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Registration number: 07518036


Hungersheath Farm Limited

Directors' Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Hungersheath Farm Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Hungersheath Farm Limited

Company Information

Directors

Mr N E Furnival

Mrs H Furnival

Registered office

Hungersheath Farm
Lordsley
Ashley
Market Drayton
Shropshire
TF9 4EJ

Accountants

Howsons (Stoke) Limited
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

 

Hungersheath Farm Limited

(Registration number: 07518036)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,293,468

1,271,509

Current assets

 

Stocks

5

486,595

422,379

Debtors

6

122,512

108,950

Cash at bank and in hand

 

125,705

60,523

 

734,812

591,852

Creditors: Amounts falling due within one year

7

(236,519)

(237,143)

Net current assets

 

498,293

354,709

Total assets less current liabilities

 

1,791,761

1,626,218

Creditors: Amounts falling due after more than one year

7

(1,091,973)

(1,140,274)

Provisions for liabilities

(32,000)

(27,000)

Net assets

 

667,788

458,944

Capital and reserves

 

Called up share capital

100

100

Retained earnings

667,688

458,844

Shareholders' funds

 

667,788

458,944

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Hungersheath Farm Limited

(Registration number: 07518036)
Balance Sheet as at 31 March 2023

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 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 September 2023 and signed on its behalf by:
 

.........................................
Mr N E Furnival
Director

.........................................
Mrs H Furnival
Director

 

Hungersheath Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
Hungersheath Farm
Lordsley
Ashley
Market Drayton
Shropshire
TF9 4EJ

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.

Statement of compliance

These financial statements have been 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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

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;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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:

 

Hungersheath Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Asset class

Depreciation method and rate

Long leasehold property

10% straight line

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

Tractors

15% reducing balance

Other assets

Fixture & fittings 15% reducing balance, solar panels 10% straight line, biomass boiler 10% reducing balance

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.

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, 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.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, 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 receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

 

Hungersheath Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 6).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Fixture and fittings
£

Solar panels
£

Total
£

Cost or valuation

At 1 April 2022

1,237,778

243,163

16,785

1,804

61,010

1,560,540

Additions

2,119

58,800

-

-

-

60,919

Disposals

-

(33,785)

-

-

-

(33,785)

At 31 March 2023

1,239,897

268,178

16,785

1,804

61,010

1,587,674

Depreciation

At 1 April 2022

104,220

110,946

11,358

1,497

61,010

289,031

Charge for the year

9,123

18,094

1,073

45

-

28,335

Eliminated on disposal

-

(19,510)

(3,650)

-

-

(23,160)

At 31 March 2023

113,343

109,530

8,781

1,542

61,010

294,206

Carrying amount

At 31 March 2023

1,126,554

158,648

8,004

262

-

1,293,468

At 31 March 2022

1,133,558

132,217

5,427

307

-

1,271,509

5

Stocks

2023
£

2022
£

Raw materials and consumables

122,334

90,153

Other inventories

364,261

332,226

486,595

422,379

6

Debtors

2023
£

2022
£

Trade debtors

94,220

85,315

Prepayments

1,405

1,818

Other debtors

26,887

21,817

 

122,512

108,950

 

Hungersheath Farm Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

48,808

134,767

Trade creditors

 

141,836

82,817

Other creditors

 

45,875

19,559

 

236,519

237,143

Due after one year

 

Loans and borrowings

8

1,091,973

1,140,274

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,091,973

1,135,899

Hire purchase

-

4,375

1,091,973

1,140,274

2023
£

2022
£

Current loans and borrowings

Bank borrowings

44,433

40,901

Bank overdrafts

-

86,366

Hire purchase

4,375

7,500

48,808

134,767