Ben's Farm Shop Limited - Period Ending 2021-06-30
Ben's Farm Shop Limited - Period Ending 2021-06-30
Year Ended
Registration number:
Ben's Farm Shop Limited
Contents
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Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Ben's Farm Shop Limited
Company Information
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Directors |
J B Watson C E Watson R Watson G Morgan |
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Company secretary |
C E Watson |
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Registered office |
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Accountants |
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Ben's Farm Shop Limited
Directors' Report
Year Ended 30 June 2021
The directors present their report and the financial statements for the year ended 30 June 2021.
Principal activity
The principal activity of the company is that of manufacturing food, food retail outlets and restaurants.
Directors of the company
The directors who held office during the year were as follows:
Review of the business
Staff welfare is an important part of our business culture.
Over the last few years we have strived to raise the rates of pay for our staff. As a result, our lowest rate of pay is now in excess of the minimum living wage. Furthermore, in the last three years, we have introduced a profit share scheme, and in the year ended 30 June 2021 we have included a provision of £100,000 to cover a payment to all staff members. This profit share is paid to all staff members on the same basis, and is not based on their grade or position within the company.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
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Ben's Farm Shop Limited
Balance Sheet
30 June 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
700 |
700 |
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Capital redemption reserve |
278,400 |
278,400 |
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Profit and loss account |
1,173,030 |
793,149 |
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Total equity |
1,452,130 |
1,072,249 |
Ben's Farm Shop Limited
Balance Sheet
30 June 2021
For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 05710308
Ben's Farm Shop Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2021
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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 Section 1A, and the Companies Act 2006.
There are no material departures from FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors of the company have considered the impact of COVID-19. In their opinion the company has sufficient working capital within existing facilities, and with the support of government funding, to continue to trade for the foreseeable future. Therefore the financial statements have been prepared on the going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns and discounts.
Ben's Farm Shop Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2021
Government grants
Grant income is included in other operating income, it comprises the fair value of the consideration received or receivable for the year.
During the year the business received grants relating to rates rebates and CJRS payments.
The total of grants received is £79,366 at the end of the year.
Rates rebates are accounted for on the accruals basis. Income in the relation to the Coronavirus Job Retention Scheme is included in accordance with the performance model and recognised as the wages to which it relates are incurred.
Ben's Farm Shop Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2021
Tax
Tax is recognised in the profit or loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Leasehold property |
Straight line over the life of the lease |
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Equipment |
10%, 20% and 50% straight line |
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Motor vehicles |
25% reducing balance |
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Freehold land |
Not depreciated |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
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Asset class |
Amortisation method and rate |
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Goodwill |
Straight line over 10 years |
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Website costs |
Straight line at 17.5%-30% |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Ben's Farm Shop Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2021
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Ben's Farm Shop Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2021
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Intangible assets |
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Goodwill |
Website costs |
Total |
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Cost or valuation |
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At 1 July 2020 |
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Disposals |
- |
( |
( |
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At 30 June 2021 |
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Amortisation |
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At 1 July 2020 |
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Amortisation charge |
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Amortisation eliminated on disposals |
- |
( |
( |
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At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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- |
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At 30 June 2020 |
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Ben's Farm Shop Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2021
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Tangible assets |
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Leasehold property |
Equipment |
Motor vehicles |
Freehold land |
Total |
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Cost or valuation |
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At 1 July 2020 |
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- |
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Additions |
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- |
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Disposals |
( |
( |
- |
- |
( |
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At 30 June 2021 |
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Depreciation |
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At 1 July 2020 |
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- |
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Charge for the year |
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- |
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Eliminated on disposal |
( |
( |
- |
- |
( |
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At 30 June 2021 |
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- |
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Carrying amount |
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At 30 June 2021 |
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At 30 June 2020 |
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- |
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Ben's Farm Shop Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2021
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Stocks |
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2021 |
2020 |
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Other inventories |
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Debtors |
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2021 |
2020 |
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Trade debtors |
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- |
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Other debtors |
- |
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Prepayments |
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Creditors |
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2021 |
2020 |
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Due within one year |
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Trade creditors |
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Corporation tax |
124,000 |
113,300 |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Share capital |
Allotted, called up and fully paid shares
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2021 |
2020 |
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No. |
£ |
No. |
£ |
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700 |
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474 |
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- |
- |
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156 |
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- |
- |
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70 |
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In the prior year Ordinary A, C and D shares ranked pari passu and were non redeemable.
Ben's Farm Shop Limited
Notes to the Unaudited Financial Statements
Year Ended 30 June 2021
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £