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Registered number: 02863489
UPPER COLN FARM AND STUD LIMITED
UNAUDITED
STATUTORY ACCOUNTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2021
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UPPER COLN FARM AND STUD LIMITED
REGISTERED NUMBER: 02863489
BALANCE SHEET
AS AT 31 MARCH 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of statutory accounts.
The statutory accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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UPPER COLN FARM AND STUD LIMITED
REGISTERED NUMBER: 02863489
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2021
The statutory accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The statutory accounts were approved and authorised for issue by the board and were signed on its behalf by:
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M H Tufnell
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The notes on pages 3 to 6 form part of these statutory accounts.
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UPPER COLN FARM AND STUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
Upper Coln Farm and Stud Limited is a private limited company, limited by shares, incorporated in England and Wales, with registration number 02863489. The address of the registered office is Calmsden Manor, Calmsden, Cirencester, Gloucestershire, GL7 5ET.
2.Accounting policies
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Basis of preparation of statutory accounts
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The statutory accounts have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Turnover represents income from arable sales during the year net of Value Added Tax and trade discounts. Sale of goods are recognised when goods are delivered and the title has passed. Turnover also includes Basic Payment Scheme receipts which are recognised on a calendar year basis.
Tangible fixed assets are stated at either valuation or historical cost less accumulated depreciation and any accumulated impairment losses.
Freehold land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following bases:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.
Stock is valued at the lower of cost (deemed cost, where actual costs are not accurately ascertainable) and net realisable value.
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UPPER COLN FARM AND STUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
2.Accounting policies (continued)
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.
Trade and other debtors and creditors are classified as basic financial instruments and measured at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.
The tax expense represents the sum of the tax currently payable and any deferred tax.
The current tax charge is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the statement of income and retained earnings because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date.
Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised. Deferred tax is charged or credited to the statement of income and retained earnings.
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The average monthly number of employees, including directors, during the year was 2 (2020 - 2).
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UPPER COLN FARM AND STUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Land (including woodland)
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At 1 April 2020 and 31 March 2021
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Land (excluding woodland) purchased at a cost of £480,751 was revalued to its open market value of £1,637,087 by Knight Frank LLP, Chartered Facilities Management Surveyors, on 1 August 2007. Subsequent land additions (including woodland) have been included at cost.
If the land (including woodland) had not been included at valuation it would have been included under the historical cost convention as follows:
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UPPER COLN FARM AND STUD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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Seeds, fertilisers and sprays
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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