Registered number
08014604
Heard Farms Limited
Unaudited Filleted Accounts
31 July 2023
Heard Farms Limited
Registered number: 08014604
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,871,433 1,935,061
Current assets
Debtors 4 15,463 8,147
Cash at bank and in hand - 78,889
15,463 87,036
Creditors: amounts falling due within one year 5 (372,636) (337,551)
Net current liabilities (357,173) (250,515)
Total assets less current liabilities 1,514,260 1,684,546
Creditors: amounts falling due after more than one year 6 (800,000) (1,000,000)
Provisions for liabilities (11,353) (24,106)
Net assets 702,907 660,440
Capital and reserves
Called up share capital 100 100
Profit and loss account 702,807 660,340
Shareholders' funds 702,907 660,440
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S J Heard
Director
Approved by the board on 27 November 2023
Heard Farms Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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 from 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.

Grants and subsidies are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them.

Rentals received under operating leases are credited to revenue on a straight line basis over the lease term.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold costs over the lease term
Plant, machinery and motor 10% - 33% on cost
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Leasehold costs Plant, machinery & motor Land and buildings Total
£ £ £ £
Cost
At 1 August 2022 149,611 328,929 1,637,141 2,115,681
Additions 31,387 19,955 7,600 58,942
Disposals - (1,416) - (1,416)
At 31 July 2023 180,998 347,468 1,644,741 2,173,207
Depreciation
At 1 August 2022 76,777 67,830 36,013 180,620
Charge for the year 37,898 50,741 32,893 121,532
On disposals - (378) - (378)
At 31 July 2023 114,675 118,193 68,906 301,774
Net book value
At 31 July 2023 66,323 229,275 1,575,835 1,871,433
At 31 July 2022 72,834 261,099 1,601,128 1,935,061
4 Debtors 2023 2022
£ £
Trade debtors 4,556 280
Other debtors 10,907 7,867
15,463 8,147
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 49,764 -
Trade creditors - 469
Taxation and social security costs 45,218 87,477
Other creditors 277,654 249,605
372,636 337,551
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 800,000 1,000,000
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loan overdraft 49,764 -
Fixed and floating charge over all assets.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 15,971 25,271
9 Other information
Heard Farms Limited is a private company limited by shares and incorporated in England. Its registered office is:
Barn Farm
Illston On The Hill
Leicester
LE7 9EJ
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