Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-302097true2022-07-01falseNo description of principal activity7trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00824586 2022-07-01 2023-06-30 00824586 2021-07-01 2022-06-30 00824586 2023-06-30 00824586 2022-06-30 00824586 c:Director3 2022-07-01 2023-06-30 00824586 d:Buildings 2022-07-01 2023-06-30 00824586 d:Buildings 2023-06-30 00824586 d:Buildings 2022-06-30 00824586 d:Buildings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 00824586 d:Buildings d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 00824586 d:Buildings d:LongLeaseholdAssets 2022-07-01 2023-06-30 00824586 d:Buildings d:LongLeaseholdAssets 2023-06-30 00824586 d:Buildings d:LongLeaseholdAssets 2022-06-30 00824586 d:PlantMachinery 2022-07-01 2023-06-30 00824586 d:PlantMachinery 2023-06-30 00824586 d:PlantMachinery 2022-06-30 00824586 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 00824586 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 00824586 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 00824586 d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 00824586 d:FreeholdInvestmentProperty 2023-06-30 00824586 d:FreeholdInvestmentProperty 2022-06-30 00824586 d:CurrentFinancialInstruments 2023-06-30 00824586 d:CurrentFinancialInstruments 2022-06-30 00824586 d:Non-currentFinancialInstruments 2023-06-30 00824586 d:Non-currentFinancialInstruments 2022-06-30 00824586 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 00824586 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 00824586 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 00824586 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 00824586 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 00824586 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 00824586 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 00824586 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 00824586 d:ShareCapital 2023-06-30 00824586 d:ShareCapital 2022-06-30 00824586 d:InvestmentPropertiesRevaluationReserve 2022-07-01 2023-06-30 00824586 d:InvestmentPropertiesRevaluationReserve 2023-06-30 00824586 d:InvestmentPropertiesRevaluationReserve 2022-06-30 00824586 d:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 00824586 d:RetainedEarningsAccumulatedLosses 2023-06-30 00824586 d:RetainedEarningsAccumulatedLosses 2022-06-30 00824586 c:FRS102 2022-07-01 2023-06-30 00824586 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 00824586 c:FullAccounts 2022-07-01 2023-06-30 00824586 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 00824586 d:HirePurchaseContracts d:WithinOneYear 2023-06-30 00824586 d:HirePurchaseContracts d:WithinOneYear 2022-06-30 00824586 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-06-30 00824586 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-06-30 00824586 6 2022-07-01 2023-06-30 00824586 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 00824586 d:AcceleratedTaxDepreciationDeferredTax 2022-06-30 00824586 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 00824586 d:TaxLossesCarry-forwardsDeferredTax 2022-06-30 00824586 d:OtherDeferredTax 2023-06-30 00824586 d:OtherDeferredTax 2022-06-30 00824586 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-30 00824586 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-06-30 00824586 d:LeasedAssetsHeldAsLessee 2023-06-30 00824586 d:LeasedAssetsHeldAsLessee 2022-06-30 iso4217:GBP xbrli:pure
Registered number:00824586













HALL FARM (SUFFIELD) LTD


UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

 
HALL FARM (SUFFIELD) LTD
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 12


 
HALL FARM (SUFFIELD) LTD
REGISTERED NUMBER:00824586

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,596,359
1,252,285

Investments
 5 
51
51

Investment property
 6 
336,000
336,000

  
1,932,410
1,588,336

Current assets
  

Stocks
  
272,644
188,787

Debtors: amounts falling due within one year
 7 
191,478
216,594

  
464,122
405,381

Creditors: amounts falling due within one year
 8 
(389,205)
(333,719)

Net current assets
  
 
 
74,917
 
 
71,662

Total assets less current liabilities
  
2,007,327
1,659,998

Creditors: amounts falling due after more than one year
 9 
(118,485)
-

Provisions for liabilities
  

Deferred tax
 12 
(212,019)
(109,243)

  
 
 
(212,019)
 
 
(109,243)

Net assets
  
1,676,823
1,550,755


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Investment property reserve
 13 
226,767
244,733

Profit and loss account
 13 
1,449,056
1,305,022

  
1,676,823
1,550,755


Page 1

 
HALL FARM (SUFFIELD) LTD
REGISTERED NUMBER:00824586
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P W Mutimer
Director

Date: 15 February 2024

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Hall Farm (Suffield) Limited is a private company limited by shares and incorporated in England and Wales, registration number 00824586. The registered office is Hall Farm, Rectory Road, Suffield, Norwich, NR11 7EL. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Property improvements
-
10% straight line
Plant & machinery
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

 
2.8

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Income Statement for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the cost of purchase.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).

Page 6

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Freehold land and buildings
Property improvements
Plant & machinery
Total

£
£
£
£



Cost or valuation


At 1 July 2022
875,452
258,574
1,774,539
2,908,565


Additions
-
-
493,090
493,090


Disposals
-
-
(237,300)
(237,300)



At 30 June 2023

875,452
258,574
2,030,329
3,164,355



Depreciation


At 1 July 2022
-
158,497
1,497,783
1,656,280


Charge for the year on owned assets
-
209
88,594
88,803


Charge for the year on financed assets
-
-
37,906
37,906


Disposals
-
-
(214,993)
(214,993)



At 30 June 2023

-
158,706
1,409,290
1,567,996



Net book value



At 30 June 2023
875,452
99,868
621,039
1,596,359



At 30 June 2022
875,452
100,077
276,756
1,252,285

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
339,094
-

339,094
-

Page 7

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 July 2022
51



At 30 June 2023
51





6.


Investment property


Freehold investment property

£



Valuation


At 1 July 2022
336,000



At 30 June 2023
336,000

The 2023 valuations were made by the Directors, on an open market value for existing use basis.

Page 8

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
 
6.Investment property (continued)

2023
2022
£
£

Revaluation reserves


At 1 July 2022
244,733
229,580

Revaluation of investment properties
-
18,193

Deferred tax movement
(17,966)
(3,040)

At 30 June 2023
226,767
244,733



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
36,568
36,568

Accumulated depreciation and impairments
(2,193)
(2,193)

34,375
34,375


7.


Debtors

2023
2022
£
£


Trade debtors
163,616
211,599

Other debtors
18,276
23

Prepayments and accrued income
9,586
4,972

191,478
216,594


Page 9

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
176,980
196,477

Bank loans
9,282
-

Trade creditors
29,620
58,092

Corporation tax
-
37,892

Other taxation and social security
12,054
10,156

Obligations under finance lease and hire purchase contracts
93,283
-

Other creditors
8,148
19,481

Accruals and deferred income
59,838
11,621

389,205
333,719


The bank overdraft is secured by fixed and floating charges over land and property owned by the company.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
36,468
-

Net obligations under finance leases and hire purchase contracts
82,017
-

118,485
-


Secured loans
The bank loan and overdraft are secured by fixed and floating charges over land and property owned by the company.

Page 10

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
9,282
-


9,282
-

Amounts falling due 1-2 years

Bank loans
9,850
-


9,850
-

Amounts falling due 2-5 years

Bank loans
26,618
-


26,618
-


45,750
-



11.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
93,283
-

Between 1-5 years
82,017
-

175,300
-

Page 11

 
HALL FARM (SUFFIELD) LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

12.


Deferred taxation




2023


£






At beginning of year
(109,243)


Charged to profit or loss
(102,776)



At end of year
(212,019)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(154,920)
(52,351)

Capital gains
(74,858)
(56,892)

Losses and other deductions
17,759
-

(212,019)
(109,243)


13.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve includes all current and prior period revaluations on investment properties where the fair value of a property exceeded its original cost. 

Profit & loss account

The profit and loss account includes all current and prior period retained profit and losses. 


14.


Related party transactions

At 30 June 2023 the company owed the directors the following amounts, which are included in other creditors within note 8


2023
2022
£
£

G T and Mrs J A Mutimer
672
11,397
P W and Mrs C R Mutimer
7,476
8,084
8,148
19,481

Page 12