Egypt Farm Limited - Period Ending 2020-04-05

Egypt Farm Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 5

Egypt Farm Limited

Balance Sheet

5 April 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	88,564	88,564
Creditors: Amounts falling due within one year	5	(47,050)	(47,827)
Net assets		41,514	40,737
Capital and reserves
Called up share capital		-	-
Profit and loss account		41,514	40,737
Total equity		41,514	40,737

Egypt Farm Limited

Balance Sheet

5 April 2020

For the financial year ending 5 April 2020 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 28 November 2020 and signed on its behalf by:
 

......................................... Mr P R FitzGerald Director

Company Registration Number: 00801180

Egypt Farm Limited

Notes to the Unaudited Financial Statements

Year Ended 5 April 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:
Pen Mill Farm
Pen Selwood
Wincanton
Somerset
BA9 8NF
United Kingdom

These financial statements were authorised for issue by the Board on 28 November 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 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

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.

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:

Egypt Farm Limited

Notes to the Unaudited Financial Statements

Year Ended 5 April 2020

Asset class	Depreciation method and rate
Freehold land and buildings	Nil

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;

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.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 6 April 2019	88,564	88,564
At 5 April 2020	88,564	88,564
Depreciation
Carrying amount
At 5 April 2020	88,564	88,564
At 5 April 2019	88,564	88,564

Included within the net book value of land and buildings above is £88,564 (2019 - £88,564) in respect of freehold land and buildings.
 

Egypt Farm Limited

Notes to the Unaudited Financial Statements

Year Ended 5 April 2020

5

Creditors

Creditors: amounts falling due within one year

	2020 £	2019  £
Due within one year
Corporation tax	364	182
Social security and other taxes	41	41
Other creditors	46,645	47,604
	47,050	47,827

6	Share capital

Allotted, called up and not fully paid shares

	2020		2019
	No.	£	No.	£
A Ordinary shares of £1 each	666	666	666	666
B Ordinary shares of £1 each	334	334	334	334
	1,000	1,000	1,000	1,000

666 A Ordinary £1 shares and 334 B Ordinary £1 shares have been issued as nil paid.

Rights, preferences and restrictions

A Ordinary have the following rights, preferences and restrictions: A Ordinary shareholders are entitled to receive distributable profits generated by the assets known as Rodmead Farm and to receive any distributable reserves on winding up generated by these assets.

B Ordinary have the following rights, preferences and restrictions: B Ordinary shareholders are entitled to receive distributable profits generated by the assets known as Pen Mill Farm and to receive any distributable reserves on winding up generated by these assets.

7	Related party transactions

Summary of transactions with other related parties

During the year the company had an interest free loan, repayable on demand, from the directors.
 The balance owing to the directors at the year end was £46,645 (2019: £47,604).