Claremont Farm Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07154686 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

CLAREMONT FARM LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J D I Pimbley

P Pimbley

A J Pimbley

G M Pimbley

REGISTERED OFFICE:

Claremont Farm

Old Clatterbridge Road

Wirral

Merseyside

CH63 4JB

REGISTERED NUMBER:

07154686 (England and Wales)

ACCOUNTANTS:

M. D. Coxey and Co. Limited

Chartered Accountants

25 Grosvenor Road

Wrexham

LL11 1BT

BANKERS:

Barclays Bank plc

Birkenhead

FIXED ASSETS

Intangible assets

4

3,500

4,000

Tangible assets

5

751,880

699,261

755,380

703,261

CURRENT ASSETS

Stocks

6

93,210

92,984

Debtors

7

30,906

2,164

Cash in hand

26,840

2,398

150,956

97,546

CREDITORS

Amounts falling due within one year

8

484,911

207,372

NET CURRENT LIABILITIES

(333,955

)

(109,826

)

TOTAL ASSETS LESS CURRENT LIABILITIES

421,425

593,435

CREDITORS

Amounts falling due after more than one year

9

(218,522

)

(269,356

)

PROVISIONS FOR LIABILITIES

11

(50,872

)

(41,198

)

ACCRUALS AND DEFERRED INCOME

(119,984

)

(125,697

)

NET ASSETS

32,047

157,184

CAPITAL AND RESERVES

Called up share capital

12

100

100

Capital reserve

38,226

40,396

Retained earnings

(6,279

)

116,688

SHAREHOLDERS' FUNDS

32,047

157,184

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th December 2023 and were signed on its behalf by:

G M Pimbley - Director

1.	STATUTORY INFORMATION

Claremont Farm Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Kitchen - 10% on reducing balance

Tractors - 10% on reducing balance

Plant & Machinery - 15% on reducing balance

Office equipment - 25% on reducing balance

Motor Vehicles - 25% on reducing balance

Fruit tunnels - 25% on reducing balance

Short leasehold property - over 30 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Grants

Income from grants is recognized when there is evidence of entitlement, receipt is probable and its amount can be measured reliably.

Grants are taken to income over the same period as the depreciation periods for the assets that they are intended to cover.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2022 - 53 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2022

and 31st March 2023

10,000

AMORTISATION

At 1st April 2022

6,000

Amortisation for year

500

At 31st March 2023

6,500

NET BOOK VALUE

At 31st March 2023

3,500

At 31st March 2022

4,000

5.	TANGIBLE FIXED ASSETS

Short

leasehold

Plant and

property

Pond

machinery

£

£

£

COST

At 1st April 2022

621,994

7,604

166,815

Additions

92,988

-

2,650

At 31st March 2023

714,982

7,604

169,465

DEPRECIATION

At 1st April 2022

129,512

-

63,968

Charge for year

23,833

-

15,427

At 31st March 2023

153,345

-

79,395

NET BOOK VALUE

At 31st March 2023

561,637

7,604

90,070

At 31st March 2022

492,482

7,604

102,847

Fixtures

Motor

Fruit

& Fittings

vehicles

tunnels

Totals

£

£

£

£

COST

At 1st April 2022

321,471

47,319

10,109

1,175,312

Additions

8,699

15,999

-

120,336

At 31st March 2023

330,170

63,318

10,109

1,295,648

DEPRECIATION

At 1st April 2022

237,876

34,906

9,789

476,051

Charge for year

21,764

6,613

80

67,717

At 31st March 2023

259,640

41,519

9,869

543,768

NET BOOK VALUE

At 31st March 2023

70,530

21,799

240

751,880

At 31st March 2022

83,595

12,413

320

699,261

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1st April 2022

and 31st March 2023

68,500

DEPRECIATION

At 1st April 2022

570

Charge for year

10,190

At 31st March 2023

10,760

NET BOOK VALUE

At 31st March 2023

57,740

At 31st March 2022

67,930

6.

STOCKS

31.3.23

31.3.22

£

£

Stocks

93,210

92,984

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Other debtors

858

-

Tax

27,740

-

Prepayments

2,308

2,164

30,906

2,164

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

113,454

77,634

Other loans

5,330

5,330

Hire purchase contracts

20,521

37,584

Trade creditors

104,620

5,033

Tax

-

38,553

Social security and other taxes

22,320

-

Wages control account

-

36

Pension control account

8,143

1,880

VAT

56,868

16,418

Directors' current accounts

144,806

14,906

Accrued expenses

8,849

9,998

484,911

207,372

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans - 1-2 years

28,147

26,252

Bank loans - 2-5 years

67,477

36,589

Bank loans more 5 yr by instal

79,787

136,824

Other loans - 1-2 years

5,076

5,076

Other loans - 2-5 years

13,824

13,824

Other loans more 5yrs instal

20,044

25,374

Hire purchase contracts

4,167

25,417

218,522

269,356

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

79,787

136,824

Other loans more 5yrs instal

20,044

25,374

99,831

162,198

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank overdrafts

85,762

52,293

Bank loans

203,103

225,006

Other loans

44,274

49,604

Hire purchase contracts

24,688

63,001

357,827

389,904

The bank loans and overdraft are secured on land owned by Mr J D I Pimbley and Mrs P Pimbley.

With regard to other loans, a promissory note has been signed by Mr A J Pimbley and Mr G M Pimbley.

Assets bought under hire purchase are secured on the assets concerned.

11.	PROVISIONS FOR LIABILITIES

31.3.23

31.3.22

£

£

Deferred tax

Accelerated capital allowances

50,872

41,198

Deferred

tax

£

Balance at 1st April 2022

41,198

Movement in year

change in tax allowances

2,536

change in tax rates

7,138

Balance at 31st March 2023

50,872

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

100

Ordinary

£100

100

100

13.	CAPITAL COMMITMENTS

31.3.23

31.3.22

£

£

Contracted but not provided for in the

financial statements

-

-

14.	FINANCIAL COMMITMENTS,GUARANTEES AND CONTINGENCIES

The company had outstanding commitments in respect of operating leases at 31st March 2023 of £451,500 (2022 : £473,000).