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Registered number: 10878833










HIGHFIELDS FARM (2017) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
HIGHFIELDS FARM (2017) LIMITED
REGISTERED NUMBER: 10878833

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
604,296
539,936

Current assets
  

Stocks
  
-
670

Debtors: amounts falling due within one year
 5 
4,539
5,371

Cash at bank and in hand
  
1,924
1,470

  
6,463
7,511

Creditors: amounts falling due within one year
 6 
(260,901)
(165,691)

Net current liabilities
  
 
 
(254,438)
 
 
(158,180)

Total assets less current liabilities
  
349,858
381,756

Creditors: amounts falling due after more than one year
 7 
(319,061)
(352,392)

Provisions for liabilities
  

Deferred tax
 8 
(3,591)
(5,286)

Net assets
  
27,206
24,078


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
27,205
24,077

  
27,206
24,078


Page 1

 
HIGHFIELDS FARM (2017) LIMITED
REGISTERED NUMBER: 10878833
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 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 year 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 income and retained earnings 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 on 9 November 2023.





H R White
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
HIGHFIELDS FARM (2017) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Highfields Farm (2017) Limited is a private company limited by shares, incorporated in England and Wales (registered number: 10878833). Its registered office is Hollycroft, Calver Sough, Calver, Hope Valley, Derbyshire, S32 3XH. The principal activity throughout the year was that of mixed farming activities.

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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
HIGHFIELDS FARM (2017) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to Statement of Income and Retained Earnings 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 Statement of Income and Retained Earnings 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

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows. 

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line basis
Land
-
not depreciated
Plant and machinery
-
20%
straight line 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 the Statement of Income and Retained Earnings. 

 
2.6

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 the Statement of Income and Retained Earnings. 

Page 4

 
HIGHFIELDS FARM (2017) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

 
2.8

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.

 
2.9

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current 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. 

Page 5

 
HIGHFIELDS FARM (2017) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Tangible fixed assets





Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 August 2022
522,549
40,512
563,061


Additions
76,230
-
76,230



At 31 July 2023

598,779
40,512
639,291



Depreciation


At 1 August 2022
10,482
12,643
23,125


Charge for the year on owned assets
3,782
8,088
11,870



At 31 July 2023

14,264
20,731
34,995



Net book value



At 31 July 2023
584,515
19,781
604,296



At 31 July 2022
512,067
27,869
539,936

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
-
8,612

Page 6

 
HIGHFIELDS FARM (2017) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
3,626
-

Prepayments and accrued income
913
5,371

4,539
5,371



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
29,496
25,787

Trade creditors
2,052
732

Corporation tax
4,304
879

Other taxation and social security
1,960
776

Hire purchase contracts
-
417

Other creditors
221,424
134,610

Accruals and deferred income
1,665
2,490

260,901
165,691



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
319,061
352,392


Secured loans
Included in creditors are bank loans on which security has been given by a fixed and floating charge over the assets of the Company. In addition, a personal guarantee has been provided by the director, limited to £42,000.
Amounts payable wholly or in part later than five years
The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is £225,544 (2022: £251,758).

Page 7

 
HIGHFIELDS FARM (2017) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
5,286
3,700


Charged to the Statement of Income and Retained Earnings
(1,695)
1,586



At end of year
3,591
5,286

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
3,591
5,286

 
Page 8