Crosshill Farm Ltd Filleted accounts for Companies House (small and micro)

CROSSHILL FARM LTD - Company Information

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COMPANY REGISTRATION NUMBER: 00433491

Crosshill Farm Ltd

Filleted Unaudited Financial Statements

5 April 2022

Crosshill Farm Ltd

Statement of Financial Position

5 April 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	5	72,260	88,195

Current assets

Stocks		84,025	136,632
Debtors	7	6,867	12,100
Investments	8	9,725	7,452
Cash at bank and in hand		56,537	36
		-----------	-----------
		157,154	156,220

Creditors: amounts falling due within one year	9	100,484	83,353
		-----------	-----------
Net current assets		56,670	72,867
		-----------	-----------
Total assets less current liabilities		128,930	161,062

Creditors: amounts falling due after more than one year	10	365,498	388,086
		-----------	-----------
Net liabilities		( 236,568)	( 227,024)
		-----------	-----------

Capital and reserves

Called up share capital	2,692	2,692
Profit and loss account	( 239,260)	( 229,716)
	-----------	-----------
Shareholders deficit	( 236,568)	( 227,024)
	-----------	-----------

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 5 April 2022 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 .

Crosshill Farm Ltd

Statement of Financial Position (continued)

5 April 2022

These financial statements were approved by the board of directors and authorised for issue on 27 April 2022 , and are signed on behalf of the board by:

J T Wilson CA

Director

Company registration number: 00433491

Crosshill Farm Ltd

Notes to the Financial Statements

Year ended 5 April 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Crosshill Farm, Crosshill, Wigton, Cumbria, CA7 8NX.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

All fixed assets are initially recorded at cost.

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:

Agricultural Buildings	-	10% reducing balance
Plant and machinery	-	15% - 20% reducing balance

Biological assets

Each unit of livestock is valued according to rates established by HMRC.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 6 April 2021	79,975	153,317	233,292
Additions	–	23,198	23,198
Disposals	–	( 57,400)	( 57,400)
	---------	-----------	-----------
At 5 April 2022	79,975	119,115	199,090
	---------	-----------	-----------
Depreciation
At 6 April 2021	48,705	96,392	145,097
Charge for the year	2,815	7,078	9,893
Disposals	–	( 28,160)	( 28,160)
	---------	-----------	-----------
At 5 April 2022	51,520	75,310	126,830
	---------	-----------	-----------
Carrying amount
At 5 April 2022	28,455	43,805	72,260
	---------	-----------	-----------
At 5 April 2021	31,270	56,925	88,195
	---------	-----------	-----------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 5 April 2022	8,235
	--------
At 5 April 2021	29,340
	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	6,867	10,997
Other debtors	–	1,103
	--------	---------
	6,867	12,100
	--------	---------

8. Investments

	2022	2021
	£	£
Trading Society Capital	9,725	7,452
	--------	--------

9. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	24,756	55,493
Trade creditors	42,209	16,968
Corporation tax	2,166	667
Social security and other taxes	2,908	–
HP Commitments	4,640	8,080
Other creditors	23,805	2,145
	-----------	---------
	100,484	83,353
	-----------	---------

The Bank Loans are secured by a fixed and floating charge over the company's assets.

10. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	129,859	124,737
HP Commitments	–	12,800
Directors Loan Account	235,639	250,549
	-----------	-----------
	365,498	388,086
	-----------	-----------

The Directors confirm that the amount shown above in Directors Loan Account is primarily fixed capital and not ordinarily repayable other than in a winding up of the company.

The Bank Loans are secured by a fixed and floating charge over the company's assets, are for varying terms and at commercial bank lending rates.

Included within creditors: amounts falling due after more than one year is an amount of £86,980 (2021: £89,128) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

11. Directors' advances, credits and guarantees

The directors were not advanced any amounts during the period.

12. Related party transactions

The company was under the control of Mr C K Wilson throughout the current and previous year. Mr C K Wilson is the managing director and sole shareholder. No transactions with related parties were undertaken such as are required to be disclosed under the FRS102 Section 1A.