SCHULENBERG FARMS LIMITED Filleted accounts for Companies House (small and micro)

SCHULENBERG FARMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01707084

SCHULENBERG FARMS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 June 2020

SCHULENBERG FARMS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

SCHULENBERG FARMS LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2020

	2020		2019
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4		68,163		60,167

CURRENT ASSETS

Stocks		16,800	16,800
Debtors	5	6,258	41,146
Cash at bank and in hand		4,560	6,083
		--------	--------
		27,618	64,029

CREDITORS: Amounts falling due within one year	6	( 709,711)		( 738,126)
		---------		---------
NET CURRENT LIABILITIES			( 682,093)		( 674,097)
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			( 613,930)		( 613,930)
			---------		---------
NET LIABILITIES			( 613,930)		( 613,930)
			---------		---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	( 614,030)	( 614,030)
	---------	---------
SHAREHOLDERS DEFICIT	( 613,930)	( 613,930)
	---------	---------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

SCHULENBERG FARMS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2020

These financial statements were approved by the board of directors and authorised for issue on 23 February 2021 , and are signed on behalf of the board by:

K V Prichard-Jones

Director

Company registration number: 01707084

SCHULENBERG FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Field Place, Broadbridge Heath, Horsham, West Sussex, RH12 3PB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible assets

	Leasehold property	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 July 2019	45,649	94,206	31,308	171,163
Additions	–	15,500	–	15,500
	--------	---------	--------	---------
At 30 June 2020	45,649	109,706	31,308	186,663
	--------	---------	--------	---------
Depreciation
At 1 July 2019	–	80,360	30,636	110,996
Charge for the year	–	7,336	168	7,504
	--------	---------	--------	---------
At 30 June 2020	–	87,696	30,804	118,500
	--------	---------	--------	---------
Carrying amount
At 30 June 2020	45,649	22,010	504	68,163
	--------	---------	--------	---------
At 30 June 2019	45,649	13,846	672	60,167
	--------	---------	--------	---------

5. Debtors

	2020	2019
	£	£
Trade debtors	959	35,847
Other debtors	5,299	5,299
	-------	--------
	6,258	41,146
	-------	--------

6. Creditors: Amounts falling due within one year

	2020	2019
	£	£
Trade creditors	29,467	18,193
Social security and other taxes	3,699	25,716
Other creditors	676,545	694,217
	---------	---------
	709,711	738,126
	---------	---------