FARMSENSE_LTD - Accounts
FARMSENSE_LTD - Accounts
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
6
Current assets
Stocks
7
Debtors
8
Cash at bank and in hand
Creditors: amounts falling due within one year
9
(651,721 )
(589,359 )
Net current liabilities
(180,480 )
(214,127 )
Net liabilities
(177,950 )
(213,015 )
Capital and reserves
Called up share capital
11
Profit and loss reserves
12
(178,060 )
(213,125 )
Total equity
(177,950 )
(213,015 )
The financial statements were approved by the board of directors and authorised for issue on 22 November 2022 and are signed on its behalf by:
Director
Company Registration No. 02590151
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
1
Accounting policies
Company information
Farmsense Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Animal House, Boundary Road, Lytham, Lancashire, FY8 5LT.
1.1
Accounting convention
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.
Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.
1.4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Show equipment
1.5
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 3 -
At each reporting date, an assessment is made for impairment, any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.
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 entity after deducting all of its financial liabilities.
Financial assets with no stated interest rate and receivable within one year are stated at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.
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 entity after deducting all of its financial liabilities.
Financial assets with no stated interest rate and receivable within one year are stated at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.
1.7
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business is being amortised over its estimated useful life of ten years. This has now been fully written down.
1.8
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.
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.
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.
1.9
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
1.10
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the directors opinion there are no judgements or key sources of estimation uncertainty in relation to these financial statements.
3
Turnover
In the year to 30 June 2022 £4,194 (2021: £24,692) of the company's turnover was to markets outside the United Kingdom.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
No directors received remuneration from the Company in respect of services provided in either the current or prior year. Directors' remuneration is paid by Tangerine Holdings Limited.
5
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2021 and 30 June 2022
Amortisation and impairment
At 1 July 2021 and 30 June 2022
Carrying amount
At 30 June 2022
-
At 30 June 2021
-
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
6
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Show equipment
Total
£
£
£
£
Cost
At 1 July 2021
Additions
-
-
At 30 June 2022
Depreciation and impairment
At 1 July 2021
Depreciation charged in the year
-
At 30 June 2022
Carrying amount
At 30 June 2022
-
At 30 June 2021
-
7
Stocks
2022
2021
£
£
Raw materials and consumables
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
Corporation tax recoverable
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
(977 )
348,476
169,439
Deferred tax asset (note 10)
The amounts owed by group undertakings are interest free and repayable on demand.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
9
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
Amounts owed to group undertakings
Corporation tax
-
Other creditors
Accruals and deferred income
The amounts owed to group undertakings are interest free and repayable on demand.
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2022
2021
Balances:
£
£
Accelerated capital allowances
269
269
Timing differences
115
115
384
384
There were no deferred tax movements in the year.
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
4
4
4
4
Ordinary B of £1 each
6
6
6
6
Ordinary of £1 each
100
100
100
100
110
110
Ordinary shares have full voting rights and Ordinary A & B Shares have no voting rights.
12
Profit and loss reserves
This reserve reflects cumulative profits and losses net of distributions to owners
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
13
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Finacial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
During the year the Company had transactions with companies under the control of D A Haythonrthwaite.
2022
2021
£
£
Goods provided
25,998
45,547
Good purchased
219,420
201,427
At the year end the Company had net balances outstanding with companies under the control of D A Haythornthwaite.
2022
2021
£
£
Included in Trade debtors/(creditors)
-
-
Include in Other debtors/(creditors)
(174,884)
(299,929)
14
Ultimate controlling party
The Company is a 100% owned subsidiary of Tangerine Agriculture Limited.
The registered office for Tangerine Agriculture Limited is Docklands, Dock Road, Lytham St. Annes, Lancashire, United Kingdom, FY8 5AQ
The Company is under the ultimate control of D A Haythornthwaite, the controlling shareholder of Tangerine Agriculture Limited.