Kennett Farms Limited - Period Ending 2021-09-30
Kennett Farms Limited - Period Ending 2021-09-30
Registration number:
Year Ended
Kennett Farms Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Kennett Farms Limited
Company Information
Director |
Dr P Herne |
Registered office |
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Kennett Farms Limited
(Registration number: 08501467)
Balance Sheet as at 30 September 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Director's Report has been taken.
Kennett Farms Limited
(Registration number: 08501467)
Balance Sheet as at 30 September 2021
Approved and authorised by the
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Dr P Herne
Director
Kennett Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2021
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
England
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.
The presentational currency is Sterling and figures are rounded to the nearest £.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. The director will continue to provide further support for at least a period of one year from the date of signing the accounts to the company through his loan at the year end of £2,076,651 and will provide further support to the company if needed.
Revenue recognition
Turnover represents invoiced goods and services arising from the farming trade relating to crops and produce sold during the period, the Basic Payment Scheme and other grants, excluding VAT. Income from the sale of crops is recognised upon collection. Income from grants is recognised when conditions for the entitlement are met.
Other operating income
Other operating income comprises of rental income and investment income. Rental income represents rent recevied for the lease of agricultural property and is accounted for on an accruals basis.
Investment income
Investment income comprises of accrued interest from fixed asset investments and is accounted for on an accruals basis.
Kennett Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2021
Government grants
Grants of a revenue nature from the Rural Payments Agency are credited to the profit and loss account in the year to which they relate. According to the performance model, the full amount of grant received is recognised as turnover unless there are any unfilled conditions attaching to the grant, in which case the grant is only recognised on the fulfilment of the conditions. Under the Basic Payment Scheme revenue cannot be recognised as income until the greening provisions are met.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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 at cost.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Tangible assets include only land, on which no depreciation is provided.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Other unlisted investments are stated at fair value, with any unrealised gains or losses being recognised as profit or loss in the current period. Investments are treated as non-current assets on the basis that they are intended to be held for at least 12 months after the balance sheet date.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Kennett Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2021
Stocks
Stocks comprise harvested produce and other inventories. These are stated at the lower of cost and estimated selling price less costs to sell.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Kennett Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2021
Staff numbers |
The average number of persons employed by the company during the year was
Tangible assets |
Land |
Total |
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Cost or valuation |
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At 1 October 2020 |
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At 30 September 2021 |
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Carrying amount |
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At 30 September 2021 |
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At 30 September 2020 |
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Investments |
2021 |
2020 |
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Other investments |
130,500 |
50,010 |
Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Kennett Farms Limited
Notes to the Financial Statements
Year Ended 30 September 2021
Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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Related party transactions |
Summary of transactions with other related parties