REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
FOR |
LOW FARM ENERGY LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
FOR |
LOW FARM ENERGY LTD |
LOW FARM ENERGY LTD (REGISTERED NUMBER: 09232323) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LOW FARM ENERGY LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
First Floor, Unit 12 |
Pennine Business Park |
Longbow Close, Bradley |
Huddersfield |
West Yorkshire |
HD2 1GQ |
LOW FARM ENERGY LTD (REGISTERED NUMBER: 09232323) |
BALANCE SHEET |
30 SEPTEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Profit and loss account | ( |
) | ( |
) |
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. |
LOW FARM ENERGY LTD (REGISTERED NUMBER: 09232323) |
BALANCE SHEET - continued |
30 SEPTEMBER 2022 |
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 |
LOW FARM ENERGY LTD (REGISTERED NUMBER: 09232323) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
1. | STATUTORY INFORMATION |
Low Farm Energy Ltd is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Plant and machinery | - |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
INCOME RECOGNITION |
Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them. |
LOW FARM ENERGY LTD (REGISTERED NUMBER: 09232323) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
FINANCE COSTS OF DEBT |
The finance cost of debt, including interest and issue costs, are allocated to each period over the term of the debt and charged to the profit and loss account at a constant rate on the outstanding amount. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 October 2021 |
Additions |
Disposals | ( |
) |
At 30 September 2022 |
DEPRECIATION |
At 1 October 2021 |
Charge for year |
Charge written back | 11,600 |
At 30 September 2022 |
NET BOOK VALUE |
At 30 September 2022 |
At 30 September 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Other creditors |
LOW FARM ENERGY LTD (REGISTERED NUMBER: 09232323) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
The obligations under finance leases and hire purchase contracts are secured by a charge on the assets purchased under these agreements. |
9. | RELATED PARTY DISCLOSURES |
Mr A Wilson, Mr P T Batty, Mr M J Bramley and Mr R T Batty have control over a majority of shares in the company, and together with their involvement in its day-to-day management, they are deemed to be the controlling parties for the purposes of Financial Reporting Standard No.102. |
Creditors falling due within one year includes the following directors' loans: |
2022 | 2021 |
£ | £ |
Mr P T Batty | 25,000 | 25,000 |
Mrs S A Bramley | 25,000 | 25,000 |
Mr M J Bramley | 25,000 | 25,000 |
Mr A Wilson | - | 50,000 |
75,000 | 125,000 |
During the year R T Batty & Son charged Low Farm Energy Ltd £248,397 (2021: £69,067) for produce and contract work. |
During the year Reuben Wilson & Son charged Low Farm Energy Ltd £57,247 (2021: £149,716) for produce and contract work. |