Silverfin false 31/03/2023 01/10/2021 31/03/2023 J P Heaver H G Heaver 14 February 2024 no description of principal activity 02837906 2023-03-31 02837906 2021-09-30 02837906 core:CurrentFinancialInstruments 2023-03-31 02837906 core:CurrentFinancialInstruments 2021-09-30 02837906 core:Non-currentFinancialInstruments 2023-03-31 02837906 core:Non-currentFinancialInstruments 2021-09-30 02837906 core:ShareCapital 2023-03-31 02837906 core:ShareCapital 2021-09-30 02837906 core:RetainedEarningsAccumulatedLosses 2023-03-31 02837906 core:RetainedEarningsAccumulatedLosses 2021-09-30 02837906 core:LandBuildings 2021-09-30 02837906 core:OtherPropertyPlantEquipment 2021-09-30 02837906 core:LandBuildings 2023-03-31 02837906 core:OtherPropertyPlantEquipment 2023-03-31 02837906 core:CostValuation 2021-09-30 02837906 core:CostValuation 2023-03-31 02837906 core:DeferredTaxation 2021-09-30 02837906 core:DeferredTaxation 2023-03-31 02837906 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 02837906 core:AcceleratedTaxDepreciationDeferredTax 2021-09-30 02837906 core:TaxLossesCarry-forwardsDeferredTax 2023-03-31 02837906 core:TaxLossesCarry-forwardsDeferredTax 2021-09-30 02837906 core:OtherDeferredTax 2023-03-31 02837906 core:OtherDeferredTax 2021-09-30 02837906 2021-10-01 2023-03-31 02837906 bus:FullAccounts 2021-10-01 2023-03-31 02837906 bus:SmallEntities 2021-10-01 2023-03-31 02837906 bus:AuditExempt-NoAccountantsReport 2021-10-01 2023-03-31 02837906 bus:PrivateLimitedCompanyLtd 2021-10-01 2023-03-31 02837906 bus:Director1 2021-10-01 2023-03-31 02837906 bus:Director2 2021-10-01 2023-03-31 02837906 core:LandBuildings 2021-10-01 2023-03-31 02837906 core:OtherPropertyPlantEquipment 2021-10-01 2023-03-31 02837906 2020-10-01 2021-09-30 02837906 core:Subsidiary1 2021-10-01 2023-03-31 02837906 core:Subsidiary1 1 2021-10-01 2023-03-31 02837906 core:Subsidiary1 1 2020-10-01 2021-09-30 02837906 core:Subsidiary2 2021-10-01 2023-03-31 02837906 core:Subsidiary2 1 2021-10-01 2023-03-31 02837906 core:Subsidiary2 1 2020-10-01 2021-09-30 02837906 core:DeferredTaxation 2021-10-01 2023-03-31 iso4217:GBP xbrli:pure decimalUnit

Company No: 02837906 (England and Wales)

HEAVER FARMS LIMITED

Unaudited Financial Statements
For the financial period from 01 October 2021 to 31 March 2023
Pages for filing with the registrar

HEAVER FARMS LIMITED

Unaudited Financial Statements

For the financial period from 01 October 2021 to 31 March 2023

Contents

HEAVER FARMS LIMITED

COMPANY INFORMATION

For the financial period from 01 October 2021 to 31 March 2023
HEAVER FARMS LIMITED

COMPANY INFORMATION (continued)

For the financial period from 01 October 2021 to 31 March 2023
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)
HEAVER FARMS LIMITED

BALANCE SHEET

As at 31 March 2023
HEAVER FARMS LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 31.03.2023 30.09.2021
£ £
Fixed assets
Tangible assets 3 364,252 60,697
Investment property 4 2,950,125 3,190,550
Investments 5 14,000 14,000
3,328,377 3,265,247
Current assets
Stocks 19,175 29,596
Debtors 6 1,016,193 1,000,829
Cash at bank and in hand 1,210,244 2,211,517
2,245,612 3,241,942
Creditors: amounts falling due within one year 7 ( 79,211) ( 120,288)
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 ( 103,887) 0
Provision for liabilities 9 ( 520,065) ( 565,311)
Net assets 4,870,826 5,821,590
Capital and reserves
Called-up share capital 10,000 10,000
Profit and loss account 4,860,826 5,811,590
Total shareholders' funds 4,870,826 5,821,590

For the financial period ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Heaver Farms Limited (registered number: 02837906) were approved and authorised for issue by the Board of Directors on 14 February 2024. They were signed on its behalf by:

J P Heaver
Director
HEAVER FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2021 to 31 March 2023
HEAVER FARMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 October 2021 to 31 March 2023
1. Accounting policies

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.

General information and basis of accounting

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

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.

Reporting period length

The financial statements relate to the 18 month period ended 31/03/2023. The comparative figures relate to the year ended 30/09/2021.

Turnover

Turnover represents the value of goods and services supplied, excluding value added tax. Farming income is recognised on despatch of goods. Rental income is recognised in the period to which it relates.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings 0 - 7.5 % reducing balance
Plant and machinery etc. 25 - 33 % reducing balance
Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments in subsidiaries are recognised at cost less impairment.

Stocks

Stocks comprise harvested produce and other inventories. These are stated at the lower of cost and estimated selling price less costs to sell.

Trade and other debtors

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

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.

Trade and other creditors

Trade and other creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer the settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

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.

Government grants

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.

Ordinary 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 payments is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

Period from
01.10.2021 to
31.03.2023
Year ended
30.09.2021
Number Number
Monthly average number of persons employed by the Company during the period, including directors 3 3

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 October 2021 680,736 1,444,738 2,125,474
Additions 0 374,467 374,467
Disposals 0 ( 283,725) ( 283,725)
At 31 March 2023 680,736 1,535,480 2,216,216
Accumulated depreciation
At 01 October 2021 658,853 1,405,924 2,064,777
Charge for the financial period 1,641 58,032 59,673
Disposals 0 ( 272,486) ( 272,486)
At 31 March 2023 660,494 1,191,470 1,851,964
Net book value
At 31 March 2023 20,242 344,010 364,252
At 30 September 2021 21,883 38,814 60,697

4. Investment property

Investment property
£
Valuation
As at 01 October 2021 3,190,550
Fair value movement (240,425)
As at 31 March 2023 2,950,125

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

5. Fixed asset investments

31.03.2023 30.09.2021
£ £
Subsidiary undertakings 14,000 14,000

Investments in subsidiaries

31.03.2023
£
Cost
At 01 October 2021 14,000
At 31 March 2023 14,000
Carrying value at 31 March 2023 14,000
Carrying value at 30 September 2021 14,000

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
31.03.2023
Ownership
30.09.2021
Broadbridge Farms Limited England and Wales Dormant Ordinary 100.00% 100.00%
H R Heaver Limited England and Wales Dormant Ordinary 100.00% 100.00%

6. Debtors

31.03.2023 30.09.2021
£ £
Trade debtors 703 37,325
Other debtors 1,015,490 963,504
1,016,193 1,000,829

7. Creditors: amounts falling due within one year

31.03.2023 30.09.2021
£ £
Trade creditors 1,272 58,342
Amounts owed to Group undertakings (note 10) 15,740 15,740
Other taxation and social security 0 14,536
Obligations under finance leases and hire purchase contracts 29,832 0
Other creditors 32,367 31,670
79,211 120,288

8. Creditors: amounts falling due after more than one year

31.03.2023 30.09.2021
£ £
Obligations under finance leases and hire purchase contracts 103,887 0

9. Provision for liabilities

31.03.2023 30.09.2021
£ £
Deferred tax 520,065 565,311
Deferred taxation Total
£ £
At 01 October 2021 565,311 565,311
Credited to the Profit and Loss Account ( 45,246) ( 45,246)
At 31 March 2023 520,065 520,065

Deferred tax

31.03.2023 30.09.2021
£ £
Accelerated capital allowances 65,362 7,374
Tax losses available ( 57,554) 0
Other timing differences 512,257 557,937
Provision for deferred tax 520,065 565,311

The other timing differences relate to the difference between the fair value of the investment property and the original cost.

10. Related party transactions

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).