Procters Farm Limited - Accounts to registrar (filleted) - small 23.2.5
Procters Farm Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| PROCTERS FARM LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PROCTERS FARM LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| Dalton House |
| 9 Dalton Square |
| LANCASTER |
| LA1 1WD |
| Bankers: |
| 44 Fishergate |
| PRESTON |
| PR1 8BH |
| PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404) |
| BALANCE SHEET |
| 30 JUNE 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Investments | 5 |
| Current assets |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities | ( |
) | ( |
) |
| Capital and reserves |
| Called up share capital | 9 |
| Retained earnings | ( |
) | ( |
) |
| Shareholders' funds | ( |
) | ( |
) |
| PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404) |
| BALANCE SHEET - continued |
| 30 JUNE 2023 |
| 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. |
| 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 |
| PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 1. | Statutory information |
| Procters Farm Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable, for goods provided in the normal course of business, net of discounts, rebates, value added tax and other sales taxes. |
| Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good to the customer. |
| Tangible fixed assets |
| Freehold property | - |
| Short leasehold | - |
| Long leasehold | - |
| Plant and machinery | - |
| Tractors | - |
| Motor vehicles | - |
| Computer equipment | - |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Stocks |
| Stock is valued at the lower of cost and net realisable value. |
| Cost is calculated at either purchase price or 75% of market value for home bred pedigree sheep. |
| 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. |
| PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 2. | Accounting policies - continued |
| 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 |
| 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. |
| Going concern |
| The financial statements have been prepared on a going concern basis, despite there being net liabilities at the balance sheet date, as the director, Mr A Moores has confirmed that he is willing to continue to support the company for the forseeable future. |
| 3. | Employees and directors |
| The average number of employees during the year was |
| 4. | Tangible fixed assets |
| Freehold | Short | Long | Plant and |
| property | leasehold | leasehold | machinery |
| £ | £ | £ | £ |
| Cost |
| At 1 July 2022 |
| Additions |
| Disposals | ( |
) |
| At 30 June 2023 |
| Depreciation |
| At 1 July 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 June 2023 |
| Net book value |
| At 30 June 2023 |
| At 30 June 2022 |
| PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 4. | Tangible fixed assets - continued |
| Motor | Computer |
| Tractors | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| Cost |
| At 1 July 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2023 |
| Depreciation |
| At 1 July 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2023 |
| Net book value |
| At 30 June 2023 |
| At 30 June 2022 |
| 5. | Fixed asset investments |
| Interest |
| in other |
| participating |
| interests |
| £ |
| Cost |
| At 1 July 2022 |
| and 30 June 2023 | 1,250 |
| Net book value |
| At 30 June 2023 | 1,250 |
| At 30 June 2022 | 1,250 |
| 6. | Stocks |
| 2023 | 2022 |
| £ | £ |
| Livestock |
| Other stock |
| PROCTERS FARM LIMITED (REGISTERED NUMBER: 01193404) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 JUNE 2023 |
| 7. | Debtors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| VAT |
| Prepayments |
| 8. | Creditors: amounts falling due within one year |
| 2023 | 2022 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| Directors' current accounts | 10,326,426 | 10,101,426 |
| Accrued expenses |
| 9. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | 1 | 8,850,000 | 8,850,000 |
| Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company. |
| 10. | Other financial commitments |
| The total amount of financial commitments not included in the balance sheet is £4,100 (2022 - £10,500). |
| 11. | Related party disclosures |
| The company continues to lease two farms from one of the directors at a favourable rate. The rent paid under the Farm Business Tenancy to the director was £1 (2022 - £1). |