Caseware UK (AP4) 2022.0.179 2022.0.179 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2022-01-01The principal activity of the company is farming and the management of its property portfolio, including maintenance and repair of existing units, as well as conversion of farm out-buildings into new units.88truetrue 00503169 2022-01-01 2023-03-31 00503169 2021-01-01 2021-12-31 00503169 2023-03-31 00503169 2021-12-31 00503169 2021-01-01 00503169 1 2022-01-01 2023-03-31 00503169 1 2021-01-01 2021-12-31 00503169 5 2022-01-01 2023-03-31 00503169 d:Director1 2022-01-01 2023-03-31 00503169 e:Buildings 2022-01-01 2023-03-31 00503169 e:Buildings 2023-03-31 00503169 e:Buildings 2021-12-31 00503169 e:Buildings e:OwnedOrFreeholdAssets 2022-01-01 2023-03-31 00503169 e:Buildings e:LongLeaseholdAssets 2022-01-01 2023-03-31 00503169 e:Buildings e:LongLeaseholdAssets 2023-03-31 00503169 e:Buildings e:LongLeaseholdAssets 2021-12-31 00503169 e:MotorVehicles 2022-01-01 2023-03-31 00503169 e:OtherPropertyPlantEquipment 2022-01-01 2023-03-31 00503169 e:OtherPropertyPlantEquipment 2023-03-31 00503169 e:OtherPropertyPlantEquipment 2021-12-31 00503169 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2022-01-01 2023-03-31 00503169 e:OwnedOrFreeholdAssets 2022-01-01 2023-03-31 00503169 e:ComputerSoftware 2023-03-31 00503169 e:ComputerSoftware 2021-12-31 00503169 e:OtherResidualIntangibleAssets 2022-01-01 2023-03-31 00503169 e:CurrentFinancialInstruments 2023-03-31 00503169 e:CurrentFinancialInstruments 2021-12-31 00503169 e:Non-currentFinancialInstruments 2023-03-31 00503169 e:Non-currentFinancialInstruments 2021-12-31 00503169 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00503169 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 00503169 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 00503169 e:Non-currentFinancialInstruments e:AfterOneYear 2021-12-31 00503169 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-03-31 00503169 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2021-12-31 00503169 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 00503169 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2021-12-31 00503169 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-03-31 00503169 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2021-12-31 00503169 e:ShareCapital 2022-01-01 2023-03-31 00503169 e:ShareCapital 2023-03-31 00503169 e:ShareCapital 2021-01-01 2021-12-31 00503169 e:ShareCapital 2021-12-31 00503169 e:ShareCapital 2021-01-01 00503169 e:CapitalRedemptionReserve 2022-01-01 2023-03-31 00503169 e:CapitalRedemptionReserve 2023-03-31 00503169 e:CapitalRedemptionReserve 1 2022-01-01 2023-03-31 00503169 e:CapitalRedemptionReserve 2021-01-01 2021-12-31 00503169 e:CapitalRedemptionReserve 2021-12-31 00503169 e:CapitalRedemptionReserve 2021-01-01 00503169 e:RevaluationReserve 2022-01-01 2023-03-31 00503169 e:RevaluationReserve 2023-03-31 00503169 e:RevaluationReserve 1 2022-01-01 2023-03-31 00503169 e:RevaluationReserve 5 2022-01-01 2023-03-31 00503169 e:RevaluationReserve 2021-01-01 2021-12-31 00503169 e:RevaluationReserve 2021-12-31 00503169 e:RevaluationReserve 2021-01-01 00503169 e:RevaluationReserve 1 2021-01-01 2021-12-31 00503169 e:RevaluationReserve 8 2021-01-01 2021-12-31 00503169 e:RetainedEarningsAccumulatedLosses 2022-01-01 2023-03-31 00503169 e:RetainedEarningsAccumulatedLosses 2023-03-31 00503169 e:RetainedEarningsAccumulatedLosses 1 2022-01-01 2023-03-31 00503169 e:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 00503169 e:RetainedEarningsAccumulatedLosses 2021-12-31 00503169 e:RetainedEarningsAccumulatedLosses 2021-01-01 00503169 e:RetainedEarningsAccumulatedLosses 1 2021-01-01 2021-12-31 00503169 d:FRS102 2022-01-01 2023-03-31 00503169 d:AuditExempt-NoAccountantsReport 2022-01-01 2023-03-31 00503169 d:FullAccounts 2022-01-01 2023-03-31 00503169 d:PrivateLimitedCompanyLtd 2022-01-01 2023-03-31 00503169 e:WithinOneYear 2023-03-31 00503169 e:WithinOneYear 2021-12-31 00503169 e:BetweenOneFiveYears 2023-03-31 00503169 e:BetweenOneFiveYears 2021-12-31 00503169 e:MoreThanFiveYears 2023-03-31 00503169 e:MoreThanFiveYears 2021-12-31 00503169 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00503169 e:AcceleratedTaxDepreciationDeferredTax 2021-12-31 00503169 e:OtherDeferredTax 2023-03-31 00503169 e:OtherDeferredTax 2021-12-31 00503169 2 2022-01-01 2023-03-31 00503169 5 2022-01-01 2023-03-31 00503169 e:ComputerSoftware e:OwnedIntangibleAssets 2022-01-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 00503169










Newdigate Farms Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Period Ended 31 March 2023

 
Newdigate Farms Limited
Registered number: 00503169

Balance Sheet
As at 31 March 2023

31 March
31 December
2023
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,717
2,245

Tangible assets
 5 
7,086,108
5,525,402

  
7,087,825
5,527,647

Current assets
  

Stocks
  
22,095
16,097

Debtors
 6 
60,294
45,109

Cash at bank and in hand
  
76,332
146,745

  
158,721
207,951

Creditors: amounts falling due within one year
 7 
(154,420)
(188,652)

Net current assets
  
 
 
4,301
 
 
19,299

Total assets less current liabilities
  
7,092,126
5,546,946

Creditors: amounts falling due after more than one year
 8 
(95,868)
(99,573)

Provisions for liabilities
  

Deferred tax
 10 
(1,497,219)
(1,119,814)

  
 
 
(1,497,219)
 
 
(1,119,814)

Net assets
  
5,499,039
4,327,559


Capital and reserves
  

Called up share capital 
  
15,000
15,000

Revaluation reserve
  
4,201,692
3,114,874

Capital redemption reserve
  
16,093
16,093

Profit and loss account
  
1,266,254
1,181,592

  
5,499,039
4,327,559


Page 1

 
Newdigate Farms Limited
Registered number: 00503169

Balance Sheet (continued)
As at 31 March 2023

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 period 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: 




................................................
C T Frost
Director
Date: 13 October 2023

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
Newdigate Farms Limited
 

Statement of Changes in Equity
For the Period Ended 31 March 2023


Called up share capital
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 January 2021
15,000
16,093
3,452,100
1,105,535
4,588,728


Comprehensive income for the year

Profit for the year

-
-
-
130,602
130,602

Deferred taxation
-
-
(337,226)
-
(337,226)
Total comprehensive income for the year
-
-
(337,226)
130,602
(206,624)

Dividends: Equity capital
-
-
-
(54,545)
(54,545)


Total transactions with owners
-
-
-
(54,545)
(54,545)



At 1 January 2022
15,000
16,093
3,114,874
1,181,592
4,327,559


Comprehensive income for the period

Profit for the period

-
-
-
139,205
139,205

Surplus on revaluation of freehold property
-
-
1,449,091
-
1,449,091

Deferred taxation
-
-
(362,273)
-
(362,273)
Total comprehensive income for the period
-
-
1,086,818
139,205
1,226,023

Dividends: Equity capital
-
-
-
(54,543)
(54,543)


Total transactions with owners
-
-
-
(54,543)
(54,543)


At 31 March 2023
15,000
16,093
4,201,692
1,266,254
5,499,039


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2023

1.


General information

The company is a private company, limited by share capital, incorporated in England, within the United Kingdom. The registered office address is: Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.
The financial statements are presented in Sterling and are rounded to the nearest £1.

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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue from the sale of goods is recognised when the Company has transferred the significant risks and rewards of ownership to the buyer, the amount of revenue can be measured reliably, the costs incurred or to be incurred in respect of the transaction can be measured reliably, and it is probable that the Company will receive the consideration due under the transaction. 
Revenue from services provided is recognised in the period in which the service is provided, the amount of revenue can be measured reliably,and it is probable that the Company will receive the consideration due under the transaction. 
Revenue from the sale of both goods and services is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income 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

Pensions

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.

Page 4

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Current and deferred taxation

The tax expense for the period 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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.8

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 The estimated useful lives range as follows:

Website costs
-
10 years straight line

Page 5

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2023

2.Accounting policies (continued)

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line or reducing balance basis.

Depreciation is provided on the following basis:

Land and freehold property
 - Freehold buildings
 - Tenants improvement
-
 
 Not depreciated
 2% per annum on a straight line basis
Fixtures and Fittings  
 - Computer equipment
 - Integral features
 - Farm Equipment
-
 
33.33% per annum on a straight line basis
20% per annum on a reducing balance basis
20% per annum on a reducing balance basis
Motor vehicles  - Tractors and vehicles
-
 
40% per annum on a reducing balance 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.

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 6

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2023

2.Accounting policies (continued)

 
2.11

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 first in, first out 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.

 
2.12

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.13

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.

 
2.14

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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.16

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2021 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Page 7

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2023

2.Accounting policies (continued)

 
2.17

Financial instruments

Financial instruments are recognised in the Company's Balance Sheet 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.

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 8 (2021 - 8).

Page 8

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2023

4.


Intangible assets






Website costs

£



Cost


At 1 January 2022
4,220



At 31 March 2023

4,220



Amortisation


At 1 January 2022
1,975


Charge for the period on owned assets
528



At 31 March 2023

2,503



Net book value



At 31 March 2023
1,717



At 31 December 2021
2,245



Page 9

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2023

5.


Tangible fixed assets







Land and freehold property
Tenant leasehold improvements
Furniture, fittings, and equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
4,700,000
593,663
832,472
6,126,135


Additions
10,909
55,601
161,766
228,276


Disposals
-
-
(107,200)
(107,200)


Revaluations
1,449,091
-
-
1,449,091



At 31 March 2023

6,160,000
649,264
887,038
7,696,302



Depreciation


At 1 January 2022
-
53,124
547,609
600,733


Charge for the period on owned assets
-
14,762
88,260
103,022


Disposals
-
-
(93,561)
(93,561)



At 31 March 2023

-
67,886
542,308
610,194



Net book value



At 31 March 2023
6,160,000
581,378
344,730
7,086,108



At 31 December 2021
4,700,000
540,539
284,863
5,525,402

The freehold land and property was valued on 7 July 2022 by Batcheller Monkhouse, Chartered Surveyors, who are external to the company. The freehold land and property is considered to have a market value of £6,160,000.

If the land and properties had not been included at valuation they would have been included under the historical cost convention as follows:

31 March
31 December
2023
2021
£
£



Cost
571,182
560,273

Net book value
571,182
560,273

Page 10

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2023

6.


Debtors


31 March
31 December
2023
2021
£
£

Trade debtors
13,402
12,134

Other debtors
34,857
11,305

Prepayments and accrued income
12,035
21,670

60,294
45,109



7.


Creditors: Amounts falling due within one year

31 March
31 December
2023
2021
£
£

Bank loans
3,381
4,708

Trade creditors
19,609
33,195

Corporation tax
16,771
15,028

Other creditors
82,220
115,338

Accruals and deferred income
32,439
20,383

154,420
188,652



8.


Creditors: Amounts falling due after more than one year

31 March
31 December
2023
2021
£
£

Bank loans
95,868
99,573

95,868
99,573


Page 11

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2023

9.


Loans


Analysis of the maturity of loans is given below:


31 March
31 December
2023
2021
£
£

Amounts falling due within one year

Bank loans
3,381
4,708


3,381
4,708

Amounts falling due 1-2 years

Bank loans
3,381
4,708


3,381
4,708

Amounts falling due 2-5 years

Bank loans
10,144
14,125


10,144
14,125

Amounts falling due after more than 5 years

Bank loans
82,343
80,740

82,343
80,740

99,249
104,281


Page 12

 
Newdigate Farms Limited
 

 
Notes to the Financial Statements
For the Period Ended 31 March 2023

10.


Deferred taxation






2023


£






At beginning of year
(1,119,814)


Charged to profit or loss
(15,132)


Charged to other comprehensive income
(362,273)



At end of year
(1,497,219)

The provision for deferred taxation is made up as follows:

31 March
31 December
2023
2021
£
£


Accelerated capital allowances
(93,966)
(78,834)

Revaluation of freehold land and buildings
(1,403,253)
(1,040,980)

(1,497,219)
(1,119,814)


11.


Pension commitments

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 £2,564 (2021 - £1,937). Contributions totalling £Nil (2021 - £Nil) were payable to the fund at the balance sheet date.


12.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

31 March
31 December
2023
2021
£
£


Narrowboat Motty < 1 year
1,200
1,200

Narrowboat Motty 1-2 years
1,100
1,200

Narrowboat Motty 2-5 years
-
1,400

Greens Farm > 5 years
24,000
24,000

26,300
27,800


Page 13