Company Registration No. 08785485 (England and Wales)
Holmer Green Farm Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Holmer Green Farm Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
Holmer Green Farm Limited
Statement of financial position
As at 31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,482,527
1,397,065
Investment property
4
14,858,419
12,057,863
Investments
5
846,308
383,785
17,187,254
13,838,713
Current assets
Stocks
574,503
638,477
Debtors
6
309,162
347,256
Cash at bank and in hand
410,152
988,584
1,293,817
1,974,317
Creditors: amounts falling due within one year
7
(481,806)
(369,130)
Net current assets
812,011
1,605,187
Total assets less current liabilities
17,999,265
15,443,900
Creditors: amounts falling due after more than one year
8
(2,025,000)
-
0
Provisions for liabilities
(80,628)
(80,628)
Net assets
15,893,637
15,363,272
Capital and reserves
Called up share capital
9
13,729,568
13,729,568
Share premium account
665,532
665,532
Profit and loss reserves
1,498,537
968,172
Total equity
15,893,637
15,363,272
Holmer Green Farm Limited
Statement of financial position (continued)
As at 31 March 2023
Page 2

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
Ian Watson
Director
Company Registration No. 08785485
Holmer Green Farm Limited
Statement of changes in equity
For the year ended 31 March 2023
Page 3
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2021
7,400,000
-
0
507,258
7,907,258
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
460,914
460,914
Issue of share capital
9
6,329,568
665,532
-
6,995,100
Balance at 31 March 2022
13,729,568
665,532
968,172
15,363,272
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
530,365
530,365
Balance at 31 March 2023
13,729,568
665,532
1,498,537
15,893,637
Holmer Green Farm Limited
Notes to the financial statements
For the year ended 31 March 2023
Page 4
1
Accounting policies
Company information

Holmer Green Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Old Dove House, Annables Lane, Harpenden, Hertfordshire, AL5 3PR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents:

 

a) rental income from operating leases and is recognised on a straight line basis over the term of the relevant lease; and

 

b) amounts receivable from farming and equestrian services, shown net of VAT is recognised when the goods or service are provided.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land
nil
Property and buildings
nil
Property improvements
nil
Plant and machinery
25% straight line

No depreciation is provided with respect to freehold land, property, buildings and improvements. Although not strictly in accordance with the requirements of the Companies Act 2006 the directors consider that systematic annual depreciation would be inappropriate and that the accounting policy adopted is necessary for the overriding consideration that the accounts present a true and fair view.

Holmer Green Farm Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 5

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date. Changes in fair value are recognised in profit or loss.

 

The gain or loss arising on the disposal of an investment property is determined as the difference between the net sales proceeds and the carrying value of the property, and is credited or charged through profit and loss.

1.5
Fixed asset investments

Other investment interests are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Holmer Green Farm Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 6
1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct purchases and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Holmer Green Farm Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 7
Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Holmer Green Farm Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 8
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
-
0
Holmer Green Farm Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 9
3
Tangible fixed assets
Land
Property and buildings
Property improvements
Plant and machinery
Total
£
£
£
£
£
Cost
At 1 April 2022
398,527
809,383
154,616
235,062
1,597,588
Additions
-
0
-
0
98,946
11,000
109,946
Disposals
(8,840)
-
0
-
0
-
0
(8,840)
At 31 March 2023
389,687
809,383
253,562
246,062
1,698,694
Depreciation and impairment
At 1 April 2022
-
0
-
0
-
0
200,523
200,523
Depreciation charged in the year
-
0
-
0
-
0
15,644
15,644
At 31 March 2023
-
0
-
0
-
0
216,167
216,167
Carrying amount
At 31 March 2023
389,687
809,383
253,562
29,895
1,482,527
At 31 March 2022
398,527
809,383
154,616
34,539
1,397,065
4
Investment properties
2023
£
Fair value
At 1 April 2022
12,057,863
Additions
2,862,647
Disposals
(53,065)
Other changes
(9,026)
At 31 March 2023
14,858,419

The directors have valued the properties at 31 March 2023 at £14,858,419 and consider that the purchase price is indicative of fair value.

5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
846,308
383,785
Holmer Green Farm Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
5
Fixed asset investments (continued)
Page 10

Home Farm (Dane End) LLP

During the year Holmer Green Farm Limited acquired additional membership in Home Farm (Dane End) LLP for £374,190. Home Farm (Dane End) LLP is a limited liability partnership formed to undertake a mixed development of residential and commercial properties. The investment of £757,975 (2022: £383,785) represents 38.4% of the equity of Home Farm (Dane End) LLP and secures control over 19.2% of the voting rights of Home Farm (Dane End) LLP for Holmer Green Farm Limited.

 

Railway Square (Chelmsford) LLP

During the year Holmer Green Farm Limited acquired membership in Railway Square (Chelmsford) LLP for £88,333. Railway Square (Chelmsford) LLP is a limited liability partnership formed to undertake development of residential properties. The investment of £88,333 (2022: £nil) represents 8.85% of the equity of Residential Square (Chelmsford) LLP and secures control over 4.4167% of the voting rights of Railway Square (Chelmsford) LLP for Holmer Green Farm Limited.

 

 

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
383,785
Additions
462,523
At 31 March 2023
846,308
Carrying amount
At 31 March 2023
846,308
At 31 March 2022
383,785
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
263,255
306,580
Other debtors
45,907
40,676
309,162
347,256
Holmer Green Farm Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 11
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,701
14,100
Corporation tax
180,145
92,914
Other taxation and social security
33,098
30,454
Other creditors
243,862
231,662
481,806
369,130
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,025,000
-
0
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
13,729,568
13,729,568
13,729,568
13,729,568

Each share is entitled to one vote in any circumstances.

10
Related party transactions

During the year loans totalling £2,025,000 were taken from the directors and close family members, on which £31,351 of interest was paid. At the year end £2,025,000 was due to the directors and close family members.

11
Controlling party

There is no ultimate controlling party.

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