appropriate.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% straight line
Motor vehicles
33% reducing balance
Buildings and structures
5-10% straight line
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Firtrees Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 3 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
The balance of £6,000 held within the accounts has been provided by the directors.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Firtrees Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
- 4 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
12
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
442,537
Amortisation and impairment
At 1 May 2023
368,780
Amortisation charged for the year
73,755
At 30 April 2024
442,535
Carrying amount
At 30 April 2024
2
At 30 April 2023
73,757
Firtrees Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
- 5 -
4
Tangible fixed assets
Plant and equipment
Motor vehicles
Buildings and structures
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
65,064
50,319
192,400
307,783
Depreciation and impairment
At 1 May 2023
45,845
667
94,438
140,950
Depreciation charged in the year
5,846
16,385
17,818
40,049
At 30 April 2024
51,691
17,052
112,256
180,999
Carrying amount
At 30 April 2024
13,373
33,267
80,144
126,784
At 30 April 2023
19,219
49,652
97,962
166,833
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
48,785
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
344,015
356,336
Trade creditors
124,035
121,984
Corporation tax
100
Other taxation and social security
237,803
147,266
Other creditors
14,624
62,650
720,577
688,236
7
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2024
2023
Amounts due to related parties
£
£
A.W. McColm and Mrs. V.K. McColm
-
50,746
Firtrees Farm Limited
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
7
Related party transactions
(Continued)
- 6 -
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
A.W. McColm and Mrs. V.K. McColm
36,475
-