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CAIRNHEAD FARM LIMITED

Registered Number
06010563
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

CAIRNHEAD FARM LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

CRAIG, Frances Mary
CRAIG, Jacqueline Ruth
CRAIG, Robert Keith

Registered Address

Cairnhead Farm, Ainstable
Carlisle
Cumbria
CA4 9RP

Registered Number

06010563 (England and Wales)
CAIRNHEAD FARM LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets5905,206858,496
Investments61,0001,000
906,206859,496
Current assets
Stocks9401,600363,900
Debtors10120,893105,711
Current asset investments88,69488,694
Cash at bank and on hand24,97841,458
636,165599,763
Creditors amounts falling due within one year11(1,010,504)(1,198,272)
Net current assets (liabilities)(374,339)(598,509)
Total assets less current liabilities531,867260,987
Creditors amounts falling due after one year12(64,024)(102,901)
Provisions for liabilities14(36,042)-
Net assets431,801158,086
Capital and reserves
Called up share capital1,0001,000
Profit and loss account430,801157,086
Shareholders' funds431,801158,086
The financial statements were approved and authorised for issue by the Board of Directors on 8 November 2023, and are signed on its behalf by:
CRAIG, Frances Mary
Director
CRAIG, Jacqueline Ruth
Director
CRAIG, Robert Keith
Director

Registered Company No. 06010563
CAIRNHEAD FARM 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 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery15-
Fixtures and fittings15-
Office Equipment40-
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 complete 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.
Leases policy
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Employee benefits policy
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
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 year610
5.Property, plant and equipment

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 April 22399,708614,7795,9004,1931,024,580
Additions27,182182,900-591210,673
Disposals-(59,380)(5,900)-(65,280)
At 31 March 23426,890738,299-4,7841,169,973
Depreciation and impairment
At 01 April 224,665155,3214,7381,360166,084
Charge for year57,68773,797-1,270132,754
On disposals-(29,333)(4,738)-(34,071)
At 31 March 2362,352199,785-2,630264,767
Net book value
At 31 March 23364,538538,514-2,154905,206
At 31 March 22395,043459,4581,1622,833858,496
The net book value of land & buildings of £364,538 can be further analysed as Freehold.
6.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 April 221,0001,000
At 31 March 231,0001,000
Net book value
At 31 March 231,0001,000
At 31 March 221,0001,000

Notes

1Investments in group undertakings and participating interests
7.Description of financial commitments other than capital 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 £1,266 (2022 - £853). Contributions totalling £394 (2022 - £197) were payable to the fund at the balance sheet date and are included in creditors.
8.Contingent liabilities, including financial effect, uncertainties and possible reimbursement
The group has entered into an unlimited cross guarantee with Clydesdale Bank PLC in respect of the bank borrowings of all the companies within the group, secured by way of fixed and floating charges over the property and assets. The amount guaranteed is £1,061,510 (2022 - £1,166,144).
9.Stocks

2023

2022

££
Raw materials and consumables401,600363,900
Total401,600363,900
10.Debtors

2023

2022

££
Trade debtors / trade receivables69,52842,443
Other debtors3,36515,268
Prepayments and accrued income48,00048,000
Total120,893105,711
Included in Other debtors is £nil (2022 - (15,268) in respect of a deferred tax asset. The deferred tax asset is made up of a liability of £135,776 in respect of accelerated capital allowances and an asset of £151,044 in respect of losses. 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.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables48,19416,226
Amounts owed to related parties190,663151,663
Taxation and social security-3,523
Finance lease and HP contracts113,63993,678
Other creditors654,088929,852
Accrued liabilities and deferred income3,9203,330
Total1,010,5041,198,272
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. Finance lease and hire purchase contracts are secured against the assets to which they relate
12.Creditors after one year

2023

2022

££
Other creditors64,024102,901
Total64,024102,901
Finance lease and hire purchase contracts equal to £64,023 (2022 - £102,901) are included within other creditors and are secured against the assets to which they relate.
13.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts64,024102,901
14.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)36,042-
Total36,042-