Company No: 03997714 (England and Wales)

Contents

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

DIRECTORS	J M Carley
	S J K Y Carley
	R E A Sutton

SECRETARY

S J K Y Carley

REGISTERED OFFICE	Great Wheal Daniel Station Road
	Chacewater
	Truro
	TR4 8PP
	United Kingdom

COMPANY NUMBER

03997714 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Lowin House
	Tregolls Road
	Truro
	Cornwall TR1 2NA

BANKERS	Co-operative Bank plc
	PO Box 101
	1 Balloon Street
	Manchester
	M60 4EP
	United Kingdom

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	205,534		181,378
		205,534		181,378
Current assets
Stocks	4	186,671		157,000
Debtors	5	89,530		97,936
Cash at bank and in hand		68,173		102,914
		344,374		357,850
Creditors: amounts falling due within one year	6	( 132,172)		( 106,038)
Net current assets		212,202		251,812
Total assets less current liabilities		417,736		433,190
Creditors: amounts falling due after more than one year	7	( 22,029)		( 32,335)
Provision for liabilities		( 50,444)		( 44,170)
Net assets		345,263		356,685
Capital and reserves
Called-up share capital		200		200
Share premium account		119,900		119,900
Profit and loss account		225,163		236,585
Total shareholders' funds		345,263		356,685

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Carley's of Cornwall Limited (registered number: 03997714) were approved and authorised for issue by the Board of Directors on 13 March 2024. They were signed on its behalf by:

J M Carley 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

Carley's of Cornwall 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 Great Wheal Daniel Station Road, Chacewater, Truro, TR4 8PP, 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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of organic food products is recognised when the goods are physically delivered to the customer.

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 reducing balance basis over its expected useful life, as follows:

Plant and machinery	20 % reducing balance
Other property, plant and equipment	25 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.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		9

3. Tangible assets

	Plant and machinery		Other property, plant and equipment		Total
	£		£		£
Cost
At 01 July 2022	714,288		0		714,288
Additions	14,199		46,731		60,930
At 30 June 2023	728,487		46,731		775,218
Accumulated depreciation
At 01 July 2022	532,910		0		532,910
Charge for the financial year	36,774		0		36,774
At 30 June 2023	569,684		0		569,684
Net book value
At 30 June 2023	158,803		46,731		205,534
At 30 June 2022	181,378		0		181,378

4. Stocks

	2023		2022
	£		£
Stocks	186,671		157,000

5. Debtors

	2023		2022
	£		£
Trade debtors	82,309		80,948
Prepayments	3,455		6,304
VAT recoverable	3,766		10,684
	89,530		97,936

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	10,021		9,774
Trade creditors	17,540		0
Amounts owed to directors	95,207		91,292
Accruals	3,751		3,614
Taxation and social security	4,853		958
Other creditors	800		400
	132,172		106,038

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

	2023		2022
	£		£
Bank loans	20,674		30,641
Other creditors	1,355		1,694
	22,029		32,335