Slepe Farm Limited - Period Ending 2020-09-30

Slepe Farm Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Slepe Farm Limited

Balance Sheet

30 September 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	28,062	5,242
Current assets
Stocks	5	48,956	42,150
Debtors	6	4,722	8,174
Cash at bank and in hand		474	474
		54,152	50,798
Creditors: Amounts falling due within one year	7	(70,653)	(49,557)
Net current (liabilities)/assets		(16,501)	1,241
Net assets		11,561	6,483
Capital and reserves
Called up share capital		100	100
Profit and loss account		11,461	6,383
Total equity		11,561	6,483

Slepe Farm Limited

Balance Sheet

30 September 2020

For the financial year ending 30 September 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 6 April 2021 and signed on its behalf by:
 

......................................... D B Selby Bennett Director

Company Registration Number: 01199653

Slepe Farm Limited

Notes to the Financial Statements

Year Ended 30 September 2020

1	General information

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

The address of its registered office is:
Slepe Farm
Organford
Poole
Dorset
BH16 6HS

These financial statements were authorised for issue by the Board on 6 April 2021.

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.

Going concern

The balance sheet is showing a net current liabilities position at the year end. The financial statements have been prepared on a going concern basis, assuming the continued support of the directors and the bank.

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.

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.

Slepe Farm Limited

Notes to the Financial Statements

Year Ended 30 September 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
Motor vehicles	5 years straight line
Farm improvements	10 years straight line
Plant and machinery	5 years straight line
Office equipment	5 years straight line

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Slepe Farm Limited

Notes to the Financial Statements

Year Ended 30 September 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; 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.

Except for bank loans, 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.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

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

Slepe Farm Limited

Notes to the Financial Statements

Year Ended 30 September 2020

5

Stocks

	2020 £	2019 £
Other inventories	48,956	42,150

6

Debtors

	2020 £	2019 £
Other debtors	4,419	7,878
Prepayments	303	296
	4,722	8,174

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019  £
Due within one year
Loans and borrowings	8	23,597	8,401
Other payables		45,806	39,906
Accrued expenses		1,250	1,250
		70,653	49,557

8	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Bank overdrafts	23,597	8,401