Callestick Farm Ice Cream Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05924889 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

CALLESTICK FARM ICE CREAM LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J S Parker

Mrs A M C Parker

B S Parker

S R Parker

SECRETARY:

B S Parker

REGISTERED OFFICE:

Callestick Farm

Callestick

TRURO

Cornwall

TR4 9LL

REGISTERED NUMBER:

05924889 (England and Wales)

ACCOUNTANTS:

Lang Bennetts

The Old Carriage Works

Moresk Road

TRURO

Cornwall

TR1 1DG

FIXED ASSETS

Intangible assets

5

67,619

80,119

Tangible assets

6

2,113,449

1,509,617

Investments

7

231,963

228,663

2,413,031

1,818,399

CURRENT ASSETS

Stocks

866,568

805,816

Debtors

8

379,086

129,270

Investments

9

18,983

18,983

Cash at bank and in hand

9,032

5,374

1,273,669

959,443

CREDITORS

Amounts falling due within one year

10

1,155,962

773,427

NET CURRENT ASSETS

117,707

186,016

TOTAL ASSETS LESS CURRENT LIABILITIES

2,530,738

2,004,415

CREDITORS

Amounts falling due after more than one year

11

(1,699,363

)

(1,421,974

)

PROVISIONS FOR LIABILITIES

(189,191

)

(94,403

)

NET ASSETS

642,184

488,038

CAPITAL AND RESERVES

Called up share capital

602

602

Retained earnings

641,582

487,436

SHAREHOLDERS' FUNDS

642,184

488,038

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2022 and were signed on its behalf by:

J S Parker - Director

1.	STATUTORY INFORMATION

Callestick Farm Ice Cream Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 25% on cost and 15% on cost

No depreciation is provided on buildings as the directors do not consider this to be appropriate. The ongoing maintenance of the buildings results in their value exceeding the original cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2020 - 24 ) .

5.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2021

and 31 December 2021

250,000

5,119

255,119

AMORTISATION

At 1 January 2021

175,000

-

175,000

Charge for year

12,500

-

12,500

At 31 December 2021

187,500

-

187,500

NET BOOK VALUE

At 31 December 2021

62,500

5,119

67,619

At 31 December 2020

75,000

5,119

80,119

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2021

1,110,620

2,152,191

3,262,811

Additions

160,785

698,605

859,390

Disposals

-

(123,778

)

(123,778

)

At 31 December 2021

1,271,405

2,727,018

3,998,423

DEPRECIATION

At 1 January 2021

-

1,753,194

1,753,194

Charge for year

-

246,913

246,913

Eliminated on disposal

-

(115,133

)

(115,133

)

At 31 December 2021

-

1,884,974

1,884,974

NET BOOK VALUE

At 31 December 2021

1,271,405

842,044

2,113,449

At 31 December 2020

1,110,620

398,997

1,509,617

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2021

235,571

Additions

377,410

Transfer to ownership

(160,571

)

At 31 December 2021

452,410

DEPRECIATION

At 1 January 2021

150,289

Charge for year

67,861

Transfer to ownership

(105,289

)

At 31 December 2021

112,861

NET BOOK VALUE

At 31 December 2021

339,549

At 31 December 2020

85,282

7.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2021

2020

£

£

Dairy Herd

231,963

228,663

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

237,557

98,368

Other debtors

141,529

30,902

379,086

129,270

9.	CURRENT ASSET INVESTMENTS

2021

2020

£

£

Unlisted investments

18,983

18,983

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

569,397

365,702

Hire purchase contracts

104,734

51,833

Trade creditors

202,803

97,711

Taxation and social security

11,603

58,047

Other creditors

267,425

200,134

1,155,962

773,427

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

1,474,129

1,385,030

Hire purchase contracts

225,234

36,944

1,699,363

1,421,974

Amounts falling due in more than five years:

Repayable by instalments

Bank loans - 5 years +

788,727

539,577

12.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdrafts

135,547

94,617

Bank loans

1,907,979

1,656,115

Hire purchase contracts

329,968

88,777

2,373,494

1,839,509

13.	RELATED PARTY DISCLOSURES

At the year end the company owed £126,833, (2020 : £126,066) to the directors and shareholders. This is shown within other creditors due in less than than one year.

The directors received dividends of £120,000 (2020 : £156,000) during the year.

Payments for contract farming totalling £49,000, (2020: £49,000) were paid at commercial value to the directors Mr S Parker and Mr B Parker during the year.