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Registration number: 03188990

Albedale Farms Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Albedale Farms Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Albedale Farms Limited

(Registration number: 03188990)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

302,468

288,517

Investment property

5

570,000

570,000

 

872,468

858,517

Current assets

 

Stocks

339,882

261,641

Debtors

6

1,195,329

60,382

Cash at bank and in hand

 

4,175,594

3,574,631

 

5,710,805

3,896,654

Creditors: Amounts falling due within one year

7

(1,582,995)

(344,126)

Net current assets

 

4,127,810

3,552,528

Total assets less current liabilities

 

5,000,278

4,411,045

Deferred taxation

(14,693)

(8,516)

Net assets

 

4,985,585

4,402,529

Capital and reserves

 

Called up share capital

8

200,000

200,000

Other reserves

58,734

60,075

Profit and loss account

4,726,851

4,142,454

Total equity

 

4,985,585

4,402,529

 

Albedale Farms Limited

(Registration number: 03188990)
Balance Sheet as at 30 April 2023

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2023 and signed on its behalf by:
 

.........................................
Mr S J Goddard
Company secretary and director

 

Albedale Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Manor Farm
Grateley
Andover
Hampshire
SP11 8JS
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Turnover also includes agricultural subsidies which are credited to profit and loss account according to the amount the company is qualified to receive in the year.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

Tax

The tax expense for the period comprises current tax and deferred taxation.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Albedale Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

Tangible assets

Tangible assets is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

A farm is considered to be a tangible fixed asset comprising all land and buildings contained within the agricultural estate.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings freehold

No depreciation is provided on freehold land.

Plant and machinery

20% straight line

Computer equipment

15% to 33.33% reducing balance

Motor vehicles

20% straight line

Investment property

Investment property, which is property held to earn rentals and / or capital appreciation, is initially recognised at cost, which includes the purchase cost and any attributable expenditure. Subsequently it is measured at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
 

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

 

Albedale Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlementis recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the emploment of an employee or to provide termination benefits.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Albedale Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Land and buildings
£

Plant and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

266,047

272,450

16,140

554,637

Additions

-

20,273

-

20,273

At 30 April 2023

266,047

292,723

16,140

574,910

Depreciation

At 1 May 2022

-

249,980

16,140

266,120

Charge for the year

-

6,322

-

6,322

At 30 April 2023

-

256,302

16,140

272,442

Carrying amount

At 30 April 2023

266,047

36,421

-

302,468

At 30 April 2022

266,047

22,470

-

288,517

Included within the net book value of land and buildings above is £266,047 (2022 - £266,047) in respect of freehold land and buildings.

The freehold land, consisting of 249 acres at Colthrop, Berkshire, was gifted to the company in March 1999. The land is stated at cost £1,864 being the expenses relating to the transfer from the donors.
 

5

Investment properties

2023
£

At 1 May 2022 and 30 April 2023

570,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director Mr S J Goddard on an open market value basis after consultation with a family member with appropriate expertise.

 

Albedale Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Debtors

2023
£

2022
£

Trade debtors

1,975

25,731

Prepayments

49,616

17,954

Other debtors

1,143,738

16,697

1,195,329

60,382

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

202,384

184,598

Trade creditors

68,544

81,069

Taxation and social security

139,749

40,199

Other creditors

1,172,318

38,260

1,582,995

344,126

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

200,000

200,000

200,000

200,000