Larkfell Limited - Period Ending 2019-12-31

Larkfell Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2019

Registration number: 01213292

Larkfell Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Larkfell Limited

Company Information

Directors

Madeleine, Countess of Bessborough The Hon. Charles Ponsonby Mrs Jennifer Ponsonby The Hon. Matthew Ponsonby Mrs Jamilie Ponsonby

Company secretary

Madeleine, Countess of Bessborough

Registered office

Roche Court East Winterslow Salisbury Wiltshire SP5 1BG

Accountants

Francis Clark LLP Hitchcock House Hilltop Park Devizes Road Salisbury Wiltshire SP3 4UF

Page 1

Larkfell Limited

Balance Sheet

31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	792,120	838,232
Current assets
Stocks		650,774	937,153
Debtors	5	1,843,151	871,018
Cash at bank and in hand		312,619	193,525
		2,806,544	2,001,696
Creditors: Amounts falling due within one year	6	(2,019,954)	(1,199,584)
Net current assets		786,590	802,112
Total assets less current liabilities		1,578,710	1,640,344
Provisions for liabilities		909	(117)
Net assets		1,579,619	1,640,227
Capital and reserves
Called up share capital		200	200
Profit and loss account		1,579,419	1,640,027
Total equity		1,579,619	1,640,227

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Larkfell Limited

Balance Sheet

31 December 2019

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 May 2020 and signed on its behalf by:
 

......................................... Madeleine, Countess of Bessborough Director

Company Registration Number: 01213292

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Larkfell Limited

Notes to the Financial Statements

Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Roche Court
East Winterslow
Salisbury
Wiltshire
SP5 1BG
England

These financial statements were authorised for issue by the Board on 19 May 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 4

Larkfell Limited

Notes to the Financial Statements

Year Ended 31 December 2019

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 5

Larkfell Limited

Notes to the Financial Statements

Year Ended 31 December 2019

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	Straight line over 15 years
Plant and machinery	20% reducing balance

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

Page 6

Larkfell Limited

Notes to the Financial Statements

Year Ended 31 December 2019

3

Taxation

Tax charged/(credited) in the profit and loss account

	2019  £	2018  £
Current taxation
UK corporation tax	1,590	75,416
Deferred taxation
Arising from origination and reversal of timing differences	(1,026)	117
Tax expense in the income statement	564	75,533

Deferred tax

Deferred tax assets and liabilities

2019	Asset £	Liability £
Fixed asset timing differences	-	94
Short term timing differences	1,003	-
Losses and other deductions	2,127	-
	3,130	94

Page 7

Larkfell Limited

Notes to the Financial Statements

Year Ended 31 December 2019

4	Tangible assets

	Land and buildings £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2019	919,260	859	920,119
Additions	16,402	-	16,402
At 31 December 2019	935,662	859	936,521
Depreciation
At 1 January 2019	81,715	172	81,887
Charge for the year	62,377	137	62,514
At 31 December 2019	144,092	309	144,401
Carrying amount
At 31 December 2019	791,570	550	792,120
At 31 December 2018	837,545	687	838,232

5

Debtors

	2019  £	2018  £
Trade debtors	1,573,361	17,660
Other debtors	249,241	831,999
Prepayments	20,549	21,359
	1,843,151	871,018

Page 8

Larkfell Limited

Notes to the Financial Statements

Year Ended 31 December 2019

6

Creditors

Creditors: amounts falling due within one year

	2019 £	2018  £
Due within one year
Trade creditors	43,144	24,851
Corporation tax	1,590	75,416
Social security and other taxes	-	90,163
Other creditors	468,731	1,006,954
Accrued expenses	1,506,489	2,200
	2,019,954	1,199,584

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary of £1 each	200	200	200	200

Page 9