Adey Farming Limited 07638946 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is Farming Digita Accounts Production Advanced 6.30.9574.0 true 07638946 2022-08-01 2023-07-31 07638946 2023-07-31 07638946 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-07-31 07638946 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 07638946 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 07638946 core:CurrentFinancialInstruments 2023-07-31 07638946 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 07638946 core:Non-currentFinancialInstruments 2023-07-31 07638946 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 07638946 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 07638946 core:FurnitureFittingsToolsEquipment 2023-07-31 07638946 core:LandBuildings 2023-07-31 07638946 core:MotorVehicles 2023-07-31 07638946 core:OtherPropertyPlantEquipment 2023-07-31 07638946 bus:SmallEntities 2022-08-01 2023-07-31 07638946 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07638946 bus:FilletedAccounts 2022-08-01 2023-07-31 07638946 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 07638946 bus:RegisteredOffice 2022-08-01 2023-07-31 07638946 bus:Director1 2022-08-01 2023-07-31 07638946 bus:Director2 2022-08-01 2023-07-31 07638946 bus:Director3 2022-08-01 2023-07-31 07638946 bus:Director4 2022-08-01 2023-07-31 07638946 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-08-01 2023-07-31 07638946 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07638946 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 07638946 core:LandBuildings 2022-08-01 2023-07-31 07638946 core:MotorVehicles 2022-08-01 2023-07-31 07638946 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 07638946 core:PlantMachinery 2022-08-01 2023-07-31 07638946 countries:AllCountries 2022-08-01 2023-07-31 07638946 2022-07-31 07638946 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 07638946 core:FurnitureFittingsToolsEquipment 2022-07-31 07638946 core:LandBuildings 2022-07-31 07638946 core:MotorVehicles 2022-07-31 07638946 core:OtherPropertyPlantEquipment 2022-07-31 07638946 2021-08-01 2022-07-31 07638946 2022-07-31 07638946 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-07-31 07638946 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-07-31 07638946 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-07-31 07638946 core:CurrentFinancialInstruments 2022-07-31 07638946 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 07638946 core:Non-currentFinancialInstruments 2022-07-31 07638946 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 07638946 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 07638946 core:FurnitureFittingsToolsEquipment 2022-07-31 07638946 core:LandBuildings 2022-07-31 07638946 core:MotorVehicles 2022-07-31 07638946 core:OtherPropertyPlantEquipment 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07638946

Adey Farming Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Adey Farming Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Adey Farming Limited

Company Information

Directors

Mr RE Adey

Mrs JE Adey

Mr MJ Adey

Mr RM Adey

Registered office

Sealfields Farm Clifton Road
Netherseal
Swadlincote
Derbyshire
DE12 8BU

Accountants

Buckler Spencer Limited
Old Police Station
Church Street
Swadlincote
Derbyshire
DE11 8LN

 

Adey Farming Limited

(Registration number: 07638946)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,656

1,656

Tangible assets

5

363,967

416,571

 

365,623

418,227

Current assets

 

Stocks

6

156,166

145,504

Debtors

7

24,005

53,679

Cash at bank and in hand

 

65,717

58,176

 

245,888

257,359

Creditors: Amounts falling due within one year

8

(258,167)

(372,065)

Net current liabilities

 

(12,279)

(114,706)

Total assets less current liabilities

 

353,344

303,521

Creditors: Amounts falling due after more than one year

8

(64,991)

(89,792)

Provisions for liabilities

(51,000)

(60,500)

Net assets

 

237,353

153,229

Capital and reserves

 

Called up share capital

9

4

4

Retained earnings

237,349

153,225

Shareholders' funds

 

237,353

153,229

For the financial year ending 31 July 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

 

Adey Farming Limited

(Registration number: 07638946)
Balance Sheet as at 31 July 2023

.........................................
Mr RE Adey
Director

 

Adey Farming Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
Sealfields Farm Clifton Road
Netherseal
Swadlincote
Derbyshire
DE12 8BU

The principal place of business is:
Sealefields Farm
Clifton Road
Netherseal
Swadlincote
Derbyshire
DE12 8BU

These financial statements were authorised for issue by the Board on 29 July 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 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.

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 sales/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;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

Adey Farming Limited

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Plant & Machinery
Fixtures & Fittings
Motor
Computer

25% reducing balance
25% reducing balance
25% reducing balance
35% reducing balance
 

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Adey Farming Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 inventories 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.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Adey Farming Limited

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

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 4 (2022 - 4).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 August 2022

1,656

1,656

At 31 July 2023

1,656

1,656

Amortisation

Carrying amount

At 31 July 2023

1,656

1,656

At 31 July 2022

1,656

1,656

 

Adey Farming Limited

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

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

162,204

38,910

741,032

465,891

1,408,037

Additions

-

308

-

40,050

40,358

Disposals

-

-

(758)

(300)

(1,058)

At 31 July 2023

162,204

39,218

740,274

505,641

1,447,337

Depreciation

At 1 August 2022

62,877

32,800

537,041

358,748

991,466

Charge for the year

2,914

1,681

50,809

36,799

92,203

Eliminated on disposal

-

-

-

(299)

(299)

At 31 July 2023

65,791

34,481

587,850

395,248

1,083,370

Carrying amount

At 31 July 2023

96,413

4,737

152,424

110,393

363,967

At 31 July 2022

99,327

6,110

203,991

107,143

416,571

Included within the net book value of land and buildings above is £96,413 (2022 - £99,327) in respect of long leasehold land and buildings.
 

 

Adey Farming Limited

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

6

Stocks

2023
£

2022
£

Other inventories

156,166

145,504

7

Debtors

Current

2023
£

2022
£

Trade debtors

5,062

14,152

Prepayments

12,526

10,878

Other debtors

6,417

28,649

 

24,005

53,679

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

31,866

58,568

Trade creditors

 

71,066

118,904

Taxation and social security

 

58,019

14,059

Accruals and deferred income

 

5,284

4,728

Other creditors

 

91,932

175,806

 

258,167

372,065

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

64,991

89,792

 

Adey Farming Limited

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

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

22,557

32,242

Hire purchase contracts

42,434

57,550

64,991

89,792

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,648

10,649

Hire purchase contracts

21,218

47,919

31,866

58,568

11

Dividends

Any dividends declared in the period are disclosed in the Statement of Income and Retained Earnings.