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REGISTERED NUMBER: 00500602 (England and Wales)















SLEAFORD FARMING COMPANY

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023






SLEAFORD FARMING COMPANY (REGISTERED NUMBER: 00500602)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6

Chartered Accountants' Report 7

SLEAFORD FARMING COMPANY

COMPANY INFORMATION
FOR THE YEAR ENDED 5 APRIL 2023







DIRECTORS: J W H Brown
R M L Brown





SECRETARY: R M L Brown





REGISTERED OFFICE: 18 Northgate
Sleaford
Lincolnshire
NG34 7BJ





BUSINESS ADDRESS: Manor Farm
39 Town Road
Quarrington
Sleaford
Lincolnshire
NG34 8RS





REGISTERED NUMBER: 00500602 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

SLEAFORD FARMING COMPANY (REGISTERED NUMBER: 00500602)

STATEMENT OF FINANCIAL POSITION
5 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 169,473 171,154
Investments 6 113 113
169,586 171,267

CURRENT ASSETS
Debtors 7 223,922 400,323
Cash at bank and in hand 210,877 8,094
434,799 408,417
CREDITORS
Amounts falling due within one year 8 510,340 303,176
NET CURRENT (LIABILITIES)/ASSETS (75,541 ) 105,241
TOTAL ASSETS LESS CURRENT LIABILITIES 94,045 276,508

CREDITORS
Amounts falling due after more than one year 9 (35,789 ) (40,943 )

PROVISIONS FOR LIABILITIES (1,283 ) (1,519 )
NET ASSETS 56,973 234,046

CAPITAL AND RESERVES
Called up share capital 11 5,000 5,000
Retained earnings 51,973 229,046
SHAREHOLDERS' FUNDS 56,973 234,046

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:



J W H Brown - Director


SLEAFORD FARMING COMPANY (REGISTERED NUMBER: 00500602)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2023

1. STATUTORY INFORMATION

Sleaford Farming Company is a private company , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Entitlements are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on reducing balance and not provided
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

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.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


SLEAFORD FARMING COMPANY (REGISTERED NUMBER: 00500602)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Group accounts
The company has not prepared group accounts as it qualifies as a small group and as such has taken advantage of exemption from preparing group accounts under section 383 Companies Act 2006.

Basic farm payment
The basic farm payment is recognised in the financial statements in accordance with current H M Revenue & Customs guidance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST OR VALUATION
At 6 April 2022
and 5 April 2023 2,737
AMORTISATION
At 6 April 2022
and 5 April 2023 2,737
NET BOOK VALUE
At 5 April 2023 -
At 5 April 2022 -

Cost or valuation at 5 April 2023 is represented by:

Other
intangible
assets
£   
Valuation in 2023 2,737

SLEAFORD FARMING COMPANY (REGISTERED NUMBER: 00500602)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 6 April 2022
and 5 April 2023 256,956 134,740 391,696
DEPRECIATION
At 6 April 2022 93,795 126,747 220,542
Charge for year 438 1,243 1,681
At 5 April 2023 94,233 127,990 222,223
NET BOOK VALUE
At 5 April 2023 162,723 6,750 169,473
At 5 April 2022 163,161 7,993 171,154

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 6 April 2022
and 5 April 2023 102 11 113
NET BOOK VALUE
At 5 April 2023 102 11 113
At 5 April 2022 102 11 113

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 223,922 400,323

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,152 5,023
Trade creditors 3,086 8,907
Taxation and social security 99,317 96,162
Other creditors 402,785 193,084
510,340 303,176

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 35,789 40,943

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 13,832 19,534

SLEAFORD FARMING COMPANY (REGISTERED NUMBER: 00500602)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2023

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 120,000 120,000

Other loans are secured by a legal charge over land at Quarrington, Sleaford, Lincolnshire and by personal guarantees of the directors.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 Ordinary £1 5,000 5,000

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SLEAFORD FARMING COMPANY

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sleaford Farming Company for the year ended 5 April 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Sleaford Farming Company, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Sleaford Farming Company and state those matters that we have agreed to state to the Board of Directors of Sleaford Farming Company, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sleaford Farming Company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Sleaford Farming Company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Sleaford Farming Company. You consider that Sleaford Farming Company is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Sleaford Farming Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ


Date: .............................................