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REGISTERED NUMBER: 00692327 (England and Wales)














A. H. Clark (Farms) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023






A. H. Clark (Farms) Limited (Registered number: 00692327)

Contents of the Financial Statements
for the Year Ended 31 March 2023










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 10


A. H. Clark (Farms) Limited

Company Information
for the Year Ended 31 March 2023







Directors: H M M Clark
Mrs S E Clark





Registered office: Crown Hall Farm
Moulton Eaugate
Spalding
Lincolnshire
PE12 0TD





Registered number: 00692327 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
A. H. Clark (Farms) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Directors' report are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A. H. Clark (Farms) Limited for the year ended 31 March 2023 which comprise the Income statement, Statement of financial position, Statement of changes in equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of A. H. Clark (Farms) Limited, as a body, in accordance with the terms of our engagement letter dated 3 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of A. H. Clark (Farms) Limited and state those matters that we have agreed to state to the Board of Directors of A. H. Clark (Farms) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A. H. Clark (Farms) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that A. H. Clark (Farms) 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 A. H. Clark (Farms) Limited. You consider that A. H. Clark (Farms) 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 A. H. Clark (Farms) 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.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


19 September 2023

A. H. Clark (Farms) Limited (Registered number: 00692327)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 5 1,805,606 1,733,685
Investments 6 4,223 7,596
Investment property 7 671,000 711,758
2,480,829 2,453,039

Current assets
Stocks 419,776 374,533
Debtors 8 97,053 126,594
Cash at bank 4,007 2,944
520,836 504,071
Creditors
Amounts falling due within one year 9 558,130 597,031
Net current liabilities (37,294 ) (92,960 )
Total assets less current liabilities 2,443,535 2,360,079

Creditors
Amounts falling due after more than one
year

10

(323,147

)

(382,282

)

Provisions for liabilities (365,217 ) (357,922 )
Net assets 1,755,171 1,619,875

Capital and reserves
Called up share capital 12 26,419 26,419
Revaluation reserve 13 687,235 687,235
Capital redemption reserve 13,581 13,581
Retained earnings 1,027,936 892,640
Shareholders' funds 1,755,171 1,619,875

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

A. H. Clark (Farms) Limited (Registered number: 00692327)

Statement of Financial Position - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2023 and were signed on its behalf by:





H M M Clark - Director


A. H. Clark (Farms) Limited (Registered number: 00692327)

Notes to the Financial Statements
for the Year Ended 31 March 2023


1. Statutory information

A. H. Clark (Farms) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 preparing the financial statements
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.

Farm support income

Monies received and receivable from the Rural Payments Agency in respect of the Basic Payment Scheme and the Environmental Stewardship Scheme are recognised as other operating income in the period to which they relate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets

All fixed assets are initially recorded at cost. Freehold land is included within the financial statements at the open market value at the balance sheet date.

A. H. Clark (Farms) Limited (Registered number: 00692327)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. Accounting policies - continued

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 10% on a straight line basis
Leasehold property and drainage - 10% on a straight line basis
Plant and machinery - 10 - 15% reducing balance
Motor vehicles - 25% on reducing balance and 20% on reducing balance
Fixtures and office equipment - 15% on reducing balance and 5% on reducing balance

Depreciation is not provided on freehold property where , in the opinion of the directors, the residual value of that property is such that any depreciation charge would be immaterial.

Investment properties

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Fixed asset investments
Fixed asset investments are included at fair value at reach reporting date with any changes in fair value being recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Biological assets

Biological assets measured under the fair value model are valued on initial recognition and at each reporting date at fair value less costs to sell. Changes in fair value less costs to sell are recognised in profit or loss.

Agricultural produce harvested from these biological assets is measured at the point of harvest at its fair value less costs to sell.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


A. H. Clark (Farms) Limited (Registered number: 00692327)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Sales and leasebacks (where the leaseback is treated as a finance lease as defined by FRS 102) are recorded in the balance sheet as assets and as obligations to pay future rentals. Rents payable are apportioned between the finance charge and a reduction in the outstanding obligation for future amounts payable.

The total finance charge, which includes the amortisation of deferred expenses relating to finance leases, is allocated to accounting periods over the lease terms so as to produce a constant periodic charge on the remaining balance of the obligation for each accounting period

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. Employees and directors

The average number of employees during the year was 4 (2022 - 4 ) .

A. H. Clark (Farms) Limited (Registered number: 00692327)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


5. Tangible fixed assets
Leasehold
property
Freehold and Plant and
property drainage machinery
£    £    £   
Cost
At 1 April 2022 1,327,046 25,689 1,081,030
Additions 23,769 - 136,546
Disposals - - (237,572 )
At 31 March 2023 1,350,815 25,689 980,004
Depreciation
At 1 April 2022 91,572 25,689 591,931
Charge for year 4,811 - 69,955
Eliminated on disposal - - (213,735 )
At 31 March 2023 96,383 25,689 448,151
Net book value
At 31 March 2023 1,254,432 - 531,853
At 31 March 2022 1,235,474 - 489,099

Fixtures
and
Motor office
vehicles equipment Totals
£    £    £   
Cost
At 1 April 2022 32,195 9,811 2,475,771
Additions 15,995 200 176,510
Disposals (19,395 ) - (256,967 )
At 31 March 2023 28,795 10,011 2,395,314
Depreciation
At 1 April 2022 26,293 6,601 742,086
Charge for year 4,305 378 79,449
Eliminated on disposal (18,092 ) - (231,827 )
At 31 March 2023 12,506 6,979 589,708
Net book value
At 31 March 2023 16,289 3,032 1,805,606
At 31 March 2022 5,902 3,210 1,733,685

A. H. Clark (Farms) Limited (Registered number: 00692327)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


6. Fixed asset investments
Unlisted
investments
£   
Cost
At 1 April 2022 7,596
Disposals (3,373 )
At 31 March 2023 4,223
Net book value
At 31 March 2023 4,223
At 31 March 2022 7,596

7. Investment property
Total
£   
Fair value
At 1 April 2022 711,758
Revaluations (40,758 )
At 31 March 2023 671,000
Net book value
At 31 March 2023 671,000
At 31 March 2022 711,758

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 671,000

8. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 61,094 78,877
VAT 27,270 41,404
Prepayments and accrued income 8,689 6,313
97,053 126,594

9. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 243,388 281,893
Trade creditors 183,615 199,408
Taxation and social security 52,231 7,214
Other creditors 78,896 108,516
558,130 597,031

A. H. Clark (Farms) Limited (Registered number: 00692327)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023


9. Creditors: amounts falling due within one year - continued

The bank loans and overdraft included above and below are secured by fixed and floating charges over the company's undertakings and assets.

Included in creditors amounts falling due within one year is £52,323 (2022 £73,517) in respect of finance lease and hire purchase agreements which are secured against the assets to which they relate.

10. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 238,680 315,892
Other creditors 84,467 66,390
323,147 382,282

The bank loans and overdraft included above and below are secured by fixed and floating charges over the company's undertakings and assets.

Included in creditors amounts falling due after more than one year is £84,467 (2022 £66,390) in respect of finance lease and hire purchase agreements which are secured against the assets to which they relate.

Included within creditors: amounts falling due after more than one year is an amount of £90,812 (2022: £118,714) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

11. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 150,558 147,793
Between one and five years 30,503 61,007
181,061 208,800

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
26,419 Ordinary shares £1 26,419 26,419

13. Reserves
Revaluation
reserve
£   
At 1 April 2022
and 31 March 2023 687,235