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Norrington Manor Farms Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2023

Registration number: 00493589

 

Norrington Manor Farms Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Norrington Manor Farms Limited

Balance Sheet

30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

372,707

260,728

Other financial assets

6

156

156

 

372,863

260,884

Current assets

 

Stocks

7

469,393

549,165

Debtors

8

28,283

50,443

Cash at bank and in hand

 

143,896

170,842

 

641,572

770,450

Creditors: Amounts falling due within one year

9

(121,767)

(173,739)

Net current assets

 

519,805

596,711

Total assets less current liabilities

 

892,668

857,595

Provisions for liabilities

(74,382)

(58,385)

Net assets

 

818,286

799,210

Capital and reserves

 

Called up share capital

243,983

243,983

Profit and loss account

574,303

555,227

Shareholders' funds

 

818,286

799,210

 

Norrington Manor Farms Limited

Balance Sheet

30 September 2023

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 April 2024 and signed on its behalf by:
 

.........................................
Mr A.T.D. Sykes
Director

Company Registration Number: 00493589

 

Norrington Manor Farms Limited

Notes to the Financial Statements

Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Bushey Garson
Alvediston
Salisbury
Wiltshire
SP5 5LJ

These financial statements were authorised for issue by the Board on 6 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

 

Norrington Manor Farms Limited

Notes to the Financial Statements

Year Ended 30 September 2023

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. 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 at 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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Property

4% per annum straight line

Plant and Machinery

15% to 25% per annum reducing balance

Fixtures and Fittings

10% per annum reducing balance

Motor Vehicles

25% per annum reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over two years.

Asset class

Amortisation method and rate

Agricultural subsidy entitlements

Straight line on cost over 2 year period

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Financial instruments

 

Norrington Manor Farms Limited

Notes to the Financial Statements

Year Ended 30 September 2023

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Norrington Manor Farms Limited

Notes to the Financial Statements

Year Ended 30 September 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 October 2022

660

660

At 30 September 2023

660

660

Amortisation

At 1 October 2022

660

660

At 30 September 2023

660

660

Carrying amount

At 30 September 2023

-

-

 

Norrington Manor Farms Limited

Notes to the Financial Statements

Year Ended 30 September 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

77,711

22,454

34,250

874,105

1,008,520

Additions

51,604

2,250

-

166,331

220,185

Disposals

-

-

-

(151,900)

(151,900)

At 30 September 2023

129,315

24,704

34,250

888,536

1,076,805

Depreciation

At 1 October 2022

52,321

14,942

21,590

658,939

747,792

Charge for the year

4,595

788

3,165

63,633

72,181

Eliminated on disposal

-

-

-

(115,875)

(115,875)

At 30 September 2023

56,916

15,730

24,755

606,697

704,098

Carrying amount

At 30 September 2023

72,399

8,974

9,495

281,839

372,707

At 30 September 2022

25,390

7,512

12,660

215,166

260,728

Included within the net book value of land and buildings above is £72,399 (2022 - £25,390) in respect of long leasehold land and buildings.
 

 

Norrington Manor Farms Limited

Notes to the Financial Statements

Year Ended 30 September 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2022

156

156

At 30 September 2023

156

156

Impairment

Carrying amount

At 30 September 2023

156

156

7

Stocks

2023
£

2022
£

Sheep on the herd basis

65,370

66,890

Other livestock

29,718

31,669

Crops in store

297,638

349,519

Livestock stores

13,110

12,382

Arable stores

57,907

80,735

Other stores

5,650

7,970

469,393

549,165

8

Debtors

2023
£

2022
£

Trade debtors

8,888

36,326

Prepayments

1,531

1,335

Other debtors

17,864

12,782

28,283

50,443

 

Norrington Manor Farms Limited

Notes to the Financial Statements

Year Ended 30 September 2023

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

43,901

44,127

Corporation tax

-

45,090

Taxation and social security

6,578

4,357

Other creditors

37,207

36,812

Accruals and deferred income

34,081

43,353

121,767

173,739

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,500 (2022 - £2,500).

11

Related party transactions

Summary of transactions with other related parties

Mr T.S. Sykes (deceased), husband of Mrs S.P. Sykes
 The company owes funds to the estate of Mr T.S. Sykes (deceased).
 There are currently no terms for repayment of this loan. At the balance sheet date the amount due to the estate of Mr T.S. Sykes (deceased) was £35,714 (2022 - £35,714).