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COMPANY REGISTRATION NUMBER: 07588038
Furrowland Holdings Limited
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
Furrowland Holdings Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
3,414,271
3,615,719
Investments
5
1,072,981
10,000
-------------
-------------
4,487,252
3,625,719
Current assets
Stocks
52,855
30,500
Debtors
6
949,060
1,397,137
Cash at bank and in hand
120,569
341,112
-------------
-------------
1,122,484
1,768,749
Creditors: amounts falling due within one year
7
487,563
533,914
-------------
-------------
Net current assets
634,921
1,234,835
-------------
-------------
Total assets less current liabilities
5,122,173
4,860,554
Creditors: amounts falling due after more than one year
8
350,075
605,349
Provisions
448,893
450,262
-------------
-------------
Net assets
4,323,205
3,804,943
-------------
-------------
Capital and reserves
Called up share capital
100
100
Share premium account
9,950
9,950
Profit and loss account
4,313,155
3,794,893
-------------
-------------
Shareholders funds
4,323,205
3,804,943
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Furrowland Holdings Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 3 January 2024 , and are signed on behalf of the board by:
A Arden
B M Arden
Director
Director
Company registration number: 07588038
Furrowland Holdings Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Manor Farm, Newton on Trent, Lincoln, LN1 2JP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold buildings
-
2% straight line
Combined heat and power unit
-
5% straight line
Specialist vegetable facility
-
8% straight line
Wind turbines
-
5% straight line
Solar panels
-
5 % straight line
Office equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Stocks
Stocks are measured 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 the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets
Freehold property
Combined heat and power unit
Specialist vegetable facility
Wind turbines & solar panels
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 Jun 2022
1,501,226
496,334
1,635,515
2,898,590
2,258
6,533,923
Additions
3,900
411
4,311
-------------
----------
-------------
-------------
-------
-------------
At 31 May 2023
1,501,226
500,234
1,635,515
2,898,590
2,669
6,538,234
-------------
----------
-------------
-------------
-------
-------------
Depreciation
At 1 Jun 2022
246,375
122,981
1,517,448
1,030,518
882
2,918,204
Charge for the year
24,866
25,012
10,417
144,929
535
205,759
-------------
----------
-------------
-------------
-------
-------------
At 31 May 2023
271,241
147,993
1,527,865
1,175,447
1,417
3,123,963
-------------
----------
-------------
-------------
-------
-------------
Carrying amount
At 31 May 2023
1,229,985
352,241
107,650
1,723,143
1,252
3,414,271
-------------
----------
-------------
-------------
-------
-------------
At 31 May 2022
1,254,851
373,353
118,067
1,868,072
1,376
3,615,719
-------------
----------
-------------
-------------
-------
-------------
5. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 June 2022
10,000
10,000
Additions
1,062,981
1,062,981
---------
-------------
-------------
At 31 May 2023
10,000
1,062,981
1,072,981
---------
-------------
-------------
Impairment
At 1 June 2022 and 31 May 2023
---------
-------------
-------------
Carrying amount
At 31 May 2023
10,000
1,062,981
1,072,981
---------
-------------
-------------
At 31 May 2022
10,000
10,000
---------
-------------
-------------
6. Debtors
2023
2022
£
£
Trade debtors
249,512
292,629
Other debtors
699,548
1,104,508
----------
-------------
949,060
1,397,137
----------
-------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
247,505
304,636
Trade creditors
54,032
144,051
Corporation tax
129,761
28,714
Other creditors
56,265
56,513
----------
----------
487,563
533,914
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
350,075
605,349
----------
----------
Included within creditors: amounts falling due after more than one year is an amount of £60,074 (2022: £216,047) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loans and overdraft are secured.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
57,629
57,629
Later than 1 year and not later than 5 years
230,518
230,518
Later than 5 years
115,636
173,266
----------
----------
403,783
461,413
----------
----------
10. Related party transactions
At 31 May 2023 the balance on the loan made by the company to Furrowland Limited was £Nil (2022:Nil). The company has also made a loan to The Chirpy Egg Company Limited of £500,00 (2022: £531,160). Both A Arden and B M Arden are directors of the company. Interest is charged on the loan. The company has also made a loan to P A Arden & Son of £Nil (2022: £180,000). Both A Arden and B M Arden are directors of the company. Interest is charged on the loan. The company has also made a loan to Locklands Torksey Limited of £101,000 (2022: £93,000). Both A Arden and B M Arden are directors of the company. Interest is charged on the loan. The company has also made a loan to Furrowfresh of £Nil (2022: £118,000). Both A Arden and B M Arden are directors of the company. Interest is charged on the loan.