Chapel Farm Limited - Period Ending 2018-03-31

Chapel Farm Limited - Period Ending 2018-03-31


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Registration number: 10090629

Chapel Farm Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2018

Holmes Peat Thorpe
Basepoint Business Centre
110 Butterfield
Luton
Bedfordshire
LU2 8DL

 

Chapel Farm Limited

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3

Notes to the Abridged Financial Statements

4 to 6

 

Chapel Farm Limited

Company Information

Director

T Hazel

Registered office

Basepoint Business Centre
110 Butterfield
Luton
Bedfordshire
LU2 8DL

Accountants

Holmes Peat Thorpe
Basepoint Business Centre
110 Butterfield
Luton
Bedfordshire
LU2 8DL

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Chapel Farm Limited
for the Year Ended 31 March 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Chapel Farm Limited for the year ended 31 March 2018 as set out on pages 3 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Chapel Farm 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 accounts of Chapel Farm Limited and state those matters that we have agreed to state to the Board of Directors of Chapel Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chapel Farm Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Chapel Farm Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Chapel Farm Limited. You consider that Chapel Farm 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 accounts of Chapel Farm 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 accounts.

......................................

Holmes Peat Thorpe
Basepoint Business Centre
110 Butterfield
Luton
Bedfordshire
LU2 8DL

14 January 2019

 

Chapel Farm Limited

(Registration number: 10090629)
Abridged Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

3

156,881

177,118

Current assets

 

Stocks

23,640

22,800

Debtors

8,893

5,482

Cash at bank and in hand

 

93,385

87,600

 

125,918

115,882

Creditors: Amounts falling due within one year

(342,101)

(345,081)

Net current liabilities

 

(216,183)

(229,199)

Net liabilities

 

(59,302)

(52,081)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(59,402)

(52,181)

Total equity

 

(59,302)

(52,081)

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 14 January 2019
 

.........................................

T Hazel

Director

 

Chapel Farm Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Basepoint Business Centre
110 Butterfield
Luton
Bedfordshire
LU2 8DL

The principal place of business is:
Chapel Farm
Chalton
LUTON
Beds
LU4 9UJ

These financial statements were authorised for issue by the director on 14 January 2019.

2

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.

Basis of preparation

The abridged financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements were prepared in accordance with Financial Reporting Standard 102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Going concern

The financial statements have been prepared on a 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 sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, specific criteria have been met for each of the company's activities and legal title has passed.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Chapel Farm Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

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:

Asset class

Depreciation method and rate

Freehold land and buildings

No depreciation

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Chapel Farm Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2018

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.

3

Tangible assets

Total
£

Cost or valuation

At 1 April 2017

187,406

Additions

17,491

Disposals

(34,070)

At 31 March 2018

170,827

Depreciation

At 1 April 2017

10,288

Charge for the period

7,065

Eliminated on disposal

(3,407)

At 31 March 2018

13,946

Carrying amount

At 31 March 2018

156,881

At 31 March 2017

177,118