Company registration number 03367127 (England and Wales)
Glaston Hill Farms Limited
Financial Statements
For the year ended
31 March 2023
Pages for filing with registrar
Glaston Hill Farms Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Glaston Hill Farms Limited
Statement Of Financial Position
As at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
534,981
528,281
Current assets
Stocks
18,000
18,000
Debtors
5
13,240
18,809
Cash at bank and in hand
41,143
111,212
72,383
148,021
Creditors: amounts falling due within one year
6
(292,101)
(385,555)
Net current liabilities
(219,718)
(237,534)
Net assets
315,263
290,747
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
315,162
290,646
Total equity
315,263
290,747

The notes on pages 2 to 4 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
R.J. Rietdyk
Director
Company registration number 03367127 (England and Wales)
Glaston Hill Farms Limited
Notes To The Financial Statements
For the year ended 31 March 2023
- 2 -
1
General information

Glaston Hill Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is Moor Place Farm, Plough Lane, Bramshill, Hampshire, RG27 0RF.

2
Accounting policies
2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Turnover

The turnover shown in the profit and loss account represents amounts receivable during the year from mixed farming, exclusive of value added tax.

Other income includes income from the joint venture, single farm subsidies and rebates, and is recognised in the period to which they relate.

2.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Plant and machinery
25% straight line
Motor vehicles
25% straight line
Equipment
20 - 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Glaston Hill Farms Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
2
Accounting policies
(Continued)
- 3 -
2.6
Stocks

Biological assets are held at fair value, with any changes in fair value recognised in the profit and loss account. The fair value has been estimated by the directors based on the expected sales price minus costs to sell.

2.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

2.8
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2.10

Joint Ventures

The 50% share of the assets, liabilities and results of the joint venture with Damac Investments has been consolidated in these financial statements. Rent receivable represents this company's share of the income of the joint venture whose principal activity is that of property letting.

3
Employees

The company employed no persons during the current or preceding years.

Glaston Hill Farms Limited
Notes To The Financial Statements (Continued)
For the year ended 31 March 2023
- 4 -
4
Tangible fixed assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
666,597
80,668
56,500
9,482
813,247
Additions
-
0
56,553
-
0
3,167
59,720
Disposals
(19,507)
(34,384)
-
0
(3,081)
(56,972)
At 31 March 2023
647,090
102,837
56,500
9,568
815,995
Depreciation and impairment
At 1 April 2022
159,839
63,011
54,922
7,194
284,966
Depreciation charged in the year
12,865
17,943
1,262
1,436
33,506
Eliminated in respect of disposals
-
0
(34,377)
-
0
(3,081)
(37,458)
At 31 March 2023
172,704
46,577
56,184
5,549
281,014
Carrying amount
At 31 March 2023
474,386
56,260
316
4,019
534,981
At 31 March 2022
506,758
17,657
1,578
2,288
528,281
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,704
3,287
Corporation tax recoverable
1,989
-
0
Amounts owed by group undertakings
4,179
5,784
Other debtors
2,368
9,738
13,240
18,809
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,422
-
0
Trade creditors
3,610
-
0
Corporation tax
-
0
31,314
Other taxation and social security
4,851
3,617
Other creditors
280,218
350,624
292,101
385,555
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