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F. & J. Hambidge (Farms) Limited
 



Financial Statements

FOR THE Year Ended

31 December 2023





















 

 

This page is intentionally blank

 

F. & J. Hambidge (Farms) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

F. & J. Hambidge (Farms) Limited

Company Information

Directors

FJ Hambidge

DC Hambidge

DJ Hambidge

Company secretary

FJ Hambidge

Registered office

Hill Farm
Great Tew
Chipping Norton
Oxfordshire
OX7 4DQ

Accountants

Chamberlains (Accountancy & Taxation) Limited
Ground Floor
5 The Pavilions
Cranmore Drive, Shirley
Solihull
B90 4SB

 

F. & J. Hambidge (Farms) Limited

(Registration number: 01059152)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,723,527

3,398,630

Current assets

 

Stocks

6

235,544

373,352

Debtors

7

24,179

22,198

Cash at bank and in hand

 

221,120

273,805

 

480,843

669,355

Creditors: Amounts falling due within one year

8

(299,522)

(312,815)

Net current assets

 

181,321

356,540

Total assets less current liabilities

 

3,904,848

3,755,170

Creditors: Amounts falling due after more than one year

8

(37,593)

-

Provisions for liabilities

(153,822)

(92,620)

Net assets

 

3,713,433

3,662,550

Capital and reserves

 

Called up share capital

9

12,000

12,000

Capital Contribution Reserve

1,750,000

1,750,000

Profit and loss account

1,951,433

1,900,550

Shareholders' funds

 

3,713,433

3,662,550

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 24 May 2024 and signed on its behalf by:
 

.........................................
DC Hambidge
Director

 

F. & J. Hambidge (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:
Hill Farm
Great Tew
Chipping Norton
Oxfordshire
OX7 4DQ
United Kingdom

These financial statements were authorised for issue by the Board on 24 May 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' 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.

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 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 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.

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.

 

F. & J. Hambidge (Farms) Limited

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

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

Vehicles

25% x Reducing Balance

Equipment

25% x Reducing Balance

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.

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.

 

F. & J. Hambidge (Farms) Limited

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

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.

 

F. & J. Hambidge (Farms) Limited

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

3

Staff numbers

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

269,889

162,516

Profit/loss on disposal of property, plant and equipment

(162,306)

(141,261)

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,911,155

1,782,303

58,143

4,751,601

Additions

2,782

548,058

96,140

646,980

Disposals

-

(240,724)

(23,950)

(264,674)

At 31 December 2023

2,913,937

2,089,637

130,333

5,133,907

Depreciation

At 1 January 2023

-

1,311,626

41,345

1,352,971

Charge for the year

-

243,549

26,340

269,889

Eliminated on disposal

-

(196,107)

(16,373)

(212,480)

At 31 December 2023

-

1,359,068

51,312

1,410,380

Carrying amount

At 31 December 2023

2,913,937

730,569

79,021

3,723,527

At 31 December 2022

2,911,155

470,677

16,798

3,398,630

 

F. & J. Hambidge (Farms) Limited

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

Included within the net book value of land and buildings above is £2,913,937 (2022 - £2,911,155) in respect of freehold land and buildings .
 

6

Stocks

2023
£

2022
£

Valuation

235,544

373,352

7

Debtors

2023
£

2022
£

Trade debtors

13,126

12,730

Prepayments

8,237

6,782

Other debtors

2,816

2,686

24,179

22,198

 

F. & J. Hambidge (Farms) Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

68,402

63,592

Trade creditors

 

8,004

8,277

Taxation and social security

 

682

229

Accruals and deferred income

 

3,796

4,433

Amounts due to related parties

 

218,638

199,205

Other creditors

 

-

37,079

 

299,522

312,815

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

37,593

-

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

12,000

12,000

12,000

12,000

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

37,593

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

68,402

63,592