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REGISTERED NUMBER: 00875088 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Stearn Farms Limited

Stearn Farms Limited (Registered number: 00875088)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Stearn Farms Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr S J Stearn
Mrs P M Stearn
Ms A C Stearn
Mr R R P Stearn





SECRETARY: Mrs P M Stearn





REGISTERED OFFICE: Middle Farmhouse
Stanfield Road
WYMONDHAM
Norfolk
NR18 9RN





REGISTERED NUMBER: 00875088 (England and Wales)





ACCOUNTANTS: Turner & Ellerby
Chartered Certified Accountants
5 Church Street
Framlingham
Woodbridge
Suffolk
IP13 9BQ

Stearn Farms Limited (Registered number: 00875088)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,031,998 3,164,798
Investments 5 520 520
3,032,518 3,165,318

CURRENT ASSETS
Stocks 1,260,000 980,000
Debtors 6 628,363 809,681
Cash at bank 459,213 431,492
2,347,576 2,221,173
CREDITORS
Amounts falling due within one year 7 1,112,317 955,373
NET CURRENT ASSETS 1,235,259 1,265,800
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,267,777

4,431,118

CREDITORS
Amounts falling due after more than one
year

8

(268,929

)

(463,353

)

PROVISIONS FOR LIABILITIES 10 (203,506 ) (186,406 )
NET ASSETS 3,795,342 3,781,359

CAPITAL AND RESERVES
Called up share capital 500 500
Merger reserve 528,566 528,566
Retained earnings 3,266,276 3,252,293
SHAREHOLDERS' FUNDS 3,795,342 3,781,359

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Stearn Farms Limited (Registered number: 00875088)

Balance Sheet - continued
31 March 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 28 November 2023 and were signed on its behalf by:




Mr S J Stearn - Director



Mr R R P Stearn - Director


Stearn Farms Limited (Registered number: 00875088)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Stearn 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
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.

In meeting the companies working capital requirements the companies bankers have agreed to continue to support the company. On the basis that the director considers, with the continued support of its bankers, it appropriate to prepare the financial statements on a going concern basis the financial statements do not include any adjustments that would result from the withdrawal of the banks support.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold Property - Land - not provided
Buildings - 5% on cost
Improvements to property - 5% on cost
Plant and machinery - at variable rates on reducing balance

Freehold properties are not depreciated on the basis that the open market value is not less than the net book value.


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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

The valuation has been prepared for stocktaking purposes and for incorporation in the accounts, in accordance with the Inland Revenue Business Economic Notes BEN19.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


Stearn Farms Limited (Registered number: 00875088)

Notes to the Financial Statements - continued
for the Year Ended 31 March 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 balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Freehold Improvements
Property to
- Land Buildings property
£    £    £   
COST
At 1 April 2022 1,419,002 193,276 396,695
Additions - - -
Disposals - - -
At 31 March 2023 1,419,002 193,276 396,695
DEPRECIATION
At 1 April 2022 - 115,960 117,749
Charge for year - 9,664 19,835
Eliminated on disposal - - -
At 31 March 2023 - 125,624 137,584
NET BOOK VALUE
At 31 March 2023 1,419,002 67,652 259,111
At 31 March 2022 1,419,002 77,316 278,946

Stearn Farms Limited (Registered number: 00875088)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 April 2022 3,115,758 2,031 5,126,762
Additions 106,145 - 106,145
Disposals (9,100 ) - (9,100 )
At 31 March 2023 3,212,803 2,031 5,223,807
DEPRECIATION
At 1 April 2022 1,726,224 2,031 1,961,964
Charge for year 201,905 - 231,404
Eliminated on disposal (1,559 ) - (1,559 )
At 31 March 2023 1,926,570 2,031 2,191,809
NET BOOK VALUE
At 31 March 2023 1,286,233 - 3,031,998
At 31 March 2022 1,389,534 - 3,164,798

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2022 998,554
Additions 65,000
Transfer to ownership (396,000 )
At 31 March 2023 667,554
DEPRECIATION
At 1 April 2022 243,394
Charge for year 76,184
Transfer to ownership (114,771 )
At 31 March 2023 204,807
NET BOOK VALUE
At 31 March 2023 462,747
At 31 March 2022 755,160

Stearn Farms Limited (Registered number: 00875088)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 250 270 520
NET BOOK VALUE
At 31 March 2023 250 270 520
At 31 March 2022 250 270 520

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 50,284 36,534
Other debtors 115,351 115,351
Directors' current accounts 347,541 500,331
VAT 55,641 76,790
Prepayments 59,546 80,675
628,363 809,681

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 113,061 113,062
Loan from R P Stearn Trust 295,000 295,000
Hire purchase contracts 141,224 161,856
Trade creditors 542,012 353,823
Tax - 9,643
Social security and other taxes 9,720 10,174
Other creditors 100 615
Accrued expenses 11,200 11,200
1,112,317 955,373

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 57,704 113,061
Bank loans - 2-5 years 51,811 54,103
Bank Loan 38,344 81,266
Hire purchase contracts 121,070 214,923
268,929 463,353

Stearn Farms Limited (Registered number: 00875088)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank Loan 38,344 81,266

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 260,920 361,492
Hire purchase contracts 262,294 376,779
523,214 738,271

Bank borrowings are secured by a debenture over the company's assets. Net obligations under hire purchase contracts are secured on the assets to which they relate. Mr S J Stearn director has provided as guarantees as security against the bank borrowings.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 203,506 186,406

Deferred
tax
£   
Balance at 1 April 2022 186,406
Movement in year 17,100
Balance at 31 March 2023 203,506

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr S J Stearn and Mr R R P Stearn
Balance outstanding at start of year 500,332 450,966
Amounts advanced 98,880 175,005
Amounts repaid (251,671 ) (125,639 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 347,541 500,332