ACCOUNTS - Final Accounts Preparation

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-312021-04-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12489411 2021-04-01 2022-03-31 12489411 2020-02-28 2021-03-31 12489411 2022-03-31 12489411 2021-03-31 12489411 c:Director1 2021-04-01 2022-03-31 12489411 d:Buildings d:LongLeaseholdAssets 2021-04-01 2022-03-31 12489411 d:Buildings d:LongLeaseholdAssets 2022-03-31 12489411 d:Buildings d:LongLeaseholdAssets 2021-03-31 12489411 d:PlantMachinery 2021-04-01 2022-03-31 12489411 d:PlantMachinery 2022-03-31 12489411 d:PlantMachinery 2021-03-31 12489411 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 12489411 d:FurnitureFittings 2021-04-01 2022-03-31 12489411 d:FurnitureFittings 2022-03-31 12489411 d:FurnitureFittings 2021-03-31 12489411 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 12489411 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 12489411 d:CurrentFinancialInstruments 2022-03-31 12489411 d:CurrentFinancialInstruments 2021-03-31 12489411 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12489411 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 12489411 d:ShareCapital 2022-03-31 12489411 d:ShareCapital 2021-03-31 12489411 d:RetainedEarningsAccumulatedLosses 2022-03-31 12489411 d:RetainedEarningsAccumulatedLosses 2021-03-31 12489411 c:FRS102 2021-04-01 2022-03-31 12489411 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 12489411 c:FullAccounts 2021-04-01 2022-03-31 12489411 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 12489411 d:KeyManagementIndividualGroup1 d:OtherTransactionType1 2021-04-01 2022-03-31 12489411 d:KeyManagementIndividualGroup1 d:OtherTransactionType1 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 12489411

SIDWELL FARMS LTD

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

SIDWELL FARMS LTD

REGISTERED NUMBER: 12489411

BALANCE SHEET

AS AT 31 MARCH 2022

		2022		2021
Note		£		£

Fixed assets
Tangible assets	4		110,147		9,378
Current assets
Debtors: amounts falling due within one year	5	11,524		-
Bank and cash balances		121		1
		11,645		1
Creditors: amounts falling due within one year	6	(113,825)		(10,625)
Net current liabilities			(102,180)		(10,624)
Total assets less current liabilities			7,967		(1,246)
Provisions for liabilities
Deferred tax			(1,620)		-
Net assets/(liabilities)			6,347		(1,246)

Capital and reserves
Called up share capital	1	1
Profit and loss account	6,346	(1,247)
	6,347	(1,246)

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SIDWELL FARMS LTD

REGISTERED NUMBER: 12489411

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2022

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements 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.

The financial statements 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 comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Mr V H Patel

Director

Date: 30 March 2023

The notes on pages 3 to 8 form part of these financial statements.

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SIDWELL FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1.	General information

Sidwell Farms Limited (“the Company”) is a private company limited by shares, incorporated in England and Wales under the Companies Act.
The registered number and address of the registered office is given in the company information.
The functional and presentational currency of the company is pounds sterling (£) and rounded to the nearest whole pound.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements 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.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon continued financial support from its director and related companies. The financial statements do not include any adjustments that would result if such support is not continuing.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

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SIDWELL FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.3

Revenue (continued)

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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SIDWELL FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property	-
Plant and machinery	-	25%	reducing balance
Fixtures and fittings	-	25%	reducing balance

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 profit or loss.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the

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SIDWELL FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.9

Financial instruments (continued)

case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).

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SIDWELL FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

4.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 April 2021	-	9,378	-	9,378
Additions	98,462	-	6,203	104,665
At 31 March 2022	98,462	9,378	6,203	114,043
Depreciation
Charge for the year on owned assets	-	2,345	1,551	3,896
At 31 March 2022	-	2,345	1,551	3,896
Net book value
At 31 March 2022	98,462	7,033	4,652	110,147
At 31 March 2021	-	9,378	-	9,378

Debtors

					2022	2021
					£	£


Other debtors	11,524	-
	11,524	-

6.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Trade creditors	15,147	-
Other creditors	97,728	10,625
Accruals and deferred income	950	-
	113,825	10,625

Page 7

SIDWELL FARMS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Related party transactions

Included within other debtors is a balance due from Systemation Euro Limited, a company with directors and shareholders in common, totalling £3,993 (2021: £10,605 included within other creditors).
Included within other creditors is a balance due to Checksys Euro Limited, a company with directors in common, totalling £14,728 (2021: £nil).
Also included within other creditors is a balance due to Tapia Investments Limited, a company with directors and shareholders in common, totalling £1,000 (2021: £nil).
Also included within other creditors is a balance due to Elcoteq Hungary Limited, a company with directors and shareholders in common, totalling £32,000 (2021: £nil).
All balances are unsecured, interest free and repayable on demand

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