Priors Farm Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08328502 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

PRIORS FARM LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr K Poulter

REGISTERED OFFICE:

Unit 4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

REGISTERED NUMBER:

08328502 (England and Wales)

ACCOUNTANTS:

Kings Chartered Accountants

4 Grovelands

Boundary Way

Hemel Hempstead

Hertfordshire

HP2 7TE

FIXED ASSETS

Tangible assets

4

221,028

243,888

CURRENT ASSETS

Stocks

5

97,203

120,000

Debtors

6

22,115

15,889

Cash at bank and in hand

61,352

40,238

180,670

176,127

CREDITORS

Amounts falling due within one year

7

211,075

219,289

NET CURRENT LIABILITIES

(30,405

)

(43,162

)

TOTAL ASSETS LESS CURRENT LIABILITIES

190,623

200,726

CREDITORS

Amounts falling due after more than one year

8

-

(32,917

)

PROVISIONS FOR LIABILITIES

9

(41,995

)

(46,339

)

NET ASSETS

148,628

121,470

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

148,627

121,469

SHAREHOLDERS' FUNDS

148,628

121,470

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 director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2022 and were signed by:

Mr K Poulter - Director

1.	STATUTORY INFORMATION

Priors Farm Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. 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.

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

-

Straight line over 10 years

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2021

312,517

375

208

313,100

Additions

22,500

-

-

22,500

Disposals

(35,050

)

-

-

(35,050

)

At 31 December 2021

299,967

375

208

300,550

DEPRECIATION

At 1 January 2021

69,189

8

15

69,212

Charge for year

25,572

91

69

25,732

Eliminated on disposal

(15,422

)

-

-

(15,422

)

At 31 December 2021

79,339

99

84

79,522

NET BOOK VALUE

At 31 December 2021

220,628

276

124

221,028

At 31 December 2020

243,328

367

193

243,888

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

Plant and

machinery

£

COST

At 1 January 2021

and 31 December 2021

47,500

DEPRECIATION

At 1 January 2021

3,800

Charge for year

4,750

At 31 December 2021

8,550

NET BOOK VALUE

At 31 December 2021

38,950

At 31 December 2020

43,700

5.

STOCKS

31.12.21

31.12.20

£

£

Stocks

97,203

120,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

11,507

7,434

Tax

1,742

3,720

VAT

8,682

4,062

Prepayments

184

673

22,115

15,889

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

58,152

51,286

Tax

986

2,023

Social security and other taxes

1

1

Directors' current accounts

150,273

163,086

Accruals

1,663

2,893

211,075

219,289

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Hire purchase contracts

-

32,917

9.	PROVISIONS FOR LIABILITIES

31.12.21

31.12.20

£

£

Deferred tax

Accelerated capital allowances

41,995

46,339

Deferred

tax

£

Balance at 1 January 2021

46,339

Provided during year

(4,344

)

Balance at 31 December 2021

41,995

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

1

Ordinary

£1

1

1