Grainsby Farms Limited 00777850 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is continued to be that of Farming Digita Accounts Production Advanced 6.30.9574.0 true true 00777850 2023-01-01 2023-12-31 00777850 2023-12-31 00777850 bus:OrdinaryShareClass2 2023-12-31 00777850 core:RetainedEarningsAccumulatedLosses 2023-12-31 00777850 core:ShareCapital 2023-12-31 00777850 core:CurrentFinancialInstruments 2023-12-31 00777850 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00777850 core:Non-currentFinancialInstruments 2023-12-31 00777850 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 00777850 core:Goodwill 2023-12-31 00777850 core:FurnitureFittingsToolsEquipment 2023-12-31 00777850 core:LandBuildings 2023-12-31 00777850 core:MotorVehicles 2023-12-31 00777850 bus:SmallEntities 2023-01-01 2023-12-31 00777850 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00777850 bus:FullAccounts 2023-01-01 2023-12-31 00777850 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00777850 bus:RegisteredOffice 2023-01-01 2023-12-31 00777850 bus:CompanySecretary1 2023-01-01 2023-12-31 00777850 bus:Director1 2023-01-01 2023-12-31 00777850 bus:Director2 2023-01-01 2023-12-31 00777850 bus:Director4 2023-01-01 2023-12-31 00777850 bus:Director6 2023-01-01 2023-12-31 00777850 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 00777850 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00777850 bus:Agent1 2023-01-01 2023-12-31 00777850 core:Goodwill 2023-01-01 2023-12-31 00777850 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 00777850 core:Buildings 2023-01-01 2023-12-31 00777850 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 00777850 core:LandBuildings 2023-01-01 2023-12-31 00777850 core:MotorVehicles 2023-01-01 2023-12-31 00777850 core:PlantMachinery 2023-01-01 2023-12-31 00777850 countries:EnglandWales 2023-01-01 2023-12-31 00777850 2022-12-31 00777850 core:Goodwill 2022-12-31 00777850 core:FurnitureFittingsToolsEquipment 2022-12-31 00777850 core:LandBuildings 2022-12-31 00777850 core:MotorVehicles 2022-12-31 00777850 2022-01-01 2022-12-31 00777850 2022-12-31 00777850 bus:OrdinaryShareClass2 2022-12-31 00777850 core:RetainedEarningsAccumulatedLosses 2022-12-31 00777850 core:ShareCapital 2022-12-31 00777850 core:CurrentFinancialInstruments 2022-12-31 00777850 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00777850 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2022-12-31 00777850 core:CurrentFinancialInstruments core:PreviouslyStatedAmount 2022-12-31 00777850 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 00777850 core:Non-currentFinancialInstruments core:AfterOneYear core:PreviouslyStatedAmount 2022-12-31 00777850 core:Non-currentFinancialInstruments core:PreviouslyStatedAmount 2022-12-31 00777850 core:Goodwill 2022-12-31 00777850 core:FurnitureFittingsToolsEquipment 2022-12-31 00777850 core:LandBuildings 2022-12-31 00777850 core:MotorVehicles 2022-12-31 00777850 core:PreviouslyStatedAmount 2022-12-31 00777850 core:PreviouslyStatedAmount 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00777850

Grainsby Farms Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Grainsby Farms Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Accountants' Report

4

Statement of Income and Retained Earnings

5

Balance Sheet

6

Notes to the Unaudited Financial Statements

7 to 13

 

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

The Estate Office
Grainsby
Grimsby
N E Lincolnshire
DN36 5PU

Solicitors

Boodle Hatfield LLP
240 Blackfriars Road
London
SE1 8NW

Bankers

HSBC
221 High Street
Lincoln
LN1 1TS

Accountants

Forrester Boyd
Chartered Accountants
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

 

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:

R H C Haigh

D L C Haigh

M P Spence

Mrs H E Haigh

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 Board on 9 April 2024 and signed on its behalf by:
 

.........................................
R H C Haigh
Director

 

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.

......................................

Forrester Boyd
Chartered Accountants
Waynflete House
139 Eastgate
Louth
Lincolnshire
LN11 9QQ

9 April 2024

 

Grainsby Farms Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

2,377,558

2,388,071

Cost of sales

 

(1,043,214)

(980,127)

Gross profit

 

1,334,344

1,407,944

Administrative expenses

 

(455,354)

(425,105)

Other operating income

 

276,979

282,968

Operating profit

 

1,155,969

1,265,807

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

4

1,251,142

1,255,289

Taxation

 

(439,095)

(206,799)

Profit for the financial year

 

812,047

1,048,490

Retained earnings brought forward

 

12,372,588

11,405,348

Dividends paid

 

(97,500)

(81,250)

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

5

-

5,000

Tangible assets

6

9,341,362

9,238,966

 

9,341,362

9,243,966

Current assets

 

Stocks

7

1,852,990

1,776,447

Debtors

8

103,707

74,065

Cash at bank and in hand

 

3,643,214

3,338,269

 

5,599,911

5,188,781

Creditors: Amounts falling due within one year

9

(802,355)

(1,156,330)

Net current assets

 

4,797,556

4,032,451

Total assets less current liabilities

 

14,138,918

13,276,417

Creditors: Amounts falling due after more than one year

9

(360,536)

(417,395)

Provisions for liabilities

(626,247)

(421,434)

Net assets

 

13,152,135

12,437,588

Capital and reserves

 

Called up share capital

10

65,000

65,000

Retained earnings

13,087,135

12,372,588

Shareholders' funds

 

13,152,135

12,437,588

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 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 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 Board on 9 April 2024 and signed on its behalf by:
 

.........................................

R H C Haigh
Director

 

Grainsby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
The Estate Office
Grainsby
Grimsby
N E Lincolnshire
DN36 5PU

Registration number: 00777850.

These financial statements cover the individual entity Grainsby Farms Limited.

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 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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 10 (2022 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

142,702

120,943

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

5

Intangible assets

Entitlements
£

Total
£

Cost or valuation

At 1 January 2023

25,000

25,000

At 31 December 2023

25,000

25,000

Amortisation

At 1 January 2023

20,000

20,000

Amortisation charge

5,000

5,000

At 31 December 2023

25,000

25,000

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

5,000

5,000

6

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

7,228,893

2,964,852

115,155

10,308,900

Additions

23,251

166,028

113,109

302,388

Disposals

-

(79,000)

(89,115)

(168,115)

At 31 December 2023

7,252,144

3,051,880

139,149

10,443,173

Depreciation

At 1 January 2023

-

989,582

80,352

1,069,934

Charge for the year

-

124,017

13,685

137,702

Eliminated on disposal

-

(37,957)

(67,868)

(105,825)

At 31 December 2023

-

1,075,642

26,169

1,101,811

Carrying amount

At 31 December 2023

7,252,144

1,976,238

112,980

9,341,362

At 31 December 2022

7,228,893

1,975,270

34,803

9,238,966

 

Grainsby Farms Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Stocks

2023
£

2022
£

Stores

272,519

409,050

Tenantright

329,326

354,739

Produce

1,251,145

1,012,658

1,852,990

1,776,447

8

Debtors

Current

2023
£

2022
£

Trade debtors

52,008

7,586

Prepayments

21,790

17,719

Other debtors

29,909

48,760

 

103,707

74,065

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loan and overdrafts

11

311,500

420,700

Hire purchase liabilities

 

34,726

250,002

Other borrowings

 

65,682

164,003

Trade creditors

 

22,587

39,182

Taxation and social security

 

241,463

148,400

Other creditors

 

1,121

827

Accrued expenses

 

125,276

133,216

 

802,355

1,156,330

 

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

11

360,536

417,395


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.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

65,000

65,000

65,000

65,000

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank loan

360,536

382,669

Hire purchase liabilities

-

34,726

360,536

417,395

Hire purchase liabilities totalling £nil (2022: £34,726) are secured against the assets acquired.


 

2023
£

2022
£

Current loans and borrowings

Bank loan

21,500

20,700

Bank overdrafts

290,000

400,000

Hire purchase liabilities

34,726

250,002

Other borrowings

65,682

164,003

411,908

834,705

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

12

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £1.50 per ordinary share (2022: £1.25 per ordinary share)

 

97,500

 

81,250

         

13

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

98,475

95,850

Contributions paid to money purchase schemes

1,996

42,088

100,471

137,938

Loans to related parties

Other debtors includes £5,000 (2022: £5,000) due from The Haigh Family First Estate Settlement.