Sharpham Partnership Limited - Period Ending 2020-03-31

Sharpham Partnership Limited

Contents

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

Sharpham Partnership Limited

Company Information

Director

Mr G J Parsons

Registered office

Sharpham House Ashprington Totnes TQ9 7UT

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Sharpham Partnership Limited

Balance Sheet

31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	6,016	154,760
Current assets
Stocks		46,303	578,491
Debtors	5	1,446,671	146,091
Cash at bank and in hand		17,350	379,990
		1,510,324	1,104,572
Creditors: Amounts falling due within one year	6	(175,077)	(216,883)
Net current assets		1,335,247	887,689
Total assets less current liabilities		1,341,263	1,042,449
Provisions for liabilities		(1,000)	(1,000)
Net assets		1,340,263	1,041,449
Capital and reserves
Called up share capital		250,100	250,100
Profit and loss account		1,090,163	791,349
Total equity		1,340,263	1,041,449

Sharpham Partnership Limited

Balance Sheet

31 March 2020

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 3 August 2020
 

......................................... Mr G J Parsons Director

Company Registration Number: 02702613

Sharpham Partnership Limited

Notes to the Financial Statements

Year Ended 31 March 2020

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:
Sharpham House
Ashprington
Totnes
TQ9 7UT

These financial statements were authorised for issue by the director on 3 August 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. There are no material departures from FRS102.

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 in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue based on its value of the goods to date.

Government grants

Government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated life of the assets to which they relate.

Tax

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.

Sharpham Partnership Limited

Notes to the Financial Statements

Year Ended 31 March 2020

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.

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
Leasehold property improvements	farm 4% reducing balance, creamery 5.88% straight line
Plant and machinery	15-25% reducing balance
Vines	4% straight line

Amortisation

Asset class	Amortisation method and rate
Milk quota	over 10 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Sharpham Partnership Limited

Notes to the Financial Statements

Year Ended 31 March 2020

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.

Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors.

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.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2019 - 26).

Sharpham Partnership Limited

Notes to the Financial Statements

Year Ended 31 March 2020

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2019	148,960	41,473	662,569	853,002
Disposals	(49,590)	(41,473)	(401,908)	(492,971)
At 31 March 2020	99,370	-	260,661	360,031
Depreciation
At 1 April 2019	114,076	33,772	550,394	698,242
Charge for the year	4,356	-	1,504	5,860
Eliminated on disposal	(19,062)	(33,772)	(297,253)	(350,087)
At 31 March 2020	99,370	-	254,645	354,015
Carrying amount
At 31 March 2020	-	-	6,016	6,016
At 31 March 2019	34,884	7,701	112,175	154,760

Included within the net book value of land and buildings above is £Nil (2019 - £34,884) in respect of long leasehold land and buildings.
 

5

Debtors

	2020 £	2019 £
Trade debtors	84,566	136,981
Other debtors	1,362,105	9,110
	1,446,671	146,091

Sharpham Partnership Limited

Notes to the Financial Statements

Year Ended 31 March 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Due within one year
Loans and borrowings	7	40,490	-
Trade creditors		39,926	129,412
Corporation tax		85,688	36,536
Outstanding defined contribution pension costs		3,686	1,087
Other creditors		5,287	49,848
		175,077	216,883

7	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank overdrafts	40,490	-

Sharpham Partnership Limited

Notes to the Financial Statements

Year Ended 31 March 2020

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £0.50 each	500,200	250,100.00	500,200	250,100.00
Redeemable preference shares of £1 each	-	-	-	-
'A' Redeemable preference shares of £1 each	-	-	-	-
	500,200	250,100	500,200	250,100

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,000 (2019 - £23,823). The financial commitments are in relation to rents payable on leasehold properties.

10	Restructure

On 30 April 2019 the wine and farming trade was transferred to Sharpham Wine Limited.

11

COVID-19

The director of Sharpham Partnership Limited has considered the impact of COVID-19.

In the opinion of the director, the company has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.