Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31true2022-04-01falseNo description of principal activity35trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00547408 2022-04-01 2023-03-31 00547408 2021-04-01 2022-03-31 00547408 2023-03-31 00547408 2022-03-31 00547408 c:Director1 2022-04-01 2023-03-31 00547408 d:Buildings 2022-04-01 2023-03-31 00547408 d:Buildings 2023-03-31 00547408 d:Buildings 2022-03-31 00547408 d:Buildings d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00547408 d:PlantMachinery 2022-04-01 2023-03-31 00547408 d:PlantMachinery 2023-03-31 00547408 d:PlantMachinery 2022-03-31 00547408 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00547408 d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 00547408 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 00547408 d:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 00547408 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-03-31 00547408 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-03-31 00547408 d:CurrentFinancialInstruments 2023-03-31 00547408 d:CurrentFinancialInstruments 2022-03-31 00547408 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00547408 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 00547408 d:ShareCapital 2023-03-31 00547408 d:ShareCapital 2022-03-31 00547408 d:RetainedEarningsAccumulatedLosses 2023-03-31 00547408 d:RetainedEarningsAccumulatedLosses 2022-03-31 00547408 c:OrdinaryShareClass1 2022-04-01 2023-03-31 00547408 c:OrdinaryShareClass1 2023-03-31 00547408 c:OrdinaryShareClass1 2022-03-31 00547408 c:FRS102 2022-04-01 2023-03-31 00547408 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00547408 c:FullAccounts 2022-04-01 2023-03-31 00547408 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00547408 2 2022-04-01 2023-03-31 00547408 6 2022-04-01 2023-03-31 xbrli:shares iso4217:GBP xbrli:pure
00547408














STANHOE FARMS LIMITED




UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
STANHOE FARMS LIMITED
REGISTERED NUMBER:00547408

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
189,632
212,519

Investments
 6 
30,332
29,792

  
219,964
242,311

Current assets
  

Stocks
  
120,988
98,889

Debtors
 7 
218,031
56,449

Cash at bank and in hand
  
1,188,398
1,135,921

  
1,527,417
1,291,259

Creditors: amounts falling due within one year
 8 
(120,934)
(82,682)

Net current assets
  
 
 
1,406,483
 
 
1,208,577

Total assets less current liabilities
  
1,626,447
1,450,888

Provisions for liabilities
  

Deferred tax
  
(5,565)
(6,647)

  
 
 
(5,565)
 
 
(6,647)

Net assets
  
1,620,882
1,444,241


Capital and reserves
  

Called up share capital 
 9 
1,000
1,000

Profit and loss account
  
1,619,882
1,443,241

  
1,620,882
1,444,241


Page 1

 
STANHOE FARMS LIMITED
REGISTERED NUMBER:00547408
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider 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 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.

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 income statement 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 on 11 September 2023.




................................................
A C S Ralli
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
STANHOE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Stanhoe Farms Limited is a private company limited by shares and incorporated in England and Wales, registration number 00547408. The registered office is Church Farm, Stanhoe, Norfolk, PE31 8PT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The siginificant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

 
2.2

Turnover

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:

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

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.

Page 3

 
STANHOE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

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.

Page 4

 
STANHOE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
10% straight line
Plant & machinery
-
20% and 25% reducing balance

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.

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

Stocks

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 reporting 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
STANHOE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 6

 
STANHOE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the
Page 7

 
STANHOE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 5).


4.


Intangible assets




Sugar beet quota
BPS entitlements
Total

£
£
£



Cost


At 1 April 2022
18,748
77,637
96,385



At 31 March 2023

18,748
77,637
96,385



Amortisation


At 1 April 2022
18,748
77,637
96,385



At 31 March 2023

18,748
77,637
96,385



Net book value



At 31 March 2023
-
-
-



At 31 March 2022
-
-
-

Page 8

 
STANHOE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
           4.Intangible assets (continued)




5.


Tangible fixed assets





Freehold property
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 April 2022
963,092
333,002
1,296,094


Additions
-
1,800
1,800



At 31 March 2023

963,092
334,802
1,297,894



Depreciation


At 1 April 2022
777,160
306,415
1,083,575


Charge for the year on owned assets
18,561
6,126
24,687



At 31 March 2023

795,721
312,541
1,108,262



Net book value



At 31 March 2023
167,371
22,261
189,632



At 31 March 2022
185,932
26,587
212,519


6.


Fixed asset investments





Listed investments
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 April 2022
29,732
60
29,792


Revaluations
540
-
540



At 31 March 2023
30,272
60
30,332





7.


Debtors

Page 9

 
STANHOE FARMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
£
£



Trade debtors
40,406
10,107

Other debtors
20,295
29,019

Prepayments and accrued income
157,330
17,323

218,031
56,449



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
9,006
31,184

Corporation tax
46,422
39,891

Other taxation and social security
12,501
-

Accruals and deferred income
53,005
11,607

120,934
82,682



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary Shares shares of £1.00 each
1,000
1,000



10.


Directors advances, credits and guarantees

At the year end, a director, A C S Ralli owed the company £20,295 (2021: £6,704). There are no fixed repayment terms in place and interest has been charged at a rate of 2% per annum. 


11.


Related party transactions

Rent worth £2,440 per annum is paid by the company to a trust where a director is a beneficiary. This rent is at a peppercorn rate.

 
Page 10