XXX Farms Limited 31/12/2018 iXBRL

XXX Farms Limited 31/12/2018 iXBRL

XXX FARMS LIMITED - Company Information

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Company registration number: 11410835
XXX Farms Limited
Unaudited filleted financial statements
31 December 2018
XXX Farms Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
XXX Farms Limited
Directors and other information
Director Mr James Wright
Company number 11410835
Registered office The Vault
8 Boughton
Chester
CH3 5AG
Accountants Hargreaves & Woods
Cholmondeley House
Dee Hills Park
Chester
Cheshire
CH3 5AR
XXX Farms Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of XXX Farms Limited
Year ended 31 December 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of XXX Farms Limited for the year ended 31 December 2018 which comprise the statement of financial position, statement of changes in equity and 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the director of XXX Farms Limited, as a body, in accordance with the terms of our engagement letter dated 12 June 2018. Our work has been undertaken solely to prepare for your approval the financial statements of XXX Farms Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than XXX Farms Limited and its director as a body for our work or for this report.
It is your duty to ensure that XXX 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 XXX Farms Limited. You consider that XXX 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 XXX 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.
Hargreaves & Woods
Chartered Accountants
Cholmondeley House
Dee Hills Park
Chester
Cheshire
CH3 5AR
9 September 2019
XXX Farms Limited
Statement of financial position
31 December 2018
2018
Note £ £
Current assets
Stocks 225,134
Debtors 4 100
_______
225,234
Creditors: amounts falling due
within one year 5 ( 226,051)
_______
Net current liabilities ( 817)
_______
Total assets less current liabilities ( 817)
_______
Net liabilities ( 817)
_______
Capital and reserves
Called up share capital 100
Profit and loss account ( 917)
_______
Shareholder deficit ( 817)
_______
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 September 2019 , and are signed on behalf of the board by:
Mr James Wright
Director
Company registration number: 11410835
XXX Farms Limited
Statement of changes in equity
Year ended 31 December 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2018 - - -
Loss for the year ( 917) ( 917)
_______ _______ _______
Total comprehensive income for the year - ( 917) ( 917)
Issue of shares 100 100
_______ _______ _______
Total investments by and distributions to owners 100 - 100
_______ _______ _______
At 31 December 2018 100 ( 917) ( 817)
_______ _______ _______
XXX Farms Limited
Notes to the financial statements
Year ended 31 December 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Vault, 8 Boughton, Chester, CH3 5AG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2018
£
Other debtors 100
_______
5. Creditors: amounts falling due within one year
2018
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest 225,511
Other creditors 540
_______
226,051
_______
6. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr James Wright - 100 100
_______ _______ _______