Registered number:
12135506
Butler Farms (Kent) Limited
Financial statements
for the year ended
31 December 2021
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Butler Farms (Kent) Limited
Registered number:
12135506
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Balance sheet
as at
31 December 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 1
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Butler Farms (Kent) Limited
Registered number:
12135506
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Balance sheet
(continued)
as at
31 December 2021
The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 4 to 8 form part of these financial statements.
Page 2
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Butler Farms (Kent) Limited
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Statement of changes in equity
for the year ended
31 December 2021
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The notes on pages 4 to 8 form part of these financial statements.
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Page 3
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Butler Farms (Kent) Limited
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Notes to the financial statements
for the year ended 31 December 2021
Butler Farms (Kent) Limited is a private company, limited by shares and incorporated in England and Wales with company number 12135506.
The company's trading address is Greenacres Farm, Norton Road, Teynham, Kent ME9 0EZ.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The company's financial statements are presented in pounds sterling and all values are rounded to the nearest pound (£) except where otherwise indicated. The company's function currency is pounds sterling.
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EU agricultural support schemes
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Payments received under EU agricultural support schemes are recognised as income when the business has met all criteria which entitle it to the payments.
Amounts received under the Basic Payment scheme are recognised on 31 December in the year of claim. No provision has been made for the penalties arising from the failure to comply with 'cross compliance' conditions, as defined by the RPA, except for where notification has been received.
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Foreign currency translation
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Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised.
Page 4
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Butler Farms (Kent) Limited
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Notes to the financial statements
for the year ended 31 December 2021
2.
Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Page 5
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Butler Farms (Kent) Limited
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Notes to the financial statements
for the year ended 31 December 2021
2.
Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
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The average monthly number of employees, including directors, during the year was
2
(2020 -
2
)
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Page 6
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Butler Farms (Kent) Limited
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Notes to the financial statements
for the year ended 31 December 2021
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Charge for the year on owned assets
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Charge for the year on financed assets
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Page 7
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Butler Farms (Kent) Limited
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Notes to the financial statements
for the year ended 31 December 2021
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £403. No contributions were payable to the fund at the balance sheet date.
Page 8
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