Crosshill Farm Ltd Filleted accounts for Companies House (small and micro)

CROSSHILL FARM LTD - Company Information

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COMPANY REGISTRATION NUMBER: 00433491

Crosshill Farm Ltd

Filleted Unaudited Financial Statements

5 April 2019

Crosshill Farm Ltd

Statement of Financial Position

5 April 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	5	111,990	88,200
Biological Assets	6	106,650	106,650
		-----------	-----------
		218,640	194,850

Current assets

Stocks		9,800	6,385
Debtors	7	15,199	16,450
Investments	8	6,530	3,963
Cash at bank and in hand		305	16,087
		---------	---------
		31,834	42,885

Creditors: amounts falling due within one year	9	457,993	474,716
		-----------	-----------
Net current liabilities		426,159	431,831
		-----------	-----------
Total assets less current liabilities		( 207,519)	( 236,981)

Creditors: amounts falling due after more than one year	10	19,679	–
		-----------	-----------
Net liabilities		( 227,198)	( 236,981)
		-----------	-----------

Capital and reserves

Called up share capital	2,692	2,692
Profit and loss account	( 229,890)	( 239,673)
	-----------	-----------
Shareholders deficit	( 227,198)	( 236,981)
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

Crosshill Farm Ltd

Statement of Financial Position (continued)

5 April 2019

For the year ending 5 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 1 August 2019 , and are signed on behalf of the board by:

J T Wilson CA

Director

Company registration number: 00433491

Crosshill Farm Ltd

Notes to the Financial Statements

Year ended 5 April 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Crosshill Farm, Crosshill, Wigton, Cumbria, CA7 8NX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Agricultural Buildings	-	10% reducing balance
Plant and machinery	-	15% - 20% reducing balance

Biological assets

Each unit of livestock is valued according to rates established by HMRC.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 6 April 2018	55,731	166,347	222,078
Additions	23,394	33,000	56,394
Disposals	–	( 35,430)	( 35,430)
	---------	-----------	-----------
At 5 April 2019	79,125	163,917	243,042
	---------	-----------	-----------
Depreciation
At 6 April 2018	41,741	92,137	133,878
Charge for the year	3,489	12,570	16,059
Disposals	–	( 18,885)	( 18,885)
	---------	-----------	-----------
At 5 April 2019	45,230	85,822	131,052
	---------	-----------	-----------
Carrying amount
At 5 April 2019	33,895	78,095	111,990
	---------	-----------	-----------
At 5 April 2018	13,990	74,210	88,200
	---------	-----------	-----------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 5 April 2019	37,640
	---------
At 5 April 2018	12,280
	---------

6. Biological assets

Biological assets held at fair value

	At 6 April 2018 and 5 April 2019
	£
Valuation
Dairy Herd	106,650
	-----------

7. Debtors

	2019	2018
	£	£
Trade debtors	11,990	15,032
Other debtors	3,209	1,418
	---------	---------
	15,199	16,450
	---------	---------

Crosshill Farm Ltd

Notes to the Financial Statements (continued)

Year ended 5 April 2019

8. Investments

	2019	2018
	£	£
Trading Society Capital	6,530	3,963
	--------	--------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	158,633	143,817
Trade creditors	5,080	4,550
Social security and other taxes	18	20
Directors Loan Account	280,881	312,435
HP Commitments	10,606	–
Other creditors	2,775	13,894
	-----------	-----------
	457,993	474,716
	-----------	-----------

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

	2019	2018
	£	£
HP Commitments	19,679	–
	---------	-----

11. Directors' advances, credits and guarantees

The directors were not advanced any amounts during the period .

12. Related party transactions

The company was under the control of Mr C K Wilson throughout the current and previous year. Mr C K Wilson is the managing director and sole shareholder. No transactions with related parties were undertaken such as are required to be disclosed under the FRS102 Section 1A.