9 false false false false false false false false false true false false false false false false 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 50,880 50,880 50,880 xbrli:pure xbrli:shares iso4217:GBP 00740414 2022-04-01 2023-03-31 00740414 2023-03-31 00740414 2022-03-31 00740414 2021-04-01 2022-03-31 00740414 2022-03-31 00740414 core:PlantMachinery 2022-04-01 2023-03-31 00740414 core:MotorVehicles 2022-04-01 2023-03-31 00740414 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 00740414 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 00740414 bus:OrdinaryShareClass5 2022-04-01 2023-03-31 00740414 bus:Director5 2022-04-01 2023-03-31 00740414 bus:Director2 2022-04-01 2023-03-31 00740414 core:LandBuildings 2022-03-31 00740414 core:PlantMachinery 2022-03-31 00740414 core:MotorVehicles 2022-03-31 00740414 core:LandBuildings 2023-03-31 00740414 core:PlantMachinery 2023-03-31 00740414 core:MotorVehicles 2023-03-31 00740414 core:WithinOneYear 2023-03-31 00740414 core:WithinOneYear 2022-03-31 00740414 core:AfterOneYear 2023-03-31 00740414 core:AfterOneYear 2022-03-31 00740414 core:ShareCapital 2023-03-31 00740414 core:ShareCapital 2022-03-31 00740414 core:RevaluationReserve 2023-03-31 00740414 core:RevaluationReserve 2022-03-31 00740414 core:RetainedEarningsAccumulatedLosses 2023-03-31 00740414 core:RetainedEarningsAccumulatedLosses 2022-03-31 00740414 core:NetGoodwill 2023-03-31 00740414 core:NetGoodwill 2022-03-31 00740414 core:LandBuildings 2022-03-31 00740414 core:PlantMachinery 2022-03-31 00740414 core:MotorVehicles 2022-03-31 00740414 bus:Director2 2022-03-31 00740414 bus:Director2 2023-03-31 00740414 bus:Director5 2022-03-31 00740414 bus:Director5 2023-03-31 00740414 bus:Director2 2022-03-31 00740414 bus:Director5 2022-03-31 00740414 bus:Director2 2021-04-01 2022-03-31 00740414 bus:Director5 2021-04-01 2022-03-31 00740414 bus:SmallEntities 2022-04-01 2023-03-31 00740414 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00740414 bus:FullAccounts 2022-04-01 2023-03-31 00740414 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 00740414 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00740414 bus:AllOrdinaryShares 2023-03-31 00740414 bus:AllOrdinaryShares 2022-03-31 00740414 bus:OrdinaryShareClass1 2023-03-31 00740414 bus:OrdinaryShareClass1 2022-03-31 00740414 bus:OrdinaryShareClass3 2023-03-31 00740414 bus:OrdinaryShareClass3 2022-03-31 00740414 bus:OrdinaryShareClass5 2023-03-31 00740414 bus:OrdinaryShareClass5 2022-03-31
COMPANY REGISTRATION NUMBER: 00740414
Hall Farm (Hingham) Limited
Unaudited financial statements
31 March 2023
Hall Farm (Hingham) Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
50,880
50,880
Tangible assets
6
2,790,251
2,733,813
-----------
-----------
2,841,131
2,784,693
Current assets
Stocks
271,576
162,132
Debtors
7
62,707
83,781
Cash at bank and in hand
521,825
614,146
---------
---------
856,108
860,059
Creditors: Amounts falling due within one year
8
220,046
231,898
---------
---------
Net current assets
636,062
628,161
-----------
-----------
Total assets less current liabilities
3,477,193
3,412,854
Creditors: Amounts falling due after more than one year
9
271,561
283,309
Provisions
Taxation including deferred tax
114,336
101,580
-----------
-----------
Net assets
3,091,296
3,027,965
-----------
-----------
Capital and reserves
Called up share capital
10
50,000
50,000
Revaluation reserve
36,458
36,458
Profit and loss account
3,004,838
2,941,507
-----------
-----------
Shareholders funds
3,091,296
3,027,965
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hall Farm (Hingham) Limited
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:
Mr D J Shingfield
Director
Company registration number: 00740414
Hall Farm (Hingham) Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hall Farm, Hingham, Norfolk, NR9 4PX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.Revenue is recognised when the service has been provided or the goods have been delivered.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
A full years depreciation is charged in the year of acquisition. No depreciation is charged on freehold buildings and investment properties, because they are maintained to a high standard so that any depreciation would be immaterial.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Commodity stocks, livestock and cultivations are valued at the lower of cost and net realisable value by the directors after making due allowance for obsolete and slow moving items. The valuation of crops in store, livestock and cultivations includes an element of depreciation.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities .
4. Average number of employees
The average number of employees during the year was 9 (2022: 10 ).
5. Intangible assets
Basic Payment Entitlements
£
Cost
At 1 April 2022 and 31 March 2023
50,880
-------
Amortisation
At 1 April 2022 and 31 March 2023
-------
Carrying amount
At 31 March 2023
50,880
-------
At 31 March 2022
50,880
-------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
2,551,992
414,434
67,403
3,033,829
Additions
20,868
79,567
100,435
Disposals
( 37,595)
( 22,103)
( 59,698)
-----------
---------
---------
-----------
At 31 March 2023
2,551,992
397,707
124,867
3,074,566
-----------
---------
---------
-----------
Depreciation
At 1 April 2022
252,543
47,473
300,016
Charge for the year
24,177
10,781
34,958
Disposals
( 33,801)
( 16,858)
( 50,659)
-----------
---------
---------
-----------
At 31 March 2023
242,919
41,396
284,315
-----------
---------
---------
-----------
Carrying amount
At 31 March 2023
2,551,992
154,788
83,471
2,790,251
-----------
---------
---------
-----------
At 31 March 2022
2,551,992
161,891
19,930
2,733,813
-----------
---------
---------
-----------
7. Debtors
2023
2022
£
£
Trade debtors
39,333
38,171
Other debtors
23,374
45,610
-------
-------
62,707
83,781
-------
-------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,897
21,727
Trade creditors
93,984
52,440
Social security and other taxes
18,770
14,852
Other creditors
90,395
142,879
---------
---------
220,046
231,898
---------
---------
Included in creditors falling due within one year are bank loans and overdrafts of £16,896 (2022 - £21,727) secured by the company.
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
271,561
283,309
---------
---------
Included in creditors falling due after more than one year are bank loans and overdrafts of £271,561 (2022 - £283,309) secured by the company.
Included within creditors: amounts falling due after more than one year is an amount of £203,977 (2022: £196,403) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Called up share capital
Authorised share capital
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
30,000
30,000
30,000
30,000
Ordinary C shares of £ 1 each
10,000
10,000
10,000
10,000
Ordinary E shares of £ 1 each
10,000
10,000
10,000
10,000
-------
-------
-------
-------
50,000
50,000
50,000
50,000
-------
-------
-------
-------
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
30,000
30,000
30,000
30,000
Ordinary C shares of £ 1 each
10,000
10,000
10,000
10,000
Ordinary E shares of £ 1 each
10,000
10,000
10,000
10,000
-------
-------
-------
-------
50,000
50,000
50,000
50,000
-------
-------
-------
-------
All of the ordinary share capital have the same rights and obligations .
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
48,500
48,500
-------
-------
12. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs S Shingfield
191
48,808
( 46,666)
2,333
Mr D J Shingfield
191
48,809
( 46,667)
2,333
----
-------
-------
------
382
97,617
( 93,333)
4,666
----
-------
-------
------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs S Shingfield
10,000
( 9,809)
191
Mr D J Shingfield
10,000
( 9,809)
191
----
-------
-------
----
20,000
( 19,618)
382
----
-------
-------
----