Company No: 02702613 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr G J Parsons
	Mrs N Parsons

REGISTERED OFFICE	Sharpham Dairy Sharpham Estate
	Ashprington
	Totnes
	TQ9 7UT
	United Kingdom

COMPANY NUMBER

02702613 (England and Wales)

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

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	106,716		95,115
		106,716		95,115
Current assets
Stocks		56,013		49,923
Debtors	4	93,275		94,431
Cash at bank and in hand		4,035		10,632
		153,323		154,986
Creditors: amounts falling due within one year	5	( 94,790)		( 92,046)
Net current assets		58,533		62,940
Total assets less current liabilities		165,249		158,055
Creditors: amounts falling due after more than one year	6	( 30,334)		( 32,500)
Provision for liabilities		( 1,750)		( 1,750)
Net assets		133,165		123,805
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		133,065		123,705
Total shareholder's funds		133,165		123,805

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Sharpham Partnership Limited (registered number: 02702613) were approved and authorised for issue by the Board of Directors on 29 June 2023. They were signed on its behalf by:

Mr G J Parsons Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Sharpham Partnership Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sharpham Dairy Sharpham Estate, Ashprington, Totnes, TQ9 7UT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

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 it's value of the goods to date.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Biological assets	not depreciated
Leasehold improvements	17 years straight line
Plant and machinery	15 - 25 % reducing balance
Vehicles	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 it's selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Defined contribution pension obligation

A defined pension contribution plan is a pension plan under which fixed contributions are paid into a pension fund ad 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.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	14		13

3. Tangible assets

	Biological assets		Leasehold improve- ments		Plant and machinery		Vehicles		Total
	£		£		£		£		£
Cost
At 01 April 2022	48,904		99,370		284,083		24,984		457,341
Additions	0		0		27,551		0		27,551
At 31 March 2023	48,904		99,370		311,634		24,984		484,892
Accumulated depreciation
At 01 April 2022	0		99,370		261,815		1,041		362,226
Charge for the financial year	0		0		9,964		5,986		15,950
At 31 March 2023	0		99,370		271,779		7,027		378,176
Net book value
At 31 March 2023	48,904		0		39,855		17,957		106,716
At 31 March 2022	48,904		0		22,268		23,943		95,115

4. Debtors

	2023		2022
	£		£
Trade debtors	80,072		75,407
Other debtors	13,203		19,024
	93,275		94,431

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans and overdrafts	25,823		10,000
Trade creditors	44,095		51,199
Corporation tax	5,911		11,187
Other taxation and social security	4,991		8,908
Obligations under finance leases and hire purchase contracts	5,249		0
Other creditors	8,721		10,752
	94,790		92,046

6. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	22,459		32,500
Obligations under finance leases and hire purchase contracts	7,875		0
	30,334		32,500

Security given for finance lease and hire purchase liabilities are those of the assets held under HP or finance leases.

7. Called-up share capital

	2023		2022
	£		£
Allotted, called-up and fully-paid
200 Ordinary shares of £ 0.50 each	100		100

8. Financial commitments

Commitments

Capital commitments are as follows:

	2023		2022
	£		£
Contracted for but not provided for:
- finance leases entered into	18,229		22,000