Fineturf Machinery Limited Filleted accounts for Companies House (small and micro)

FINETURF MACHINERY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08886469

Fineturf Machinery Limited

Filleted Financial Statements

For the year ended

31 December 2022

Fineturf Machinery Limited

Statement of Financial Position

31 December 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		372,243	374,834

Current assets

Stocks		302,278	145,120
Debtors	6	123,134	34,214
Cash at bank and in hand		11,083	101,057
		---------	---------
		436,495	280,391

Creditors: amounts falling due within one year	7	439,434		281,208
		---------		---------
Net current liabilities			2,939	817
			---------	---------
Total assets less current liabilities			369,304	374,017

Creditors: amounts falling due after more than one year	8		107,556	142,210

Provisions

Taxation including deferred tax	13,642	14,117
	---------	---------
Net assets	248,106	217,690
	---------	---------

Fineturf Machinery Limited

Statement of Financial Position (continued)

31 December 2022

	2022		2021
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Share premium account	9,900	9,900
Profit and loss account	237,206	206,790
	---------	---------
Shareholders funds	248,106	217,690
	---------	---------

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.

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.

These financial statements were approved by the board of directors and authorised for issue on 27 September 2023 , and are signed on behalf of the board by:

S Hutton

Director

Company registration number: 08886469

Fineturf Machinery Limited

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The judgements and accounting estimates that management have made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as disclosed in the accounting policies and notes to these financial statements.

Revenue recognition

The turnover shown in the statement of comprehensive income is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred 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 material 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit or loss.

Tangible assets

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

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:

Land and buildings	-	2% straight line
Plant and machinery	-	10%-33% Straight line, 15% Reducing balance

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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Financial instruments

The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2022	306,475	185,898	492,373
Additions	–	23,750	23,750
Disposals	–	( 5,050)	( 5,050)
	---------	---------	---------
At 31 December 2022	306,475	204,598	511,073
	---------	---------	---------
Depreciation
At 1 January 2022	21,376	96,163	117,539
Charge for the year	1,224	21,077	22,301
Disposals	–	( 1,010)	( 1,010)
	---------	---------	---------
At 31 December 2022	22,600	116,230	138,830
	---------	---------	---------
Carrying amount
At 31 December 2022	283,875	88,368	372,243
	---------	---------	---------
At 31 December 2021	285,099	89,735	374,834
	---------	---------	---------

Included within Freehold Property is land which the directors value at £96,000 (2021: £96,000) which has not been depreciated.

6. Debtors

	2022	2021
	£	£
Trade debtors	59,791	33,983
Amounts owed by group undertakings and undertakings in which the company has a participating interest	4,238	–
Other debtors	59,105	231
	---------	--------
	123,134	34,214
	---------	--------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	35,187	33,740
Trade creditors	9,620	29,143
Amounts owed to group undertakings and undertakings in which the company has a participating interest	384,552	180,602
Social security and other taxes	7,280	27,373
Other creditors	2,795	10,350
	---------	---------
	439,434	281,208
	---------	---------

Bank loans and overdrafts are secured against the assets of the company.

Included within the comparative bank loans is a Coronavirus business interruption loan. The lender has been provided with a guarantee from the UK Government.

Included in other creditors are hire purchase agreements of £nil (2021 - £4,831) which are secured on the assets to which they relate.

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

	2022	2021
	£	£
Bank loans and overdrafts	107,556	142,210
	---------	---------

Bank loans and overdrafts are secured against the assets of the company.

Included within the comparative bank loans is a Coronavirus business interruption loan. The lender has been provided with a guarantee from the UK Government.

9. Contingencies

The company has provided cross guarantees for certain other group companies.

10. Summary audit opinion

The auditor's report for the year dated 28 September 2023 was unqualified .

The senior statutory auditor was Jonathan Day , for and on behalf of Streets Audit LLP .

11. Related party transactions

The company has taken advantage of the exemptions available under FRS102 relating to the disclosure of related party transactions with other members of the S & F Hutton (Holdings) Limited group.

12. Controlling party

The company is a subsidiary of S & F Hutton (Holdings) Limited, a company incorporated in England & Wales. S & F Hutton (Holdings) Limited prepare group accounts. The address of the registered office is The Barn, Charity Street, Carlton Scroop, Grantham, Lincolnshire, NG32 3AT.