Registration number:
Grainsby Farms Limited
for the Year Ended 31 December 2023
Grainsby Farms Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Accountants' Report |
|
Statement of Income and Retained Earnings |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Grainsby Farms Limited
Company Information
Directors |
R H C Haigh D L C Haigh M P Spence Mrs H E Haigh |
Company Secretary |
Mrs F E M Muldoon |
Registered office |
|
Solicitors |
|
Bankers |
|
Accountants |
|
Grainsby Farms Limited
Directors' Report for the Year Ended 31 December 2023
The Directors present their report and the financial statements for the year ended 31 December 2023.
Directors of the Company
The Directors who held office during the year were as follows:
Fixed assets
The movement on fixed assets is set out in note 6 to the accounts. In the opinion of the directors the value of the Freehold Land and Buildings is substantially above the book value as shown in the accounts. It is impracticable to be precise about the enhanced value without a professional valuation which is not contemplated at the present time.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Grainsby Farms Limited
Statement of Directors' Responsibilities
The Directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Grainsby Farms Limited
for the Year Ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Grainsby Farms Limited for the year ended 31 December 2023 as set out on pages 5 to 13 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Grainsby Farms Limited, as a body, in accordance with the terms of our engagement letter dated 28 February 2024. Our work has been undertaken solely to prepare for your approval the accounts of Grainsby Farms Limited and state those matters that we have agreed to state to the Board of Directors of Grainsby Farms Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Grainsby Farms Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Grainsby Farms Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Grainsby Farms Limited. You consider that Grainsby Farms Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Grainsby Farms Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Chartered Accountants
139 Eastgate
Louth
Lincolnshire
LN11 9QQ
Grainsby Farms Limited
Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
|
|
|
Pension scheme contributions |
- |
(40,000) |
|
Exceptional items |
- |
19,979 |
|
Other interest receivable and similar charges |
107,603 |
24,574 |
|
Interest payable and similar charges |
(12,430) |
(15,071) |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
12,372,588 |
11,405,348 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
13,087,135 |
12,372,588 |
Grainsby Farms Limited
(Registration number: 00777850)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Intangible assets |
- |
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
Grainsby Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Registration number: 00777850.
These financial statements cover the individual entity Grainsby Farms Limited.
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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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. The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.
Going concern
The financial statements have been prepared on a going concern basis.
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.
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.
Tax
The tax expense for the period comprises current and deferred 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 is recognised on temporary differences arising between the tax values 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.
Grainsby Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Freehold land and buildings |
No depreciation |
Machinery, implements and equipment |
Reducing balance basis at varying rates between 0%-50% |
Motor vehicles |
25% reducing balance basis |
As Freehold buildings are maintained to such a standard that their residual value is not less than their cost, no depreciation is charged because it is not material.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Entitlements |
5 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price less provision for impairment.
Stocks
The farm valuation has been prepared by the company with detailed reference to actual costs. Produce on hand has been valued at the lower of cost of production, calculated using variable costs plus applicable fixed costs, and net realisable value. The tenantright valuation has also been calculated using variable costs plus applicable fixed costs.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Hire purchase
Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included in creditors. Finance charges are allocated to accounting periods over the length of the contract.
Grainsby Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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 an employee benefit expense when they are due.
Staff numbers |
The average number of persons employed by the Company (including Directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Profit on disposal of tangible fixed assets |
(13,210) |
(54,451) |
129,492 |
66,492 |
Grainsby Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Intangible assets |
Entitlements |
Total |
|
Cost or valuation |
||
At 1 January 2023 |
|
|
At 31 December 2023 |
|
|
Amortisation |
||
At 1 January 2023 |
|
|
Amortisation charge |
|
|
At 31 December 2023 |
|
|
Carrying amount |
||
At 31 December 2023 |
- |
- |
At 31 December 2022 |
|
|
Tangible assets |
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 January 2023 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
- |
( |
( |
( |
At 31 December 2023 |
|
|
|
|
Depreciation |
||||
At 1 January 2023 |
- |
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
At 31 December 2023 |
- |
|
|
|
Carrying amount |
||||
At 31 December 2023 |
|
|
|
|
At 31 December 2022 |
|
|
|
|
Grainsby Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Stocks |
2023 |
2022 |
|
Stores |
|
|
Tenantright |
|
|
Produce |
|
|
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
|
Due within one year |
|||
Bank loan and overdrafts |
|
|
|
Hire purchase liabilities |
34,726 |
250,002 |
|
Other borrowings |
65,682 |
164,003 |
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accrued expenses |
125,276 |
133,216 |
|
|
|
Grainsby Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
|
Due after one year |
|||
Bank loan and hire purchase liabilities |
|
|
Due after more than five years
Creditors includes bank loan repayable by instalments of £274,536 (2022: £299,869) due after more than five years.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
65,000 |
|
65,000 |
Loans and borrowings |
2023 |
2022 |
|
Non-current loans and borrowings |
||
Bank loan |
|
|
Hire purchase liabilities |
- |
|
|
|
Hire purchase liabilities totalling £nil (2022: £34,726) are secured against the assets acquired.
2023 |
2022 |
|
Current loans and borrowings |
||
Bank loan |
|
|
Bank overdrafts |
|
|
Hire purchase liabilities |
|
|
Other borrowings |
|
|
|
|
Both the current and non-current bank loan is secured against land at Hall Farm, Ashby Cum Fenby, North East Lincolnshire comprising 92.66 hectares or thereabouts.
Hire purchase liabilities totalling £34,726 (2022: £250,002) are secured against the assets acquired.
Grainsby Farms Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Dividends |
2023 |
2022 |
|||
£ |
£ |
|||
Interim dividend of £1.50 per ordinary share (2022: £1.25 per ordinary share) |
97,500 |
81,250 |
||
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
100,471 |
137,938 |
Loans to related parties
Other debtors includes £5,000 (2022: £5,000) due from The Haigh Family First Estate Settlement.