Company registration number 07543492 (England and Wales)
HOPE FARM LIMITED
Unaudited Financial Statements
For The Year Ended 31 March 2023
Pages For Filing With Registrar
Hope Farm Limited
HOPE FARM LIMITED
Contents
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
Hope Farm Limited
HOPE FARM LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Hope Farm Limited For The Year Ended 31 March 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hope Farm Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Hope Farm Limited, as a body, in accordance with the terms of our engagement letter dated 19 August 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Hope Farm Limited and state those matters that we have agreed to state to the board of directors of Hope Farm Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hope Farm Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Hope Farm Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hope Farm Limited. You consider that Hope Farm Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hope Farm Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys
11 October 2023
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Hope Farm Limited
HOPE FARM LIMITED
Balance Sheet
As At 31 March 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
970,536
972,528
Investments
4
540,886
505,492
1,511,422
1,478,020
Current assets
Stocks
23,000
6,441
Debtors
5
429,368
183,161
Cash at bank and in hand
57,198
421,631
509,566
611,233
Creditors: amounts falling due within one year
6
(302,182)
(266,595)
Net current assets
207,384
344,638
Total assets less current liabilities
1,718,806
1,822,658
Creditors: amounts falling due after more than one year
7
(905,391)
(1,326,588)
Provisions for liabilities
(233,411)
(164,000)
Net assets
580,004
332,070
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
580,001
332,067
Total equity
580,004
332,070

The director of the company has elected not to include a copy of the profit and loss account 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 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 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.

Hope Farm Limited
HOPE FARM LIMITED
Balance Sheet (Continued)
As At 31 March 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 October 2023 and are signed on its behalf by:
Mr DM Taylor
Director
Company Registration No. 07543492
Hope Farm Limited
HOPE FARM LIMITED
Notes To The Financial Statements
For The Year Ended 31 March 2023
- 4 -
1
Accounting policies
Company information

Hope Farm Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hope Farm, Crete Road East, Hawkinge, Folkestone, Kent, England, CT18 7EG.

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 £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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:

Leasehold improvements
10% - 33% straight line
Plant, machinery and motor vehicles
20% reducing balance
Office equipments
20% straight line
Tractors, loaders and excavators
20% reducing balance
Farming equipment
20% reducing balance

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
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities 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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Hope Farm Limited
HOPE FARM LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2023
1
Accounting policies
(Continued)
- 5 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Stocks

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

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
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 profit and loss account 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.

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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.7
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Hope Farm Limited
HOPE FARM LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2023
- 6 -
2
Employees

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

2023
2022
Number
Number
Total
13
12
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
102,112
2,065,625
2,167,737
Additions
-
0
256,983
256,983
Disposals
-
0
(91,541)
(91,541)
At 31 March 2023
102,112
2,231,067
2,333,179
Depreciation and impairment
At 1 April 2022
56,651
1,138,558
1,195,209
Depreciation charged in the year
8,569
234,664
243,233
Eliminated in respect of disposals
-
0
(75,799)
(75,799)
At 31 March 2023
65,220
1,297,423
1,362,643
Carrying amount
At 31 March 2023
36,892
933,644
970,536
At 31 March 2022
45,461
927,067
972,528
4
Fixed asset investments
2023
2022
£
£
Current account in J Taylor & Son
540,886
505,492
Hope Farm Limited
HOPE FARM LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 31 March 2023
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
505,492
Additions
55,394
Disposals
(20,000)
At 31 March 2023
540,886
Carrying amount
At 31 March 2023
540,886
At 31 March 2022
505,492
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
93,339
103,161
Prepayments and accrued income
336,029
80,000
429,368
183,161
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
109,447
115,524
Trade creditors
25,527
28,398
Corporation tax
42,780
-
0
Other taxation and social security
12,543
46,646
Other creditors
69,891
41,891
Accruals and deferred income
41,994
34,136
302,182
266,595
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
83,391
76,588
Amounts owed to group undertakings
822,000
1,250,000
905,391
1,326,588
2023-03-312022-04-01false11 October 2023CCH SoftwareCCH Accounts Production 2023.100composting / contract farming services
Mrs P C TaylorMr D M Taylor
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