Gascoigne Farms Limited - Accounts to registrar (filleted) - small 22.3
Gascoigne Farms Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2022 |
| for |
| Gascoigne Farms Limited |
| Gascoigne Farms Limited (Registered number: 03406721) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Gascoigne Farms Limited |
| Company Information |
| for the Year Ended 31 March 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 17 Queens Lane |
| Newcastle upon Tyne |
| Tyne and Wear |
| NE1 1RN |
| Gascoigne Farms Limited (Registered number: 03406721) |
| Balance Sheet |
| 31 March 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| 573,893 | 618,144 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Investments | 8 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 9 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Profit and loss account | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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 Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Gascoigne Farms Limited (Registered number: 03406721) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2022 |
| 1. | STATUTORY INFORMATION |
| Gascoigne Farms Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention as modified by the recognition of certain assets measured at fair value. |
| Turnover |
| Turnover is recognised at the fair value of the consideration received or receivable for sale of goods, livestock and services in the ordinary nature of the business. Turnover is shown net of Value Added Tax. Turnover is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
| Tangible fixed assets |
| Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at the following annual rates in order to write off each asset over its expected useful life. |
| Land and buildings | - | 10% on cost |
| Plant and machinery etc | - | 33% on cost, 25% on reducing balance, 15% on reducing balance and 10% on reducing balance |
| Land is not depreciated. |
| Impairment of assets |
| At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
| If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
| Stocks |
| Stocks are valued at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow-moving stocks. |
| Biological assets |
| Biological assets held as stock comprise of livestock. Livestock is measured on initial recognition and at each reporting date at fair value less costs to sell. The fair value is the value obtained in an active market and costs to sell would include commission and transportation costs of the livestock. |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
| Gascoigne Farms Limited (Registered number: 03406721) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Employee benefits |
| Short term employee benefits are recognised as an expense in the period in which they are incurred. |
| Current asset investments |
| Current asset investments represent listed investments measured at fair value through profit and loss. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2021 - NIL). |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2021 |
| Additions |
| At 31 March 2022 |
| DEPRECIATION |
| At 1 April 2021 |
| Charge for year |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| Included in cost of land and buildings is freehold land of £ 206,448 (2021 - £ 206,448 ) which is not depreciated. |
| Gascoigne Farms Limited (Registered number: 03406721) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2022 |
| 6. | STOCKS |
| Stock includes biological assets held at fair value of £35,660 (2020: £37,600). The movement on the carrying amount of the biological assets held is as follows: |
| 2022 | 2021 |
| £ | £ |
| Opening value | 35,660 | 37,600 |
| Purchase of biological assets | 2,653 | 16,010 |
| Sale of biological assets | (42,287) | (39,246 | ) |
| Fair value gain | 40,774 | 21,296 |
| Closing value | 36,800 | 35,660 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | CURRENT ASSET INVESTMENTS |
| 2022 | 2021 |
| £ | £ |
| Listed investments | 488 | 472 |
| 9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 March 2022 and 31 March 2021: |
| 2022 | 2021 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| The above advance is made at an interest rate of 2.5% and is repayable on demand. |
| 11. | RELATED PARTY DISCLOSURES |
| A director of the company is a majority shareholder and director of an entity which has the use of premises owned by Gascoigne Farms Limited free of charge. |