Company No: 03997714 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Shirley Carley
	John Carley
	Rachel Sutton

SECRETARY

Shirley Carley

REGISTERED OFFICE	Great Wheal Daniel Station Road
	Chacewater
	Truro
	TR4 8PP
	United Kingdom

COMPANY NUMBER

03997714 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Lowin House
	Tregolls Road
	Truro
	Cornwall TR1 2NA

BANKERS	Co-operative Bank plc
	PO Box 101
	1 Balloon Street
	Manchester
	M60 4EP
	United Kingdom

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	211,970		145,194
		211,970		145,194
Current assets
Stocks	4	185,653		142,590
Debtors	5	87,947		91,786
Cash at bank and in hand		97,915		125,338
		371,515		359,714
Creditors
Amounts falling due within one year	6	( 113,805)		( 134,226)
Net current assets		257,710		225,488
Total assets less current liabilities		469,680		370,682
Creditors
Amounts falling due after more than one year	7	( 42,591)		( 56,146)
Provisions for liabilities		( 39,159)		( 26,192)
Net assets		387,930		288,344
Capital and reserves
Called-up share capital		200		200
Share premium account		119,900		119,900
Profit and loss account		267,830		168,244
Total shareholders' funds		387,930		288,344

For the financial year ending 30 June 2021 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 financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Carley's of Cornwall Limited (registered number: 03997714) were approved and authorised for issue by the Board of Directors on 21 March 2022. They were signed on its behalf by:

John Carley Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Carley's of Cornwall Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Great Wheal Daniel Station Road, Chacewater, Truro, TR4 8PP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Carley's of Cornwall Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of organic food products is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery - 20% reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		6

3. Tangible assets

	Plant and machinery		Total
	£		£
Cost
At 01 July 2020	587,591		587,591
Additions	113,860		113,860
At 30 June 2021	701,451		701,451
Accumulated depreciation
At 01 July 2020	442,397		442,397
Charge for the financial year	47,084		47,084
At 30 June 2021	489,481		489,481
Net book value
At 30 June 2021	211,970		211,970
At 30 June 2020	145,194		145,194

4. Stocks

	2021		2020
	£		£
Stocks	185,653		142,590

5. Debtors

	2021		2020
	£		£
Trade debtors	70,100		80,755
Prepayments	1,723		1,380
VAT recoverable	16,124		9,651
	87,947		91,786

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans and overdrafts	9,527		0
Trade creditors	0		7,640
Amounts owed to directors	87,287		94,457
Accruals	3,127		4,957
Corporation tax	10,456		22,819
Other taxation and social security	0		916
Obligations under finance leases and hire purchase contracts	3,408		3,437
	113,805		134,226

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

	2021		2020
	£		£
Bank loans	40,473		50,000
Obligations under finance leases and hire purchase contracts	0		3,499
Other creditors	2,118		2,647
	42,591		56,146