ACCOUNTS - Final Accounts preparation

BOROVERE FARMS LIMITED - Company Information

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Registered number: 11067333

BOROVERE FARMS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 NOVEMBER 2019

BOROVERE FARMS LIMITED

REGISTERED NUMBER: 11067333

STATEMENT OF FINANCIAL POSITION

AS AT 30 NOVEMBER 2019

		2019		2018
Note		£		£


Current assets
Stocks		61,862		37,199
Debtors: amounts falling due within one year	4	33,001		37,797
Cash at bank and in hand		6,816		4,552
		101,679		79,548
Creditors: amounts falling due within one year	5	(82,169)		(113,500)
Net current assets/(liabilities)			19,510		(33,952)
Total assets less current liabilities			19,510		(33,952)
Creditors: amounts falling due after more than one year			(50,000)		-

Net liabilities			(30,490)		(33,952)

Capital and reserves
Called up share capital	10	10
Profit and loss account	(30,500)	(33,962)
	(30,490)	(33,952)

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BOROVERE FARMS LIMITED

REGISTERED NUMBER: 11067333

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 NOVEMBER 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the Period in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2020.

P D James

Director

The notes on pages 3 to 5 form part of these financial statements.

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BOROVERE FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2019

1.	General information

The company, which was incorporated and registered in England and Wales (registered number
11067333), is a privately owned company limited by shares. The registered office address is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

As shown in the financial statements, the company has total liabilities exceeding its total assets by
£49,837 (2018 - £33,952. The company meets its day to day working capital requirements through the support of the directors' loans to the company. They have indicated their willingness to continue to do so; the directors have therefore produced the financial statements on a going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

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BOROVERE FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2019

2.Accounting policies (continued)

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the period was 10 (2018 - 10).

Debtors

					2019	2018
					£	£


Other debtors	-	3,377
Prepayments and accrued income	33,001	34,420
	33,001	37,797

5.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Other taxation and social security	1,088	-
Other creditors	78,581	108,044
Accruals and deferred income	2,500	5,456
	82,169	113,500

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BOROVERE FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 NOVEMBER 2019

6.	Creditors: Amounts falling due after more than one year
		2019	2018
		£	£

Other creditors	50,000	-
	50,000	-

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