Court Farm Shop Limited 30/09/2017 iXBRL

Court Farm Shop Limited 30/09/2017 iXBRL

COURT FARM SHOP LTD - Company Information

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Company registration number: 09709503
Court Farm Shop Limited
Unaudited filleted financial statements
30 September 2017
Paish Tooth Limited
35 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
Court Farm Shop Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Court Farm Shop Limited
Directors and other information
Directors L V Knight
S M Knight
Company number 09709503
Registered office Stoke Road
Stoke Orchard
Cheltenham
Gloucestershire
GL52 7RY
Business address Stoke Road
Stoke Orchard
Cheltenham
Gloucestershire
GL52 7RY
Accountants Paish Tooth Limited
35 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
Court Farm Shop Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Court Farm Shop Limited
Year ended 30 September 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Court Farm Shop Limited for the year ended 30 September 2017 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Court Farm Shop Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Court Farm Shop Limited and state those matters that we have agreed to state to the board of directors of Court Farm Shop Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/uk/en/technical-activities /technical-resources-search/2009/october/ factsheet-163-audit-exempt-companies.html. http://www.accaglobal.com/uk/en/technical-activities /technical-resources-search/2009/october/ factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Court Farm Shop Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Court Farm Shop Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Court Farm Shop Limited. You consider that Court Farm Shop Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Court Farm Shop Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paish Tooth Limited
Chartered Certified Accountants
35 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
28 June 2018
Court Farm Shop Limited
Statement of financial position
30 September 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 206,437 204,715
_______ _______
206,437 204,715
Current assets
Stocks 21,081 18,452
Debtors 6 45,206 39,986
Cash at bank and in hand 109,969 69,854
_______ _______
176,256 128,292
Creditors: amounts falling due
within one year 7 ( 272,331) ( 266,631)
_______ _______
Net current liabilities ( 96,075) ( 138,339)
_______ _______
Total assets less current liabilities 110,362 66,376
Provisions for liabilities ( 22,474) ( 12,945)
_______ _______
Net assets 87,888 53,431
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 86,888 52,431
_______ _______
Shareholders funds 87,888 53,431
_______ _______
For the year ending 30 September 2017 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 year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 June 2018 , and are signed on behalf of the board by:
L V Knight S M Knight
Director Director
Company registration number: 09709503
Court Farm Shop Limited
Notes to the financial statements
Year ended 30 September 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Court Farm Shop, Stoke Road, Stoke Orchard, Cheltenham, Gloucestershire, GL52 7RY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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:
Freehold property - 20 years Straight line
Plant and machinery - 20 % reducing balance
Computer equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other adminitration expenses.
4. Staff costs
The average number of persons employed by the company during the year amounted to 13 (2016: 9 ).
5. Tangible assets
Short leasehold property Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 1 October 2016 168,654 53,230 2,864 224,748
Additions 18,698 2,330 - 21,028
_______ _______ _______ _______
At 30 September 2017 187,352 55,560 2,864 245,776
_______ _______ _______ _______
Depreciation
At 1 October 2016 8,433 10,646 954 20,033
Charge for the year 9,368 8,983 955 19,306
_______ _______ _______ _______
At 30 September 2017 17,801 19,629 1,909 39,339
_______ _______ _______ _______
Carrying amount
At 30 September 2017 169,551 35,931 955 206,437
_______ _______ _______ _______
At 30 September 2016 160,221 42,584 1,910 204,715
_______ _______ _______ _______
6. Debtors
2017 2016
£ £
Trade debtors 583 -
Other debtors 44,623 39,986
_______ _______
45,206 39,986
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans and overdrafts 40,000 50,000
Trade creditors 28,140 31,292
Corporation tax 19,613 2,004
Other creditors 184,578 183,335
_______ _______
272,331 266,631
_______ _______
8. Controlling party
The company is controlled by the shareholders, L V Grayson and S M Knight .
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.