SPYNIE FARMERS LIMITED
SPYNIE FARMERS LIMITED
Company No:
SPYNIE FARMERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH THE REGISTRAR
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH THE REGISTRAR
UNAUDITED FINANCIAL STATEMENTS
Contents
BALANCE SHEET
BALANCE SHEET (continued)
Note | 2022 | 2021 | ||
£ | £ | |||
Fixed assets | ||||
Investments | 2 |
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6,000 | 6,000 | |||
Current assets | ||||
Cash at bank and in hand |
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46 | 46 | |||
Creditors: amounts falling due within one year | 3 | (
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(
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Net current liabilities | (14,082) | (14,082) | ||
Total assets less current liabilities | (8,082) | (8,082) | ||
Net liabilities | (
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(
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Capital and reserves | ||||
Called-up share capital | 4 |
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Profit and loss account | (
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(
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Total shareholders' deficit | (
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(
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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 Profit and Loss Account has not been delivered.
The financial statements of Spynie Farmers Limited (registered number:
C R H Russell
Director |
NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
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
Spynie Farmers Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Spynie Farms Office, Maryfield Steading, Pitgaveny, Elgin, IV30 5PG, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention, 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 £.
Going concern
The accounts have been prepared under the going concern concept as the directors have agreed not to call up their loans until all third party creditors have been met. In addition, the directors have confirmed that sufficient funding will be made available in order for the company to meet its liabilities as they fall due.
Fixed asset investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Ordinary share capital
2. Fixed asset investments
2022 | 2021 | ||
£ | £ | ||
Other investments and loans |
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3. Creditors: amounts falling due within one year
2022 | 2021 | ||
£ | £ | ||
Other creditors |
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4. Called-up share capital
2022 | 2021 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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5. Related party transactions
Transactions with owners holding a participating interest in the entity
2022 | 2021 | ||
£ | £ | ||
Amounts owed to key management personnel | 10,876 | 10,876 |
The loan is interest free and holds no fixed terms of repayment.