Sharpham Partnership Limited - Period Ending 2021-03-31

Sharpham Partnership Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Sharpham Partnership Limited

Company Information

Director

Mr G J Parsons

Registered office

Sharpham House Ashprington Totnes TQ9 7UT

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay Devon TQ2 7FF

Sharpham Partnership Limited

Balance Sheet

31 March 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	5	47,970	6,016
Current assets
Stocks		70,749	46,303
Debtors	6	404,339	1,446,671
Cash at bank and in hand		7,665	17,350
		482,753	1,510,324
Creditors: Amounts falling due within one year	7	(162,415)	(175,077)
Net current assets		320,338	1,335,247
Total assets less current liabilities		368,308	1,341,263
Creditors: Amounts falling due after more than one year	7	(41,667)	-
Provisions for liabilities		(1,000)	(1,000)
Net assets		325,641	1,340,263
Capital and reserves
Called up share capital	9	250,100	250,100
Profit and loss account		75,541	1,090,163
Shareholders' funds		325,641	1,340,263

Sharpham Partnership Limited

Balance Sheet

31 March 2021

For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 September 2021
 

......................................... Mr G J Parsons Director

Company Registration Number: 02702613

Sharpham Partnership Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sharpham House
Ashprington
Totnes
TQ9 7UT

These financial statements were authorised for issue by the director on 21 September 2021.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A and the Companies Act 2006. There are no material departures from FRS102.

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.

Going concern

The director of Sharpham Partnership Limited has considered the impact of COVID-19.

In the opinion of the director, the company has sufficient working capital wihtin exisiting facilities to continue to trade for the foreseeable future, and therefore the financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue based on its value of the goods to date.

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.

Sharpham Partnership Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

Tax

The current corporation 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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property improvements	5.88% straight line
Plant and machinery	15-25% reducing balance
Dairy Herds	Not depreciated

Amortisation

Asset class	Amortisation method and rate
Milk quota	over 10 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Sharpham Partnership Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Basic financial assets comprise short term trade and other debtors and cash and bank balances.
Basic financial liabilities comprise short term trade and other creditors.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

Sharpham Partnership Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

3	Government grants

During the year the company received the following government grants:

- £31,218 Coronavirus Job Retention Scheme

The amount of grants recognised in the financial statements was £31,218 (2020 - £9,443).

4	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2020 - 12).

5	Tangible assets

	Land and buildings £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2020	99,370	260,661	360,031
Additions	-	44,254	44,254
Disposals	-	(697)	(697)
At 31 March 2021	99,370	304,218	403,588
Depreciation
At 1 April 2020	99,370	254,645	354,015
Charge for the year	-	1,603	1,603
At 31 March 2021	99,370	256,248	355,618
Carrying amount
At 31 March 2021	-	47,970	47,970
At 31 March 2020	-	6,016	6,016

Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of long leasehold land and buildings.
 

Included within the net book value of other tangible assets above is £47,970 (2020 - £nil) in respect of biological assets.

Sharpham Partnership Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

6

Debtors

	2021 £	2020 £
Trade debtors	76,260	84,566
Other debtors	328,079	1,362,105
	404,339	1,446,671

Sharpham Partnership Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

7

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	8	42,862	40,490
Trade creditors		56,538	39,926
Corporation tax		53,505	85,688
Taxation and social security		3,435	-
Other creditors		6,075	8,973
		162,415	175,077

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	41,667	-

8	Loans and borrowings

	2021 £	2020 £
Loans and borrowings due after one year
Other borrowings	41,667	-

	2021 £	2020 £
Current loans and borrowings
Bank overdrafts	34,529	40,490
Other borrowings	8,333	-
	42,862	40,490

Sharpham Partnership Limited

Notes to the Unaudited Financial Statements

Year Ended 31 March 2021

9	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £0.50 each	500,200	250,100.00	500,200	250,100.00

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £19,532 (2020 - £10,000). The financial commitments are in relation to rents payable on leasehold properties.