2022-04-012023-03-312023-03-31false01123538Inglewood Farms 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Inglewood Farms Limited

Registered Number
01123538
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Inglewood Farms Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Jeremy Mark Gregson Hall
Heike Henrike Harrison
Norman John Harrison

Registered Address

Flusco House
Flusco
Penrith
CA11 0JA

Registered Number

01123538 (England and Wales)
Inglewood Farms Limited
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets51,772,5851,792,569
1,772,5851,792,569
Current assets
Stocks1,121,650991,552
Debtors1181,110104,244
Cash at bank and on hand112,797257,354
1,315,5571,353,150
Creditors amounts falling due within one year12(941,769)(944,652)
Net current assets (liabilities)373,788408,498
Total assets less current liabilities2,146,3732,201,067
Creditors amounts falling due after one year13(461,657)(517,159)
Provisions for liabilities14(81,300)(83,300)
Net assets1,603,4161,600,608
Capital and reserves
Called up share capital14,22614,226
Revaluation reserve192,304192,304
Profit and loss account1,396,8861,394,078
Shareholders' funds101,603,4161,600,608
The financial statements were approved and authorised for issue by the Board of Directors on 20 October 2023, and are signed on its behalf by:
Norman John Harrison
Director
Registered Company No. 01123538
Inglewood Farms Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income.

Reducing balance (%)
Land and buildings15
Plant and machinery25
Vehicles25
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants and other government assistance policy
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.
Valuation of financial instruments policy
The Company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4.Employee information

20232022
Average number of employees during the year88
5.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Total

££££
Cost or valuation
At 01 April 221,736,909231,288240,6102,208,807
Additions-8,618-8,618
At 31 March 231,736,909239,906240,6102,217,425
Depreciation and impairment
At 01 April 2277,202179,821159,215416,238
Charge for year1,23710,14117,22428,602
At 31 March 2378,439189,962176,439444,840
Net book value
At 31 March 231,658,47049,94464,1711,772,585
At 31 March 221,659,70751,46781,3951,792,569
6.Revaluation of property, plant and equipment
On 31 March 2021 the directors revalued the land at its open market value for existing use basis. It is the opinion of the directors that the valuation has not materially altered at the period end date. Had the land been measured at historical cost the amount would have been £1,398,418. Land is not depreciated.
7.Creditors or instalments due after 5 years
Bank borrowings repayable after more than five years amount to £194,459 (2022 - £249,269).
8.Description of nature of transactions and balances with related parties
On 1 April 2022 the company owed a director £23. During the period further advances £4,951 were made. At 31 March 2023 the director owed the company £4,614. No interest was charged on this loan and the loan is repayable on demand.
9.Directors advances, credits and guarantees
On 1 April 2022 the company owed a director £38,887. During the period further advances of £200,688 were made and repayments totalling £148,000 received. At 31 March 2023 the director owed the company £13,801. No interest has been charged on this loan.
10.Movements in revaluation reserve
The revaluation reserve represents the amount of unrealised surplus created when the land was revalued, less any deferred tax provision. The reserve represents non-distributable funds.

£
Reserve at 01 April 22192,304
At 31 March 23192,304
11.Debtors

2023

2022

££
Trade debtors / trade receivables4,13652,194
Other debtors25,1219,549
Prepayments and accrued income51,85342,501
Total81,110104,244
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables23,99371,603
Bank borrowings and overdrafts57,22760,177
Taxation and social security11,49215,717
Other creditors838,721790,009
Accrued liabilities and deferred income10,3367,146
Total941,769944,652
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings and overdrafts are secured on a fixed and floating charge over the companies assets.
13.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts461,657517,159
Total461,657517,159
Bank borrowings and overdrafts are secured on a fixed and floating charge over the companies assets.
14.Provisions for liabilities
The provision for deferred tax comprises provision for accelerated capital allowances £21,000, general provisions £13,000 and revaluations £47,000.

2023

2022

££
Net deferred tax liability (asset)81,30083,300
Total81,30083,300