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REGISTERED NUMBER: 01934145 (England and Wales)


















Unaudited Financial Statements for the Year Ended 30th June 2023

for

Hail Weston Farms Limited

Hail Weston Farms Limited (Registered number: 01934145)






Contents of the Financial Statements
for the year ended 30th June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Hail Weston Farms Limited

Company Information
for the year ended 30th June 2023







DIRECTORS: J A Clements
R L Banks
G C Clements
H F Spavins



SECRETARY: J A Clements



REGISTERED OFFICE: Church View
80 High Street
Hail Weston
St Neots
Cambridgeshire
PE19 5JW



REGISTERED NUMBER: 01934145 (England and Wales)



ACCOUNTANTS: Smailes Goldie Limited
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA



SOLICITORS: Woodfines LLP
16 St Cuthbert's Street
Bedford
Bedfordshire
MK40 3JG

Hail Weston Farms Limited (Registered number: 01934145)

Balance Sheet
30th June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 976,169 904,182
976,169 904,182

CURRENT ASSETS
Stocks 6 593,571 489,224
Debtors 7 433,602 239,874
Cash at bank 812,511 908,866
1,839,684 1,637,964
CREDITORS
Amounts falling due within one year 8 365,774 379,197
NET CURRENT ASSETS 1,473,910 1,258,767
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,450,079

2,162,949

CREDITORS
Amounts falling due after more than one
year

9

(10,154

)

(12,988

)

PROVISIONS FOR LIABILITIES (215,453 ) (149,072 )
NET ASSETS 2,224,472 2,000,889

CAPITAL AND RESERVES
Called up share capital 100 100
Capital reserve 11 306,799 306,799
Retained earnings 11 1,917,573 1,693,990
SHAREHOLDERS' FUNDS 2,224,472 2,000,889

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 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.

Hail Weston Farms Limited (Registered number: 01934145)

Balance Sheet - continued
30th June 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 9th October 2023 and were signed on its behalf by:





J A Clements - Director


Hail Weston Farms Limited (Registered number: 01934145)

Notes to the Financial Statements
for the year ended 30th June 2023

1. STATUTORY INFORMATION

Hail Weston 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Section 1A of Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible fixed assets
Basic Payment Scheme entitlements are initially recognised at cost and are amortised on a straight line basis over their expected useful life. The Basic Payment Scheme commenced in 2015 and the expected useful life was 5 years, reflecting the period of benefit to be received. The Basic Payment Scheme entitlements were fully amortised in the year ended 30 June 2021.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation
Depreciation of fixed assets is charged by annual instalments commencing with the year of acquisition at rates estimated to write off their cost less any residual value over the expected useful lives.

The annual rates used are as follows:

Freehold LandNil
Land & Buildings5% - 10% on cost
Plant & Machinery10 - 25% on cost and reducing balance

Stocks
Stocks, including biological assets, are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method and represents costs incurred to date to bring growing crops and finished produce to its current state. Net realisable value is estimated selling price in the ordinary course of business, less applicable variable selling expenses.


Hail Weston Farms Limited (Registered number: 01934145)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

2. ACCOUNTING POLICIES - continued
Current & deferred tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current and past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Hire purchase commitments
Tangible fixed assets acquired under hire purchase agreements are capitalised at the estimated fair value at the date of inception of each contract. The finance charges are allocated over the period of the contract in accordance with the straight line method.

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.

Debtors and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Government grants
Government grants relating to revenue are recognised as income over the period of the related costs for which the grant is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

Hail Weston Farms Limited (Registered number: 01934145)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st July 2022
and 30th June 2023 78,939
AMORTISATION
At 1st July 2022
and 30th June 2023 78,939
NET BOOK VALUE
At 30th June 2023 -
At 30th June 2022 -

Other intangible assets comprise Basic Payment Scheme Entitlements.

5. TANGIBLE FIXED ASSETS
Land & Plant and
Buildings machinery Totals
£    £    £   
COST
At 1st July 2022 338,046 1,573,068 1,911,114
Additions - 221,690 221,690
Disposals - (149,000 ) (149,000 )
At 30th June 2023 338,046 1,645,758 1,983,804
DEPRECIATION
At 1st July 2022 175,770 831,162 1,006,932
Charge for year 13,035 86,668 99,703
Eliminated on disposal - (99,000 ) (99,000 )
At 30th June 2023 188,805 818,830 1,007,635
NET BOOK VALUE
At 30th June 2023 149,241 826,928 976,169
At 30th June 2022 162,276 741,906 904,182

6. STOCKS

20232022
££
Growing crop439,658385,586
Consumables112,24393,750
Produce in store41,6709,888
593,571489,224

Hail Weston Farms Limited (Registered number: 01934145)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 114,397 113,993
Other debtors 400 400
VAT 45,782 61,394
Prepayments and accrued income 273,023 64,087
433,602 239,874

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) - 45,425
Trade creditors 78,963 69,831
Tax 63,215 55,220
Accruals and deferred income 220,762 205,887
Deferred government grants 2,834 2,834
365,774 379,197

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Deferred government grants 10,154 12,988

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 45,425

Non-cancellable operating leases
2023 2022
£    £   
Within one year 9,758 9,758

11. RESERVES

Capital Reserve
The capital reserve was created on the formation of Hail Weston Farms Limited, when certain assets were transferred to the company at nil consideration, but were recorded in the company's books at their market value.

Hail Weston Farms Limited (Registered number: 01934145)

Notes to the Financial Statements - continued
for the year ended 30th June 2023

12. PENSION COMMITMENTS

The company contributes to a defined contribution pension scheme in respect of one (2022: one) employee. The assets of the scheme are held separately from those of the company. The pension cost for the year ended 30 June 2023 amounted to £7,500 (2022 £7,500).

The company also contributes to an auto-enrolment pension scheme in respect of its remaining employees. The pension costs for the year ended 30 June 2023 amounted to £2,579 (2022 £2,527).

13. RELATED PARTY DISCLOSURES

Key management personnel of the entity

2023 2022
£    £   
Loans to related parties 4,079 4,100