Company registration number 03032962 (England and Wales)
HAYCROFT FARMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
HAYCROFT FARMS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HAYCROFT FARMS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,356,994
2,231,962
Current assets
Stocks
37,331
69,803
Debtors
4
88,428
8,657
Cash at bank and in hand
48,021
138,716
173,780
217,176
Creditors: amounts falling due within one year
5
(345,801)
(2,588,594)
Net current liabilities
(172,021)
(2,371,418)
Net assets/(liabilities)
2,184,973
(139,456)
Capital and reserves
Called up share capital
2,511,833
11,833
Share premium account
2,898,167
2,898,167
Profit and loss reserves
(3,225,027)
(3,049,456)
Total equity
2,184,973
(139,456)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 18 January 2024
Mr P R D Paul
Director
Company registration number 03032962 (England and Wales)
HAYCROFT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Haycroft Farms Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, England, SL9 7QE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on the going concern basis which assumes that the company willtrue continue in operational existence despite the deficit in the balance sheet. The director has confirmed that he will continue to support the company such that it will be able to pay its liabilities as they fall due and, as a result, the company will continue to trade for the foreseeable future. On this basis the director believe that it is appropriate to prepare the financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% - 10% on cost
Plant and equipment
20% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate
HAYCROFT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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 entitlement is 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 employment of an employee or to provide termination benefits.
1.7
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.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
HAYCROFT FARMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 September 2022
4,022,591
153,528
4,176,119
Additions
149,698
46,940
196,638
At 31 August 2023
4,172,289
200,468
4,372,757
Depreciation and impairment
At 1 September 2022
1,809,445
134,712
1,944,157
Depreciation charged in the year
60,517
11,089
71,606
At 31 August 2023
1,869,962
145,801
2,015,763
Carrying amount
At 31 August 2023
2,302,327
54,667
2,356,994
At 31 August 2022
2,213,146
18,816
2,231,962
Freehold land amounting to £1,235,000 has not been depreciated.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
88,428
8,657
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
970
Other creditors
344,831
2,588,594
345,801
2,588,594