Fourbs Farming Limited Filleted accounts for Companies House (small and micro)

FOURB'S FARMING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03018400

Fourbs Farming Limited

Filleted Unaudited Financial Statements

For the year ended

30 April 2021

Fourbs Farming Limited

Statement of Financial Position

30 April 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	5		83,052		65,310

Current assets

Stocks		98,546	106,602
Debtors	6	196,048	119,243
Cash at bank and in hand		263,007	250,427
		----------	----------
		557,601	476,272

Creditors: amounts falling due within one year	7	504,174		369,594
		----------		----------
Net current assets			53,427		106,678
			----------		----------
Total assets less current liabilities			136,479		171,988

Provisions

Taxation including deferred tax	17,204	10,573
	----------	----------
Net assets	119,275	161,415
	----------	----------

Fourbs Farming Limited

Statement of Financial Position (continued)

30 April 2021

	2021		2020
Note	£	£	£	£

Capital and reserves

Called up share capital	1	1
Profit and loss account	119,274	161,414
	----------	----------
Shareholders funds	119,275	161,415
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 27 January 2022 , and are signed on behalf of the board by:

Mr C.L. Birdsall

Director

Company registration number: 03018400

Fourbs Farming Limited

Notes to the Financial Statements

Year ended 30 April 2021

1. General information

The company is a private company limited by shares. The registered office address is Carlisle Chambers, Carlisle Street, Goole, England, DN14 5DX.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Going concern

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. At the date of signing these financial statements, the directors have considered the effect of the Coronavirus pandemic on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

(d) Current & deferred tax

The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date . Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(e) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(f) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% reducing balance
Equipment	-	25% reducing balance

(g) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(h) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

(i) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(j) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

(k) Government grants

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2020: 3 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 May 2020	146,942	66,915	213,857
Additions	66,310	–	66,310
Disposals	( 8,400)	–	( 8,400)
	----------	--------	----------
At 30 April 2021	204,852	66,915	271,767
	----------	--------	----------
Depreciation
At 1 May 2020	97,781	50,766	148,547
Charge for the year	27,694	4,049	31,743
Disposals	( 3,675)	–	( 3,675)
Impairment losses	–	12,100	12,100
	----------	--------	----------
At 30 April 2021	121,800	66,915	188,715
	----------	--------	----------
Carrying amount
At 30 April 2021	83,052	–	83,052
	----------	--------	----------
At 30 April 2020	49,161	16,149	65,310
	----------	--------	----------

6. Debtors

	2021	2020
	£	£
Trade debtors	169,659	97,734
Other debtors	26,389	21,509
	----------	----------
	196,048	119,243
	----------	----------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	246,181	132,420
Amounts owed to group undertakings and undertakings in which the company has a participating interest	244,267	212,784
Corporation tax	–	505
Social security and other taxes	–	6,477
Other creditors	13,726	17,408
	----------	----------
	504,174	369,594
	----------	----------

8. Related party transactions

At 30 April 2021 the company owed £ 244,267 to Dewdown Limited , a company controlled by Mr C.L. Birdsall (2020: £212,783). This loan is interest free and repayable on demand.

9. Controlling party

The company is a wholly owned subsidiary of Dewdown Limited, a company registered in England whose registered office is Carlisle Chambers, Carlisle Street, Goole, DN14 5DX.