Company No:
Contents
DIRECTORS | J P Heaver |
H G Heaver |
REGISTERED OFFICE | The Estate Office |
Downs Road | |
West Stoke | |
Chichester | |
West Sussex | |
PO18 9BQ | |
United Kingdom |
COMPANY NUMBER | 02837906 (England and Wales) |
Note | 31.03.2023 | 30.09.2021 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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3,328,377 | 3,265,247 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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2,245,612 | 3,241,942 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 2,166,401 | 3,121,654 | ||
Total assets less current liabilities | 5,494,778 | 6,386,901 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Heaver Farms Limited (registered number:
J P Heaver
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Heaver Farms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Estate Office, Downs Road, West Stoke, Chichester, West Sussex, PO18 9BQ.
The financial statements have been prepared under the historical cost convention, except that as disclosed in the accounting policies certain items are shown at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
The financial statements relate to the 18 month period ended 31/03/2023. The comparative figures relate to the year ended 30/09/2021.
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.
Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Land and buildings | 0 -
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Plant and machinery etc. | 25 -
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Investments in subsidiaries are recognised at cost less impairment.
Trade and other debtors are initially recognised at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Grants of a revenue nature from the Rural Payments Agency are credited to the profit and loss account in the year to which they relate. According to the performance model, the full amount of the grant received is recognised as turnover unless there are any unfulfilled conditions attached to the grant, in which case the grant is only recognised on the fulfilment of the conditions. Under the Basic Payment Scheme revenue cannot be recognised as income until the greening provisions are met.
Period from 01.10.2021 to 31.03.2023 |
Year ended 30.09.2021 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including directors |
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Land and buildings | Plant and machinery etc. | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 October 2021 |
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Additions |
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Disposals |
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At 31 March 2023 |
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Accumulated depreciation | |||||
At 01 October 2021 |
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Charge for the financial period |
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Disposals |
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At 31 March 2023 |
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Net book value | |||||
At 31 March 2023 |
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At 30 September 2021 |
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Investment property | |
£ | |
Valuation | |
As at 01 October 2021 |
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Fair value movement | (240,425) |
As at 31 March 2023 |
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Valuation
The investment properties are held at fair value, based on valuations made by Mr J P Heaver (MRICS), a director, at 31 March 2023, with changes in fair value being recognised in the profit and loss account.
Historic cost
The historic cost of the investment property is as follows:
31.03.2023 | 30.09.2021 | ||
£ | £ | ||
Historic cost | 254,038 | 254,038 |
31.03.2023 | 30.09.2021 | ||
£ | £ | ||
Subsidiary undertakings |
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Investments in subsidiaries
31.03.2023 | |
£ | |
Cost | |
At 01 October 2021 |
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At 31 March 2023 |
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Carrying value at 31 March 2023 |
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Carrying value at 30 September 2021 |
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Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.03.2023 |
Ownership 30.09.2021 |
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England and Wales | Dormant |
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England and Wales | Dormant |
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31.03.2023 | 30.09.2021 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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31.03.2023 | 30.09.2021 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings (note 10) |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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31.03.2023 | 30.09.2021 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts |
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31.03.2023 | 30.09.2021 | ||
£ | £ | ||
Deferred tax |
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Deferred taxation | Total | ||
£ | £ | ||
At 01 October 2021 |
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565,311 | |
Credited to the Profit and Loss Account | (
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( 45,246) | |
At 31 March 2023 |
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520,065 | |
Deferred tax
31.03.2023 | 30.09.2021 | ||
£ | £ | ||
Accelerated capital allowances |
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Tax losses available | (
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Other timing differences |
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Provision for deferred tax |
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The other timing differences relate to the difference between the fair value of the investment property and the original cost.
H G Heaver
H G Heaver is a director of the company. During the period, amounts totalling £153,759 due from H G Heaver personally and £32,202 due from H G Heaver through his interest in Temple Bar Partnership LLP were novated to J P Heaver. At the balance sheet date, the amount due to Heaver Farms Limited from H G Heaver was £nil (2021 - £185,820).
J P Heaver
J P Heaver is a director of the company. As stated above, amounts totalling £185,961 were novated to J P Heaver from H G Heaver during the period. A further £13,000 was loaned to J P Heaver in the period. At the balance sheet date, the amount due to Heaver Farms Limited from J P Heaver was £198,961 (2021 - £nil).
Heaver family trusts
Trusts of which H G Heaver is a trustee or settlor. Loans were made by Heaver Farms Limited to these trusts in prior periods. The loans are unsecured, interest-free and repayable on demand. At the balance sheet date, the amount due to Heaver Farms Limited was £115,899 (2021 - £115,899).